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Digital transformation - why do some significant banks fall behind?

25-06-2021

This paper shows that larger banks and better capitalised banks invest more in computer software. These findings could reflect that larger banks can attain greater benefits from computer software and that better capitalised banks have more resources to make larger software investments. All the same, smaller and less capitalised banks will also have to make substantial software investments to maintain sustainable businesses, something that supervisors will need to point that out to these banks.

This paper shows that larger banks and better capitalised banks invest more in computer software. These findings could reflect that larger banks can attain greater benefits from computer software and that better capitalised banks have more resources to make larger software investments. All the same, smaller and less capitalised banks will also have to make substantial software investments to maintain sustainable businesses, something that supervisors will need to point that out to these banks.

Autor extern

A.C. Bertay, H. Huizinga

The Digital Services Act and the Digital Markets Act - a forward-looking and consumer-centred perspective - Workshop Proceedings

24-06-2021

These proceedings summarise the presentations and discussions that took place during the IMCO online workshop held on 26 May 2021 on the Digital Services Act (DSA) and the Digital Markets Act (DMA). The workshop was structured in two panels, each consisting of three presentations and two Q&A sessions. The first panel focused on the DSA. The second panel was devoted to the DMA. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies for the committee ...

These proceedings summarise the presentations and discussions that took place during the IMCO online workshop held on 26 May 2021 on the Digital Services Act (DSA) and the Digital Markets Act (DMA). The workshop was structured in two panels, each consisting of three presentations and two Q&A sessions. The first panel focused on the DSA. The second panel was devoted to the DMA. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies for the committee on Internal Market and Consumer Protection (IMCO).

Autor extern

Lukas WIEWIORRA and Ilsa GODLOVITCH

UK banks in international markets-Implications of UK-euro area divergence in regulation and supervisory practice

24-06-2021

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 ...

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.

Autor extern

A.Lehmann, Bruegel

Low IT spending by banks: Reason for concern?

24-06-2021

We collect data on IT spending as reported by banks directly supervised by the ECB in their 2020 annual reports. Slightly more than 50% of these banks report their IT spending. Our analysis, using data for those banks that do report IT expenditure, suggests that the distribution of IT expenses as share of operating income, operating expenses or total assets is uneven. We identify banks that score low on one or more of these ratios. It turns out that this group is very diverse. We argue that these ...

We collect data on IT spending as reported by banks directly supervised by the ECB in their 2020 annual reports. Slightly more than 50% of these banks report their IT spending. Our analysis, using data for those banks that do report IT expenditure, suggests that the distribution of IT expenses as share of operating income, operating expenses or total assets is uneven. We identify banks that score low on one or more of these ratios. It turns out that this group is very diverse. We argue that these banks are not necessarily in the danger zone with regard to future profitability as high IT spending is no guarantee for good performance.

Autor extern

Jakob De Haan

Economic Dialogue with the European Commission - 28 June 2021

24-06-2021

Executive Vice-President Dombrovskis and Commissioners Schmit and Gentiloni have been invited to an Economic Dialogue on the 2021 European Semester package, in line with the relevant EU law. This briefing note covers the main elements of the Semester Package, the latest developments under the Semester surveillance framework, the state-of-play on the recovery and resilience plans under the Recovery and Resilience Facility, and on-going work to strengthen the governance and the resilience of Economic ...

Executive Vice-President Dombrovskis and Commissioners Schmit and Gentiloni have been invited to an Economic Dialogue on the 2021 European Semester package, in line with the relevant EU law. This briefing note covers the main elements of the Semester Package, the latest developments under the Semester surveillance framework, the state-of-play on the recovery and resilience plans under the Recovery and Resilience Facility, and on-going work to strengthen the governance and the resilience of Economic and Monetary Union.

2030 climate target plan: extension of European Emission Trading System (ETS) to transport emissions

18-06-2021

The proceedings summarize the expert presentations and discussions of the workshop on the extension of the EU ETS to transport emissions. The workshop served to prepare the ENVI Committee for the upcoming legislative “Fit for 55” package of proposals, as part of the European Green Deal. The presentations focused on options and implications of the future inclusion of road transport, shipping and aviation in the EU ETS. This document was provided by the Policy Department for Economic, Scientific and ...

The proceedings summarize the expert presentations and discussions of the workshop on the extension of the EU ETS to transport emissions. The workshop served to prepare the ENVI Committee for the upcoming legislative “Fit for 55” package of proposals, as part of the European Green Deal. The presentations focused on options and implications of the future inclusion of road transport, shipping and aviation in the EU ETS. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies for the committee on the Environment, Public Health and Food Safety (ENVI).

Autor extern

Cristina URRUTIA, Jakob GRAICHEN, Anke HEROLD

Economic Dialogue with the President of the Eurogroup - June 2021

18-06-2021

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 ...

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 relating to the Economic and Monetary Union governance framework, including completing the Banking Union. This briefing covers the following issues: the Eurogroup work programme until June 2021 (Section 1); 2021 Euro Area Recommendation (Section 2); Economic situation and developments (Section 3); Recovery and Resilience Facility (Section 4); 2021 European Semester Cycle (Section 5); review of the governance framework (section 6) and Banking Union developments (Section 7).

Euro Area fiscal policies and capacity in post-pandemic times

17-06-2021

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 ...

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 the banking and capital market unions remain priorities.

Autor extern

Carlo COTTARELLI

Monetary and Fiscal Spillovers Across the Atlantic: The Role of Financial Markets

17-06-2021

We present a review of the channels through which the US fiscal and monetary post-pandemic policies may affect the euro area. US spillovers will likely be relevant and worth considering while setting the policy stance in the euro area, at a crossroad between economic global recovery and global overheating. A key role is going to be played by global financial markets, their appetite for open-ended stimulative policies and fears of hard disinflation scenarios affecting central banks' ability to keep ...

We present a review of the channels through which the US fiscal and monetary post-pandemic policies may affect the euro area. US spillovers will likely be relevant and worth considering while setting the policy stance in the euro area, at a crossroad between economic global recovery and global overheating. A key role is going to be played by global financial markets, their appetite for open-ended stimulative policies and fears of hard disinflation scenarios affecting central banks' ability to keep the economies on the recovery path and inflation expectations anchored. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.

Autor extern

Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI

Could the Euro Area Benefit From the US Stimulus Packages?

17-06-2021

The recent US fiscal packages have raised some concerns on their magnitude, but also their spillovers to the euro area economy. After discussing US fiscal measures and reviewing the literature on international spillovers, we show that the US policy mix may have rather positive macroeconomic effects on the euro area. We conclude though that these effects need to be balanced against growing financial risks. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life ...

The recent US fiscal packages have raised some concerns on their magnitude, but also their spillovers to the euro area economy. After discussing US fiscal measures and reviewing the literature on international spillovers, we show that the US policy mix may have rather positive macroeconomic effects on the euro area. We conclude though that these effects need to be balanced against growing financial risks. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.

Autor extern

Christophe BLOT, Caroline BOZOU, Jérôme CREEL