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Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 10-11 March 2021
April 8, 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 20-21 January 2021.
Sovereign yield curves across advanced economies had steepened, while new coronavirus (COVID-19) cases had fallen, the pace of vaccination had accelerated and a large fiscal stimulus programme in the United States was expected to be soon put into law.
The measurable rise in commodity prices had added to upward pressure on long-term nominal bond yields. The increase in long-term bond yields had been more muted in the euro area than in other advanced economies. The euro area GDP-weighted yield curve remained considerably flatter than throughout most of the years preceding the COVID-19 pandemic and it had largely the same shape and location as observed just before the outbreak of the pandemic.
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Source: ECB
UK official holdings of international reserves: March 2021
April 7, 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
ESMA updates its Q&As on MiFID II and MiFIR transparency topics
April 6, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers regarding market structures issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
ESMA has introduced changes to one of its Q&A on tick sizes to reflect the amendment introduced in Article 49(1) of MiFID II which excludes Large in Scale transactions from the mandatory tick size regime.
The purpose of ESMA's Q&As on market structures issues is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR. They provide responses to questions posed by the general public and by market participants in relation to the practical application of level 1 and level 2 provisions to transparency and market structures issues.
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Source: ESMA
EU financial regulators warn of an expected deterioration of asset quality
March 31, 2021--The three European Supervisory Authorities (EBA, EIOPA and ESMA- ESAs) issued today their first joint risk assessment report of 2021 . The report highlights how the COVID-19 pandemic continues to weigh heavily on short-term recovery prospects. It also highlights a number of vulnerabilities in the financial markets and warns of possible further market corrections.
Macroeconomic conditions improved in the second half of 2020, supported by ongoing fiscal and monetary policy efforts, but the resurgence of the COVID-19 pandemic since the last quarter of 2020 has led to increasing economic uncertainty.
The start of the rollout of vaccinations provides a crucial anchor for medium-term expectations, but insufficient production capacities, delays in deliveries as well as risks related to mutations of the virus are weighing heavily on short-term recovery prospects.
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Source: ESMA
ESMA updates EMIR Q&As
March 31, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers document on practical questions regarding reporting issues under the European Markets Infrastructure Regulation (EMIR).
This Q&A document aims to ensure that the supervisory activities of the competent authorities under the Regulation converge along the lines of the responses adopted by ESMA.
It should also help investors and other market participants by providing clarity on EMIR requirements.
The updated Trade Repository (TR) Q&A 51 provides further clarifications on two aspects related to intragroup transactions (IGT) reporting exemption:
Reporting of details of derivatives when the IGT reporting exemption ceases to be valid; and
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Source: ESMA
ESMA updates UCITS Q&As
March 30, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers on the application of the Undertakings for Collective Investment in Transferable Securities Directive (UCITS Directive)
ESMA has added two new Q&As on the ESMA's guidelines on performance fees in UCITS and certain types of AIFs ("the guidelines").
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Source: ESMA
ESMA updates AIFMD Q&As
March 30, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers on the application of the Alternative Investment Fund Managers Directive (AIFMD).
ESMA has added two new Q&As on the ESMA's guidelines on performance fees in UCITS and certain types of AIFs ("the guidelines").
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Source: ESMA
ESMA proposes amendments to MiFIR transactions and reference data reporting regimes
March 29, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published the Final Report on the review of transaction and reference data reporting obligations under MiFIR.
The final report contains recommendations and possible legislative amendments to MiFID II/MiFIR with a view to simplifying the current reporting regimes whilst ensuring quality and usability of the reported data. It aims to achieve this through:
The replacement of the trading on a trading venue (TOTV) concept with the SI approach for OTC derivatives, taking into account the conclusions of ESMA's Final Report on the transparency regime for non-equity instruments and the trading obligation for derivatives;
The removal of the short sale indicator;
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Source: ESMA
ESMA Updates Emir Validation Rules
March 29, 2021--The European Securities and Markets Authority (ESMA) has updated today the European Markets Infrastructure Regulation (EMIR) validation rules relating to the reporting of Variation margin received.
The removal of the short sale indicator;
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Source: ESMA
IMF-COVID-19: How Will European Banks Fare?
March 26, 2021--Summary:
This paper evaluates the impact of the crisis on European banks' capital under a range of macroeconomic scenarios, using granular data on the size and riskiness of sectoral exposures.
The analysis incorporates the important role of pandemic-related policy support, including not only regulatory relief for banks, but also policies to support businesses and households, which act to shield the financial sector from the real economic shock.
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Source: IMF
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