The Commission has adopted a new Communication on Enhancing the European Administrative Space[*1] (ComPAct), which proposes concrete actions to help public administrations meet the needs of people and businesses across Europe. ComPAct is the Commission’s first ever comprehensive set of actions to support the modernisation of national administrations and to strengthen their cross-country collaboration so that they can address common challenges together. Efficient national, regional and local public administrations are critical to deliver EU and national priorities on the ground, to implement policies and reforms that benefit people and businesses alike, and to channel strategic investments towards the green and digital transitions. They are an important enabler for greater competitiveness across the EU. Better implementation of EU and national policies and more effective administrative performance will address the expectations of Europeans for less bureaucracy and more transparency, and could save EU people and businesses billions of euros per year. Continue reading…

The Financial Stability Board (FSB) has recently published its latest Annual Report. The report, which was delivered to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Marrakesh, describes the FSB’s work to promote global financial stability. The report looks back at the banking turmoil in March 2023. It notes that swift and decisive actions were taken by the relevant authorities and that the already implemented Basel III reforms helped shield the global banking sector and real economy from a more severe banking crisis. The FSB’s review concludes that these events demonstrate the soundness of the international resolution framework but identifies several areas to enhance its implementation. Continue reading…

The European Commission has unconditionally approved the proposed acquisition of Seagen by Pfizer, under the EU Merger Regulation. The Commission concluded that the transaction would not raise competition concerns in the European Economic Area (‘EEA’). Seagen and Pfizer are pharmaceutical companies. Seagen specialises in oncology therapies, primarily in antibody drug conjugates (‘ADCs’). Pfizer’s oncology portfolio largely consists of hormone therapies, immunotherapies, and targeted therapies. In the EEA, the companies’ marketed and pipeline products overlap in the treatment of several cancer types such as breast, bladder, colorectal, cervical and lung cancer, as well as in lymphoma and leukaemia. By acquiring Seagen’s ADCs technology, Pfizer wishes to diversify its portfolio and accelerate the development and commercialisation of Seagen’s ADCs drugs.
Continue reading…

An international operation coordinated by France, with the support of Eurojust and Europol, has dealt an important blow to the Ragnar Locker ransomware group. In an action carried out between 16 and 20 October, searches were conducted in three different countries and in total six suspects were heard in the Czech Republic, Spain, Latvia and France. Furthermore, nine servers were taken down; five in the Netherlands, two in Germany and two in Sweden. The organised crime group is suspected of having committed attacks against 168 international companies worldwide since 2020. Continue reading…

BIS, De Nederlandsche Bank and the Deutsche Bundesbank are creating a data platform that has potential to shed light on the macroeconomic relevance of cryptoasset markets and decentralised finance (DeFi). Project Atlas combines on- and off-chain information, creating a layered approach to data vetting and tailored statistics for central banks. A first proof of concept was developed focusing on international flows of cryptoassets. The Bank for International Settlements (BIS) and its partner central banks within the Eurosystem have developed a proof of concept to explore the macroeconomic relevance of cryptoasset markets and DeFi. Project Atlas, a collaborative effort by the BIS Innovation Hub Eurosystem Centre, De Nederlandsche Bank and the Deutsche Bundesbank, combines data gathered from crypto exchanges (called off-chain data) with granular data extracted from public blockchains (on-chain data). In this proof of concept phase, Atlas is focusing on improving data collection methodology and platform development.
Continue reading…

The European Securities and Markets Authority (ESMA), the EU’s financial market regulator and supervisor, has on 28 September published 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. Continue reading…

The Financial Stability Board (FSB) has recently published its stocktake of international data standards relevant to cross-border payments. The stocktake looks at national and regional data frameworks relevant to the functioning, regulation and supervision of cross-border payment arrangements. It takes forward one of the priority actions under the G20 Cross-border Payments Roadmap, to enhance the interaction between data frameworks and cross-border payments. Continue reading…

In 2017, Equifax’s parent company, Equifax Inc, was subject to one of the largest cybersecurity breaches in history. Cyber-hackers were able to access the personal data of approximately 13.8 million UK consumers because Equifax outsourced data to Equifax Inc’s servers in the US for processing. The UK consumer data accessed by the hackers ranged from names, dates of birth, phone numbers, Equifax membership login details, partially exposed credit card details, and residential addresses. Continue reading…

by Steven Maijoor

It is a pleasure to be back in London. Back at the Bank of England. Back at the ‘Old Lady of Threadneedle Street’. The Old Lady that battles inflation, safeguards financial stability and firmly protects… the gold in her vaults. Gold that lies right here, under our feet. 400 000 bars of gold, to be precise. Today, I was invited to talk about a new type of gold – or, at least, to some it is. I am referring to crypto-assets. Something the Financial Stability Board has consistently been monitoring since 2018. For a long time, crypto-assets were an experiment on the fringes of the financial system. No shop owner would accept bits and bytes instead of cash or card. But soon, certain illicit online marketplaces got wind of this new digital asset: selling illegal services or products online had never been this easy. So, regulators and law enforcement agencies sprang into action and took coordinated action to combat money laundering. Nonetheless, in those early days, chances were very slim that someone had heard of bitcoin or ether, let alone owned them. For a long time, crypto assets were an experiment on the fringes of the financial system. But they have gone through rapid and turbulent developments since then and now even pose a potential risk to financial stability. That is why all over the world, new regulation has been introduced at a national level to better supervise crypto markets and activities. To promote consistency in those regulations and supervisory practices, the Financial Stability Board has developed a global framework of recommendations. While reducing the likelihood of regulatory arbitrage, this framework offers national regulators sufficient flexibility to take more incisive action, for example if warranted by emerging risks to monetary stability. Continue reading…

Luis de Guindos

I will start by giving you an overview of the economic outlook for the euro area before going on to look at how the ECB has adjusted its monetary policy to this outlook. I will then discuss in more detail the transmission of our monetary policy in the current environment and the sources of uncertainty that appear particularly relevant at this stage. Continue reading…