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Saturday, 18 July 2026

Private Trade News

Global markets, trading & world business — for professional traders

Policy

Isabel Schnabel: Is inflation back?

· ECB

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  • Keynote speech by Valdis Dombrovskis at the Brussels Financial Market Forum
  • EU Council moves ahead on updating the EU workplace pensions framework
  • EU Council agrees position on simpler transparency rules for sustainable financial products
  • Statement by EU Commissioner Dombrovskis before the European Parliament’s joint ECON-EMPL committee on the European Semester Spring Package
PEPP
  • EU Council agrees position on increasing the appeal of the pan-EU personal pension product (PEPP)
EU-BONDS
  • EU Commission to issue €80 billion in EU-Bonds in second half of 2026
FDI SCREENING
  • EU Commission strengthens its foreign investment screening framework
AI IN FINANCE
  • ECB Blog: What separates firms that use AI intensively from firms that don’t?
DIGITAL EURO
  • Digital euro: MEPs want to ensure sovereignty, privacy and financial stability
EURO CONVERGENCE
  • Eurogroup President Kyriakos Pierrakakis discusses Eurogroup issues in Hungary
  • Press remarks by Eurogroup President Kyriakos Pierrakakis following his meeting with Hungarian Prime Minister Magyar and Hungarian Finance Minister Kármán
  • Convergence Report reviews Member States’ progress towards joining the euro area
  • Questions and answers on the Convergence Report 2026
  • ECB publishes reports on progress towards euro adoption
ECB
  • Economics committee MEPs quiz ECB President Lagarde
  • Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
  • Speech by ECB Board Member Philip R. Lane at an exchange of views on “The economic and fiscal implications in Europe of the Middle East crisis” at the Committee on Economic and Monetary Affairs of the European Parliament
  • Die Zeit (Germany): Interview with Isabel Schnabel, Member of the Executive Board of the ECB
  • ECB to integrate non-financial credit claim portfolios into general collateral framework, phasing out temporary measures
  • Bruegel: Should the European Central Bank slow down quantitative tightening?
  • Wim Duisenberg Fellowship 2027: Deadline 30 June 2026
  • Further publications by the ECB
  • Boris Vujčić: Outlook for the euro area economy and monetary policy (Slides PDF)
  • Isabel Schnabel: Is inflation back? (Slides PDF)
  • Piero Cipollone: Central bank money for the digital era (Slides PDF)
  • ECB Consumer Expectations Survey results – May 2026
  • Consolidated financial statement of the Eurosystem as at 19 June 2026
  • CONVERGENCE REPORT: Convergence Report, June 2026
  • OTHER PUBLICATION:ESS-ESCB Quality assessment report on statistics underlying the Macroeconomic Imbalance Procedure
  • ECONOMIC BULLETIN: Economic Bulletin Issue 4, 2026
  • ECONOMIC BULLETIN – ARTICLE: Five years of the ECB Survey of Monetary Analysts: evolution and insights
  • ECONOMIC BULLETIN – BOX: The narrowing of the euro area current account balance in 2025
  • ECONOMIC BULLETIN – BOX: Liquidity conditions and monetary policy operations from 11 February to 5 May 2026
  • ECONOMIC BULLETIN – BOX: What has kept goods inflation low? The role of the import exposure to China
  • ECONOMIC BULLETIN – BOX: Tracking euro area labour market developments through restructuring announcements
  • ECONOMIC BULLETIN – BOX: How US financial markets react to geopolitical shocks hitting oil supply
  • ECONOMIC BULLETIN – BOX: Higher oil prices from the war in the Middle East: assessing the headwinds for euro area growth
  • ECONOMIC BULLETIN – BOX: State aid in the EU: an evolving landscape
  • ECONOMIC BULLETIN – BOX: AI and the US labour market: effects on employment growth
  • RESEARCH BULLETIN – No. 144: Monetary policy under multiple financing constraints
ECB BANKING SUPERVISION
  • ECB Supervision Blog Post by Frank Elderson: Simpler guidance, more effective supervision
  • ECB streamlines supervisory guidance to improve clarity and transparency
  • When fragmentation creates complexity – Speech by Patrick Montagner
  • Central Banking Interview with Sharon Donnery
  • ECB concludes asset quality reviews of KfW Beteiligungsholding GmbH and Promontoria 19 Coöperatie U.A.
