The Financial Stability Board (FSB) has published a progress report on the transition from LIBOR and other benchmarks. The end of 2021 marked a major milestone in the transition away from LIBOR and we are reaching the finishing line of LIBOR transition at end-June 2023. The transition from LIBOR to overnight risk-free rates (RFRs) and efforts made to improve the robustness of interest rate benchmarks have increased market stability and integrity. Most LIBOR settings have now ceased and while certain panel-based US dollar (USD) settings are continuing until end-June 2023, to support the transition of legacy contracts, the market has already shifted new activity away from LIBOR and toward RFRs. Continue reading…

The Commission decided to identify Cameroon as a non-cooperating country in the fight against Illegal, Unreported and Unregulated (IUU) fishing, giving it a so-called ‘red card’. From now onwards EU Member States shall refuse the importation of fishery products from Cameroon even when accompanied by catch certificates validated by the national authorities. The decision is based on the EU’s ‘IUU Regulation’, which ensures that only legally caught fisheries products can access the EU market. The listing of Cameroon is based on the persistence of serious shortcomings that were outlined in a notification adopted in February 2021 which already warned of the possibility to identify Cameroon as a non-cooperating country. In particular, it is based on the failure of Cameroonian authorities to ensure adequate control over the national fishing fleet and to take necessary corrective measures for the cessation and prevention of IUU fishing activities. Cameroon has continued registering fishing vessels that operate outside its waters, including an IUU fishing vessel, while there is a lack of monitoring of their activities.

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This year, the EU celebrates the 30th anniversary of its Single Market – one of the major achievements of European integration, and one of its key drivers. Established on 1 January 1993, the European Single Market allows goods, services, people and capital to move around the EU freely, making life easier for people and opening up new opportunities for businesses. Over 30 years, the Single Market has led to an unprecedented market integration between Member States’ economies, serving as a driver for growth and competitiveness and supporting Europe’s economic and political power at a global level. It also played a key role in accelerating the economic development of new Member States that joined the EU, removing barriers to entry and boosting growth. Continue reading…

With the support of Eurojust, authorities in Italy and Albania have dismantled an online investment fraud involving the use of cryptocurrencies. During an action, EUR 3 million worth of assets were seized. Eurojust supported the judicial cooperation and assisted the authorities in setting up and funding a joint investigation team (JIT). According to the investigation, the investment fraud was carried out by an organised crime group (OCG) that operated from a call centre in Tirana, Albania. The suspects allegedly contacted victims by telephone using unidentifiable virtual numbers and delocalised virtual private networks (VPNs). They asked the victims to create an account on a portal and, once the transfer had been made, reset the newly created account, embezzled the sum received and made themselves untraceable. Continue reading…

At the UN Biodiversity conference COP15 in Montréal, Canada, the EU joined 195 countries in the historic Kunming-Montreal Global Biodiversity Framework. This framework contains global goals and targets aiming to protect and restore nature for current and future generations, ensure its sustainable use as well as spur investments for a green global economy. Together with the Paris Agreement on climate, it paves the way towards a climate-neutral, nature-positive and resilient world by 2050. The agreement is a solid framework with clear, measurable goals and targets, with complete monitoring, reporting, and review arrangements to track progress complemented by a robust resource mobilisation package. Continue reading…

The euro entered into circulation in Croatia on 1 January 2023, bringing the number of European Union (EU) Member States using the single European currency to 20. “I welcome Croatia to the euro family and to the ECB Governing Council table in Frankfurt” said Christine Lagarde, President of the European Central Bank. “Croatia worked hard to become the twentieth member of the euro area, and it succeeded. I congratulate the Croatian people. It shows the euro is an attractive currency which brings stability to its members.” With Croatia joining the euro area, Hrvatska narodna banka, the country’s national central bank, becomes a member of the Eurosystem. The euro area’s central banking system comprises the ECB and the national central banks of those countries whose currency is the euro. Continue reading…

In April, the FCA set out a new three-year strategy designed to improve outcomes for consumers and markets. The strategy focuses on three areas – reducing and preventing serious harm, setting and testing higher standards, and promoting competition and positive change. In response to its new strategy, the FCA has removed or amended over 8,000 potentially misleading adverts in 2022 – 14 times more than 2021. It has also cancelled the authorisation of 201 firms for failing to meet minimum standards. This action reflects the FCA’s increasingly data-led and assertive approach, which enables the regulator to find and deal with problem firms and misleading adverts swiftly. Continue reading…

On 20 December, Mr Gent Sejko, Governor of the Bank of Albania, gave a speech at the end-of-year meeting with journalists, analysts and media representatives at the Governor’s Award ceremony in Tirana, Albania. I feel honoured and privileged to welcome in the historical hall of the Bank of Albania, media representatives and talented students who are brave in competing for “Governor’s Award for the Best Diploma Theses”. In the last year event, I emphasised that we experienced an unusual 3-year period, with the hope that 2022 would be different, more vivid and more optimistic. Nevertheless, the end of 2022 is proving a really challenging one, mainly due to the huge shock on commodity prices of energy, oil and gas, in particular. Continue reading…

The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 16 December to endorse a finalised prudential standard on banks’ cryptoasset exposures and the Committee’s work programme and strategic priorities for 2023–24. Tiff Macklem, Chair of the GHOS and Governor of the Bank of Canada stated: “Today’s endorsement by the GHOS marks an important milestone in developing a global regulatory baseline for mitigating risks to banks from cryptoassets. It is important to continue to monitor bank-related developments in cryptoasset markets. We remain ready to act further if necessary.” Continue reading…

On 13 December, the Commission proposed new rules to strengthen the use of Advance Passenger Information (API) data. This proposal is one of the key actions identified in the EU Security Union Strategy. The EU continues its progress in strengthening its overall security architecture, which aims to enhance EU citizens’ protection, as shown also in the Fifth Security Union Progress Report. The report highlights three years of solid progress in implementing the Security Union Strategy. It shows that significant steps have been made in strengthening the protection of critical infrastructures from physical, cyber and hybrid attacks, in fighting terrorism and radicalisation, as well as in the fight against organised crime. Continue reading…