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This week's 155th Brussels 4 Breakfast featured the legislative moves to `green' European finance, a surprisingly heated discussion on the riskiness of AI escaping from the genuine understanding/control of the Board and more on the continuing fragility of the EU's banking system. My Notes are here
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Articles 3 October 2019 - 9 October 2019
Banking Union
EBA: Low profits and high costs remain a key challenge for the EU banking sector : The EBA published its quarterly Risk Dashboard covering Q2 data, which summarises the main risks and vulnerabilities in the EU banking sector. Capital ratios have remained broadly stable and banks' asset quality has further improved. However, low profitability keeps on being a key challenge for the sector. View Article
EBF president Mustier addresses European Banking Summit : The president of the European Banking Federation, Jean Pierre Mustier, addressed the EBF’s European Banking Summit in Brussels, outlining his views on key developments in the European banking sector and challenges in banking regulation. View Article
Euro area banks have overall comfortable liquidity positions, but some vulnerabilities require further attention, ECB finds : The vast majority of banks directly supervised by the European Central Bank have overall comfortable liquidity positions despite some vulnerabilities requiring further attention, according to the results of the 2019 supervisory stress test. View Article
ESAs highlight money laundering and terrorist financing risks in the EU financial sector : The ESAs found that the monitoring of transactions and suspicious transactions reporting still raise concerns, particularly in sectors where a financial institution's business model is based on frequent transactions. View Article
Capital Markets Union
ESMA consults on MAR review : The consultation paper includes proposals affecting the investor community as a whole, but which are particularly relevant for issuers of financial instruments admitted to trading or traded on a trading venue and their management, investment firms and asset management companies. View Article
Environmental, Social, Governance (ESG)
European Parliament: How to increase green investment in the EU : A shift to a less-polluting economy requires significant investment. The EU wants to attract more private money as public funds are insufficient. View Article
Bank of England's Carney: TCFD: strengthening the foundations of sustainable finance : Mark Carney, Governor of the Bank of England discusses how the Task Force on Climate-related Financial Disclosures can help to bring climate risks and resilience into the heart of financial decision-making. View Article
Fin Tech Regulation
European Parliament's Joint Research Centre: Blockchain now and tomorrow: assessing the impact of distributed ledger technologies : Moving beyond the hype and debunking controversies, the report offers an in-depth and practical understanding of blockchain and its possible applications. View Article
Friends' Basic Services
155th Brussels for Breakfast – CPD Notes : Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by CISI and with co-presenter Jacques Lafitte (Avisa). View Article
IMF chief Kristalina Georgieva - source:UltimaHora
Economic Policies Impacting EU Finance
The Wall Street Journal: IMF and World Bank’s new leaders warn of deteriorating global outlook : The new leaders of the International Monetary Fund and World Bank warned in twin speeches of a deteriorating global economic outlook, just a week before they will lead the annual meetings of their institutions for the first time. View Article
Financial Times: Former central bankers attack ECB’s monetary policy : A group of former senior European central bankers has published a memo attacking the loose monetary policy of the European Central Bank, which they argued was “based on the wrong diagnosis” and risks eroding its independence. View Article
Christine Lagarde and Mario Draghi - source: TheTelegraph
Brexit
The Guardian: Brexit talks in Brussels between EU and UK come to a halt : Brexit talks have come to an abrupt halt in Brussels days after the British government demanded intensive negotiations on Boris Johnson’s proposals. View Article
European Parliament: Brexit: recent UK proposals do not offer the safeguards the EU and Ireland need : After a briefing by Michel Barnier to the Members of EP Brexit Steering group on UK government's latest proposals, MEPs agreed that the UK’s proposals fall short and represent a significant movement away from joint commitments and objectives. View Article
Financial Times: Warning of threat to UK-EU trade deal from US food demands : Ministers have been warned that the UK’s efforts to strike a US trade deal after Brexit could “severely limit” Britain’s ability to negotiate an equivalent agreement with the EU, according to a leaked government paper. View Article