  • EIB: Central, Eastern and South-Eastern Europe’s banking sector shows strong growth prospects, new report finds
  • Further publications by the ECB Banking Supervision
  • LIST OF SUPERVISED ENTITIES: List of supervised entities – Cut-off date 1 May 2026
  • SUPERVISORY GUIDES: ECB Guide on materiality assessment (EGMA)
  • SUPERVISORY GUIDES: ECB Guide on assessment methodology (EGAM)
  • SUPERVISORY GUIDES: ECB guide to internal models
  • MEP LETTER: Letter from Claudia Buch, Chair of the Supervisory Board, to Mr Fabio de Masi, MEP, on banking supervision
ESM
  • Politis (Cyprus): Interview with Pierre Gramegna, ESM Managing Director
EBA
  • The EBA reaches another important milestone in enhancing supervisory efficiency with its revised SREP Guidelines
  • EBA updates validation rules for supervisory reporting
  • EBA consults on a draft methodology for setting fines under the Markets in Crypto-Assets Regulation (MiCA)
  • EBA updates Pillar 3 disclosure requirements on ESG risks, equity and shadow banking exposures, as part of simplification effort
  • Latest EBA MREL dashboard shows that MREL requirements range from 25% to 29% of risk-weighted assets, depending on bank category, while bail-in remains the preferred resolution strategy
  • Final EBA Q&A
  • Ongoing EBA consultations
  • 7 May – 7 Aug 2026: Consultation on Regulatory technical standards on specialised lending exposures (EBA/CP/2026/09)
  • 20 Jul 2026: Discussion on Pillar 3 Data Hub process to SNCIs
  • 10 Apr – 10 Jul 2026: Consultation on Implementing Technical Standards on supervisory reporting (simplification package) (EBA/CP/2026/07)
  • 10 Apr – 10 Jul 2026: Consultation on draft ITS amending Commission Implementing Regulation (EU) 2024/3117 regarding Credit Risk and IFRS 9 Benchmarking reporting (EBA/CP/2026/08)
  • 9 Apr – 9 Jul 2026: Consultation on revised Guidelines on limits on exposures to shadow banking (EBA/CP/2026/06)
  • 26 June – 28 September 2026: Consultation on methodology for setting fines under MiCA
EIOPA
  • EIOPA’s Financial Stability Report shows continued resilience in insurance amid geopolitical uncertainty and evolving structural risks
  • Upcomming EIOPA events
  • 1 Jul 2026 – Public debates: New proportionality framework under Solvency II
  • 16Jul2026 – Public debates: Public hearing on the Review of the Insurance Disclosures under article 8 of the Taxonomy Regulation
  • Ongoing consultations by EIOPA
  • Consultation on the shortening of additional Guidelines under Solvency II – Deadline: 8 July 2026, 23:59 (CEST)
  • Consultation on Annex to Opinion on the use of risk mitigation techniques – Proportional reinsurance – Deadline: 17 July 2026, 23:59 (CEST)
ESMA
  • ESMA calls on unauthorised crypto-asset service providers to wind down orderly, while also safeguarding clients’ interests, as MiCA transitional period ends
  • ESMA publishes the register of external reviewers under the EuGB Regulation
  • Further ESMA publications
  • ESMA page: Markets in Crypto-Assets Regulation (MiCA)
  • ESMA page: ESG Rating Providers
  • ESMA91-721126732-3229: Klaus Löber’s speech at the Induction Days of the Single Resolution Board, 24 June 2026 ESMA75-113276571-1710: ESMA public statement on end of MiCA transitional period ESMA50-1949966494-4208: LDI funds – recent developments and methods for liquidity stress testing – TRV article ESMA81-1841807023-1063: Statement on Significant benchmarks notified under Article 24(2) of the Benchmark Regulation- MSCI Limited
  • Open ESMA Consultations
  • From 30/04/2026 to 30/06/2026: Call for Evidence on the market structure of European equity markets
  • From 05/05/2026 to 06/08/2026: Consultation on the Guidelines on stress test scenarios under the MMF Regulation
  • From 26/05/2026 to 07/07/2026: Consultation on Amendments to the Guidelines on standardised procedures and messaging protocols under CSDR
EU COMMISSION REGISTER
  • Directorate-General for Economic and Financial Affairs
  • REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the implementation of macro-financial assistance to third countries in 2025
