by Klaas Knot

As many of you know, I am a General Board member of the European Systemic Risk Board (ESRB). In that capacity, I contribute to, and follow the work of the ESRB closely. But today, I will be speaking as chair of the Financial Stability Board. And so, I wanted to begin by highlighting a few similarities between these two important international bodies. Both the ESRB and the FSB were created after the 2008 global financial crisis (GFC). The former under the EU, the latter under the G20. Those of you who have been involved in one of our committees such as the ESRB’s ATC [*1] or the FSB’s SRC [*2] will know that we share a love for acronyms. But, of course, we have something far more fundamental in common. We both monitor vulnerabilities in the financial system. We make policy recommendations to address them and we look at how these recommendations are implemented.
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by Michel Klompmaker

On 7 November 2023, the Serious Whistleblowing Annual Conference took take place at the Hague University of Applied Sciences in the Hague, Netherlands. The EU Whistleblower Directive has been implemented in the Whistleblowers Protection Act. Employers have set up their internal procedures or are busy doing so. What is of great importance for the professionals in the field is the following: (I) receiving notifications securely, (ii) protecting the reporter, (iii) investigations into reported abuses, (iv) handling and measures, and (v) legal proceedings. This is part one in a series of four articles on the event.  Continue reading…

Thomas Jordan

I would especially like to thank our colleagues at the Bank for International Settlements and the Federal Reserve Board for working together with us in organising this event. The topic of this year’s conference – policy-making under uncertainty – is highly relevant. There is, for instance, substantial uncertainty regarding the impact of accumulated monetary tightening on future inflation. There is also high uncertainty about how the current geopolitical tensions will affect the global economy. Continue reading…

by Robert Houghton

As financial institutions gear up for the next 12 months, it’s time to reflect on the key trends and developments, considering how they’ll shape the year ahead. While the financial landscape is constantly evolving, we believe there are four important issues that will shape 2024: Continue reading…

During the EU-Canada Summit, Commission President Ursula von der Leyen and Prime Minister of Canada Justin Trudeau endorsed an Administrative Arrangement allowing closer cooperation on disaster response and emergency management. The EU and Canada will also share best practices to enhance prevention, preparedness, and coordination on natural and human-induced disasters including in third countries. In addition, the European Commission will finance the purchase 12 new Canadian built planes (Canadair) to increase the aerial firefighting capacity of the EU Civil Protection Mechanism strategic reserve (‘rescEU’). EU Member States have also ordered a further 12 planes.
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The Commission launched the first auction under the European Hydrogen Bank to support the production of renewable hydrogen in Europe, with an initial €800 million of emissions trading revenues, channelled through the Innovation Fund. Producers of renewable hydrogen can bid for support in the form of a fixed premium per kilogram of hydrogen produced. The premium is intended to bridge the gap between the price of production and the price consumers are currently willing to pay, in a market where non-renewable hydrogen is still cheaper to produce. The Hydrogen Bank complements other policy tools to build a market for renewable hydrogen, stimulate investments in the production capacity, and bring production to scale. Renewable hydrogen has a critical role to play in Europe’s future energy mix, in particular for the decarbonisation of heavy industry and some transport sectors, replacing fossil fuels. By enabling a faster rollout of innovative hydrogen technologies the pilot auction will contribute to the REPowerEU Plan goal to produce 10 million tonnes of hydrogen domestically by 2030.
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This article provides information on the Basel Committee’s assessment of the adoption of the Principles for Operational Resilience and the revised Principles for the Sound Management of Operational Risk. The Committee believes the information provided may be useful for both supervisors and banks in their day-to-day activities. This document is for informational purposes only and does not constitute new supervisory guidance or expectations. The Committee assessed the adoption of the Principles for Operational Resilience (POR) and the revised Principles for the Sound Management of Operational Risk (PSMOR, or collectively, “the Principles”) published in March 2021. The assessment is meant to promote the adequate and timely adoption of the Principles. The assessment found that the effectiveness and maturity of POR and PSMOR adoption vary across banks and jurisdictions. Continue reading…

The Colleges of the European Commission and the European Court of Auditors met on November 13th in Brussels for the annual meeting between the two EU institutions. Both institutions reaffirmed their commitment to continuing their constructive cooperation as the EU’s executive and audit powers, while at the same time exploring ways to deepen their cooperation in full respect of their respective roles. The members of the Commission and the Court of Auditors discussed how the EU budget contributes to the achievement of the EU’s ambitious priorities.
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