Showing posts with label COVID-19. Show all posts
Showing posts with label COVID-19. Show all posts

Monday, 30 March 2020

European financial services will maintain support for customers, employees and EU economy within governments’ boundaries during COVID-19 pandemic

The European social partners – which include representatives of both financial sector employers and employees, and of which Insurance Europe is a member – will continue supporting their customers and the European economy to the best of their abilities within government-set boundaries during the COVID-19 pandemic.
Employees and employers in the European insurance and banking sectors, as well as insurance and financial intermediaries, are currently doing their utmost to offer essential services within the limits imposed by public authorities and will continue to do so throughout the pandemic as best they can. 
The health and safety of financial services employees, their customers and the general public is paramount. As such, the sector is already taking steps to reduce the risk of transmission, such as limiting face to face meetings with customers and enabling employees to work remotely to minimise contact with other people, while making every effort to provide uninterrupted services to customers.
Close coordination between the financial services sector and policymakers, regulators and supervisors will also be required to minimise the effects of COVID-19 on Europe’s economy as much as possible.
The signatories are:
  • Insurance Europe
  • UNI Europa Finance 
  • The Banking Committee for European Social Affairs of the European Banking Federation (EBF BCESA)
  • The European Savings and Retail Banking Group (ESBG)
  • The European Association of Cooperative Banks (EACB)
  • The Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE)
  • The European Federation of Insurance Intermediaries (BIPAR)

You can read the full statement here.

Monday, 23 March 2020

Policymakers must keep EU financial markets open during COVID-19 pandemic

A group of ten associations representing a wide range of financial services companies, exchanges, funds and consumers – including Insurance Europe – has written to several European and national policymakers to emphasise the importance of keeping European financial markets open during the COVID-19 pandemic.

Financial markets provide critical infrastructure for the European economy. They serve the needs of participants to raise capital, manage investments, access cash and manage risk in ways that affect both retail and institutional investors. These markets are also prepared to withstand the extraordinary volatility and stress under which they are now operating.

However, closing the markets would have a negative impact on the European economy. In fact, even persistent rumours about closing the markets are themselves already causing adverse effects. This is because some market participants are taking steps, which they otherwise would not, to act ahead of a rumoured market closure. 

The signatories therefore call on policymakers to make a joint statement to signal that European financial markets will continue to operate. This is essential to build market confidence and to emphasise that markets are needed most during times of economic uncertainty.