The European Commission has today adopted a proposal to adjust and further strengthen the EU's existing bank crisis management and deposit insurance (CMDI) framework, with a focus on medium-sized and smaller banks. The EU's banking sector, which includes a strong crisis management framework, has become much more resilient in recent years. Financial institutions in the EU are well capitalised, highly liquid and closely supervised. However, experience has shown that many failing medium-sized and smaller banks have been managed with solutions outside...

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The interconnectedness of the global financial system makes it possible that a cyber incident at one financial institution (or an incident at one of its third-party service providers) could have spill-over effects across borders and sectors. Cyber incidents are rapidly growing in frequency and sophistication. At the same time, the cyber threat landscape is expanding amid digital transformation, increased dependencies on third-party service providers and geopolitical tensions. Recognising that timely and accurate information on cyber incidents is crucial for effective incident...

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Tomorrow, the European Centre for Algorithmic Transparency (ECAT) will be officially inaugurated by the Commission's Joint Research Centre in Seville, Spain. The inauguration will be marked with a launch event that will be broadcast here. The event brings together representatives from EU institutions, academia, civil society and industry to discuss the main challenges and the importance at a societal level of having oversight of how algorithmic systems are used. Following a video message by Commissioner for the Internal Market Thierry...

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Statement by Christine Lagarde, President of the ECB, at the forty-seventh meeting of the International Monetary and Financial Committee | IMF Spring Meetings, 14 April 2023 | Introduction Since the October meeting, the global economic outlook has improved on the back of a gradual easing of global supply bottlenecks, declining energy prices, and the recovery of the Chinese economy following the lifting of pandemic-related containment measures. Global inflation has also been declining since it peaked in summer 2022, supported by easing...

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