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IMF Working Paper-Financial Conditions in Europe: Dynamics, Drivers, and Macroeconomic Implications
September 29, 2023--Summary:
We develop a new measure of financial conditions (FCs) that targets the growth of financial liabilities using the partial least square methodology. We then estimate financial condition indexes (FCIs) across European economies, both at the aggregate and sectoral levels.
We decompose the changes in FCs into several factors including credit availability and costs, price of risk, policy stance, and funding constraints. Our results show that FCs loosened during the pandemic thanks to policy support but started to tighten significantly since mid-2021.
Using the inverse probability weighting method over the sample period from 2000 to 2023, we find that a shift from a neutral to a tight FCI regime such as the ongoing episode for most European countries will on average lower output and inflation by 2.2 percent and 0.7 percentage points respectively and increase unemployment by 0.3 percentage points over a three-year horizon.
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Source: IMF.org
ESAs analyse the extent of voluntary disclosure of principal adverse impacts under the SFDR
September 28, 2023--The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA-the ESAs) today published their second annual Report on the extent of voluntary disclosure of principal adverse impacts under the Article 18 of the Sustainable Finance Disclosure Regulation (SFDR).
Similar to the approach adopted for 2022 Report, the ESAs launched a survey of National Competent Authorities to assess the current state of entity-level and product-level voluntary principal adverse impact (PAI) disclosures under the SFDR, and have developed a preliminary, indicative and non-exhaustive overview of good practices and areas that need improvement.
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Source: ESMA
ESMA Work Programme 2024: focus on digital change and the green transition
September 28, 2023--The European Securities and Markets Authority (ESMA), the EU's financial market regulator and supervisor, today publishes its work programme for 2024.
In an economic context marked by high inflation, heightened geopolitical tensions and rapid technological changes, ESMA will ensure close market and risk monitoring and support the effective implementation of the European regulatory framework related to the digital and sustainability transitions. By fostering effective regulation and supervision of the European capital markets, ESMA contributes to addressing the challenges faced by the EU and its citizens.
Continuing to deliver under ESMA's new strategic orientation
In 2024, ESMA will develop rules for sustainable finance as part of the new European Green Bond Regulation and will deliver its final report on greenwashing, proposing actions to combat this practice.
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Source: ESMA
ECB-Monetary developments in the euro area: August 2023
September 27, 2023-Annual growth rate of broad monetary aggregate M3 was -1.3% in August 2023, compared with -0.4% in July
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -10.4% in August, compared with -9.2% in July
Annual growth rate of adjusted loans to households decreased to 1.0% in August from 1.3% in July
Annual growth rate of adjusted loans to non-financial corporations decreased to 0.6% in August from 2.2% in July
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 was -1.3% in August 2023, compared with -0.4% in July, averaging -0.4% in the three months up to August. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -10.4% in August, compared with -9.2% in July. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 23.7% in August from 23.9% in July. The annual growth rate of marketable instruments (M3-M2) decreased to 20.4% in August from 21.1% in July.
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Source: ECB
ESMA provides overview of EU securitisation markets
September 21, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, today publishes a study setting out the details of the EU securitisation market.
Main findings
Overall, the size of the European securitisation market has decreased significantly since the EUR 2tn it reached at the end of 2010.
At end-2022, there were 390 individual securitised products outstanding in the EU as reported to the registered securitisation repositories, amounting to EUR 540bn. 54% of these outstanding amounts were linked to residential mortgages, followed by automobile loans (16%), loans to SMEs (15%) and consumer loans (12%). 86% of the outstanding was originated in the five largest markets, namely FR (25%), DE (21%), IT (17%), ES (13%), and NL (10%).
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Source: ESMA
Official Statistics: Forecasts for the UK economy: September 2023
September 20, 2023--A comparison of independent forecasts for the UK economy in September 2023.
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Source: gov.uk
Monzo clients rush to sign up for BlackRock offering
September 20, 2023--New service will offer online retail bank customers access to three multi-asset funds of funds
More than 200,000 Monzo customers have joined a waiting list to use a BlackRock investment offering when it launches in the "coming weeks".
Tens of thousands of customers signed up "within hours" of the initial announcement by the UK challenger bank on September 12, with the waiting list growing to 200,000 within two days.
The new service will offer the bank's 8mn customers online access to three BlackRock multi-asset funds, which in turn invest in a range of passive funds.
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Source: ft.com
New bond ETFs from Xtrackers on Xetra: access to short-term government bonds from Germany and the Eurozone
September 20, 2023--Since Wednesday, three new exchange-traded funds issued by Xtrackers have been tradable on Xetra and via Börse Frankfurt.
The Xtrackers II Germany Government Bond 0-1 UCITS ETF enables investors to invest in the performance of euro-denominated government bonds issued by the German government.
Only bonds with a minimum remaining maturity of no more than one year and current assets of at least €1 billion are taken into account.
The Xtrackers II Eurozone Government Bond 0-1 UCITS ETF provides access to a portfolio of euro-denominated government bonds with an investment grade rating issued in the eurozone.
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Source: Xetra
ARK Invest Acquires Rize ETF Limited, Paving the Way for Its Expansion into Europe, the UK, and New Markets Globally
September 19, 2023--ARK Invest LLC ("ARK Invest" or "ARK"), the parent of ARK Investment Management LLC, the investment manager led by CEO Cathie Wood, has acquired Rize ETF Limited ("Rize ETF"), Europe's first specialist thematic ETF issuer.
This transaction marks a significant milestone in ARK Invest's global expansion strategy and will pave the way for the firm to introduce its suite of cutting-edge innovation ETFs, under the UCITS framework, to investors across Europe, the United Kingdom, and beyond, while also facilitating the sustained growth and expansion of Rize ETF's thematic products.
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Source: ARK Investment Management LLC
ESAs warn of risks resulting from a fragile economic outlook
September 18, 2023--The three European Supervisory Authorities (EBA, EIOPA and ESMA- ESAs) today issued their Autumn 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines the continued high economic uncertainty.
The ESAs warn national supervisors of the financial stability risks stemming from the heightened uncertainty, and call for vigilance from all financial market participants.
Recent years have presented a series of adverse events, i.e., the Russian aggression against Ukraine, the energy crisis, and US mid-sized banks turmoil in March 2023, which most financial institutions have navigated well.
Nonetheless, the European economy continues to experience a period of heightened uncertainty which presents material financial stability risks that necessitate vigilance from all financial market participants. The economic outlook remains fragile, not least amid persistently elevated geopolitical risks, high inflation, and an uncertain macro-financial outlook.
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Source: ESMA
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