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Graham Bishop is renowned for his vision and the courage to propose radical ideas, yet ground them in a mastery of the technical details of the financial system. He has been referred to as a one-man think tank.
European Commission: His influence at the meeting point of politics, economics and finance has been recognised on many occasions - most recently when the European Commission asked him to study the attitudes of investors toward the euro area sovereign bond markets. In particular, he explored attitudes towards the potential for a “common euro area safe asset”: what characteristics should it possess and whether it would ameliorate any of the concerns expressed about the features of existing bond markets.
Graham's many pro bono activities illuminate and reinforce his Consultancy Services. His deep knowledge of Europe’s financial system is integrated with his understanding of EU economic and budgetary policy-making – whilst set within the necessary framework of democratic accountability.
He was a member of the Commission's Consultative Group on the Impact of the Euro on Capital Markets; of the Commission's Strategy Group on Financial Services; and of the Committee of Independent Experts on the preparation of the changeover to the single currency (1994/5).
This Website, as well as Graham's Consultancy Service, is designed to bring clients the direct insights that flow from Graham’s position as a leading technical analyst of economic and structural developments in the financial markets of Europe.
"Institutional investors and major financial firms now face a huge commercial challenge in Europe. The vision of political integration has entered a critical phase: ...."
"..analysis of obscure bureaucratic manoeuvrings towards fiscal union, labour mobility and tax co-ordination etc. is quite outside the comfort zone of many..."
"It is now entirely foreseeable that governments may make potentially far-reaching changes that would impact the valuation of European financial assets, as well as reforming the nature of the regulations governing key parts of the financial sector’s business".
"..So the consequences of this crisis will be historic – and will reverberate around global financial markets. The stakes for participants in European financial markets could not be higher.."
Consultancy services can take many forms: face-to-face meetings, telephone discussions, written comments, speeches, special articles, customised research projects, etc.
Highlights of my summer: A bumper edition of nealry sixty articles as we return to work ready to `clear the decks’ for a `clean slate’ for the incoming Parliament and Commission next year.
A major topic will be the fiscal rules governing the euro area’s public finances so I have re-published my work three decades ago (link) on the potential role of “market discipline” as an enforcement mechanism but the other side of that coin would be a “safe asset” for the financial system that would also boost the international role of the euro.
This weekend’s G20 meeting has triggered the FSB to reflect on the vulnerabilities flowing from liquidity strains and the IMF to consider the implications of persistent historically-normal interest rates. However, the EBA’s 2023 stress test underlined the resilience of the EU’s banking system and the SRB pointed to the near fulfilment of MREL targets. Several professional bodies responded to the FSB/IOSCO enquiries about liquidity risks of open-ended funds and they also gave their support to the Commission’s Retail Investor Strategy but all attached a “however” rider! The ISSB’s two new standards continue to gain support and – crucially for global compliance – the Commission published its European Sustainability Reporting Standards (ESRS) carefully dovetailing with the ISSB’s – thus underlining the EU’s first-mover advantage compared with say post-Brexit UK. The ECB’s plans for a digital euro are coming under increasing scrutiny from the European Parliament – amongst others.
For eighteen months now, the UK electorate has increasingly realised that Brexit was an act of self-harm that will leave future historians struggling to comprehend the rationale. The gap has now reached 49% Rejoin v 33% Stay out.
Graham Bishop
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