  • COMMISSION STAFF WORKING DOCUMENT CONVERGENCE REPORT 2026 Accompanying the document REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL CONVERGENCE REPORT 2026 (prepared in accordance with Article 140(1) of the Treaty of the Functioning of the European Union
  • COMMISSION STAFF WORKING DOCUMENT Backgroud analysis per beneficiary country Accompanying the document REPORT FROM THE COMISSION TO THE EUROPEAN PARLIAENT AND THE COUNCIL on the implementation of macro-financial assistance to third countries in 2025
  • COMMISSION IMPLEMENTING DECISION on the authorisation of the disbursement of the sixth instalment of the non-repayable support for Lithuania
  • Proposal for a COUNCIL DECISION on the existence of an excessive deficit in Bulgaria
  • Recommendation for a COUNCIL RECOMMENDATION with a view to bringing an end to the situation of an excessive deficit in Bulgaria
  • COMMISSION OPINION on the existence of an excessive deficit in Bulgaria
  • COMMISSION OPINION in accordance with Article 19 of the Statute of the European Investment Bank
  • COMMISSION OPINION in accordance with Article 19 of the Statute of the European Investment Bank
  • Directorate-General for Financial Stability, Financial Services and Capital Markets Union
  • COMMISSION OPINION on the draft Single Programming Document 2027-2029 of the Anti-Money Laundering Authority
  • COMMISSION OPINION on the Single Programming Document 2027-2029 of the European Banking Authority
  • COMMISSION OPINION on the draft Single Programming Document 2027-2029 of the European Securities and Markets Authority
  • COMMISSION OPINION on the draft Single Programming Document 2027-2029 of the European Insurance and Occupational Pensions Authority
EU PARLIAMENT REGISTER
  • Draft agenda – Thursday, 2 July 2026 – PE790.191v01-00 – Committee on Economic and Monetary Affairs , Committee on the Environment, Public Health and Food Safety , Committee on Civil Liberties, Justice and Home Affairs
  • Draft agenda – Thursday, 2 July 2026 – PE790.192v01-00 – Committee on Economic and Monetary Affairs
  • Draft agenda – Thursday, 2 July 2026 – PE790.194v01-00 – Committee on Economic and Monetary Affairs , Committee on Civil Liberties, Justice and Home Affairs
  • Draft agenda – Monday, 22 June 2026 – Tuesday, 23 June 2026 – PE789.978v03-00 – Committee on Economic and Monetary Affairs
  • Highlights – Market Integration and Supervision Package (MISP) – Committee on Economic and Monetary Affairs
  • Highlights – Public Hearing with Claudia Buch, Chair of the Supervisory Board of the ECB – Committee on Economic and Monetary Affairs
  • Highlights – Monetary Dialogue with Christine Lagarde, President of the European Central Bank – Committee on Economic and Monetary Affairs
  • Highlights – Economic and fiscal implications in Europe of the Middle East crisis – Committee on Economic and Monetary Affairs
  • Highlights – Exchange of views with Pierre Gramegna, Managing Director of ESM – Committee on Economic and Monetary Affairs
  • REPORT on the feasibility of a 28th tax regime and its potential to support EU competitiveness – A10-0167/2026
  • REPORT on a coherent tax framework for the EU’s financial sector – A10-0169/2026
  • REPORT on competition policy – annual report 2025 – A10-0171/2026
  • REPORT on digital assets – challenges for the competitiveness and integrity of the European Union’s financial system – A10-0186/2026
  • Briefing – Public hearing with Claudia Buch, Chair of the ECB / SSM Supervisory Board – PE 784.053 – Committee on Economic and Monetary Affairs
  • Minutes – Tuesday, 14 April 2026 – PE787.646v01-00 – Committee on Economic and Monetary Affairs
  • Minutes – Wednesday, 8 April 2026 – Thursday, 9 April 2026 – PE787.642v01-00 – Committee on Economic and Monetary Affairs
  • Newsletters – 2026 – Committee on Economic and Monetary Affairs
  • Briefing – Germany’s National Recovery and Resilience Plan: Latest state of play – 26-06-2026
  • Briefing – MiCAR versus the GENIUS Act – 25-06-2026
  • Study – Inflation, Supply Shocks and the Case for a Cautious and Differentiated Monetary Policy Response – 22-06-2026
