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01 October 2015

Brexit 'Weekly'


CMU, Brexit, AFME, VAT, Greece, Euro Money Market Survey, ECB's QE, China, Federal Reserve and more.

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  Articles from 24 September 2015 - 01 October 2015

  Grahams Articles, Comments & Speeches
 
 
What is CMU?
What is CMU and what is it intended to achieve?   View Article
It’s time for a 29th regime
The 28 member states should set up a new EU-wide regime operating in parallel with national ones as a way of removing obstacles to CMU.  View Article
 
  Political
 
 
CEPS: Cameron’s ‘renegotiations’ (or Russian roulette) with the EU - An interim assessment
The British PM Cameron has put his campaign into high gear to get a ‘new settlement’ with the EU and invested much personal diplomacy to try to advance his objective under four headings: competitiveness, sovereignty, social security and economic governance.   View Article
YouGov: EU referendum – the state of public opinion
In-depth YouGov polling conducted over the summer reveals the challenges and opportunities for those campaigning to stay in or leave the European Union.  View Article
Two major british business organizations call on Cameron to push forward EU reform
BCC and IoD unveiled the results of surveys that showed that the renegotiation of the terms of UK membership in the EU will be key to the business vote in the forthcoming EU referendum.  View Article
 
  Financial
 
 
European Commission: Capital Markets Union - an Action Plan to boost business funding and investment financing
The European Commission launched the Capital Markets Union Action Plan to help build a true single market for capital across the 28 EU Member States.  View Article
Financial Times/Hill: A stronger capital markets union for Europe
No need to disrupt markets that work well in pursuit of theoretical perfection, writes Commissioner Jonathan Hill.   View Article
POLITICO: Coming soon, to a capital market near you…
Five takeaways from the EU’s Capital Markets Union action plan obtained by POLITICO.  View Article
EBF: CMU Action Plan puts Europe on track towards growth
With its Action Plan for a CMU, the European Commission is on the track towards growth in the European economy. Europe’s banking sector, with its pivotal financing role, fully supports CMU and is keen to help build a new ecosystem for growth in Europe by cooperating with all stakeholders.  View Article
ACCA welcomes the publication of the CMU Action Plan but warns against hasty design or poor implementation
The priority actions proposed in the Action Plan on Building a CMU generally go in the right direction, but we need to make sure that they are correctly translated into law, says ACCA.  View Article
AFME’s new model clause creates harmonisation for implementing contractual recognition of bail-in
AFME published its model clause for contractual recognition of bail-in, which provides model wording designed to assist banks in complying with obligations under Article 55 of the European Union’s Bank Recovery and Resolution Directive (BRRD).  View Article
European Commission: Investment Plan for Europe goes global - China announces its contribution to #investEU
China announced its intention to contribute to the Investment Plan - as well as closer cooperation with the EU on investment issues in general - at the High Level Economic and Trade Dialogue.   View Article
VoxEU: Greek debt remains unsustainable: Here is why
Without further debt relief, Greece is unlikely to have market access after 2018. Under reasonable assumptions, its debt ratio will likely not decline, and the financing burden will increase again.  View Article
Brookings: An interesting proposal for recapitalizing the Greek banks
A group of international investors with substantial investments in the Greek banks has offered an interesting proposal. It’s clearly in their economic interest, but it appears likely to be in the interests of Greece and Europe as well, especially after negotiation to optimize the proposal.  View Article
VoxEU: Emergency liquidity assistance and Greek banks’ bankruptcy
Discussions continue in some circles as to whether the ECB’s emergency liquidity assistance for Greek banks is legitimate. This column assesses the underlying economics of the emergency liquidity assistance programme and the complex interrelationship between the EU, the ECB and the Greek banks.  View Article
EU - U.S. Financial Markets Regulatory Dialogue Joint Statement
Participants in the Financial Markets Regulatory Dialogue (FMRD) met to exchange information on regulatory developments as part of their ongoing dialogue.  View Article
VoxEU: Regulatory arbitrage in action: Evidence from cross-border lending
Authors show new evidence on avoiding macroprudential policies by borrowing from abroad. Domestic non-banks borrow more from abroad after an increase in capital requirements, but not after an increase in lending standards.   View Article
 
  Economic
 
 
ECB: Results of the Euro Money Market Survey 2015
The results of this ECB’s survey show that overall turnover has declined in the main segments. This can be partly attributed to the relative attractiveness of instruments with longer maturities on account of value or regulatory considerations.   View Article
Modernising VAT for cross-border e-commerce: Commission launches public consultation
The European Commission has launched a public consultation to help identify ways to simplify the Value-Added Tax payments on cross-border e-commerce transactions in the EU.  View Article
ECB's Praet: Monetary policy lessons from the financial crisis
Peter Praet remarks that the ECB hit the lower bound later than many other central banks, and when it did it was not the zero lower bound, but a negative lower bound; and that going forward, the effectiveness of monetary policy will improve with a more complete EMU.  View Article
Reuters: Too soon to talk about ramping up QE -ECB's Lautenschlaeger
It is too soon for the European Central Bank to discuss expanding its asset-purchase programme because the euro zone economy is still expected to recover modestly, an ECB executive board member said.  View Article
CEPS: China’s slowdown - When the dragon catches the flu, Europe sneezes
In the short term, the biggest risks for Europe from the Chinese slowdown may be political, stemming from a weakening of the Renminbi, either from actions taken by China’s central bank and/or from large capital outflows.  View Article
Financial Times: What if the Fed is wrong?
The FOMC supports a rate hike this year, believing that a firm recovery has now taken hold in the US. But the markets think that the emerging market shock is gathering momentum and that it could bring the developed economies down with it. What would happen if the Fed is making a historic mistake?  View Article
VoxEU: Low interest rates, capital flows, and declining productivity in South Europe
This column presents an alternative perspective on how joining the euro has impacted productivity in southern Europe. It turns out that capital wasn’t allocated efficiently across firms after cheap borrowing at low interest rates, impacting total factor productivity.  View Article
 

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