by Giordano Di Veglia & Melania Franzese

Today the digital transformation acts as a driver of profitability of banking business models. The failure of strategic projects in most cases does not depend on strategic mistakes, but on difficulties in its implementation, which are often tragically underestimated. In other words, the analysis is correct, the solutions identified are right, but the bank has not adequately assessed its ability to implement the planned changes. Continue reading…

by Christine Lagarde

The Governing Council decided last week to keep the three key ECB interest rates unchanged. The incoming information has broadly confirmed our previous assessment of the medium-term inflation outlook. Inflation has continued to fall, led by lower food and goods price inflation. Most measures of underlying inflation are easing, wage growth is gradually moderating, and firms are absorbing part of the rise in labour costs in their profits. Financing conditions remain restrictive and our past interest rate increases continue to weigh on demand, which is helping to push down inflation. But domestic price pressures are strong and are keeping services price inflation high. Continue reading…

by Hans Timmrman

In 2019, the initiative ‘Positive Money Europe’ was launched. It is a non-profit organization aimed at repairing the ‘broken’ financial system in Europe and making the economy fairer, more democratic, and more sustainable. In their view, the European Central Bank (ECB) does too little for the average citizen and thereby for our society as a whole. Their example was ‘Positive Money UK’, which similarly focused on the Bank of England with a successful campaign called ‘Quantitative Easing for the People’. In short, all the money printed by central banks, partly due to significant inflation, primarily benefits financial institutions and hardly benefits the population. They want to change that. The ECB should primarily serve EU citizens. In this pursuit, they see the Digital European currency (CBDC) as an innovative solution to this problem. Continue reading…

by Klaas Knot

Transparency should be a guiding principle for central banks. They should be prepared to discuss their monetary policy decisions and clearly explain how their decisions safeguard price stability, and also not shy away from considering any link with public finances and the real economy. Equally, they should communicate proactively and not refrain from being transparent about the potential impact of their decisions on their balance sheets and, as such, emphasise their crucial role in absorbing losses in times of crises. Central banks around the world are going through some pretty turbulent times these days. With huge losses. And the Dutch central bank is no exception. The last time the Dutch central bank faced a similar turbulent situation was roughly a century ago, in 1931 to be exact. The turbulent times that caused significant losses back then, had to do with the gold standard. Continue reading…

by Daniel Vaknine

In the complex landscape of modern business, the role of whistleblowers has evolved from isolated incidents within large corporations and government entities to a critical component of organisational integrity and risk management. Recognising the paramount importance of effective whistleblower programs, here follows 6 tips to enhance and optimise your whistleblowing function, ensuring they not only meet regulatory requirements but also foster a culture of transparency and ethical accountability. Continue reading…

The Summer School in Amsterdam is a unique training organised by Risk & Compliance Platform Europe on ESG, Integrity & Anti-Corruption in an International Context of Compliance. Our summer course will provide multiple benefits for participants, namely: broadening and deepening your knowledge, learning from practical cases, sharing your expertise with fellow peers, and enriching your network with international professionals. You will also have the opportunity to share best practices, brainstorm ideas, learn new methodologies, and directly apply new tools to practical exercises.
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The European Commission announced 20 laureates of the New European Bauhaus (NEB) Prizes 2024, for the fourth year in a row, organised with funding from the Cohesion Policy. These prizes reward outstanding projects and initiatives that combine sustainability, inclusion and aesthetics, demonstrating how the European Green Deal transition can practically enrich the lives of people and communities. The prizes are awarded in four categories and two strands: one for established projects (the “New European Bauhaus Champions”) and one for promising initiatives from younger applicants (the “New European Bauhaus Rising Stars”). The 2024 edition includes a special award for reconstruction projects from Ukraine, as well as a strong focus on EU regions facing socio-economic constraints or green transition challenges.
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The European Central Bank (ECB) and the European Banking Authority (EBA) aim to harmonise and integrate data reporting by the banking industry with the goal of improving efficiency and reducing the associated costs. To this end, the two institutions have on 18 March established the Joint Bank Reporting Committee (JBRC), which is tasked with helping to develop common definitions and standards for the data that banks are required to report for statistical, supervisory and resolution purposes. Continue reading…

The International Association of Insurance Supervisors (IAIS) has published its 2024 Roadmap. The Roadmap outlines the IAIS’ work programme and is guided by the 2020-2024 Strategic Plan. The 2024 Roadmap provides substantial continuity in the IAIS’ workplan. “Significantly, 2024 marks the culmination of a 13-year journey for the global Insurance Capital Standard (ICS), including extensive data collection and analysis, broad global participation from supervisors and insurance groups during the monitoring period and rigorous consultation,” said Jonathan Dixon, IAIS Secretary General. Continue reading…

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has fined Scope Ratings GmbH (Scope) a total of EUR 2,197,500, and issued a public notice, for breaches of the Credit Rating Agencies Regulation (CRA Regulation). ESMA found that Scope fell short of the CRA Regulation’s requirements on handling conflicts of interest. This finding resulted from structural failures and specific breaches of the conflict of interest obligations in the CRA Regulation. Continue reading…