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23 March 2017

Brexit 'Weekly'


Resolution Capital, Brexit, G-20, Frexit, Holland, CMU, non-performing loans, bank restructuring, sovereign bond markets and more.

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Economic 		Brexit & UK About this email

  Articles from 16 March 2017 - 23 March 2017

  Grahams Articles, Comments & Speeches
 
 
Resolution Capital: A Doomsday Machine for Europe’s Banks?
The post-Crash re-ordering of Europe’s financial system is coming to an awkward phase – rather like striding across a chasm. One foot is still on the shaky ground after the Crash and the other is past the point of no-return on the way to the presumed financially stable ground on the other side.   View Article
 
  Political
 
 
Remarks by J. Dijsselbloem following the Eurogroup meeting
The Eurogroup President briefed the press on the matters discussed during the meeting: the second review on Greece, the implementation of the budgetary plans, and the agreement on a framework for benchmarking the sustainability of pension systems.  View Article
Bloomberg: G-20 drops anti-protectionist pledge as price of US assent
Finance chiefs of the world’s largest economies set aside a pledge to avoid protectionism and signed up to a fudged statement on trade instead, in response to the Trump administration’s call to rethink the global order for commerce.  View Article
EurActiv: Study: Frexit chaos would be ‘worse than collapse of Lehman Brothers’
The political disarray in France’s mainstream parties is encouraging debate about Frexit. The possibility is alarming economists, who fear it would cause a “cardiac arrest” in global finance and make life harder for the poor.  View Article
The Economist: What Geert Wilders poor showing means for Marine Le Pen
Geert Wilders suffered a poor showing in the Dutch elections. What does that mean for Marine Le Pen’s chances of becoming the French president?  View Article
Bruegel: Europe should lead the way with multilateralism
Despite the unique partnership with the USA, Europe needs to reflect on its place in an unstable world. Especially if the US Administration moves towards protectionism, the EU will need to build and deepen relationships with other partners.  View Article
Bruegel: What future for Europe?
How should the EU interact with its neighbourhood? How can we manage the tensions created by multi-speed integration? And above all how can the Euro be made sustainable in the absence of a major step towards fiscal union?  View Article
 
  Financial
 
 
Accountancy Europe response to the Commission consultation on the mid-term review of the CMU
Accountancy Europe has published its response to the EC on the public consultation on the mid-term review of the CMU. Accountancy Europe supports the CMU project and its objectives, and is looking forward to further steps to foster capital market integration in the EU.  View Article
Insurance Europe: Bolder action needed to deliver CMU objectives
Insurance Europe has called on the European Commission to take bolder and quicker action to tackle several outstanding concerns on investment and other barriers to making a real difference and deliver on the objectives of the CMU, in its response to a consultation on the CMU mid-term review.   View Article
European Asset Managers support direction and pace of the CMU project
The response is a reminder of the asset management industry’s views on the many CMU initiatives. Much remains to be done to achieve the CMU’s ambitious objectives, but EFAMA welcomes the new impetus brought to the overall project.   View Article
CEPS: How close are we to a Capital Markets Union?
This year will be crucial for the successful implementation of the CMU Action Plan. Nevertheless, the impact of Brexit and the French and German national elections on CMU remains to be seen. It appears that the goal of completing the Capital Markets Union by 2019 is an increasingly remote one.  View Article
ECB: Guidance to banks on non-performing loans
Following a public consultation, the ECB has published its final guidance on non-performing loans (NPLs). The guidance outlines measures, processes and best practices for banks to tackle NPLs.  View Article
European Parliament: Carving out legacy assets: a successful tool for bank restructuring?
This paper assesses the effectiveness of the various resolution tools to deal with legacy assets such as NPLs under the resolution framework. On the one hand, the on-balance sheet tools and on the other hand, the tools that carve out the assets from the banks’ balances are assessed.  View Article
ESMA sees relatively ample liquidity in sovereign bond markets
ESMA’s latest research piece on market liquidity published in its recent report on trends, risks and vulnerabilities finds improved liquidity in European sovereign bonds markets.   View Article
 
  Economic
 
 
Project Syndicate: Mixed Signals from the Eurozone
What does the eurozone’s future hold? Some economic indicators suggest that things are looking up for the common currency’s survival, but at the same time, political risks seem to be increasing, despite the improvements in Europe’s economy.  View Article
Quarterly Report on the Euro Area
European Commission staff looks at the problem of non-performing loans from a macroeconomic perspective. It also looks at ways to unlock investment in intangible assets in Europe and assesses the competitiveness of the euro area from a number of perspectives.  View Article
 
