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Eurofi Summary www.eurofi.net EUROFI HIGH LEVEL SEMINAR - APRIL 2021 Organised in association with the Portuguese EU Council Presidency SUMMARY INSIDE POST-COVID RECOVERY AND STABILITY CMU PRIORITIES AND IMPLEMENTATION BANKING AND INSURANCE REGULATION DIGITALISATION AND PAYMENTS ESG AND SUSTAINABLE FINANCE GLOBAL COORDINATION CHALLENGES VISIT OUR WEBSITE WWW.EUROFI.NET for all the publications of the Eurofi April 2021 Seminar SUMMARY VIEWS MAGAZINE REGULATORY UPDATE EDITORIAL The Eurofi High Level Seminar 2021 was organized virtually on the eve of the informal Ecofin meeting in association with the Portuguese EU Council Presidency. More than 220 speakers from the EU public authorities and the financial industry participated in the 30 sessions of this Seminar, which were followed by more than 1100 participants. The EU post-Covid recovery measures and the main regulatory and supervisory developments in the financial sector at the European and global levels were discussed during this Seminar, as well as the main remaining vulnerabilities in the financial sector and the EU policy initiatives aiming to support the digitalisation of financial services and the development of sustainable finance. In the following pages you will find the summaries of all the panel discussions that took place during this international Seminar and the transcripts of the speeches and exchanges of views. We hope you enjoy reading this report which provides a detailed account of the views expressed by the public and private sector representatives who took part in this event on the different economic and policy topics that were addressed. MARC TRUCHET DIDIER CAHEN JEAN-MARIE ANDRÈS Senior Fellow Secretary General Senior Fellow SESSION SUMMARIES ........................................................4 I. POST-COVID RECOVERY AND STABILITY EU Recovery Package implementation Priorities for fostering investment in the EU Major financial risks in the current monetary and macro-economic context Lessons from Covid on non-bank financial intermediation II. DIGITALISATION AND PAYMENTS Digital Finance Strategy: is the EU proposal up to the challenges? EU financial data space and cloud infrastructure Is the current EU financial framework fit for the digital age? Crypto-assets and stablecoins: prospects and way forward Cross-border payments global roadmap Current EU retail payment initiatives: stakes and challenges III. ESG AND SUSTAINABLE FINANCE Prospects of global and EU ESG standards converging EU sustainable finance taxonomy implementation Climate risk implications for the EU financial sector IV. CMU PRIORITIES AND IMPLEMENTATION CMU action plan: priorities and delivery mechanisms Developing retail investment AIFMD and ELTIF reviews Developing equity funding EU Consolidated Tape and European Single Point of Access EU securities post-trading: priorities ahead Securities and derivatives clearing: remaining challenges Priorities for relaunching securitisation V. BANKING AND INSURANCE REGULATION Challenges for the EU banking sector in the Covid context Policy priorities for the EU banking sector Improving the EU bank crisis management framework How should Basel banking standards evolve now? Key issues in the insurance sector at the global level Solvency II review : key issues Redesigning EU AML policy VI. GLOBAL COORDINATION CHALLENGES Global financial fragmentation: can progress be made? Nearly 4 months after Brexit : where do we stand and future prospects SPEECHES.................................................................................128 João Leão - Minister of Finance, Portugal Keynote speech Andrej Šircelj - Minister of Finance, Slovenia Closing speech Pierre Gramegna - Minister of Finance, Luxembourg How to reconcile economic growth and debt sustainability in the EU over time? Pablo Hernández de Cos - Chair, BCBS and Governor, Bank of Spain Crossing the Basel III implementation line Klaas Knot - President, De Nederlandsche Bank From intensive care to full recovery - finding the wayout of the Covid crisis François Villeroy de Galhau - Governor, Banque de France What fiscal policies beyond monetary policy support? Mairead McGuinness - Commissioner for FISMA, European Commission Keynote speech Valdis Dombrovskis - EVP, An Economy that Works for People, European Commission Implementation of the EU Next Generation package, what next? Jon Cunliffe - Deputy Governor, Financial Stability, Bank of England and Chair, CPMI Concluding remarks Werner Hoyer - President, European Investment Bank Towards the digital future Ashley Alder - Chief Executive Officer, SFC Hong Kong Corporate sustainability disclosure standards: The way forward Anne Finucane - Vice Chairman, BofA and Chairman, BofA Europe Introductory remarks on global ESG standards EXCHANGES OF VIEWS ............................................... 