by Lieve Lowet & Lorenz Van Roosbroeck

Having understood the social element of (un)sustainability, we tackle the second issue which advances the integrative understanding of the AAIEI over the disjointed logic present within ESG deliberations. In our March blog post, intergenerational equity was praised for its integrative element; it grasped environmental issues as a social issue. Instead, the dominant deliberative culture surrounding ESG tends to discuss environmental -and social issues in isolation of one another, which masks their interrelation. Here, the layered, relational aspect of sustainability is concealed, presenting it instead as an exercise in compliance. However, while it is practically important to respect the analytical distinction between society and nature, sustainability at large is only theoretically intelligible from the vantage point of their interrelation. Therefore, one has to open up the context of ESG, something which the AAIEI achieves. Continue reading…

In her speech at the Data Science Conference of the DNB Data Science Hub, Nicole Stolk addressed several preconditions for being a data-driven organisation. As one of the Executive Board Members of De Nederlandsche Bank, it is my pleasure to welcome you to Amsterdam and in particular to this conference. We have high hopes and feel this is an important and fruitful subject. Me being here goes beyond just delivering a few standard remarks. Becoming a data-driven organisation cannot be achieved overnight. It is a journey, and I have been traveling with you for quite some time. I am not a data scientist myself, but I do see the potential value of basing our policy decisions and supervision more firmly on data-driven analyses. But this value can only be realised if we are comfortable with using data science in our daily work. Part of this sense of comfort will come if we can change the way we work. This involves a marked culture change which could be the topic for the next conference.    Continue reading…

Dina-Perla Portnaar

A new European strategy for a Better Internet for Kids (BIK+) was adopted by the Commission to improve age-appropriate digital services and to ensure that every child is protected, empowered and respected online. Looking back at the last ten years, digital technologies and the way children use them have changed dramatically. Most children use their smartphones daily and almost twice as much compared to ten years ago. Children also use them from a much younger age (see EU Kids online 2020). Using all sorts of devices bring opportunities and benefits, allowing children to interact with others, learn online and be entertained. Yet these gains are not without risks, such as the dangers of exposure to disinformation, cyber bullying (see JRC study) or to harmful and illegal content, from which children need to be sheltered. Continue reading…

by Lieve Lowet & Lorenz Van Roosbroeck

In our March blog post we wrote about the Australian Actuaries Intergenerational Equity Index (AAIEI) for two main reasons. First of all, the index emphasises the issue of social sustainability — which, at present, tends to be overshadowed by the issue of environmental sustainability. Secondly, the AAIEI successfully reads environmental sustainability as something related to social sustainability. This was welcomed because of its break with the dominant deliberative culture surrounding ESG, where discussions deal with environmental -and social issues in isolation of one another, effectively masking their interrelation. This blogpost delves deeper into both matters from a more theoretical angle. Continue reading…

Last Thursday, the European Commission has published the tenth edition of the 2022 EU Justice Scoreboard, an established annual overview providing comparative data on the efficiency, quality and independence of justice systems in the Member States. For the first time, this year’s Scoreboard also includes data on the effects of the COVID-19 pandemic on the efficiency of justice systems, as well as regarding accessibility to justice for persons with disabilities and with a strengthened business dimension. Vice-President for Values and Transparency, Věra Jourová, said: “The EU Justice Scoreboard provides invaluable insights into our justice systems and helps us place the focus where it matters most: ensuring that the rule of law is protected across the European Union. The fact that since last year the public perception of judicial independence has decreased in about half of Member States is concerning and shows that we all need to act to restore trust of the public in the judicial system.”
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The European Securities and Markets Authority (ESMA), the EU securities markets regulator, has on April 29th advised the European Commission on certain aspects relating to retail investor protection. In the advice ESMA puts forward, proposals that will make it easier for investors to get the key information they need to take well-informed investment decisions, whilst also protecting them from aggressive marketing techniques and detrimental practices.  Continue reading…

Philip R. Lane, Member of the Executive Board of the European Central Bank, recently gave a speech at Bruegel, Brussels, on 5 May 2022. There are three main analytical challenges in assessing the economic and inflation outlook for the euro area. First, the pandemic remains a first-order driving force. Over the winter, pandemic restrictions still limited economic activity in the euro area. While these restrictions are currently being lifted and case numbers are declining, the current set of restrictions in China is contributing to a further wave of bottleneck pressures in global supply chains and limiting domestic demand in a major region of the world economy. At the same time, the re-opening of the European economy and the prospects for a more normal summer tourist season are set to provide significant momentum in the coming months, especially for services sectors and tourist-intensive countries. Continue reading…

On May 11, Klaas Knot spoke at the International Swaps and Derivatives Association in Madrid in his capacity as chairman of the Financial Stability Board (FSB). He talked about the current challenges to global financial stability and the measures being taken by the FSB to address them. I am delighted to be here, speaking in my capacity as Chair of the Financial Stability Board (FSB). The work of the FSB has benefitted from long-standing and constructive interactions with ISDA on a range of important areas. Two such examples of our collaborative efforts immediately spring to mind. First, thanks to the concerted effort undertaken by market participants and regulators, we have made huge progress in the transition to robust alternative reference rates across key global markets. Thirty LIBOR settings successfully ceased at the end of last year, and only five USD LIBOR settings remain in use. But, this work is not yet complete. In particular, it is essential that firms prepare for the cessation of the remaining USD LIBOR panels and that the new use of USD LIBOR is avoided. Continue reading…

The Financial Conduct Authority (FCA) is using emergency powers to prevent financial advice firms, who advised members of the British Steel Pension Scheme (BSPS), from disposing of assets to avoid paying compensation. The FCA has introduced these emergency rules, without consultation, in light of the risk that some firms will take steps to get rid of their assets if the rules were consulted on first. The measures will apply from the 27 April 2022. The FCA previously announced proposals for a redress scheme for former BSPS members which the FCA estimates will deliver £71.2 million of redress to consumers who were wrongly advised to transfer their pension.  Continue reading…

The Financial Stability Board (FSB) has recently published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting. The letter discusses the current outlook for financial stability and sets out the FSB’s plans over the coming months to assess and address emerging vulnerabilities. The letter notes that the Russian invasion of Ukraine triggered large price fluctuations in global financial markets. Continue reading…