Resilience to hybrid threats emerged as a key theme on the first day of the informal meeting of EU member states’ finance ministers on Friday 13 September. The ministers also discussed stepping up action to combat climate change.
Enhanced action on climate change and the financial sector’s resilience to hybrid threats will be key themes when the EU member states’ finance ministers gather in Helsinki on 13–14 September for the Informal Meeting of Ministers for Economic and Financial Affairs.
The 2019 Autumn ESAs’ report highlights the following risks as potential sources of instability: Uncertainties around the terms of the United Kingdom’s withdrawal from the European Union; Persistently low interest rates, which combined with flattening yield curves, put pressure on the profitability and returns of financial institutions, incentivise search-for-yield strategies and increase valuation risks; and Transition to a more sustainable economy and environmental, social and governance (ESG) related risks, leading to possible challenges to the viability of business models with high exposures to climate sensitive sectors.
A summary of the exchange of views on the State of the Energy Union and the state of play as regards the National Energy and Climate Plans (NECPs) for 2021-2030 is now available.
Christine Lagarde on Wednesday presented what her priorities would be for the European Central Bank were she to be confirmed as its President.
Throughout most of the morning, Ms Lagarde fielded questions from committee MEPs during a hearing intended to judge her suitability for the post of President of the European Central Bank (ECB).
ING and the European Investment Bank (EIB) are making EUR 400 million available for investments by business enterprises in the Netherlands, Belgium and Luxembourg. For businesses in these countries, the EIB’s involvement means that they benefit from a lower interest rate. Loans will specifically be focused on supporting business enterprises making investments in sustainable projects.
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.
The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has published today its technical advice on sustainability considerations in the credit rating market and its final guidelines on disclosure requirements applicable to credit ratings.