160 Jacques de Larosière - Honorary President, Eurofi; Andreas Dombret - Global Senior Advisor, Oliver Wyman Is normalising EU monetary policy feasible? If so, how and when? Klaus Regling - Managing Director, ESM; Tuomas Saarenheimo - President of the EWG and the Economic and Financial Committee, Council of the European Union; David Wright - President, Eurofi The reform of the EU fiscal framework and the transition for its re-implementation Ana Botín - Executive Chair, Banco Santander; David Wright - President, Eurofi Exchange of views Bernie Mensah - President of International, BofA; David Wright - President, Eurofi Exchange of views INDEX OF SPEAKERS .....................................................172 SESSION SUMMARIES I POST-COVID RECOVERY AND STABILITY EU RECOVERY PACKAGE IMPLEMENTATION 5 PRIORITIES FOR FOSTERING INVESTMENT IN THE EU 10 MAJOR FINANCIAL RISKS IN THE CURRENT MONETARY 15 AND MACRO-ECONOMIC CONTEXT LESSONS FROM COVID ON NON-BANK FINANCIAL INTERMEDIATION 19 EU recovery package implementation EU RECOVERY PACKAGE IMPLEMENTATION The EU is working to turn its €750 billion Next Generation time, the European Union has agreed to never let a crisis EU (NGEU) recovery package into action on the ground. go to waste. Now the issue is implementation. In February 2021, the Council adopted a regulation 1.3 Next Generation, a performance-based establishing the Recovery and Resilience Facility (RRF) instrument to face up to growth challenges which lies at the heart of this EU’s recovery plan. It will make €672.5 billion in grants and loans available A policy-maker noted that the impact assessment last for public investment and reforms in the 27 member summer shows that, if implemented properly, the plan states to help them address the impact of the COVID-19 would lift gross domestic product (GDP) by about two pandemic, to foster the green and digital transitions percentage points structurally. Heavy lifting at the and to build resilient and inclusive societies. national level is also needed, but the effects could be macroeconomically relevant as well. 1. NGEU: a potential game changer for economic This is innovative in that it picks up on longstanding growth weaknesses in economies, both on structural reforms 1.1 Policy-makers acted quickly and and investment deficits. A forward look is being taken comprehensively in Europe to find innovative because the investments that are being prioritised are solutions those that will drive economic transformation in digital and in green. By linking this to the European Semester, A policy-maker summarised that the previous year it will significantly strengthen economic governance at demonstrated the strongest hits to the European the European level. economy since the Second World War, a large risk of divergences and a coordinated economic fiscal response This is not a traditional cohesion policy instrument ran through the EU budget. This is the first time the that pays for bills. This is a performance-based Union has reacted in this way, mobilising the budget instrument. Payments follow only when milestones on a macroeconomic scale. There was a volume of 5% and targets are met. That is rather new when it comes of gross national income (GNI) here. The analysis of the to the implementation of the budget and it gives some assurances, both when it comes to absorption and risk of divergences in the euro economy was made early results. on and addressed directly. 1.4 The Recovery and Resilience Facility (RFF) paves 1.2 A historic breakthrough the way for supporting investment in the green and An official stated NGEU is the appropriate response to digital transition the crisis. This crisis differs from the last one because A public decision maker noted that with the RRF and it has been possible to move much more quickly with the multi-annual financial framework there is quite new instruments. There has been more innovation. a comprehensive toolkit for facing the crisis ahead. The clear intuition and assessment from Chancellor Investment levels declined substantially in Q2 last year, Merkel and Emmanuel Macron when they announced and according to the European Investment Bank’s (EIB) the idea of a stimulus plan of €1 trillion and €500 billion investment survey half of the companies in the EU say of grants from 18 May 2020 was that this crisis could they are delaying or reducing their investment plans have the potential to undermine the foundations of the for the future. Here there is an important role for public European Union. This for at least three reasons. First, in entities to use these funds in a timely fashion and the first wave countries were not hit in the same way by crowding in private funds too. The additional investment the health
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