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165th Brussels 4 Breakfast (5th Brussels Zoom
with Graham Bishop, Sabine Dittrich (UBS) and Katherine Dillon (Herbert
Why you should watch:
Brussels hasn't stopped this year.
On top of the Brexit negotiations (and Dombrovskis's equivocating on
equivalence), there's the follow-up to the Next Generation deal, there's the
European Recovery Fund, there's the EBA's call for financial institutions to
prepare for the end of the transition, the ECB advisory on bank dividends, the
forthcoming informal ECOFIN meeting, the commission's proposal for an Action
Plan on FinTech, the likely review of the Stability and Growth Pact... A whole
lot to worry about, with three experts, Graham Bishop, Sabine Dittrich and
Moderator: Andrew Hilton
Graham Bishop has been a City fixture since he joined Phillips and Drew in
1972, working for SG Warburg, Salomon, and Citi, before setting up his own
consultancy focused on EU affairs. He is a committed euro-enthusiast.
Sabine Dittrich is Global Head of Regulatory Intelligence at UBS Asset
Management. She is also a member of the Executive Committee of ICMA and a Board
Member at EFAMA.
Katherine Dillon is of Counsel at Herbert Smith Freehills in London, focusing on
financial services regulation and the transition to post-Brexit business
models. She formerly worked at the Ministry of Justice.
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
Graham Bishop is honoured to have been awarded a research contract by the European Commission as part of its series of studies on various aspects of euro area sovereign bond markets.
Graham's contract is intended to illuminate the attitudes of investors toward the euro area sovereign bond markets. In particular, this leads to consideration of attitudes towards the potential for a “common euro area safe asset”: what characteristics should it possess and whether it would ameliorate any of the concerns expressed about the features of existing bond markets.
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.