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13 February 2014

Integrating Europe
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Graham Bishop
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Articles from 06 February 2014 - 13 February 2014

Graham Bishop

Graham Bishop: Diluted 'Liikanen' - The Commission proposal on bank restructuring
Finally… the Commission came forward with plans to re-structure Europe's banking sector after taking "into account the useful report by the High Level [Liikanen] Group". Is that 'faint praise'?  View Article
Graham Bishop's Blog: The Karlsruhe decision on OMTs – Enhancing the case for eurobills
Before the ECB even starts to thinks about an intervention that is more political than economic, let alone monetary, perhaps a eurobill programme – such as the Temporary Eurobill Fund (TEF) advocated by this author – would be a better way of buying some time.  View Article
European Integration Monitor - January 2014
The driving forces of politics, finance, economics and budgets are a powerful cocktail that will intensify in the years ahead.  View Article

Political

WSJ: Top EU regulator backs returning national powers
"I think we need to carry out an objective exercise in the coming years…on what we can do better at the national than at the European level", Commissioner Barnier said in an interview with the WSJ. "My line would be: less regulation in Brussels and more politics."  View Article
The countdown has started: 100 days to go until European elections
Just 100 days to go and the EPP candidacy remains undecided, with Juncker still tipped to be the most likely choice. The EP has published a wealth of material, including an election timeline. Could a group of anti-euro parties be set to capture 20 per cent or more of the seats?  View Article
EP elections: Candidate for Commission President should reflect voters' choice
The European Council - EU heads of state and government - should honour the citizens' choice when proposing a candidate for Commission President, to be elected by Parliament under the new Lisbon Treaty arrangements, says a report voted by the AFCO Committee.  View Article
VP Šefčovič: The value of Europe - National parliaments' role in supporting May's European elections
"If we can show citizens why the European elections are important – why the EU in general is an important part of their life – we can perhaps start to reverse the trend of ever-diminishing turnout at European elections."  View Article
EIM Political - January 2014
The race for the Commission Presidency is now hotting up – with only the EPP yet to choose its candidate. The Czech government is setting a new policy course on Europe and that may have profound implications for the UK.   View Article

Financial

Draghi comments at ECB news conference
The ECB is holding off on policy action while it waits for new economic forecasts next month to assess the deflation threat facing the eurozone. ECON chair Sharon Bowles said the ECB "can and should do more". Draghi went on to discuss the consequences of the AQR.  View Article
German court refers ECB bond-buying to ECJ
The German Constitutional Court in Karlsruhe has found the ECB's OMT programme to be "incompatible" with EU law. It has now referred the case to the ECJ for a "preliminary ruling", as the GCC cannot rule on EU law. (Includes reactions from Cœuré, German government, Schäuble, Rehn, thinktanks et al.)  View Article
Bruegel: OMT ruling and the role of the ECB
In a series of articles, Bruegel fellows look at the recent OMT ruling in Karlsruhe. They argue that the case for more aggressive action by the ECB is strong, proposing for example that the ECB should stand as a lender of last resort to solvent sovereigns to maintain financial stability.  View Article
Interview with ESM/Regling in Swedish publication, Dagens Industri
Regling was quizzed i.a. on the stress tests, the ESM's role in recapitalisation and Greece's finance gap. He said it was too early to say whether Portugal would be able to exit its support programme this year.  View Article
EFSF issues €4 billion 10-year bond
The EFSF placed a €4 billion 10-year bond maturing on 19 February, 2024. The issuance spread was fixed at mid swap plus 24 basis points.   View Article
IMF/Moghadam: Maastricht and the crisis in Europe - Where we've been and what we've learned
The ECB/NBB Conference, "Progress through crisis?", took stock of the presuppositions about what it takes to deliver financial stability and an enduring EMU. Progress has certainly been made but Europe still has much work to do on some of the post-Maastricht adaptations.  View Article
EIM Financial - January 2014
The stand-off between the European Parliament and Council seems to be deepening as the issue has moved on from the simple mechanics of Banking Union to the relative constitutional roles of the two institutions.   View Article
ECB publishes draft paper with details of new supervisory powers
The ECB will attain far-reaching powers - relating mainly to issues of capital adequacy and financial stability - over the eurozone's commercial banks later this year, including withdrawing bank licences and assessing acquisitions.  View Article
ECB/Draghi: Banking Union will create more sustainable financial integration
Efforts to streamline the resolution of failing financial institutions at the European level go in the right direction but could be improved, Draghi said, adding that current plans to have a resolution fund in place in 10 years were not ambitious enough.  View Article
Bloomberg: EBF president Clausen says EU regulatory goals ignore reality
Efforts to harmonise banking standards across borders create challenges for some markets, said Clausen, citing as an example the EBA proposal that would force some Scandinavian banks to cut their holdings of covered bonds to make room for sovereign debt.  View Article
Reuters: SocGen chief sees EU move to ban prop trades foundering
Frederic Oudea said the current EU executive would not have time to put in place a proposed ban on proprietary trading before the end of its mandate, and doubted such a move would be high on the agenda of the incoming Commission and EP.  View Article

