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ECB/Draghi: Bank restructuring and the economic recovery
"By encouraging creative destruction in the banking sector, we can facilitate creative destruction in the wider economy and support the recovery."
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German Constitutional Court: ESM and fiscal compact ruled constitutional
"Despite the liabilities assumed, the budgetary autonomy of the German Bundestag is sufficiently safeguarded", ruled Germany's highest court, thus supporting Europe's ESM bailout fund and reflecting earlier decisions by lower courts which had already provisionally approved the scheme.
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Basel Committee recognises ESM and EFSF securities as Level 1 HQLA
Securities issued by ESM and EFSF have been designated as Level 1 High Quality Liquid Assets, according to a decision by the BCBS. As a result, securities issued by both the ESM and EFSF will be included in the list of entities receiving a 0 per cent risk weighting under Basel II.
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ESM/Regling: Interview in Ir magazine
Regling was interviewed i.a. on a possible third programme for Greece, whether Portugal would go for a clean exit or a precautionary programme, the ESM's potential recap involvement after the stress tests, and the situation in Italy.
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EUobserver: Juncker and Schulz in favour of eurobonds
Eurobonds - a controversial debt mutualisation project fiercely opposed by Germany - are being supported in the long run by both the centre-right and centre-left top candidates in the EU elections.
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CEPS/Gros: A fiscal shock absorber for the eurozone?
This column argues that what the eurozone really needs is not a system which offsets all shocks by some small fraction, but a system which protects against shocks which are rare, but potentially catastrophic.
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ECON Committee: Parliament negotiators rescue seriously damaged bank resolution system
EP negotiators have reached a deal with their Member State counterparts on the SRM to deal with failing banks. The elements agreed will help to ensure that the system cannot become a hostage to political power games, and can deliver swift and credible decisions. (Includes Barroso, Barnier and EP group comments.)
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Commissioner Barnier: Reaching an agreement on the SRM is our top priority
At the exchange of views with the ECON Committee, Barnier said that agreements on the SRM, access to a basic bank account and information on packaged investment products could still be reached within the present Parliament's mandate.
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Greens/Giegold: Germany is hindering progression on SRM
In an interview with Zeit, Giegold was asked who should pay in future if a bank goes bankrupt in Europe. "The banks, and not the state", he replied. "But the Federal Government is preventing this from becoming reality."
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FT: France and Germany in dispute over who pays for EU Banking Union
France and Germany disagree over who should foot the bill for Europe's Banking Union, with Paris fearing its banks will pay the biggest share towards a €55 billion rescue fund.
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Huertas & Nieto: How much is enough? The case of the Resolution Fund in Europe
By placing a lid on the Resolution Fund, the BRRD and SRM may in fact be reinforcing the need to develop a blueprint that will ensure that investors, not taxpayers, bear the cost of bank failures.
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Wolfgang Münchau: Europe should say no to a flawed Banking Union
To sacrifice important principles and hope for the best is not a sensible idea, comments Münchau in his FT column.
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ECON Committee: Barnier and Nouy talk Banking Union and bank bonuses with MEPs
Work on setting up the EU's bank supervisor and undertaking the planned asset quality review is "well on track", ECB bank supervisor chair Nouy told the ECON Committee. She also said she was keen to encourage non-eurozone states to opt-in to the SSM.
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ECB/Cœuré: Monetary policy transmission and bank deleveraging
Deleveraging is not a process that policy-makers should seek to avoid; rather, it needs to take place and be properly managed, said Cœuré. He elaborated on the comprehensive assessment, and stressed the importance of establishing the SRM and the SRF promptly to avoid financial fragmentation.
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IMF: The regulatory responses to the global financial crisis - Some uncomfortable questions
This paper identifies current challenges for creating stable yet efficient financial systems using lessons from recent and past crises. Given the likely inability to prevent all future financial crises, there is a need to enhance crisis management and resolution as part of the ongoing reform agenda.
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Z/Yen: Latest Global Financial Centres Index
The latest Z/Yen report indicates that London has been knocked off the top spot and is now ranked 2nd in the International Financial Centres league table. TheCityUK's Chris Cummings says this should be 'a strong wake-up call for Europe's policymakers', as London is Europe's financial centre.
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