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Account of the monetary policy meeting of the Governing Council of the European Central Bank
October 7, 2021--Held in Frankfurt am Main on Wednesday and Thursday, 8-9 September 2021
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Ms Schnabel reviewed the financial market developments since the Governing Council's previous monetary policy meeting on 21-22 July 2021.
The pronounced decline in ten-year US Treasury yields and euro area GDP-weighted sovereign yields observed just before the previous Governing Council meeting had proven persistent despite the ongoing recovery from the pandemic crisis.
More recently, yields had been trending somewhat higher but, overall, they had not risen back to the levels seen during the last recovery in 2017-18, or even to the levels seen earlier in 2021. Very low interest rates also continued to prevail across the currency union. Sovereign bond spreads over German Bunds had remained resilient at levels below or close to post-2008 lows.
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Source: ECB
Deutsche Borse launches next-generation digital post-trade platform
October 6, 2021--Digital post-trade platform D7 enables end-to-end digital securities processing
Over 80 per cent of German securities eligible to be digitised through centralised digital register by mid-2022, enabling same-day-issuance and paperless, automated straight-through processing
Launch partners include leading financial institutions and global technology partners
Global market infrastructure provider Deutsche Börse plans to launch a regulatory compliant, fully digital post-trade platform called D7, anchored in the recently introduced German digital securities law framework.
The new cloud-backed and DLT-ready D7 platform will enable market participants to digitise their financial products with continuing access to both existing central and distributed infrastructures and markets.
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Source: Xetra
Research: UK official holdings of international reserves: September 2021
October 5, 2021--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: gov.uk
Strong Rebound in 2021 Boosts Economies in Emerging Europe and Central Asia
October 5, 2021--October 5, 2021--A competitive business environment is key to resilient, sustainable long-term growth
A surprisingly strong rebound in the first half of this year boosted economic activity in emerging and developing countries in the Europe and Central Asia region, with the regional economy now projected to expand by a better-than-expected 5.5 percent in 2021, says the latest edition of the World Bank's Economic Update for the region, released today.
The rebound was largely driven by a strong recovery in exports during the first half of this year, as activity in the Euro area bounced back and commodity prices rose sharply, as well as strengthening domestic demand due to vaccinations and support packages. The boost to exports, however, may be fading due to the ongoing global and regional spread of more contagious COVID-19 variants, which has also dampened the recovery in regional domestic demand.
view the World Bank Europe and Central Asia Economic Update Competition and Firm Recovery Post-COVID-19
Source: World Bank
ESMA Newsletter September 2021
October 5, 2021--ESMA unveiled its workstreams for 2022
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Source: ESMA
Euro money market statistics: Fifth maintenance period 2021
October 5, 2021-- Daily average borrowing turnover in the unsecured segment increased from €117 billion in the fourth maintenance period of 2021 to €119 billion in the fifth maintenance period of 2021
Weighted average overnight rate on borrowing transactions in the unsecured segment remained stable at -0.55% for the wholesale sector and decreased mildly from -0.56% to -0.57% for the interbank sector
Daily average borrowing turnover in the secured segment increased from €393 billion to €402 billion, with a weighted average overnight rate of -0.55%
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Source: ECB
ECB-Euro area quarterly balance of payments and international investment position: second quarter of 2021
October 4, 2021--Current account surplus at €337 billion (2.9% of euro area GDP) in four quarters to second quarter of 2021, up from €200 billion (1.7% of GDP) a year earlier
Geographic counterparts: largest bilateral current account surpluses vis-à-vis United Kingdom (€176 billion) and United States (€74 billion), largest deficit vis-à-vis China (€66 billion)
International investment position showed net liabilities of €576 billion (4.9% of euro area GDP) at end of second quarter of 2021
Current account
The current account surplus of the euro area increased to €337 billion (2.9% of euro area GDP) in the four quarters to the second quarter of 2021, up from €200 billion (1.7% of GDP) a year earlier (see Table 1). This increase reflected a shift in the services balance from a deficit of €23 billion to a surplus of €79 billion and a larger surplus for goods (from €305 billion to €385 billion). These developments were partly offset by a decrease in the surplus for primary income (from €71 billion to €42 billion) and a larger deficit for secondary income (from €153 billion to €169 billion).
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Source: ECB
Cash market trading volumes in September
October 1, 2021--Deutsche Börse's cash markets generated a turnover of € 156.9 billion in September (previous year: €149 billion).
€131.1 billion were attributable to Xetra (previous year: €124,9 billion), bringing the average daily Xetra trading volume to €6 billion (previous year: €5.7 billion).
Trading volumes on Börse Frankfurt were €4 billion (previous year: €4 billion) and on Tradegate Exchange €21.8 billion (previous year: €20.1 billion).
By type of asset class, equities accounted for €132.8 billion in the entire cash market. Trading in ETFs/ETCs/ETNs generated a turnover of €21,2 billion. Turnover in bonds was €0.3 billion, in certificates €1.5 billion and in funds €0.2 billion.
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Source: Xetra
ESMA NEW Q&AS AVAILABLE
September 30, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated the following Questions and Answers:
EMIR implementation
SFTR data reporting
MiFID II and MiFIR transparency topics
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Source: ESMA
Kingdom of the Netherlands-The Netherlands: Staff Concluding Statement of the 2021 Article IV Mission
September 30, 2021--The Dutch economy has weathered the pandemic comparatively well, with a smaller recession than the Euro Area in 2020 and a strong recovery so far in 2021. This reflects both the intrinsic resilience of the economy, supported by a high degree of digitalization, and a comprehensive policy package that took advantage of abundant policy space.
The policy interventions included a focused response of the health sector and programs to help affected businesses and individuals. This cushioned the economic impact of the pandemic by protecting jobs, supporting household incomes and helping firms preserve liquidity and solvency, also preventing adverse financial sector spillovers. Moreover, monetary accommodation and regulatory and supervisory easing supported financial intermediation during the pandemic while a successful vaccination effort has helped move the economy towards normalization.
As a result, unemployment has nearly returned to pre-pandemic lows, and bankruptcies have remained lower than usual, also helping the financial sector to maintain its resilience. Banks remain well capitalized, while intensifying pressures on pension funds and insurers from lower interest rates have been largely compensated by rising asset values. The formation of a new government offers the opportunity to set ambitious medium-term objectives and policies to support a greener and more sustainable economy, boost growth potential, and address key medium-term challenges.view more
Source: IMF
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