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14 November 2019

Standard Weekly Newsletter


Reforms on progress towards a CMU, German plan brings ‘new impetus’ to banking union, Eurogroup, ECOFIN, Brexit party not to divide Leave vote in General Election, UK avoids recession but Moody's downgrades UK credit outlook, ESMA advises Commission on third-country CCPs and more.

 

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We are now focussed on the big themes for the next legislative period - targeting the interaction of the driving forces of politics and economics as they force the required changes in over-arching financial regulation (including ESG and Fin Tech). Details of these services are here

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Articles 7 November 2019 - 14 November 2019

General Policy

European Commission: Results of the fitness check of supervisory reporting requirements in EU financial services legislation : The European Commission presented the results of the so-called fitness check of supervisory reporting requirements in EU financial services legislation.  View Article

Banking Union

Financial Times: Italy warns against German banking union plans : Italy has warned that a German proposal to complete the EU’s banking union would harm the competitiveness of the bloc’s banks, in comments heralding complex negotiations over Europe’s most ambitious integration project since the creation of the single currency. View Article
EurActiv: German plan brings ‘new impetus’ to banking union, Eurogroup says : Finance ministers welcomed a German initiative to unblock proposals for a common bank deposit guarantee scheme in the eurozone, but questioned Berlin’s request to ask additional capital buffers in return for banks holding sovereign debt. View Article
EBA shows that efforts to improve EU banks’ asset quality have proven successful but pockets of risks remain : The EBA published a Report on trends in asset quality of the EU banking sector, which show it has significantly improved over the last four years. Total non-performing loans (NPLs) decreased from over EUR 1.15 trillion in June 2015 (6% as a percentage of total loans) to EUR 636 billion as of June 2019.  View Article

Capital Markets Union

Capital Markets Union: Council adopts legislative reforms : The Council adopted a set of legislative reforms on sustainable finance, investment firms, covered bonds and SME growth markets, which are part of progress towards the capital markets union. View Article
Remarks of Vice-President Valdis Dombrovskis at Bloomberg Event “Rebooting the Capital Markets Union” : Mr Dombrovskis stated that Europe cannot successfully play a key global role without further deepening EMU, and a deep and liquid CMU is vital for that. He also pointed out that developing sustainable finance is critical to the long-term competitiveness of the EU financial and banking sectors. View Article
ESMA advises the European Commission on the supervisory regime for third-country CCPs : ESMA published three sets of technical advice to the European Commission regarding third-country central counterparties (TC-CCPs) under the revised European Market Infrastructure Regulation (EMIR 2.2). View Article
Valdis Dombrovskis - Thegreekobserver

Friends' Standard Services

46th Brussels for Brunch Webinar November 2019 : This is the link to the recorded webinar at CISI. View Article

Economic Policies Impacting EU Finance

Main results - Economic and Financial Affairs Council : The Council adopted conclusions on climate finance. Ministers discussed taxation and adopted a recommendation on the appointment of an ECB executive board member. View Article
Main results - Eurogroup : The Eurogroup in regular format focused on investment in innovation and the economic situation in the eurozone. In inclusive format, ministers discussed topics including: the ESM treaty and a European deposit insurance scheme (EDIS). View Article
Pierre Moscovici: How to get eurozone out of its slump : Europe needs to relaunch its economy on a sustainable path focusing on four major policy priorities, writes the outgoing commissioner for economic and financial affairs in POLITICO. View Article
Autumn 2019 Economic Forecast: A challenging road ahead : The European economy is now in its seventh consecutive year of growth and is forecast to continue expanding in 2020 and 2021, the latest European Commission's Economic Forecast states. View Article

EU27 Politics

Institute for Government: The UK’s refusal to appoint a commissioner is a risk for the EU : Georgina Wright says that the UK’s failure to appoint a British commissioner could delay the start of the new European Commission until 1 February – a decision which would be made with the EU’s interests in mind. View Article
The Economist: Emmanuel Macron on Europe’s fragile place in a hostile world : In a blunt interview the French president laid out his thoughts on NATO, America and the future of the EU. View Article
Donald Tusk - FT
Keynote speech by President Donald Tusk at the opening ceremony of the 2019/2020 academic year at the College of Europe : The outgoing Council President took stock of his years in office and urged Britain to reverse Brexit, warning that "after its departure, the UK will become an outsider, a second-rate player, while the main battlefield will be occupied by China, the US and the EU." View Article

Brexit

 

Nigel Farage - Thenational.ae

 

The Guardian: Brexit party will not contest 317 Tory-won seats, Farage says : Nigel Farage has said the Brexit party will not field any candidates against the Conservatives in the 317 seats they won at the last general election, after Boris Johnson committed to leaving the EU by 2020 and pursuing a Canada-style trade deal. View Article
City AM: Bank of England: Brexit deal and trade wars will limit UK growth : Boris Johnson’s Brexit deal and global trade tensions are likely to hold back growth in the UK economy over the next three years, the Bank of England has said. View Article
Financial Times: Moody’s lowers UK credit outlook to negative on Brexit ‘paralysis’ : Moody’s has lowered the UK’s credit outlook to negative, saying Brexit “paralysis” has made policy making less predictable. View Article
The Guardian: UK avoids recession but Brexit uncertainty damages growth : Britain’s economy avoided a recession in the third quarter after it expanded by 0.3% but the annual pace of growth was the slowest for nearly 10 years as Brexit uncertainty depressed business activity. View Article
The Times: Tories gain 14-point general election poll lead after Brexit Party retreat : Boris Johnson has opened up a 14-point poll lead over Labour after Nigel Farage’s decision to pull Brexit Party candidates out of Tory-held seats. View Article
The Global City: Providing Financial Services to the World : Exports from UK financial services and insurance firms soared to a record high of £82bn last year, up from £78bn in 2017, according to new data published in the ONS Pink Book.  View Article
Trade organizations call for extension of temporary equivalence and recognition of UK CCPs : ISDA and 13 other financial services trade associations wrote to European Commission Vice President Valdis Dombrovskis to highlight the need for an urgent extension to the temporary equivalence determination for UK central counterparties. View Article
Graham Bishop #FBPE retweeted
POLITICO Europe POLITICO Europe
@POLITICOEurope
Tusk: "I have been called a romantic and an anglophile, both terms, in my opinion, quite suitable and merited. Most importantly, however, Brexit hasn't divided us." politi.co/32ItHtN
 
Graham Bishop #FBPE retweeted
The Independent The Independent
@Independent
Elon Musk says Brexit made him decide against Tesla electric car Gigafactory in UK independent.co.uk/news/uk/politi…
 
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
@Brexit
The U.K. economy loses jobs in the third quarter and vacancies post their largest annual decline since the financial crisis in further evidence that Brexit uncertainty is finally hitting the labor market bloom.bg/2O2QoU7 pic.twitter.com/x8bWwsZR6z
 
Graham Bishop #FBPE retweeted
BBC Politics BBC Politics
@BBCPolitics
Nigel Farage says the Brexit Party will not contest the 317 seats the Conservatives won at the last election, claiming it's the best way to "prevent a second referendum" He had previously said his party would fight up to 600 seats [tap to expand] bbc.in/2K9ZL38 pic.twitter.com/XgUsRMo9ca
 

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