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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, 20-21 January 2021
February 18, 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 9-10 December 2020.
New global coronavirus (COVID-19) infections had reached a record high in the previous week and the risk of more protracted containment measures was rising amid the emergence of more infectious mutations of the virus and a pace of vaccination that was proceeding more slowly than expected. Sentiment in financial markets, however, had improved noticeably at the start of the year, mainly reflecting expectations of additional fiscal stimulus in the United States, sparking reflation trades.
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Source: ECB
Official Statistics: Forecasts for the UK economy: February 2021
February 17, 2021--A comparison of independent forecasts for the UK economy in February 2021.
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Source: gov.uk
ESMA-Episodes of very high volatility in trading of certain stocks
February 17, 2021--STATEMENT
Episodes of very high volatility in trading of certain stocks
Recent episodes have shown very high volatility in certain US stocks, linked to a significant accumulation of net short positionsand concerted action by some retail investors, based on informationshared on social media.Although market rules and structures are different in the EU, it cannot be ruled out that similar circumstances may occurin the EU as well.
An increased participation of retail investors in stock markets is welcome for the development of the Capital Markets Union. Nonetheless, ESMA urges retail investors to be careful when taking investment decisions based exclusively on information from social media and other unregulated online platforms, if they cannot verify the reliability and quality of that information.
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Source: ESMA
Regulating big tech: the Digital Markets Act
February 16, 2021--The European Union's proposed Digital Markets Act will attempt to control online gatekeepers by subjecting them to a wider range of upfront constraints.
Digital market forces drive huge efficiency gains. But they also create winner-take-all dynamics that can, left unchecked, lead to monopolistic markets and hurt consumers in the long-run. Slow-moving competition policy tools are ill-equipped to fully address these digital concerns.
(1) The DMA was proposed alongside the Digital Services Act (DSA) which targets illegal goods, services and content, abuse of platforms, advertising and algorithmic transparency. The DSA concerns most online businesses.
In December 2020 the European Commission proposed the Digital Markets Act (DMA) to regulate the gatekeepers of the digital world by imposing direct restrictions on the behaviour of tech giants (1). While the Commission has not named any companies, it has proposed criteria that are sure to catch Google, Facebook, Amazon, Apple, Microsoft and SAP, among others.
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Source: bruegel.org
ETFGI reports assets invested in ETFs and ETPs listed in Europe reach a record 1.30 trillion US Dollars at the end of January 2021
February 15, 2021--ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs and ETPs ecosystem, reports assets invested in ETFs and ETPs listed in Europe reach a record US$1.30 trillion at the end of January. A strong start to the year with record net inflows of US$20.51 billion during January, which is significantly more than the net inflows of US$15.16 billion in January 2020.
Assets invested in the European ETFs/ETPs industry have increased by 1.1%, from US$1.28 trillion at the end of December, to US$1.30 trillion, according to ETFGI's January 2021 European ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
Assets reach a new record $1.30 trillion invested in ETFs and ETPs listed in Europe at the end of January.
Net inflows set a new record of $20.51 billion in January.
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Source: ETFGI
UK economy suffers biggest drop since 1709
February 12, 2021--The British economy suffered its biggest decline in more than 300 years in 2020 as the coronavirus pandemic closed shops and restaurants, devastated the travel industry and curtailed manufacturing.
The economy shrank 9.9% last year, more than twice the figure for 2009 at the height of the global financial crisis, the Office for National Statistics said Friday.
The drop is the largest since 1709, when a cold spell known as the Great Frost devastated what was then a largely agricultural economy.
The data comes as Britain's economy remains shackled by restrictions designed to combat COVID-19. A rebound in growth during the fourth quarter has been stifled by England’s third lockdown, which has closed schools, restaurants and non-essential shops since mid-December. Tough restrictions also remain in place in Northern Ireland, Scotland and Wales.
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Source: apnews.com
Amsterdam displaces London as Europe's top stocks centre after Brexit
February 11, 2021--Amsterdam has displaced London as Europe's biggest share trading centre after Britain left the European Union's single market, and picked up a chunk of UK derivatives business along the way, according to data published on Thursday.
Stock exchanges in the Dutch capital traded 9.2 billion euros ($11.15 billion) a day in January, compared to London's 8.6 billion, according to the Cboe exchange, which operates in both cities.
This compares with an average of 17.5 billion euros traded daily in London during 2020, when Frankfurt was second with 5.9 billion and Amsterdam sixth at 2.6 billion, Cboe said.
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Source: reuters.com
Carbon border adjustment in the United States: not easy, but not impossible either
February 11, 2021--President Biden has promised to implement a levy on carbon-intensive imports, albeit without a federal domestic carbon price. The measure faces a number of difficulties, but could feasibly be implemented. The route chosen by the US will have important implications for the EU's own plans.
Joe Biden has promised to put the United States on an "irreversible" path to achieve net-zero emissions by 2050 while creating millions of well-paying jobs. His Plan for a Clean Energy Revolution and Environmental Justice includes proposals for 100% carbon-free electricity by 2035, $1.7 trillion in green investments over the next ten years and a pledge to devote 40% of these investments to disadvantaged communities.
His plan also includes a carbon border adjustment (CBA) proposal- a pledge to "impose carbon adjustment fees or quotas on carbon-intensive goods from countries that are failing to meet their climate and environmental obligations".
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Source: bruegel.org
Exberry and Digital Asset team up with Baymarkets
February 11, 2021--Exberry and Digital Asset team up with Baymarkets to add clearing to their end-to-end digital asset exchange platform. For the first time, and with the integration of Baymarkets Clara Clearing System, market participants can register, trade and clear traditional, alternative and digital assets on one integrated platform.
Exberry (the exchange technology pioneer), Digital Asset (the creators of the open source Daml shared ledger development framework) and Baymarkets (the developer of the Clara clearing system) today announced the availability of cutting edge exchange infrastructure with central counterparty clearing functionality. This partnership will enable new digital asset marketplaces to launch on a fully-compliant, end-to-end exchange platform encompassing registry, custody, trading, matching and clearing services.
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Source: Baymarkets
Euro area securities issues statistics: December 2020
February 10, 2021-The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 7.6% in December 2020, compared with 7.5% in November.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 1.3% in December 2020, compared with 1.2% in November.
Debt securities
New issuances of debt securities by euro area residents totalled EUR 543.6 billion in December 2020. Redemptions amounted to EUR 621.7 billion and hence net redemptions to EUR 78.1 billion. The annual growth rate of outstanding debt securities issued by euro area residents was 7.6% in December 2020, compared with 7.5% in November.
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Source: ECB
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