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14 May 2024
EU recommendation pushes for more opportunities to learn and study abroad
A new EU recommendation encourages greater take-up of opportunities to learn, study or train abroad, both within the EU and in non-EU countries. At least 23% of graduates in higher education and 12% of vocational learners should have a learning experience abroad.
News article
14 May 2024
EU prepares for the 2024 wildfire season
To better protect our communities and the environment this summer, the EU has put together 556 firefighters from 12 countries that will stand ready to support local fire brigades in EU countries. It has also set up a fleet of 28 airplanes and 4 helicopters to tackle blazes in 10 Member States.
13 May 2024
Stronger EU rules will reduce CO2 emissions from heavy-duty vehicles
The EU has approved stricter CO2 emission standards for heavy-duty vehicles such as small trucks, buses and trailers. Stronger rules will further reduce CO2 emissions, introduce new emission reduction targets and help increase the share of zero-emission heavy-duty vehicles across the EU.
FINANCIAL STABILITY REVIEW 14 May 2024
Geopolitical risk and financial stability
Geopolitical risk can have a negative impact on financial stability, and the latest developments call for heightened vigilance. Our Financial Stability Review looks at what this means for financial institutions and policymakers.
Read the preview of our Financial Stability Review
THE ECB BLOG 15 May 2024
More credit applications despite higher rates
Despite rising interest rates, more consumers are applying for loans. This demand comes mainly from households with lower income. The ECB Blog takes a closer look into credit applications and how they affect banks’ credit standards and credit issuance to households.
Read The ECB Blog
14 May 2024
WEEKLY FINANCIAL STATEMENT
Consolidated financial statement of the Eurosystem as at 10 May 2024
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Annexes
14 May 2024
WEEKLY FINANCIAL STATEMENT - COMMENTARY
Commentary
English
14 May 2024
Isabel Schnabel: From laggard to leader? Closing the euro area’s technology gap
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the conference “Setting the course for competitiveness and growth” at the German Chancellery, Berlin
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Annexes
14 May 2024
Sildes
Deutsch
15 May 2024
Consumer credit: Who’s applying for loans now?
Despite rising interest rates, more consumers are applying for loans. This demand comes mainly from households with lower income. The ECB Blog takes a closer look into credit applications and how they affect banks’ credit standards and credit issuance to households.
Omiros Kouvavas
Athanasios Tsiortas
English
Details
JEL Code
E51 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Money Supply, Credit, Money Multipliers
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
ALL BLOG POSTS
Publications
15 May 2024
WORKING PAPER SERIES - No. 2941
Stress testing with multiple scenarios: a tale on tails and reverse stress scenarios
David Aikman
Romain Angotti
Katarzyna Budnik
English
Details
Abstract
This paper proposes an operational approach to stress testing, allowing one to assess the banking sector’s vulnerability in multiple plausible macro-financial scenarios. The approach helps identify macro-financial risk factors of particular relevance for the banking system and individual banks and searches for scenarios that could push them towards their worst outcomes. We demonstrate this concept using a macroprudential stress testing model for the euro area. By doing so, we show how multiple-scenario stress testing can complement single-scenario stress tests, aid in scenario design, and evaluate risks in the banking system. We also show how stress tests and scenarios can be optimized to accommodate different mandates and instruments of supervisory and macroprudential agencies.
JEL Code
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
15 May 2024
FINANCIAL STABILITY REVIEW - ARTICLE
The rise of artificial intelligence: benefits and risks for
Charlotte Hogg - Chief Executive Officer, Europe
Charlotte Hogg is Executive Vice President and Chief Executive Officer for Visa’s European operations.
Charlotte brings more than 25 years of experience in financial services, bank operations and management consulting to Visa. Most recently served as Chief Operating Officer for the Bank of England, from 2013 to 2017. Prior to that role, she led retail distribution for Santander in the UK and previously worked at Experian as the managing director of U.K. and Irish operations.
Earlier in her career, Ms. Hogg was a managing director for strategy and planning at Morgan Stanley, and a management consultant at McKinsey & Company, based in the U.S.
Ms. Hogg graduated from the University of Oxford with a Bachelor of Arts degree in Economics and History. She is a Kennedy Memorial Trust Scholar from Harvard University, and has an honorary Doctor of Laws from Warwick University.
Debbie Hewitt - Risk, Audit And Finance Committee Chair
Debbie is currently Non-Executive Chair of Visa Europe Ltd., The Restaurant Group plc, Moss Bros Group plc, White Stuff Ltd., and Senior Non-Executive Director of Redrow plc, BGL (Holdings) Ltd. and Galaxy Midco 1 Limited (Domestic & General Group).
Her executive career was spent at RAC plc where she was Group Managing Director and prior to that she was in retail management with Marks & Spencer. She is a Fellow of the Chartered Institute of Personnel Development and was awarded the MBE for services to Business and the Public Sector in 2011.
Jose Souto Gonzalez - Chief Officer, Finance
Jose has over 25 years of professional experience in accounting, finance and treasury, including more than 10 years at Visa.
Prior to beginning this role in Europe, Jose was responsible for the Visa Inc./Visa Europe integration project. Having joined Visa in 2002 as VP Finance for the Latin-America and Caribbean (LAC) region, he soon progressed to Chief Financial Officer of the LAC region in 2004. In this role he was responsible for all financial activities in the region including tax, financial planning and analysis, accounting, treasury and procurement.
Prior to joining Visa, Jose was the Director of Finance and Information Technology at Kodak Polychrome Graphics Latin America, where he led all aspects of the finance and IT function.
Ellen Richey - Non-Executive Director
Ellen Richey is the Vice Chairman, Risk and Public Policy of Visa Inc. Prior to this role, Ms. Richey served as the Company’s Executive Vice President and Chief Legal Officer from January 2014 until September 2014 and Chief Enterprise Risk Officer from October 2007 until September 2014. Previously, Ms. Richey served as the Senior Vice President of Enterprise Risk Management and Executive Vice President of Card Services at Washington Mutual Inc., a financial institution, from October 2005 until June 2006.
Ms. Richey was a member of the board of directors of Monitise plc from October 2012 until September 2013. She holds a Bachelor of Arts degree in Linguistics and Far Eastern Languages from Harvard University and a Juris Doctor degree from Stanford Law School.
Jean-Louis Constanza - Independent Non-Executive Director
Today, Jean-Louis Constanza serves as a board member with Ingenico, the global leader of payment systems, and is leading a venture in the internet of things area.
In the recent years, Jean-Louis Constanza has worked as Chief Innovation Officer at Criteo, the French-based global ad-tech leader, and has been the founder and CEO of Orange Vallee, Orange’s disruptive innovation unit. Active in the internet industry since 1993, he is a keen digital activist. He advised many companies and took his share in the market development. He wrote many articles on the internet and its technology, marketing and social aspects.
Jean-Louis Constanza is 54 and holds an aerospace engineering degree and an MBA from INSEAD. He is married and a father of 3.
Bill Sheedy - Global Executive, Corporate Strategy, M&A, Governmen
THE ECB BLOG - Improved data: how climate change impacts banks
18 April 2024
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on the Belgian EU Presidency