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Monetary developments in the euro area: June 2019
June 24, 2019--July 24, 2019--Annual growth rate of broad monetary aggregate M3 decreased to 4.5% in June 2019 from 4.8% in May
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, stood at 7.2% in June, unchanged from previous month.
Annual growth rate of adjusted loans to households stood at 3.3% in June, unchanged from previous month.
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Source: ECB
IMF Staff Country Report-France: Financial System Stability Assessment
July 24, 2019--Summary:
Important institutional and policy changes have taken place since the 2012 FSAP. At the national level, the authorities have strengthened the macroprudential framework by establishing the High Council for Financial Stability (HCSF), enhanced monitoring of financial stability risks, prepared to manage the Brexit fall-out, introduced macroprudential measures, and taken various financial reform measures included in Loi PACTE-Action Plan for Business Growth and Transformation-and initiatives on digital finance, crypto-assets, green finance, and combating cyber risk
At the European level, significant changes include the Banking Union (BU), Capital Requirements Regulation/Capital Requirements Directive (CRR/CRD), Solvency II, and efforts towards a Capital Markets Union (CMU). The financial system is more resilient than it was in 2012. Capital positions and asset quality have improved. Banking business is better placed to handle cross-border contagion, including from exposures to high-yield EA economies. Insurers' solvency ratios have been stable and have been bolstered by the effective implementation of Solvency II. Household savings and balance sheets are relatively sound and house prices presently appear broadly aligned with fundamentals.
view the IMF Staff Country Report-France: Financial System Stability Assessment
Source: IMF
Five Charts on France's Economic Outlook
July 23, 3019--France's economic performance has been solid, and the authorities have made notable progress in recent years to introduce reforms supporting growth. But external risks have increased and some domestic structural challenges remain. France needs to stay the course on reforms, deepening and complementing them with additional measures to bolster economic resilience, public finance sustainability, and inclusive long-term potential growth.
The following five charts illustrate the IMF's latest annual economic assessment for France and the key policy recommendations.
Outlook: After the French economy expanded by 2.3 percent in 2017, growth declined to 1.7 percent last year, due to slowing global growth and some one-off domestic factors. Still, economic activity remained relatively more resilient compared to France's peers, and the labor market continued to improve gradually.
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Source: IMF
ESMA advises on credit rating sustainability issues and sets disclosure requirements
July 18, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets' regulator, has published today its technical advice on sustainability considerations in the credit rating market and its final guidelines on disclosure requirements applicable to credit ratings.
ESMA, in its advice, has assessed the level of consideration of Environmental, Social and Governance (ESG) factors in both specific credit rating actions, and the credit rating market in general. It found that, while credit rating agencies (CRAs) are considering ESG factors in their ratings, the extent of their consideration can vary significantly across asset classes, according to each CRA's methodology.
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Source: ESMA
Forecasts for the UK economy: July 2019
July 17, 2019--Forecasts for the UK economy is a monthly comparison of independent forecasts.
Please note that this is a summary of published material reflecting the views of the forecasting organisations themselves and does not in any way provide new information on the Treasury’s own views. It contains only a selection of forecasters, which is subject to review.
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Source: gov.uk
ESMA updates its EMIR Q&A
July 15, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).
Following the entry into force of the EMIR review (so-called EMIR Refit), ESMA is reviewing the existing Q&As to align them, where necessary, with the new text requirements. A new Q&A not related to the entry into force of EMIR Refit has been added too.
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Source: ESMA
ESMA publishes report on the licencing of FinTech firms across Europe
June 12, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets' regulator, today publishes a report on the status of licencing regimes of FinTech firms across the European Union (EU).
The report is based on two surveys conducted by ESMA since January 2018, which gathered evidence from national competent authorities (NCAs) on the licensing regimes of FinTech firms in their jurisdictions.
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Source: ESMA
ESMA updates its Q&As relating to the Prospectus Regulation
July 12, 2019--The European Securities and Markets Authority (ESMA) has today included twenty-five new Q&As relating to Regulation (EU) 2017/1129 (the 'Prospectus Regulation').
Three of these Q&As provide clarification on the following issues in relation to the Prospectus Regulation:
The application of Article 23(3) of the Prospectus Regulation in relation to issuers that qualify as financial intermediaries.
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Source: ESMA
ECB-Account of the monetary policy meeting
Of the Governing Council of the European Central Bank, held in Vilnius on Wednesday and Thursday, 5-6 June 2019
July 11, 2019--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments.
Since the Governing Council's previous monetary policy meeting on 9-10 April 2019, US trade negotiations with both China and Mexico had progressively deteriorated, negatively impacting global equity markets and pushing equity risk premia higher.
Bond yields had declined to multi-year lows. In foreign exchange markets, the euro and the US dollar had appreciated in nominal effective terms, reflecting mainly the weakness in emerging market currencies and, in particular, the Chinese renminbi. At the same time, the euro had continued its gradual depreciation against the US dollar, a trend observed since the start of 2018 that likely related to changes in the relative growth outlook.
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Source: ECB
ESMA updates its Q&As regarding the Benchmark Regulation
July 11, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Question and Answers (Q&As) on the European Benchmarks Regulation (BMR).
The new Q&As provide clarification on the following issues:
the commodity benchmark definition; and
the contribution to the euro short-term rate (€STR).
The purpose of this document is to promote common supervisory approaches and practices in the application of the BMR.
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Source: ESMA
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