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26 November 2015

Brexit 'Weekly'


Brexit, Greece, Banking Union, European Deposit Insurance Scheme, Single Resolution Fund, corporate taxes, ECB Financial Stability Review, EU 2016 budget and more.

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  Articles from 19 November 2015 - 26 November 2015

  Grahams Articles, Comments & Speeches
 
 
Introductory remarks to the House of Lords EU Committee
Graham Bishop gave evidence on the subject of the Five Presidents Report and the Communication on Completing EMU.   View Article
 
  Political
 
 
The Independent: Majority of British public now wants a 'Brexit', poll reveals
More than half of the public now want to leave the EU, according to a survey for The Independent - the first time this monthly survey has shown a majority for “Brexit.”. Shift of public opinion in aftermath of Paris attacks will be seen as reflection of anxiety over refugee crisis.  View Article
City AM: It’s time business started to play its vital role in Britain’s EU membership debate
Britain's EU membership referendum's outcome will define the UK's relationship with their closest geographical neighbours for decades to come. It is a key issue for businesses, but they are avoiding the debate.  View Article
Financial Times: British business must not stay silent in the Brexit debate
Following Norway and Switzerland would weaken our control over economic affairs, writes Stuart Rose.  View Article
City AM: New CBI director general Carolyn Fairbairn puts pressure on Prime Minister David Cameron over in/out vote
Britain’s biggest business group urged Prime Minister David Cameron to accelerate plans for the European Union referendum, warning that investment is beginning to suffer at the hands of a protracted renegotiation.  View Article
EurActiv: Making the Brexit deal ‘formal, legally-binding and irreversible’
If the heads of government want to placate Cameron, they can promise to change the treaty in the future, but such a promise will be neither legally-binding nor irreversible, writes Andrew Duff.  View Article
LSE: The golden age of Sino-British relations has begun – quitting the EU could halt it
China is afraid of a British exit from the European Union. The author claims that the historic Sino-British strategic partnership in the making is as much about money as it is about power, and hence its importance rests on the UK’s role in a united Europe.  View Article
Forbes: Britain, investment, and Brexit
The UK General Election this year set out in stark terms the economic challenges facing Britain that have yet to be addressed: key among them are the productivity puzzle and the prospect of Brexit, which both relate to the challenge of low investment.   View Article
POLITICO: Germany wants to be a Brexit broker
A Berlin-based task force is working to smooth the talks on Britain’s proposed EU reforms.  View Article
EurActiv: Britain’s EU reform talks stumble on social benefits
Member states have firmly rejected British demands to limit EU citizens' rights to social benefits when working in the UK, saying this would be discriminatory.  View Article
EurActiv: Will Cameron get what he wants and will it matter if he does?
David Cameron's list of demands to ensure that the UK government supports Britain remaining in the EU is one that EU leaders will have little difficulty in accepting, write Mark Dawson and Mike Baab.  View Article
Remarks by J. Dijsselbloem and Commissioner Moscovici following the Eurogroup meeting
Eurogroup's President Dijsselbloem and Commissioner for Economic and Financial Affairs Moscovici outline the main results of the metting on the Draft Budgetary Plans and on the discussions on Greece.  View Article
Eurogroup statement on Greece
The Eurogroup welcomes the completion by the Greek authorities of the first set of milestones and the financial sector measures that are essential for a successful recapitalisation process.   View Article
 
  Financial
 
 
European Commission: A stronger Banking Union - New measures to reinforce deposit protection and further reduce banking risks
The Commission has proposed a euro-area wide insurance scheme for bank deposits and has set out further measures to reduce remaining risks in the banking sector in parallel.  View Article
ECON: Estimating the bridge financing needs of the Single Resolution Fund - How expensive is it to resolve a bank?
This paper provides estimates of the potential financing needs of the SRF, based on the euro area bank resolutions that actually occurred between 2007 and 2014. The authors find that the SRF would have been asked to put a total amount of about €72 billion into these failing banks.  View Article
 
  Economic
 
 
Parliament calls for corporate tax makeover
MEPs urged EU member states to agree on mandatory country-by-country reporting by multinationals of profits and taxes, a common consolidated corporate tax base, common definitions for tax terms and more transparency and accountability with regard to their national tax “rulings” for companies.  View Article
ECB: Risks from outside euro area rise according to latest ECB Financial Stability Review
The euro area financial system has been resilient through occasional bouts of financial market volatility in the second half of the year. ECB's report highlights that the likelihood of an abrupt rise in global risk premia has become more pronounced as concern shifts to emerging market economies.  View Article
City AM: The Eurozone is growing at its fastest rate for four-and-a-half-years – Markit's purchasing managers' index
The eurozone economy is growing at its fastest rate for four-and-a-half-years, but is unlikely to be growing fast enough to deter policy-makers from expanding the currency-bloc’s €1.1 trillion (£770bn) asset purchase programme, economists have said.  View Article
Bruegel: Squaring the cycle - capital flows, financial cycles, and macro-prudential policy in the euro area
The purpose of this paper is to contribute to the European macro-prudential discussion by establishing empirically the special challenges that the set-up of macro-prudential policy in the euro area needs to confront.  View Article
Reuters: Italy’s zero-cost bailout is too good to be true
The Italian bank resolution fund will cough up 3.6 billion euros to restructure four failing lenders. Officially, public funds won’t be used, but the burden will hit a sector already struggling with low rates and weak demand. Italy could find itself on the hook too.  View Article
 
  Budgetary
 
 
EU 2016 budget approved by the Council
The 2016 EU budget provides for €155.00 billion in total commitments, and the level of total payments is set at €143.89 billion.  View Article
Eurogroup Statement on the Draft Budgetary Plans for 2016
As required by the Two-Pack Regulation on the strengthening of budgetary monitoring, Member States have submitted Draft Budgetary Plans for 2016 and the Commission has provided in-depth assessments and Opinions on these. The Eurogroup broadly concur with them.  View Article
 

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