Review, with Graham Bishop (grahambishop.com) and Karel Lannoo (CEPS)
Why you should
It is not just Brexit. It is not
even just the hooh-hah over share trading venues. There is a lot going on in
Brussels that will have a big impact on the City - and a new Commissioner,
Mairead McGuinness, to oversee it. On that score, one thing is clear: her
priority will be the retail end of the business - something that didn't really
get much of a look-in when the Commission unveiled its new CMU Action Plan.
Other than that, there is a big push at the EU level on AML. There is also a
lot to be said on Green taxonomy, on CBDC and on a new Digital Finance package.
And, of course, a big push for an EU 'safe asset' thanks to the SURE programme
and the Next Gen package. Two experts - one in the UK, one in Brussels - sort
the wheat from the chaff.
Moderator: Andrew Hilton
Graham Bishop is the founder of grahambishop.com, and a long time europhile. He
is a former European bond analyst and a tireless advocate for a 'safe' euro
is the chief executive of the Centre for European Policy Studies
(CEPS) in Brussels. CEPS
is the leading EU-orientated think-tank, doing
important work holding the Brussels institutions to account.discussion on regulatory developments in
Brussels and beyond with three very active Euro-watchers.
My choice of key topics for us to discuss
(selected from www.GrahamBishop.com)
Stalemate in the negotiations,
Internal Market Bill,
Share trading in London
New Commissioner – McGuinness,
EU as issuer in capital markets, and safe
Data Transfer – ECJ’s Schrems II
More discussion about NPLs possibly hitting €1.4
New CMU Action Plan – the fourth that Karel and
I have seen… widespread support, MiFID quick fix and unbundling, ICMA discussion paper on declining liquidity in
the bond market
Should IFRS develop sustainability standards
Green bond standard
ECB interest in issuing a digital currency,
ECB steps to ensure reach of instant payments,
Commission’ Digital Finance package
Graham Bishop's 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: it can form part of their Continuing Professional Development (CPD).
Banking union and capital markets union are already underway, but obstacles remain and consumer protection is a necessary conditon for success.
The next big project – enhancing the international role of the euro – is only under discussion but the EU is seeking to neutralise any “weaponising” of the dollar
Environmental, Social and Governance (ESG) policies are a key priority for the new Commission – with a European Green Deal planned within its first 100 days. But “sustainable finance” goes beyond “green” and includes social considerations as well as the governance that brings it to the forefront of financial decision-making.
The Fin Tech Action Plan will help the financial industry make use of the rapid advances in technology such as blockchain and other IT applications and strengthen cyber resilience. The impact on payment systems will be at the cutting edge.
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As a `Friend of GrahamBishop.com' you can easily `scan the horizon’ for politics and economics driving regulatory reform of European financial markets by joining the 'Brussels' Finance Watchers community
His proposal for a Temporary Eurobill Fund is one of the range of options in this study. His proposal offers a modest, technical but concrete step that can be expanded progressively into a financial, economic and political structure if circumstances develop propitiously. This author has developed the TEF plan over several years and has comprehensively updated it in the form of “30 FAQs”. Click to download.