Tracking developments in the European Financial Markets
Within the next year, the Eurozone may have taken at least two decisive steps towards a Genuine Economic and Monetary Union (GEMU): Banking Union and some form of joint public debt. However, progress should be made on all four work-streams leading to GEMU. The vision of many Europeans about political integration remains in a critical phase: either the euro area will develop into a close political union during the next decade OR it may yet disintegrate.
Step I: Banking union: the Asset Quality Review and stress tests to be undertaken by next autumn should finally reveal the state of Europe’s banking system. Who will pay – and how – for any capital deficiencies?
Step II: Joint debt: as a member of the European Commission’s Expert Group on this topic, I shall be presenting my ideas for a Temporary Eurobill Fund.
My consultancy services are designed to maximise your firm’s ability to tap into my overview of progress in fitting together the jigsaw of the four work streams. That overview is essential as they span such diverse subjects that many firms are not structured to deal with the implications for their business.
Closer political union or disintegration: you need to have your finger on this pulse.
If you do business in Britain, you must also work through the implications of the Prime Minister's effective commitment to a referendum that could see Britain exit the EU - 'Brexit'.
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