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This paper provides an overview of current initiatives and actions aiming at reinforcing the anti-money laundering (AML) supervisory and regulatory framework in the EU, in particular from a Banking Union perspective. This briefing first outlines the EU framework for fighting money laundering, which includes legislation (most notably the 5th AML Directive) and a number of Commission and Council Action Plans. Secondly, an overview of AML prevention relevant authorities, at both the EU and national ...

This in-depth analysis provides evidence on differences in the practice of supervising large banks in the UK and in the euro area. It identifies the diverging institutional architecture (partially supranationalised vs. national oversight) as a pivotal determinant for a higher effectiveness of supervisory decision making in the UK. The ECB is likely to take a more stringent stance in prudential supervision than UK authorities. The setting of risk weights and the design of macroprudential stress test ...

This note is prepared in view of an ordinary public hearing with the Chair of the Single Resolution Board (SRB), Elke König, which will take place on 1 July 2021. The Chair will present the SRB’s annual report for 2020. This briefing addresses (i) the review of the crisis management framework, and in particular the SRB’s input to the Commission’s public consultation; (ii) MREL policy and statistics; (iii) liquidity in resolution; (iv) the relationship with the United Kingdom: contractual recognition ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 1 July 2021. The briefing addresses (i) the ECB’s TRIM Project Report, (ii) data on significant banks’ holdings of sovereign debt, (iii) the ECB’s publication on banks’ recovery plans, (iv) the ECB’s Supervisory banking statistics for the fourth quarter of 2020, (v) the ECB consultation on revised “fit & proper” guidance, (vi ...

Paschal Donohoe is attending his second Economic Dialogue in the ECON Committee since being elected as President of the Eurogroup in July 2020. His first Economic Dialogue took place on 25 January. The exchange of views will cover the ongoing work of the Eurogroup, notably short term policy measures intended to combat the economic, financial and social consequences of COVID-19, medium term policies to support a sustainable recovery and increase resilience of the euro area and longer term measures ...

The euro area response to the Covid crisis avoided a financial crisis. In the short term, the withdrawal of fiscal stimulus should be guided by unemployment, output gap and inflation data. Over the medium term, reducing public debt ratios will require maintaining the growth of primary spending below the (higher) GDP growth rate to be achieved through structural reforms. Over the longer term, creating a central fiscal capacity, strengthening the enforcement of fiscal rules in good times and completing ...

EGOV analysed publicly available information on the corporate governance structures to determine the gender balance on the boards of the banks in the euro area supervised by the ECB (“significant institutions”), comparing the situation in 2014 with that in 2020. The general observation is that, overall, the share of female executive directors has risen in significant banks from 15.3% to 27.4% (see figure 1) and the share of female supervisory directors has increased from 22.3% to 31.7% (see figure ...

This document provides an overview of public hearings and exchange of views with the Chair of the European Central Bank (ECB) Supervisory Board in the ECON Committee since July 2019. It also provides an overview of all external papers requested by the ECON Committee by a standing panel of banking experts. Lastly, the annex contains an overview of the respective legal bases for these hearings as part of the accountability framework of the Single Supervisory Mechanism (SSM). For an overview of public ...

This note is prepared in view of an ordinary public hearing with the Chair of the Single Resolution Board (SRB), Elke König, which will take place on 23 March 2021. This briefing addresses the review of the crisis management framework; contributions to the SRF; resolvability assessments, following a European Court of Auditors report; the relationship with the United Kingdom; the EBA’s benchmarking of national insolvency regimes; and SRB publications, including the MREL dashboard for Q3, 2020, a ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 23 March 2021. During the hearing, Chair Enria will present the Annual Report on supervisory activities 2020, which will be published the same day. This paper addresses (i) the implications of supervisory measures in response to COVID-19; (ii) supervisory work for 2021 (supervisory priorities, stress test, fit and proper assessments ...