European Commission (EC)
Sweden joins opposition to European banking union
Swedish government opposes European banking union proposals; Czech National Bank also expresses concerns
EC staff to ‘step up’ work on Spanish banks assessment
Olli Rehn calls for staff to speed up assessment of Spanish banking sector; downgrade rumours swirl after official government request for financial assistance from the Eurogroup
Hungary proposes amendments to troublesome central bank law
Hungarian government puts forward amendments to widely criticised central bank law; discussions with concerned international bodies including the ECB and IMF are 'ongoing'
Riksbank commentary challenges EC debt measure
Economic commentary assesses measure of private debt to GDP used by the European Commission in its February report on imbalances in the EU; says measure overestimates debt in Sweden
ECB delivers blow to Hungarian central bank law
The European Central Bank says the amended draft central bank law still “fails to address” concerns over independence; continued uncertainty leaving central bank operations unstable
IMF’s Nehmat urges eurozone fiscal adjustment plan rethink
Deputy managing director of the IMF says some eurozone countries’ fiscal targets for 2013 may need to be altered given growth slowdown; also supports deeper European integration
ECB denies it rejected Spanish recapitalisation plan
European Central Bank denies it has refused Spanish authorities’ plans to recapitalise a major bank in the country; European Commission discusses direct disbursement to banks from ESM
Bundesbank adamant on Greek reform programme
Monthly statement from Bundesbank says Greek access to aid should not be eased to avoid dampening of incentive to reform; EC’s Barroso sensitive to sacrifices made so far after meeting interim president
Dombret calls for faster EU action on regulation of Sifis
Deutsche Bundesbank's Andreas Dombret calls for EU to act faster on regulation of Sifis; says individual countries implementing their own frameworks creates ‘problems for the future'
House of Lords committee slams Europe’s proposed Tobin tax
A committee of UK lawmakers hits out at European Commission proposal to introduce a new financial transaction tax in the European Union
ESRB supports flexibility in EU legislation
European Systemic Risk Board backs flexible approach in EU legislation governing macro-prudential policy
Commission paper sheds light on dangers of shadow banking
The potential for shadow banking to damage the wider banking system and disrupt the macro-prudential aims of the ECB has been highlighted in the latest green paper from the European Commission
International regulators uneasy over Volcker rule
Ban on proprietary trading could affect liquidity in non-US bond markets, regulators argue
Greece’s private bondholders approve ‘voluntary’ debt swap
An 85.8% majority approves Greek sovereign debt swap but strong-arm tactics raise concerns about the future legal certainty of sovereign bonds
European Commission pursues Hungarian central bank independence issue
European Commission welcomes Hungarian promise to change legislation affecting the independence of the central bank, but wants to see more details
EU banking sector reform group finalised
EU commissioner reveals picks for expert group on banking reforms; governor of the Bank of Finland is chairman
European Commission to propose regulation on CSDs
European Commission announces new rules targeting central securities depositories to be released in March; wants to ensure securities transactions are settled in a “safe and timely manner”
Netherlands Bank blasts EU financial transaction tax proposals
Netherlands Bank warns of large financial and economic costs associated with the adoption of a financial transaction tax in Europe; says hard evidence of stability benefits are 'lacking'
Interview: Gerard Hartsink
European Payments Council chairman Gerard Hartsink tells Yusuf Yassin he welcomes the decision to set end-dates for Sepa migration, but says concerns about the regulation, raised in October, remain
Hungary drops plan to merge central bank with regulator
Hungarian prime minister Viktor Orbán says planned merger between National Bank of Hungary and Hungarian Financial Supervisory Authority has been abandoned
European Commission begins legal action against Hungary
European lawmakers launch accelerated infringement proceedings against Hungary regarding the independence of its central bank; Budapest has one month to respond or risks financial penalties
Hungary passes controversial central bank bill
Hungarian parliament votes in favour of amendments to National Bank of Hungary law; central bank warns that law presents serious threat to economy
Barroso urges Hungary to drop controversial bill
European Commission president Jose Manuel Barroso challenges Budapest over proposed amendments to National Bank of Hungary law; central bank raises rates by 50 basis points
Sepa migration deadline pencilled in for 2014
European Union says migration end-dates for credit transfers and direct debit to Single Euro Payments Area will be February 2014