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Bundesbank/Dombret: The yin and yang of resolving the European sovereign debt crisis
Speaking at the Peterson Institute, Dombret argued against burden-sharing that would render the whole eurozone less competitive on the global market, and said that eurobonds would only exacerbate the "deficit bias" already present.
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Avinash Persaud: Bail-ins are no better than fool's gold
Writing for the FT, Persaud argues that trying to resolve the crisis by avoiding taxpayers is likely to fail and will certainly prove inefficient.
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http://www.institutdelors.eu/en/about-us/activity-and-statutes/',WIDTH, 300, SHADOW, true, FADEIN, 300, FADEOUT, 300, STICKY, 1,DURATION,3500)" onmouseout="UnTip()");">Notre Europe - Jacques Delors Inst/Vitorino: A time-lag problem, or even a lack of consistency
Vitorino discusses i.a. Banking Union and the social dimension of EMU. He looks at the "time-lag problem" between the major decisions adopted by the European Council and their ensuing implementation.
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EFSF issues seven-year bond
More than €10.5 billion in orders were received from investors worldwide. CEO Christophe Frankel said that thanks to consistently strong demand, the EFSF had nearly completed its funding programme for 2013.
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IMF Working Paper: Fiscal consolidation in the euro area - How much can structural reforms ease the pain?
The IMF's Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation required to put public debt back on a sustainable path.
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European Council's draft conclusions: EMU / Banking Union
Ahead of the meeting of EU leaders this week, Open Europe has published an updated version of the draft council conclusions on its website.
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ECB starts comprehensive assessment in advance of supervisory role
The ECB announced details of the comprehensive assessment to be conducted in preparation of assuming full responsibility for supervision as part of the SSM. (Includes EBF and BaFin/Bundesbank statements.)
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EBA publishes final draft TS on NPLs and forbearance reporting requirements; issues AQR recommendations
The final ITS will provide consistent indicators of asset quality of banks across the EU. EBA also issued recommendations on asset quality reviews (AQRs), including the work of the SSM and its balance sheet assessment.
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Schäuble: The Banking Union – another step towards a tighter-knit Europe
Banking Union "emphatically is not and cannot be a mechanism to redistribute the burden of yesterday's crisis among its participants", said Schäuble. "Whatever legacy issues come to light now will have to be tackled nationally."
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ACCA: Banking Union - Towards a solid and sustainable integrated financial framework?
The ACCA President's debate showed general support for the Banking Union, while acknowledging that serious challenges lie ahead.
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Commissioner Almunia: Competition among financial markets operators
Almunia said that safeguarding competition in the financial sector remained a top priority. He clarified how the new State aid rules fitted in with the overall framework of the Banking Union, and how they would help with the transition.
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Bloomberg: Draghi challenges EU bank aid rules over forced losses
In a letter to Commissioner Almunia, Draghi warned that the new state aid rules – which would see significant losses for bank bondholders before any bailout – could "destroy the very confidence" in European banks which the EU is working to restore.
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Reuters: European official calls for bank bail-in from 2016
According to Spiegel magazine, the head of the Eurogroup Working Group has proposed an earlier start of 'bail-in' arrangements which force bondholders to share losses in a bank failure, in a bid to win over German concerns over creating a Banking Union.
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Bloomberg: EU deal on resolution mechanism faces tight deadline
Without a deal on the SRM before EP elections in May, there is a risk that the ECB will be lacking a critical tool when it starts supervising euro area lenders next year. Commission Barnier has said he is open to compromise on the plans.
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Single Resolution Mechanism - what the papers say
Scandinavia's banks are contesting a plan by the EBA that requires lenders to adopt a uniform approach when calculating capital buffers; the UK and Sweden are seeking EU budget safeguards; Merkel could be about to agree to the SRM - under three conditions.
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ECB publishes details of ELA procedures
The ECB has revealed for the first time the details of its emergency lending programme, Emergency Liquidity Assistance (ELA).
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