Banks’ Brexit plans still need work if they are going to be ready for the UK leaving the EU, according to a powerful member of the ECB. Sabine Lautenschlaeger, vice-chair of the board of the Single Supervisory Mechanism, said issues remain in preparations for both UK-based banks trying to access the EU and EU-based banks wanting to service clients in the UK. “My message to all affected banks is this: don’t procrastinate,” she said, speaking at a banking forum in Frankfurt. “No one will wait for you. When Brexit happens you will either be prepared, or not. I advise you to be prepared.” Source City AM
French ministers floated the possibility of petrol vouchers for low-income households on Monday, as President Emmanuel Macron’s government seeks to limit the damage from surging energy prices to his economic record six months from a presidential election. Source France24
Skoda started a two-week cut in output on Monday as the Czech brand contends with the global shortage of chips and other components, the company said. The Volkswagen Group unit wants to complete 10,000 unfinished cars during the outage, which will leave only one production line running, a spokesman said. Source Automotive News
“What is happening today in the energy markets of Europe is, to a certain extent, a man-made result of short-sighted policy,” the Russian President added Source TASS