  • Briefing – Combating corruption in the European Union – 23-06-2026
  • Study – The implementation and impact of the VAT reverse charge mechanism in the EU: European implementation assessment – 22-06-2026
  • Briefing – Possible EU own resource based on a digital levy Cross-border services trade, digital transformation and tax implications – 22-06-2026
  • Briefing – Could a digital services tax become an EU own resource? Revenue potential, policy trade-offs and strategic options – 22-06-2026
  • REPORT on digital assets – challenges for the competitiveness and integrity of the European Union’s financial system – A10-0186/2026
  • REPORT on the Council position on Draft amending budget No 1/2026 of the European Union for the financial year 2026 entering the surplus of the financial year 2025 – A10-0180/2026
  • REPORT on the financial activities of the European Investment Bank Group – annual report 2025 – A10-0170/2026
  • REPORT on a coherent tax framework for the EU’s financial sector – A10-0169/2026
  • REPORT on the feasibility of a 28th tax regime and its potential to support EU competitiveness – A10-0167/2026
  • Answer to a written question – Commission investigation into the sale of HHLA shares to MSC – E-001479/2026(ASW)
  • Answer to a written question – Easing or suspending EU budget deficit rules as a crisis measure – P-001480/2026(ASW)
  • Answer to a written question – Recovery and resilience plan investment at risk owing to managing authorities’ failure to act – E-001499/2026(ASW)
  • Answer to a written question – Situation of Polish crypto-asset market actors in the context of the end of the MiCA regulation transitional period – P-002069/2026(ASW)
  • Answer to a written question – Monitoring the implementation and financial execution of Romania’s recovery and resilience plan – P-001891/2026(ASW)
  • Publications – EBA – European Banking Authority – Committee on Budgetary Control
  • Publications – ESMA – European Securities and Markets Authority – Committee on Budgetary Control
  • Publications – AMLA – Anti-Money Laundering Authority – Committee on Budgetary Control
  • Publications – EIOPA – European Insurance and Occupational Pensions Authority – Committee on Budgetary Control
EU COUNCIL REGISTER
  • ST 11157 2026 INIT – COMMISSION OPINION on the existence of an excessive deficit in Bulgaria
  • ST 10950 2026 INIT – Proposal for a COUNCIL DECISION on the existence of an excessive deficit in Bulgaria
  • ST 10951 2026 INIT – Recommendation for a COUNCIL RECOMMENDATION with a view to bringing an end to the situation of an excessive deficit in Bulgaria
  • ST 10959 2026 INIT – ECB Convergence Report 2026
  • ST 9846 2026 INIT – Council Regulation amending Regulation (EU) No 904/2010 on administrative cooperation and combating fraud in the field of value added tax as regards access by the European Public Prosecutor’s Office and the European Anti-Fraud Office to value added tax information at Union level – Adoption of the legislative act
  • ST 8771 2026 INIT – Council Decision and Implementing Regulation concerning restrictive measures in view of the situation in Russia
  • ST 8937 2026 INIT – Council Decision concerning restrictive measures in response to the illegal annexation of Crimea and Sevastopol
  • ST 10759 2026 INIT – Proposal for a Directive Of The European Parliament and of the Council amending Directives (EU) 2016/2341 and 2016/97 as regards the strengthening of the framework for occupational retirement provision
  • ST 10759 2026 ADD 1 – Addendum – Proposal for a Directive Of The European Parliament and of the Council amending Directives (EU) 2016/2341 and 2016/97 as regards the strengthening of the framework for occupational retirement provision
  • ST 11192 2026 INIT – COMMISSION STAFF WORKING DOCUMENT EVALUATION of Council Directive (EU) 2016/1164, as amended by Council Directive (EU) 2017/952, laying down rules against tax avoidance practices that directly affect the functioning of the internal market
  • ST 11192 2026 ADD 1 – COMMISSION STAFF WORKING DOCUMENT EXECUTIVE SUMMARY OF THE EVALUATION of Council Directive (EU) 2016/1164, as amended by Council Directive (EU) 2017/952, laying down rules against tax avoidance practices that directly affect the functioning of the internal market
