欧洲的加密货币十字路口——自治监管的先驱

M A R C H 2 0 2 6 MÁKISKERAVNÓSMinister of Finance of Cyprus Turning urgencyinto unity:Europe’s path tocompetitiveness MARKUS FERBERWe need to integrate andsimplify at the same time TOSHIYUKI MIYOSHISupervisory cooperationin a fragmented world:The IAIS work agenda SABINE MAUDERERA shared approach to climateand nature risk supervision THE EUROFIVIEWS MAGAZINE M A R C H2 0 2 6 The Eurofi Views Magazine, published twice a year alongside the Eurofievents, presents insights from a wide range of public, private and civilsociety stakeholders. The articles explore Europe’s key macroeconomic challenges and theirimplications for the financial sector, examine key industry trends suchas digitalisation and sustainable finance, and address financial stabilityrisks.The magazine also provides in-depth analysis of key policyinitiatives in all areas of finance - including the Savings and InvestmentsUnion, the Banking Union, digital finance and sustainable finance – andassesses their potential impact on the industry, its customers and thewider economy. CONTENT 1. ECONOMIC CHALLENGES AND PRIORITIES Relaunching investment in the EU in a context of over-indebtedness.............................................................................34Innovation and medium to long term financing: what more is needed?.........................................................................38Boosting growth and investment: what role for monetary policy?....................................................................................44 2. SIU NEXT STEPS SIU: can decisive progress be made with the current proposals?.....................................................................................52Will SIU proposals boost the attractiveness of EU capital markets?..................................................................................60Enhancing and simplifying capital market supervision and regulation............................................................................64Building more liquid and efficient markets.........................................................................................................................72Post-trading integration: expected impacts of the market integration.............................................................................76Post-trade process efficiency: T+1 and future evolutions..................................................................................................82Retail participation in EU capital markets............................................................................................................................88Enhancing the role of asset management in the SIU.........................................................................................................96Developing supplementary pensions and long term retail investment..........................................................................104Reviving the European securitisation market....................................................................................................................112Leveraging the role of banks in the SIU.............................................................................................................................118What role for technology and crypto in the SIU?..............................................................................................................126 3. BANKING AND INSURANCE REGULATION Improving the competitiveness of the EU banking sector...............................................................................................136Breaking the Banking Union deadlock...............................................................................................................................142Simplifying EU banking regulation.....................................................................................................................................148Divergent global implementation of Basel 3.....................................................................................................................154Macroprudential framework review...................................................................................................................................160Diversity of the EU banking sector: what ways forward?..................................................................................................164Leveraging the role of insurance in the EU economy.......................................................................................................170Climate insurance protection gaps.....................................................................................................................................176Emerging risks in the insurance sector..............................................................................................................................182 4. DIGITALISATION AND TECHNOLOGY Digital Finance: is the EU moving