Economic

European Commission: Report shows how EU emerged from recession in 2013
Last year was the year Europe's efforts to beat the crisis finally began to pay off, the General Report on the EU's activities for 2013 has found.  View Article
ECB/Mersch: Reviving growth in the euro area
Mersch said that in order to raise potential growth, action was relevant in three policy areas: monetary policy; financial sector repair; and, most importantly, structural reforms.  View Article
VP Almunia: Competition in financial markets / Fighting for the Single Market
Almunia highlighted that every player in the financial sector should recognise its corporate social responsibility. He addressed taxation from the perspective of State aid control, and said that anti-European messages should be tackled 'with great determination'.  View Article
Commissioner Šemeta: EU tax policy and competition policy – A complementary approach to fair taxation
Speaking at the EU Competition Forum, Šemeta underlined the importance of fair tax competition in the EU, and outlined the measures being taken by the Commission to secure it.  View Article
S&D/Swoboda on a financial transaction tax: "Now it is time to act"
In an open letter published a week before a Franco-German ministerial summit, Hannes Swoboda and Anni Podimata urged EU finance ministers to take action and "be serious" about introducing an FTT.  View Article
OECD delivers new single global standard on automatic exchange of information
Responding to a mandate from G20 leaders, the OECD has unveiled a new single global standard for the automatic exchange of information between tax authorities worldwide. (Includes EBF response.)  View Article
Economic crisis provides lessons for new approaches to forecasting, says OECD
Extreme volatility during the global financial crisis complicated economic forecasting, leading to large errors that underline the need for better modelling methods and new approaches for making and presenting projections, according to an OECD report.  View Article
EIM Economic - January 2014
Economic integration continues to be driven by the demands of the crisis and the increasing recognition of policy errors by the Troika at the most intense moments of the crisis.  View Article

Budgetary

EIM Budgetary - January 2014
Good news is building up around the euro area. But the biggest plus point could be a historic turn in French economic policy. Has Hollande begun a U-turn to match that of Mitterrand 30 years ago?  View Article

Member State events

Troika: MEPs call for a jobs and social recovery plan
Employment Committee MEPs passed a resolution calling for a jobs and social recovery plan for euro area programme countries. In an exchange of views, the ECB's Cœuré said crisis management should be brought under Community law. (Includes EPP statement.)  View Article
Statement by the European Commission, ECB and IMF on the Third Review Mission to Cyprus
While the programme remains on track, with the macro-fiscal outturn better than expected, Cyprus still faces significant risks. Continued full and timely policy implementation remains essential for the success of the programme.  View Article
Greek government denies it requires third bailout
PM Samaras and Finance Minister Stournaras stressed that Greece does not need any more bailout loans, thereby responding to German Finance Minister Schäuble's statement that the most likely scenario would be for Greece to take a new loan of €10-20 billion to plug the holes in its programme.  View Article
IMF completes tenth review under an EFF arrangement with Portugal, approves €0.91 billion disbursement
The completion of the review enables the immediate disbursement of an amount equivalent to ca. € 0.91 billion, bringing total disbursements under the EFF arrangement to ca. €25.1 billion.  View Article
Further budgetary austerity measures in Portugal
Portugal's parliament has given final approval to an amending budget for 2014, in the face of the votes against by all opposition deputies. Government members said that the latest budget bill was necessary given the need to cut the deficit and meet the terms of Portugal's eurozone bailout.  View Article
Europe must speak with one voice, says Chancellor Merkel
Germany and Luxembourg will continue their good cooperation in the EU, said Chancellor Merkel during Luxembourg PM Bettel's inaugural visit to Berlin. "We would like to see progress on the Banking Union, and on the issue of closer cooperation within the eurozone", Merkel went on to say.  View Article
Reuters: France must reform to keep its side of EU bargain - Rehn
France must implement economic reforms to keep its side of a bargain with the European Commission which granted Paris more time to cut its budget gap in return, VP Rehn has said.  View Article
Reuters: Fight eurosceptics with more integration - France's Moscovici
Eurozone countries should launch ambitious new projects such as common unemployment insurance to counter a surge in support for eurosceptical parties, French Finance Minister Pierre Moscovici said in an interview.  View Article
CEPS/Pertusot & Rittelmeyer: The European elections in France - The paradox of a more European yet more eurosceptic campaign
The combined effects of the economic crisis and the unpopularity of political leaders could crystallise a 'protest' vote for both national and European leaders, and for the EU as a whole.  View Article
VP Reding: The EU is stronger with the UK; the UK is stronger within the EU
Speaking at the Citizens' Dialogue in London, Reding said: "I truly hope that the UK will remain part of the European Union and its single market. And I would like to see the UK become part of the more strongly integrated group of countries one day."  View Article
Balance of Competences: UK Government publishes second set of reports
The UK Government released the latest reports in its review of the impact of the EU on the UK economy and society. The reports point to over-interference in areas such as environment and transport, but conclude that the EU single market and external trade are on the whole beneficial for the UK.  View Article
CER/Springford & Tilford: Britain's Conservatives must choose between sovereignty and free trade
Writing for E!Sharp, the authors says that by leaving the EU, Britain would either lose access to the market, or lose the power to shape it. Conservatives believe in national sovereignty and free trade, but in this case they cannot have both.  View Article
Dutch nationalist Wilders outlines case for a Dutch 'Nexit' from the EU
Geert Wilders, leader of the far-right Freedom Party (PVV) that is leading in Dutch polls for May's EP elections, presented a study that claims the Netherlands would be better off if it left the EU. He urged voters to support his call for "Nexit".  View Article
Finland's economy is on the mend but pushing ahead with reform is key, says OECD
Finland's economy is gradually picking up, but uncertainty surrounds the recovery. Determined action to implement structural reforms is needed to revive economic growth, restore competitiveness and preserve high standards of living and well-being.  View Article
Swiss vote is "pivotal decision with far-reaching consequences"
In a popular vote in Switzerland, 50.3 per cent of the population voted for the introduction of quotas limiting immigration of EU citizens. This calls into question the EU-Swiss agreement and has been met with regret and dismay in the Member States. (Includes Swiss, EU & Member State reactions)  View Article





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