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07 November 2019

Standard Weekly Newsletter


Germany’s finance minister gives ground on banking union plan, Christine Lagarde becomes new ECB President, Tories hold 16-point lead over Labour, Brussels poised to play hard ball in Brexit trade talks, Trump warns PM Brexit deal ‘precludes’ US-UK trade agreement and more.

 

We have revised our approach to focus on the big themes for the next legislative period. We are targeting the interaction of the driving forces of politics and economics as they force the required changes in over-arching financial regulation. Details of these services are here

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Articles 31 October 2019 - 7 November 2019

Banking Union

ECB: Working group on euro risk-free rates issues recommendations to address accounting impact of euro risk-free rates transition : The report highlights IFRS and IAS accounting consequences of the benchmark rate transition. The recommendations of the working group focus on hedge accounting. View Article
New President of the European Central Bank : Christine Lagarde, former Managing Director of the International Monetary Fund, has taken up her duties as President of the European Central Bank (ECB). View Article
ECB: Working group on euro risk-free rates issues high level recommendations for fallback provisions in contracts referencing EURIBOR : The private sector working group on euro risk-free rates has published a set of recommendations for fallback provisions in contracts for cash products and derivative transactions referencing EURIBOR. These recommendations support compliance with the EU Benchmarks Regulation (BMR) and enhance legal and commercial certainty.  View Article
Financial Times: Germany’s Scholz gives ground on eurozone banking union plan : Germany’s finance minister has offered hope of a breakthrough in plans to create a full eurozone banking union by ending Berlin’s opposition to a common scheme to protect savers’ deposits. View Article
EBA publishes Opinion proposing to further strengthen depositor protection in the EU : The Opinion focuses on the payouts by deposit guarantee schemes (DGSs) and proposes a number of changes to the EU legal framework, aimed at strengthening depositor protection, improving depositor information, enhancing financial stability and reinforcing operational effectiveness of DGSs. View Article

Capital Markets Union

Financial Times: Can the EU’s failed Capital Markets Union be revived? : Patrick Jenkins describes how some of the EU’s key economies have been trying to shock the CMU project back to life. View Article
ESMA report sees decrease in prospectus activity for 2018 : In its annual report on prospectus activity, ESMA reports that in 2018 the number of prospectus approvals across the EEA decreased by almost 5% compared to 2017, which follows a decade-long trend observed since the start of the financial crisis.  View Article
Opening Statement by ESMA Chair Steven Maijoor at ECON Hearing : ESMA Chair Steven Maijoor gave MEPs practical examples from the last 12 months of how the supervisor aims to support the sustainable growth of the EU’s capital markets while ensuring stability and investor protection.  View Article

Friends' Standard Services

156th Brussels for Breakfast – CPD Notes : Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by CISI and with co-presenters Sir David Liddington MP, John Rega (Politico) and Helen Thomas (BlondeMoney). View Article

Economic Policies Impacting EU Finance

Financial Times: Brexit is a warning to Germany’s ECB-bashers : Christine Lagarde’s first official outing as ECB president was to visit Berlin to honour former German finance minister Wolfgang Schäuble, which underlines her biggest immediate challenge: to salvage and rebuild the fraying acceptance of ECB policies, above all in Germany. View Article

Brexit

 

 

BBC: General election 2019: Nigel Farage wants election 'alliance' with Tories : Nigel Farage says there needs to be "some kind of alliance" between the Tories and the Brexit Party for the upcoming election. View Article
John Bercow: Brexit is UK's biggest mistake since second world war : Days after bowing out as Speaker of the House of Commons, John Bercow has described Brexit as the biggest mistake Britain has made since the second world war. View Article
EurActiv: Barnier sees difficult talks on post-Brexit trade deal : The European Union’s Brexit negotiator Michel Barnier said that negotiations on a future trading relationship with Britain would be “difficult and demanding,” as the bloc “will not tolerate unfair competitive advantage”. View Article
POLITICO: Trump: Brexit deal ‘precludes’ US-UK trade agreement : Boris Johnson’s Brexit deal would prevent the UK from striking a trade agreement with the US, Donald Trump said. View Article
City AM: No-deal Brexit remains biggest risk to European growth, IMF warns : A no-deal Brexit remains the biggest threat to the economies of Europe, the International Monetary Fund has warned, and could further damage already very weak growth. View Article
UK in a Changing Europe: Britain has not yet faced its hard choices : Critics counter that increasing friction with the European Union has high costs. No other partner comes close to matching the scale of UK trade with the EU. Even with fast growth, the critics say, new deals cannot compensate for weakening trade with the EU. View Article
The Guardian: Tories hold 16-point lead over Labour, according to poll : The Conservatives hold a 16-point lead over Labour ahead of the 12 December general election, according to the latest Opinium/Observer poll. View Article
EBF: Brexit: financial services are better prepared : European financial service firms are more prepared than before to handle a possible no-deal Brexit scenario. According to an internal consultation among members of the European Banking Federation, many financial service firms have continued to step up their contingency planning in recent months. View Article
Graham Bishop #FBPE retweeted
BBC Politics BBC Politics
@BBCPolitics
"Brexit is the biggest foreign policy mistake in the post-war period" John Bercow gives his "honest view" on Brexit after standing down as Commons Speaker bbc.in/2ClNapi
 
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
@Brexit
If the U.K. leaves the EU in January without an orderly withdrawal agreement, it’s economic output would be 3.5% lower in two years, according to the IMF bloom.bg/2pQfFcf
 
Graham Bishop #FBPE retweeted
<a href=FT Brussels" src="https://pbs.twimg.com/profile_images/931157406360449024/uendSDG1_normal.jpg" /> FT Brussels
@ftbrussels
Germany’s Scholz gives ground on eurozone banking union plan on.ft.com/36wiCiJ
 
Graham Bishop #FBPE Graham Bishop #FBPE
@GrahamBishopcom
Read my notes on today's #Brussels4Breakfast @CSFI1 Participants discussed #UK 's general election, progress on the new #EuropeanCommission, latest #ECB changes, developments aimed at bringing closer a #CMU & #BankingUnion, new trends in #FinTech + #ESG ow.ly/3hTZ50x2T9A
 
Graham Bishop #FBPE Graham Bishop #FBPE
@GrahamBishopcom
My CPD notes on the lastest Brussels for Breakfast debate hosted by CISI @CSFI1 are now live! Become a Friend to read the full article here ow.ly/iP8b50x2T26 #B4B #Brexit #CMU #BankingUnion #FinTech #ESG #ECB
 
Graham Bishop #FBPE retweeted
EY ITEM Club EY ITEM Club
@EY_ITEMClub
#EYITEM has cut its UK GDP growth forecast to 1.0% for 2020, down from the 1.5% predicted three months ago. Read more in the new Autumn Forecast, available here: spr.ly/60141Kqao spr.ly/60131KqaW
 
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
@Brexit
While some polls have the Conservatives at 40%, they have sunk as low as 32% in others. Labour have ranged from 22% to 29% bloom.bg/2WGreP7
 
Graham Bishop #FBPE retweeted
John Rega John Rega
@John_Rega
First day on the job… Lagarde's political bent leaves critics fearing for ECB independence politico.eu/article/christ…
 
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
@Brexit
BREAKING: U.K. set for general election on December 12 as Parliament approves early poll to break the Brexit deadlock bloom.bg/2q4xwvC pic.twitter.com/UnXvXJjGqP
 
Graham Bishop #FBPE retweeted
City A.M. City A.M.
@CityAM
Labour to back PM on 12 December election dlvr.it/RHB36S pic.twitter.com/vrhXyvb5mQ
 

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