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The coronavirus crisis has demonstrated not only that the European Union faces a variety of risks, and that those disparate risks are inter-linked, but that the response to such challenges to the Union - even in areas in which the EU does not have explicit competence - is stronger with the Union and its Member States acting together. Russia's war on Ukraine, which was launched while this study was being drafted, shows us not just the added value of concerted action by the Union but also the ability ...

The close cooperation arrangement for Bulgaria and Croatia poses challenges for the ECB that we discuss in terms of existing and emerging risks and vulnerabilities in the two banking sectors. The focus is on three risk areas: money laundering, climate change risk, and geopolitical tensions related to the Russia-Ukraine conflict. The high political and economic uncertainty arising from this conflict requires a reassessment of existing risks (such as credit and sovereign risks) and sources of new risks ...

Artificial intelligence act

Briefing 14-01-2022

The European Commission unveiled a new proposal for an EU regulatory framework on artificial intelligence (AI) in April 2021. The draft AI act is the first ever attempt to enact a horizontal regulation of AI. The proposed legal framework focuses on the specific utilisation of AI systems and associated risks. The Commission proposes to establish a technology-neutral definition of AI systems in EU law and to lay down a classification for AI systems with different requirements and obligations tailored ...

The original full study presents data from 27 banking groups in 10 EU Member States, where it is found that banks have used COVID-19 relief measures extensively, with some cross-country differences as for the intensity of use. Flexibility in risk classification does not seem to have impaired banks’ ability to report and recognise risk properly, even for loans under moratoria. The findings suggest that the impact of the measures on banks’ credit supply has been overall positive and mainly driven ...

To efficiently resolve a bank that is failing or likely to fail, and for which resolution is deemed in the public interest, it is important that impediments that hamper its resolvability are removed. Noting the limited public disclosure of banks and the Single Resolution Board (SRB), this paper assesses improvements in resolvability of a sample of 72 eurozone banks based on some key indicators. The main findings suggest that resolvability has marginally improved since the SRB resumed its full legal ...

All jurisdictions tailor their prudential policies to bank size, with generally more complex – though not necessarily more stringent – requirements for larger banks. This paper compares such policies in the euro area and United States, in the context of the differences in banking system structures and legal frameworks. There are vastly more stand-alone smaller banks and credit unions in the US than in the euro area. The US approach to prudential requirements is generally more differentiated by bank ...

The EU is actively exploring how AI technologies can be developed and adopted in order to improve border control and security. A number of applications for biometric identification, emotion detection, risk assessment and migration monitoring have already been deployed or tested at EU borders. AI technologies may bring important benefits for border control and security, such as increased efficiency, better fraud-detection and risk analysis. However, these powerful technologies also pose significant ...

This note is prepared in view of a regular public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 1 July 2021. The aim of the meeting is to present the ESRB Annual Report and to discuss recent developments in macroprudential policy field, potential systemic risks looming ahead, notably the impact of the pandemic. The briefing takes stock of (i) the ESRB and national macroprudential authorities’ response to the pandemic outbreak; (ii ...

The UK enters the post-Brexit period with a regulatory framework that is closely aligned with that of the UK, and stronger in some areas. This paper highlights that the changes in regulatory strategy and the institutional framework that have been announced by the UK will make its bank regulation more responsive, and greater use of proportionality the sector will become more competitive. Competition for EU banks in international markets will intensify, though not due to an erosion of regulatory standards ...

In June 2014, the European Central Bank (ECB) was among the first major central banks to lower policy rates into negative territory. The deposit facility rate was subsequently cut four more times, lastly in September 2019 (to -0.5%). As an unconventional monetary policy instrument used over a prolonged period, negative interest rates require attention because of their uncertain or possibly negative side effects on the banking sector and economy at large. Four papers were prepared by the ECON Committee ...