This week's view from Europe, courtesy of Edith Rigler :
Shadow banking accounts for a quarter to a third of the total financial system – European Commission, 27 April 2012
In 2010, the Financial Stability Board estimated that the shadow banking system amounted to 46 trillion euro. This represented between 25% and 30% of the total financial system. In a recent speech Internal Market Commissioner Michel Barnier outlined his plans for cooperation with the G20 and the FSB to combat shadow banking and arrive at regulation. The consultation period on shadow banking ends on 1 June 2012. The green paper on shadow banking can be found here.
Longer-term growth goals now top the agenda – European Commission, 26 April 2012
Resilience in the financial sector has improved in the aftermath of the financial crisis, and action is now focusing on longer-term growth goals, although vulnerabilities remain, according to an annual European Commission report on financial integration and stability. The latest European Financial Stability and Integration Report (EFSIR) can be found here.
Laggards must implement e-money rules – European Commission, 26 April 2012
Belgium, Spain, France, Cyprus, Poland and Portugal have been asked to notify to the European Commission within the next two months the measures they are taking to update their national legislation in conformity with the latest Directive on e-money. The Directive aims at facilitating market entry, as well as at the taking up and pursuit of the business of electronic money issuance.
Ackermann disappoints as he leaves Deutsche – Managermagazin, April 2012
Josef Ackermann´s last balance sheet before stepping down from Deutsche did not meet expectations. Write-offs generated by pharmaceutical company Actavis lowered profit by one third in the 1st Q 2012. At least investment banking is starting to pick up again.
Emigrate from German? No thanks – Bankmagazin, April 2012
The Germany economy is growing, employment is high – no wonder that more than 66% of Germans surveyed see no reason to leave their country and emigrate somewhere else.
Growth and evolution of e-payments is promising– Economist Intelligence Unit, 27 April 2012
The EIU study, sponsored by Visa, explores the growth and evolution of government e-payments adoption, and looks at where countries stand in relation to one another. Nearly 75% of the world’s population can now file their taxes online.