BBC: No-deal Brexit would push UK debt to 50-year high, says think tank : Even a "relatively benign" no-deal Brexit would push UK debt to its highest since the 1960s, the Institute for Fiscal Studies (IFS) has said. View Article
Financial Times: UK set for ‘most unpredictable election’ in decades, study finds : The UK is heading into the most unpredictable and volatile general election campaign in decades, according to a major academic study of the electorate over the past 10 years. View Article
The Independent: Majority of Britons don't believe Boris Johnson can secure EU deal before 31 October as PM's approval ratings fall : Increasing numbers of voters are losing faith in Boris Johnson’s leadership, while only one in five people believe he can secure a Brexit agreement before the Halloween deadline, a poll has found. View Article
Project Syndicate: Is post-Brexit London really doomed? : The Royal Bank of Scotland chairman Howard Davies wonders why, despite the likelihood of a harder-than-expected Brexit, and the certain loss of the so-called passport, the feared large-scale exodus of firms and financiers from London does not seem to be under way. View Article
Bloomberg: Central banks will act if there’s a no-deal Brexit, top Goldman exec says : Goldman Sachs’ top executive in London expects UK and European authorities to support financial markets if Britain crashes out of the EU at the end of this month without a withdrawal agreement. View Article
ESMA - Update on the UK’s withdrawal from the European Union - preparations for a possible no-deal Brexit scenario on 31 October 2019 : There is still a high level of uncertainty as to the final timing and conditions of Brexit, and should these change, ESMA will adjust the approach for its IT applications and databases and will inform the public of the adjusted approach as soon as possible. View Article
EBA urges continued progress in financial institutions' preparations for the UK's departure from the EU : The EBA urges continued progress on contingency planning. Notably, to ensure that assets, appropriate staff and data are in place to support relevant authorisations and that customers are adequately informed. View Article
Financial Times: UK fund outflows accelerate as no-deal Brexit looms : Mounting fears that the UK is heading for a no-deal Brexit have prompted investors to accelerate their withdrawals from UK active equity and property funds. View Article
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Graham Bishop #FBPE retweeted |
![<a href=]() FT Brussels" src="https://pbs.twimg.com/profile_images/931157406360449024/uendSDG1_normal.jpg" /> |
FT Brussels
@ftbrussels
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Juncker and Barnier still hopeful for a Brexit agreement with Boris Johnson on.ft.com/326ZJAo
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Sky News
@SkyNews
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Graham Bishop #FBPE
@GrahamBishopcom
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Delighted to announce that I have been re-elected to the Board of the Kangaroo Board – after a decade and half of service! #KangarooGroup #EU
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Graham Bishop #FBPE
@GrahamBishopcom
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Donald Tusk
@eucopresident
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. @BorisJohnson, what’s at stake is not winning some stupid blame game. At stake is the future of Europe and the UK as well as the security and interests of our people. You don’t want a deal, you don’t want an extension, you don’t want to revoke, quo vadis?
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BBC Business
@BBCBusiness
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Bloomberg Markets
@markets
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Kristalina Georgieva, in her first major address as head of the International Monetary Fund, painted a downbeat picture of the world economy and said a more severe slowdown could require governments to coordinate fiscal-stimulus measures bloom.bg/2p2tUKl
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New Europe
@New_Europe
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Robert Peston
@Peston
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Downing St has tonight said explicitly that EU governments which oppose a Brexit delay will be rewarded by Boris Johnson, and that if the EU approves a delay Johnson will do his damnedest to sabotage the functioning of the EU, pending Brexit. This is the most explosive... pic.twitter.com/QWtvex6O90
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Bloomberg Brexit
@Brexit
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Paul Johnson
@PJTheEconomist
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Economy - and hence our living standards - is 2.5-3% (£55-£66bn) smaller than it would have been without Brexit vote. We have lost out on 3 years of global economic growth. Citi analysis in @TheIFS Green Budget published today ifs.org.uk/publications/1…
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The Guardian
@guardian
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