During the autumn, I will be doing several videos to discuss my recent paper: Has the City of London benefitted from Brexit as the golden days continue to fade?

1. Federal Trust - 19 September: see video below.

2. London 4 Europe - 28 September at 18.00. Registration is free 

3. Financial Services Club - 9 October at 11.00 with Professor Alderman Mainelli.   (Registration details to follow)

In this latest Federal Trust video, Graham Bishop describes the growing risks to the City of London from Brexit. He contrasts the methodical approach of the European Union to building its Capital and Banking Union with the confused rhetoric of the British government. He concludes by warning that a smaller City of London will be able to contribute less to the already stretched public finances of the UK.

SPEAKERS:

Brendan Donnelly is the Director of the Federal Trust and a former Conservative MEP. Graham Bishop is a member of the Federal Trust and an analyst and commentator on economic affairs.

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Our famous `five-minute read' email includes the `Highlights of my Week' - a pithy 200-word summary of the week's key events across all sectors of financial market regulation: banking union, CMU, ESG, fintech and, of course, Brexit.

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Our unique knowledge centre - now at about 55,000 articles over more than two decades - is an ideal background to follow the flow of the integration process. We add 30-40 articles each week – carefully curated by Graham Bishop personally to provide the updates to that breadth of general financial knowledge, but combined with specific details of the legislative activities of ECOFIN, ECON, DG FISMA, ESMA, EBA and EIOPA.

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Over the summer, I have drawn together a collection of my earlier works on the possible role of “market discipline” in ensuring financial stability in the Economic and Monetary Union (EMU). My first paper was published by Salomon Brothers in 1989 during the Maastricht Treaty negotiations and the final paper in the series was published in 1993.

My central point was that public debts denominated in a currency that a government could not order to be “printed” – the euro – had a fundamentally different credit quality than paper money that could be printed at will – in extremis. That different quality should be reflected properly in the newly developed system of risk weightings for banks holding public debt as a core asset. This argument was seen as an `inconvenient truth’ at the time.

Three decades on, Italy’s blocking of revision to the ESM Treaty and Germany’s unwillingness to complete the European Deposit Insurance Scheme (EDIS) illustrate that risks to financial stability remain significant – if merely latent. 

A small selection of my videos is below but the full range is available to subscribers at Graham's articles

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Federal Trust VIDEO with Bishop and Stevens: Brexit is Crippling the City of London

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Studio Europa Maastricht: Looking back at ‘Euro at 20: shifting paradigms?’ - Graham Bishop's contribution

About Euro at 20  

At Euro at 20 economists, politicians, journalists and central bankers engaged in dynamic discussions with each other and the many attendees. The conference consisted of keynote lectures and various sessions on topics about the euro and the Economic and Monetary Union (EMU).

Takeaways 

The general consensus of the experts was that the euro and the EMU structure it was built on have come a long way in the last 30 years. However, there were also critical voices that stated there are still challenges to overcome. Notably, the proposed solution to these challenges can be summarised in one word: solidarity. Be it through fiscal transfers, EU recovery funds or Eurobonds, solidarity is imperative for protecting and sustaining the EMU’s unique yet fragile equilibrium.

It was inspiring to hear the constructive visions the diverse group of attendees had on the euro’s future. The Q&A sessions that followed the panels allowed for lively debate between experts and the audience on the actions needed to reach this envisioned future. What everyone could agree on, however, was that the currency policymakers had in mind when signing the Maastricht Treaty, is one worth working for.  

Studio Europa Maastricht

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Financial Services Club/ZYen video with Alderman Mainelli and Graham Bishop: Brexit: Ending the City's Dominance of European Finance?

Among other implications, the loss of its status as the main Euro clearing centre might also put in jeopardy its role as the leading global US Dollar hub.

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GrahamBishop.com analysis targets the interaction of the driving forces of politics and economics as they force the required changes in financial regulation – at the macro level rather than covering the micro aspects of detailed implementation. These are precisely the topics where a well-informed financial professional should remain competent – as part of their Continuing Professional Development (CPD).