  • ST 11024 2026 INIT – REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the implementation of macro-financial assistance to third countries in 2025
  • ST 11024 2026 ADD 1 – COMMISSION STAFF WORKING DOCUMENT Background analysis per beneficiary country accompanying the Report from the Commission to the European Parliament and the Council on the implementation of macro-financial assistance to third countries in 2025
  • WK 8006 2026 INIT – Sustainable Finance Disclosure Regulation (SFDR) – CWP of 11 June 2026 – SFDR Second Compromise Text
  • WK 8775 2026 COR 1 – SFDR – non-objection procedure ending Thursday 18 June at 17:00 – CORRECTED VERSION
  • WK 8775 2026 INIT – SFDR – non-objection procedure ending Thursday 18 June at 17:00
  • WK 8004 2026 INIT – Sustainable Finance Disclosure Regulation – CWP of 11 June 2026 – Presidency discussion paper on SFDR
OECD
  • OECD to launch the Economic Survey of France on 30 June
  • OECD: The Slovak Republic should improve public finances and boost employment to drive strong and resilient growth
  • Ukraine is reforming in real time: OECD launches three new Reviews to support a stronger, more resilient economy
IMF
  • IMF Executive Board Concludes 2026 Article IV Consultation with Portugal
  • IMF Executive Board Concludes 2026 Article IV Consultation with Cyprus
  • Switzerland: IMF Staff Concluding Statement—2026 Article IV Consultation Mission
  • Jeffry Frieden: The Cost of Geoeconomic Coercion
  • Further publications by the IMF
  • IMF Working Papers : Production Networks and the (Asymmetric) Transmission of Monetary Policy
  • IMF Working Papers : Stablecoins and Macroeconomic Stability: A DSGE Investigation
  • IMF Working Papers : Optimal Currency Basket Estimation
  • IMF Working Papers : Assessing Macrofinancial Linkages in China Using a Machine-Learned Parsimonious VAR Model
  • IMF Working Papers : Central Bank Communication in Times of Uncertainty: AI-assisted Decoding of Recent Trends in Europe
BIS
  • The path to the next-generation monetary and financial system lies in safeguarding trust in money: BIS
  • Annual Economic Report 2026 – BIS
  • BIS media briefing – Anchoring trust in money: innovation beyond stablecoins
  • BIS – Central bankers’ speeches
  • José Luis Escrivá: Competitiveness for growth
  • Madelena Mohamed: A LEAP for nature: advancing nature-related financial risk and opportunity assessment in Malaysia
  • Martin Schlegel, Antoine Martin, Petra Tschudin: Introductory remarks by the Governing Board, Swiss National Bank news conference
  • Pan Gongsheng: The evolution of financial structure and the modernization of financial markets in China
  • Andriy Pyshnyy: National Bank of Ukraine press briefing – monetary policy decisions
  • Emmanuel Moulin: From innovation to monetary sovereignty – striking the right note
  • Chia Der Jiun: Reform and cooperation in global financial governance
  • Brad Jones: Geopolitics and the financial system – some echoes from history
  • Steven Maijoor: Opening statement – round table on the Market Integration and Supervision Package in the House of Representatives
  • Denis Beau: Unlocking the Banking Union – the endgame of simplification
  • Olaf Sleijpen: Geopolitics, trade uncertainty and inflation – chimera or reality?
  • Scientific papers published by the BIS
  • How Small is Small? Non-linearities in Heterogeneous Agent Models
  • The path to the next-generation monetary and financial system lies in safeguarding trust in money: BIS
  • Call for papers: 16th Workshop on Exchange Rates
  • Implementation of global regulatory framework for cryptoassets and stablecoins – Executive Summary
  • The macroeconomics of stablecoins
USA
  • Welcoming remarks by Governor Waller on the international role of the U.S. Dollar
  • Federal Reserve Board’s annual bank stress test confirms that large banks are well positioned to weather a severe recession and able to continue to lend to households and businesses

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