During the European elections in May, about 200 million Europeans elected MEPs to represent them over the coming five years in the new European Parliament. Those MEPs are organised into groups based on their political affinities. Find out about the priorities of each group in the video series created by the European Parliament.
The Single Resolution Board and the European Commission have signed a Memorandum of Understanding in order to further strengthen their cooperation. The two authorities share the objectives of ensuring the orderly resolution of failing banks while protecting financial stability and ensuring that taxpayers are not first in line to bear costs.
The European Banking Authority (EBA) published today 12 indicators and updated the underlying data from the 36 largest institutions in the EU, whose leverage ratio exposure measure exceeds EUR 200 bn. This end-2018 data contributes to the internationally agreed basis on which a smaller subset of banks will be identified as global systemically important institutions (G-SIIs), following the final assessments from the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB). The EBA, acting as a central data hub in the disclosure process, will update this data on a yearly basis and will provide a user-friendly platform to aggregate it across the EU.
During the September 2019 plenary sitting, the European Parliament is expected to vote on a resolution on the candidate (Christine Lagarde) for the position of President of the European Central Bank (ECB), to succeed Mario Draghi, whose term is due to end on 1 November 2019. The President is appointed by the European Council, while Parliament and the Bank’s Governing Council are consulted. Prior to the vote, the candidate will receive a series of questions for written answer, and be invited to a hearing before the Economic and Monetary Affairs Committee (ECON). The ECB President is a key figure within the Eurosystem when setting monetary policy for the euro area.
Update – the minutes of the meeting are available.
Agenda items include a debate on the state of play on own resources, an exchange of views on the presentation of the Presidency Work Programme, adoption of the Council Recommendation on the appointment of the President of the European Central Bank, adoption of the Country-Specific Recommendations for the European Semester, and information from the Netherlands delegation on aviation taxation and carbon pricing.
ECA examined whether the European Commission has established a sound regulatory and control framework for e-commerce with regard to the collection of VAT and customs duties, and whether Member States’ control measures help ensure the complete collection of VAT and customs duties on e-commerce. The report found that despite recent positive developments the EU is not currently dealing adequately with these issues but have addressed some of the weaknesses identified with the “e-commerce package”.
ECA makes a number of recommendations as to how the European Commission and the Member States should better address the challenges identified and establish a sound regulatory and control framework.
By candidate for President of the European Commission Ursula von der Leyen.
Update: Several press releases have been published following the Eurogroup meeting. Also, the Main Results are available.
In the regular format, there will be discussions on third enhanced surveillance report on Greece, Eurozone fiscal stance, the main findings of the 11th post-programme surveillance mission to Spain, the international role of the euro, fiscal surveillance for Italy, and the the process for the appointment of the next ECB President. In the inclusive format, Ministers will discuss the follow-up to the Euro Summit of June 2019.
Update – the ECB has launched the survey.
Starting from April 2019, European Central Bank (ECB) staff will regularly conduct a new survey of monetary policy expectations. The Survey of Monetary Analysts (SMA) is an ECB staff-level exercise whose key objective is to gather regular, comprehensive, structured and systematic information on market participants’ expectations of the future evolution of key policy parameters.
The European Banking Authority (EBA) published today its Risk Dashboard, which summarises the main risks and vulnerabilities in the EU/EEA banking sector. The Risk Dashboard includes for the first time IFRS 9 related data on asset quality and banks’ fair valued positions, as well as information about their sovereign exposures. Together with the Risk Dashboard, the EBA published the results of its Risk Assessment Questionnaire (RAQ), which includes banks’ and market analysts’ expectations for future trends and developments.
The European Insurance and Occupational Pensions Authority (EIOPA) has published the technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of June 2019.