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Financial Regulation: Weekly Update. 23 June 2017

By , ,

Highlights: The Council of Ministers issued a Royal Decree Law creating a senior non-preferred debt instrument to comply with MREL in Spain. The European Council endorsed the procedure to determine the new location of the EU agencies post-brexit. The EBA published the rules to grant access to ELA. The FED published the results to the Stress Test.

Available in Spanish, English

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Eurozone | Growth momentum stabilizes in 2Q at high levels

By , , , , ,

GDP growth was revised up to 0.6% QoQ (+0.1pp) in Q1, while improving industrial production along with very strong confidence suggest that the growth momentum will remain steady in Q2 (MICA-BBVA: 0.6%). Recently, foreign trade and retail sales have moderated slightly. Headline and core inflation declined in May, reversing the Easter calendar effect and remain subdued.

Available in Spanish, English

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Financial Regulation: Weekly Update. 16 June 2017

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Highlights: Council agreement on creditor hierarchy, IFRS9 and large exposures. U.S. Treasury publishes report on financial regulation, EC proposes amendments to EMIR in relation to Central Counterparties, ECB publishes Macroprudential bulletin and a memorandum of understanding with the Office of Financial Research.

Available in Spanish, English

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The use of ICT in European households: a comparative study

By , ,

The use of ICT at home has spread extensively throughout Europe, albeit with differing intensity in each country. Based on Eurostat data, this observatory outlines the importance of computer use, of the internet and its ends during the recent recession, comparing European countries.

Geographies:Europe

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CMU Mid-Term Review Action Plan

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On June 8 the European Commission published the Mid Term Review (MTR) Action Plan for a Capital Markets Union. This MTR takes stock of what has already been done and analyses future challenges, as the Brexit. It includes a set of new priorities and specific actions to achieve in order to complete the CMU in 2019.

Geographies:Europe Spain

Available in English

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Financial Regulation: Weekly Update. 9 June 2017

By , ,

Highlights: The SRB carried out its first resolution with Banco Popular. The European Commission presented the Capital Markets Union Mid-Term Review. The ESRB published its Shadow Banking Monitor report. Finally, the Financial Choice Act was passed in the House of Representatives of the U.S. Congress.

Available in Spanish, English

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ECB Watch: A first tweak in the forward guidance

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The ECB remove the easing bias on rates. Growth projections are more positive while the inflation outlook remains unchanged despite lower headline inflation projections. In September, we expect the ECB to open the door to tapering next year

Available in Spanish, English

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Financial Regulation: Weekly Update. 2 June 2017

By , ,

Highlights: The Commission published a report on how to deepen the EMU. The Parliament, Council and Commission reached an agreement regarding securitisations and venture capital. The Commission agreed in principle on Monte dei Paschi’s preventive recapitalization. Finally, the ECB issued a letter on IFRS 9 transitional arrangements.

Available in Spanish, English

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Reflection paper on the future of the Eurozone

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The European Commission has published a reflection paper on the future of the euro area, the proposals in two steps (up to 2019 and to 2025) on key issues such as banking and capital markets union, centralization of supervision in markets and insurances, safe bonds, regulation of sovereign debt on bank balances, fiscal stabilization and a European Treasury.

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Financial Regulation: Weekly Update. 26 May 2017

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Highlights: FSB publishes recommendations to strengthen the governance of financial institutions, analysing whether reforms have reduced misconduct. The FSB and the BIS published a joint report on the increase in the provision of credit by FinTech platforms. The ECB published its financial stability report, highlighting issues of macroprudential policy.

Available in Spanish, English

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Eurozone | The outlook remains positive as political risks ease

By , , , ,

GDP grew 0.5% QoQ in 1Q while soft data suggests higher momentum in 2Q (BBVAe: 0.6% QoQ) and foreign trade is strong. But industrial output and retail sales decelerated in 1Q. Inflation pressures are still distant as wages growth remains subdued. Despite the more upbeat outlook and the ease of political uncertainty, risks to short-term growth remain tilted to the downside.

Available in Spanish, English

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Experience of Student in Money Matters: PISA perspective

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According to the results obtained from PISA Financial Literacy, students usually talk weekly or monthly about money matters, and the deal is greater with adult relatives than with their friends. Even so, there are differences among countries, both in frequency and conversational partner.

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ECB closer to a neutral balance of risks

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There was neither a discussion on the exit strategy nor clear hints of an early shift in the policy stance but risks to growth are more balanced (though still downwards). We expect some changes in forward guidance in June

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Digital Economy Outlook - April 2017

By , , , ,

In this issue we will focus on: digital platforms: economic features and policy challenges; fostering a data-driven economy in the EU; licensing Fintech companies: authorities trying a balance between fostering innovation and financial stability; behavioural biometrics, a step further in digital identification; the governance of technology in the digital world

Available in Spanish, English

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Available in Spanish, English

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Eurozone | A more upbeat outlook, but still surrounded by (mostly political) risks

By , , , ,

Our MICA-BBVA model estimates growth at 0.5% QoQ in 1Q as improving confidence continued at earlier 2017. Hard data begin to moderate, though foreign trade clearly recovers. Growth forecasts for 2017-18 are revised slightly upwards to 1.7% (+0.1pp) in both years, fostered by higher growth in global demand although risks, mostly political, remain tilted to the downside.

Available in Spanish, English

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