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Consultancy services


Graham Bishop’s consultancy practice covers several, related fields that are critical for investors, risk managers and government affairs specialists. In the next few years, your business in the EU will face significant risks, but the well-informed can turn many of these into business opportunities.  

His consultancy practice can help you tackle these risks as his services are designed to maximise your firm’s ability to tap into his overview of progress in fitting together the jigsaw of many disparate developments. That overview is essential as the risks and opportunities span such diverse subjects that many firms are not structured to deal with the implications for their business.

Two themes dominate his work:

1. Developments in financial/economic integration that will deepen EMU and create a Capital Market Union

After the European Parliament elections, the European Council gave its President a mandate to explore policies to meet the need for "a well-functioning and more developed Economic and Monetary Union, while preserving the unity of the Union as such." The new Parliament and Commission will also return to integrationist issues.

The election of Jean-Claude Juncker as the President of the European Commission has unleashed a further wave of reform – though everyone has a different definition of the term. In recent years, the euro area has taken several giant steps towards greater economic and financial integration.  But no-one can be complacent when economic activity is stagnating and average public debt ratios are already close to 100% of GDP.  Fear will push further integration of the financial system - with Capital Market Union as the next big step along this road.

Financial integration: Banking Union is now  operational (though incomplete), and represents a massive pooling of sovereignty amongst the participating states. The next five-year term of the European Parliament and Commission may see a step change in the recognition of the implications of the financial measures already agreed.

Capital Market Union (see Graham’s blog posts) may have a profound effect on many aspects of securities markets: The economic policies that drive the shape of the yield curve; credit spreads of governments; the nature and scale of market finance that must replace much bank funding of the economy; the regulatory response to these economic forces – especially on sovereign debt; the size, structure and riskiness of Europe’s banks and insurers.

Economic Integration: The economic governance arrangements of the euro area have undergone a revolutionary change since the crisis broke in 2010. The next challenge is to review the precise mechanics of the new system and check that agreed policies are actually operated by the Member States.

Euro area political integration: The euor area now has a QMV - in theory but not yet tested in practice. After Brexit, teh ueo area's QMV will be decisive with 75% of the opoulation. Closer political union of the euro area seems to be underway but disintegration is still possible, given the economicand political stresses.

2. Brexit

`Brexit’: If you do business in (and with) Britain, you must also work through the implications of the UK decison to announce its intention to leave the EU. The erosion of the UK’s influence in Europe may put at risk parts of the City and is already pushing some to re-locate into the euro area.


How we do it

Graham Bishop’s personal consulting services can be delivered via the following:

  • Specialist Briefings: As an example, Graham has joined with CSFI at Grant Thornton to host a monthly roundtable discussion on the developments in Financial Services regulation in the EU. With over 120 such meetings already held, this event in the City of London is well attended and thought by many to be an unmissable opportunity to gain Graham's personal insight into the key developments. Such briefings can be organised for an individual firm, or its clients.

  • Speeches: His approach is set out here, together with a listing of recent speeches and some video clips. Speeches can be delivered to an individual firm, or its clients

  • Articles: He writes regularly for Financial World – the magazine of the London Institute of Banking & Finance. Corresponding articles can be written for an individual firm, or its clients

  • Projects to research specific topics: These can be private papers,or a published joint project such as that with London Economics on behalf of the European Commission: Non-bank financial institutions: assessment of their impact on the stability of the financial system

Graham Bishop’s credentials

Graham Bishop has steeped himself in the political, market and regulatory processes since the early 1990’s, when he played a key role in designing the changeover to the euro, both of national currencies and of Europe’s capital markets. His influence has built up since then when he pointed out to the Maastricht Treaty negotiators that government debt would have a fundamentally different quality in a common currency.

He is renowned for his vision and courage to propose radical ideas, yet ground them in a mastery of the technical details of the financial system… developed over four decades of studying the interaction of financial markets, economics and politics at major investment firms based in the City of London. His biography (link) sets out the breadth of his experience, underlining that his unique strength lies in the integration of his understanding of each of the four driving forces in this process (see graphic).

His influence at the meeting point of politics, economics and finance was recognised again when Commission President Barroso appointed him as a member of the Commission's "Expert Group on debt redemption fund and eurobills" (link). He is ever-closer to the cutting edge of financial policy-making. (Link to video of his evidence to ECON following the publication of the Expert Group’s Report in March)

His influence at the meeting point of politics, economics and finance was recognised again when Commission President Barroso appointed him as a member of the Commission's "Expert Group on debt redemption fund and eurobills" (link). He is ever-closer to the cutting edge of financial policy-making. (Link to video of his evidence to ECON following the publication of the Expert Group’s Report in March)

It is little wonder then that his influence was recognised publicly in 2012 when EurActiv named Graham at number 33 in the first ever ranking of the 40 most influential Britons on current EU policy-making.  

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As a dedicated Europhile, Graham offers his experience and insights on a pro bono basis in key fields to EU policy-makers. Specifically, he has proposed and crafted the ‘Temporary Eurobill Fund’ (link) and held detailed conversations in Berlin, Brussels, Frankfurt, London and Paris. A Temporary Eurobill Fund would change the euro area government debt market dramatically, as well as having much broader implications for the EU's financial system. Now he is proposing a Capital Market Union (see July postings on his blog link) – where the Temporary Eurobill Fund - acting as a precursor to a European Treasury - would be the foundation.

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