  Brexit & UK
 
 
Department for Exiting the European Union: Article 50 to be triggered on 29 March
The UK Government has announced its intention to invoke Article 50 on Wednesday 29 March 2017.  View Article
Michel Barnier: The conditions for a successful negotiation with the UK
Speech by the Chief Negotiator for the Preparation and Conduct of the Negotiations with the United Kingdom, at the plenary session of the European Committee of the Regions.  View Article
Remarks by President Donald Tusk before the EU-Japan Leaders' meeting
Tusk confirmed that both teams will provide a clear political direction to negotiators on the EU-Japan Free Trade Agreement and the Strategic Partnership Agreement, and announced that he will call a European Council on Saturday 29th April to adopt the Guidelines for the Brexit talks.  View Article
IfG: Legislating Brexit
Up to 15 new bills in addition to the Great Repeal Bill could be required to deliver Brexit.'Legislating Brexit' warns that Brexit will place a huge burden on both parliament and government departments - this will leave very little space for non-Brexit related legislation.  View Article
Commons Justice Committee: Brexit: negotiating priorities for justice system
The Government must address four priorities for the justice system in negotiating the UK's new relationship with the UK, says the Justice Committee.  View Article
POLITICO: Britain’s Brexit Plan B
British trade officials are discreetly exploring a 10-year interim arrangement with the European Union in case a trade deal is not reached during Britain’s exit negotiations, according to sources familiar with the discussions that have taken place at the WTO.  View Article
Chatham House: Pascal Lamy on the way forward after Brexit
The former European commissioner for trade and director-general of the WTO speaks about the complexity of the Brexit negotiations and his regret on seeing the UK leave the EU.  View Article
Financial Times: Brussels considers tougher powers for EU’s financial watchdog
Brussels is looking at giving tougher powers to the ESAs as part of a move to tackle weaknesses in supervision ahead of Brexit.  View Article
City AM: Moving clearing from London to Europe is no piece of cake
While any shift in operations would clearly be a blow to the City, is it really feasible for Europe to seamlessly become the new kings of clearing given the huge costs and complexity involved?  View Article
Financial Times: City of London pushes for lower taxes to sweeten Brexit pill
Finance chiefs in London are preparing a fresh round of lobbying for lower taxes and looser regulation to sugar the pill of Brexit and maintain Britain’s appeal in the global competition between financial centres.   View Article
Columbia Center on Sustainable Investment: FDI to the UK will remain robust post-Brexit
The Columbia FDI Perspectives noted that, even for the long term, there are reasons to suppose that FDI into the UK will remain robust, especially by companies servicing UK and non-European markets.  View Article
City AM:Brexit will benefit the City if transitional periods are kept to a minimum, finds new report authored by Brexiteer academic
Brexit might be the City of London's golden ticket, provided transition periods are kept as short as possible, according to a new report penned by David Blake.  View Article
FSB: Keep trade easy: What small firms want from Brexit
The first in the Federation of Small Businesses' Brexit research series looking at the impact on trading with EU and non-EU markets revealed that 27% of small firms that export would be much less likely to trade with the EU should any tariff – no matter how low – be introduced.   View Article
Bloomberg: UK consumer spending to slow sharply in coming years, PwC says
UK consumer spending growth will weaken for years to come after slipping to about 2 percent this year from 3 percent in 2016, PricewaterhouseCoopers LLP said.  View Article
BBC: Schaeuble calls for 'strong' City post Brexit
Germany's finance minister Wolfgang Schaeuble has said it is in the EU's interest to have a strong financial centre in London.  View Article
Financial Times: Frankfurt takes early lead in Brexit race to poach City jobs
The German city appears to have the early edge over competitors such as Dublin, Paris, Amsterdam, Madrid and Milan, according to interviews by the Financial Times with more than 30 senior financiers and officials.  View Article
Reuters: Poland aims to be winner in Brexit battle for banking jobs
While the likes of Frankfurt and Paris are competing for top investment bankers after Brexit, Poland has set its sights on mid-tier financial and technical work where salaries may not be astronomical but jobs are far more numerous.  View Article
The Guardian: Goldman Sachs to move hundreds of staff out of London due to Brexit
The bank, which employs 6,000 staff in UK, says it will take extra space in Frankfurt and Paris as part of contingency plan  View Article
NatCen: Hard – but not too hard: Much more on what voters want from Brexit
Following a similar endeavour last autumn, NatCen Social Research published a briefing that outlines the findings of a second round of fresh research on voters’ attitudes towards some of the potential components of Brexit.   View Article
Civitas: It’s Quite OK to Walk Away: A review of the UK’s Brexit options with the help of seven international databases
Michael Burrage uses seven international databases to assess the benefits of the Single Market for the UK. The data shows that the Single Market has not delivered the export growth it was expected to.  View Article
 

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