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10 September 2015

Friends 'Weekly' Newsletter


ECB, CMU, FTT, BIS, ACCA, ESAs, G20, State of the Union Debate, US interest rates, VAT revenue collection, ECON and much more.

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  Articles from 03 September 2015 - 10 September 2015

  Securities
 
 
ECB response to the European Commission’s consultation on the review of the EMIR
As a general point, it is recalled that the CPMI, the IOSCO and the FSB are currently undertaking significant work on the standardisation of CCP requirements. The inclusion of any additional requirements in EMIR should be consistent with the outcome of this work.
EurActiv: Capital Markets Union another obstacle for FTT
As the 11 countries considering the Financial Transaction Tax prepare to finalise its details at the next Ecofin Council, many aspects of the tax are still hazy.
 
  Insurance
 
 
Fitch publishes 2016 Global reinsurance guide
Fitch Ratings has published its edition of the Global Reinsurance Guide. This document provides reinsurance brokers, security committees and reinsurance investors with the latest research on the global reinsurance sector and views on the ratings in the agency's universe of reinsurance coverage.
 
  Financial Services Policy
 
 
The ESAs see continued risks in EU financial markets and call for rigorous action on assets and liabilities
The European Supervisory Authorities for securities, banking, and insurance and occupational pensions issued their August 2015 Joint Committee Report on Risks and Vulnerabilities in the EU financial system.
 
  International/G20
 
 
G20: Communiqué of the Finance Ministers and Central Bank governors meeting
The G-20 met in Ankara to review ongoing economic developments, their respective growth prospects - saying that global growth fell short of their expectations-, and recent volatility in financial markets and its underlying economic conditions.
 
  Friends Services
 
 
Deepening EMU – Round-up of Key Events – August 2015
The European Commission signed a new ESM programme for Greece, after which Greek PM resigned and called for a snap election. The Chinese stock markets turmoil may pose a bigger concern for the global economy if turned into a crisis, and some European leaders called for further integration in the EU.
 
  Political
 
 
European Commission: State of the Union 2015 - Time for Honesty, Unity and Solidarity
In his speech, Commission President Juncker said that "our European Union is not in a good state," and called for a stronger union. Juncker also talked about the refugee crisis, the Greek bailout, the Five President's report and the Ukranian crisis.
The Guardian: Europe should back debt crisis principles at the UN
Yanis Varoufakis is among signatories to a letter asking Britain and the EU to sign up to a nine-point UN code putting democratic rights – and not the market – at the heart of international governance.
 
  Economic
 
 
The ECB’s asset purchase programme: the impact so far
Speech by Peter Praet, Member of the Executive Board of the European Central Bank, at the Eurofi conference in Luxembourg, linked to expanded asset purchase programme and credit easing package.
Financial Times: The case for keeping US interest rates low
After nearly seven years of zero interest rates, the inflation of which critics warned is invisible.
ECB: Introductory statement to the press conference
At its Governing Council meeting, the ECB decided to keep the key ECB interest rates unchanged, and to increase its asset purchase programme issue share limit to 33%. It also cut the EU growth and inflation forecasts for 2015-2017.
European Commission presses Member States on VAT revenue collection
VAT revenue collection has failed to show significant improvement across EU Member States. The total amount of VAT lost across the EU is estimated at €168 billion.
 
  Budgetary
 
 
ECON: Opinion for the Committee on Budgets on the general budget of the EU for 2016
The ECON called on the Committee on Budgets to incorporate a number of suggestions into its motion for a resolution.
 

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