Panel remarks by Sabine Lautenschläger, Member of the Executive Board of the ECB, at the Network for Greening the Financial System Conference, in Paris, France, 17 April 2019.
At today’s meeting the Governing Council of the European Central Bank (ECB) decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%.
The Council today adopted a new framework for dealing with banks’ bad loans. The new rules set capital requirements applying to banks with non-performing loans (NPLs) on their balance sheets. The aim of the reform is to ensure that banks set aside sufficient own resources when new loans become non-performing and to create appropriate incentives to avoid the accumulation of NPLs.
The European Securities and Markets Authority (ESMA) has today published the framework for its third EU-wide Central Counterparties (CCPs) stress test, marking the launch of its latest CCP stress test exercise. ESMA, as mandated under the European Markets Infrastructure Regulation (EMIR), initiates and coordinates this exercise to assess the resilience and safety of European CCPs to adverse market developments and to identify any potential shortcomings.
The case for deeper financial integration in emerging Europe remains strong as the Vienna Initiative marks a decade since its launch as a unique public-private forum that helped the region weather the worst of the global economic crisis.
Each year, the European Commission (EC) and the European Central Bank (ECB) organise a joint high-level conference on European financial integration and stability. This year’s conference will devote specific attention to the international role of the euro. Other sessions will focus on the challenges to EU banking and capital markets in the digital age.
EC Vice-President Valdis Dombrovskis and ECB Vice-President Luis de Guindos will give keynote speeches at the conference. Key policymakers, financial market and industry leaders, and renowned academics will discuss the international role of the euro and challenges to banking and capital markets in several high-level panel sessions.
On this occasion, the European Commission will release its annual European financial stability and integration review.
Introductory statement by Mario Draghi, Chair of the ESRB, Brussels, 28 January 2019.
“Our first discussion topic today was euro area economic policies. We agreed five priorities for 2019 in the areas of: Growth enhancing structural reforms; Fiscal sustainability and public investment; Labour markets and social inclusion; Financial stability; and finally EMU deepening.”