giovedì 27 febbraio 2020

Major European financial infrastructures join forces against cyber threats

Major European financial infrastructures join forces against cyber threats

27 February 2019

Largest financial infrastructures in Europe to share information to protect themselves against cyber risks
Active exchange of information on cyberattacks, threats, vulnerabilities and remedies between core financial infrastructures, Europol and Europe’s cybersecurity agency
ECB Executive Board member and ECRB Chair, Fabio Panetta, says initiative is about protecting people’s money (...)

How long is the medium term? Monetary policy in a low inflation environment

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Barclays International Monetary Policy Forum

London, 27 February 2020

We are currently living through times of tremendous challenges for the conduct of monetary policy.

Although the actions of major central banks over the past few years have succeeded in easing financial conditions and thereby stabilising growth and inflation, current and expected inflation rates remain stubbornly below target, in spite of years of exceptional monetary policy support.

Subdued price pressures have given rise to widespread scepticism about the ability of monetary policy to bring inflation back to target. While it is widely accepted that central banks cannot fine-tune inflation in the short term, some now even doubt their ability to reach their objective in the medium term.

Today I would like to speak to these concerns by shedding light on some factors that may impede a more forceful and rapid return of inflation to levels closer to 2%, focusing on the euro area.

I will argue that the nature and properties of the shocks that have been hitting the euro area over the past few years require central banks to exercise more patience in reaching their inflation aim, in particular when approaching the effective lower bound. This implies that the medium-term horizon over which the ECB pursues the sustainable alignment of inflation with its aim is considerably longer than in the past.

Communication on the factors affecting the length of the medium term increases the public’s understanding of the ECB’s monetary policy, thereby also reducing the risks of a destabilisation of inflation expectations.(...)

Climate change and the financial sector

Speech by Christine Lagarde, President of the ECB, at the launch of the COP 26 Private Finance Agenda

London, 27 February 2020

Climate change constitutes a major challenge, causing both threats and opportunities that will significantly affect the economy and the financial sector, depending on which carbon emission scenario eventually unfolds.

That is why central banks need to devote greater attention to understanding the impact of climate change, including its implications for inflation dynamics. At the ECB, the ongoing review of our monetary policy strategy creates an opportunity to reflect on how to address sustainability considerations within our monetary policy framework.

Today, however, I will focus my remarks on climate change-related risks for the financial sector. Broadly speaking, the main risks fall into three categories: risks stemming from disregard, from delay and from deficiency. (...)

Protecting the European financial sector: the Cyber Information and Intelligence Sharing Initiative

Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the fourth meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures (...)

Frankfurt am Main, 27 February 2020

It is a pleasure to welcome you back to Frankfurt. As you may know, I recently became responsible for market infrastructures and payments at the ECB. As this includes the ECB’s work on the cyber resilience of financial market infrastructures, I have taken over chairmanship of the Euro Cyber Resilience Board for pan-European Financial Infrastructures (ECRB). I would like to take this opportunity to thank my predecessors for their efforts in taking forward the work of the ECRB. I look forward to following in their footsteps and contributing to the excellent work being undertaken on cyber resilience at the European level.(...)


Legiferare meglio per garantire la competitività e una crescita sostenibile e inclusiva: il Consiglio adotta conclusioni - Consilium

(...) Nelle conclusioni il Consiglio sottolinea l'importanza di valutazioni d'impatto rigorose e basate su principi, che tengano conto sia dei costi che dei benefici. Esprime pieno appoggio a un comitato imparziale per il controllo normativo in seno alla Commissione. Prende atto dell'intenzione della Commissione di applicare lo strumento "one in, one out" e sottolinea che tale approccio di compensazione normativa non dovrebbe abbassare le norme sociali ed ecologiche, pur ottimizzando i vantaggi dell'attività normativa per le imprese e i cittadini. Ribadisce il suo impegno a favore del principio "pensare anzitutto in piccolo" e la necessità di consultare sistematicamente le PMI e le microimprese. Accoglie con favore l'annunciata sostituzione della piattaforma REFIT con la piattaforma "Fit for future" e invita la Commissione a garantire la visibilità della nuova piattaforma. Il Consiglio sottolinea infine l'importanza dei riesami ex post e ricorda la necessità di un insieme di standard minimi di qualità. (...)

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