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03 April 2014

Integrating Europe




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Graham Bishop

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Articles from 27 March 2014 - 03 April 2014

Graham Bishop

Graham Bishop's presentation to ECON Committee of European Parliament: Eurobills
Graham Bishop presented his ideas on a Eurobill variant that is based on a pro rata guarantee and thus would be politically and legally feasible: a Temporary Eurobill Fund (TEF).  View Article
Graham Bishop's Blog: ECON Hearing on "Final Report of Expert Group on Debt Redemption Fund and Eurobills"
Judging by the questioning from MEPs, this ECON feels quite proprietorial about the Group’s work as it was only set up at their insistence. Parliament could push the Commission for a policy follow-up later this year - a Temporary Eurobill Fund (TEF) seems a step closer now.  View Article
Graham Bishop's Blog: Final Report of European Commission “Expert Group on Debt Redemption Fund and Eurobills”
The Expert Group was set up last June with a specific mandate to analyse the possibilities, rather than come forward with a recommendation. Graham Bishop was honoured to be part of this Group.  View Article
Financial World: SRM - Deal cobbled together (Graham Bishop article)
Graham Bishop examines why the deal on the single resolution mechanism, which took 16 hours of overnight talks, makes ultimate sense for the European Union.  View Article

Political

CER/Grant: Who will run Europe?
After May's European elections, EU leaders must decide on the Union's top jobs for the next five years. Their choice matters hugely, says Grant.  View Article

Financial

MNI: Eurobills issuance would require Treaty change, experts say
Eurobill issuance would inherently require a Treaty change due to rules on budgetary sovereignty, the Commission's expert group concluded in its report. However, expert group member Graham Bishop said there was a way to issue eurobills and test their effectiveness through a temporary arrangement reached through an IGA.  View Article
Expert Group publishes final report on debt redemption fund and eurobills
The final report concludes that both a debt redemption fund/pact and eurobills would have merits in stabilising government debt markets, supporting monetary policy transmission and promoting financial stability and integration, although in different ways and with different long-term implications.  View Article
SRM: Council confirms deal with EP
The Perm Reps Committee approved, on behalf of the Council, a compromise agreed with the EP on a regulation establishing a single resolution mechanism for failing banks. This enables the Parliament to approve the text at first reading before it adjourns for elections in May.  View Article
High-level Group at work on future financing of the EU
The high level group on own resources holds its first meeting in Brussels today under the chairmanship of Mario Monti, former Italian Prime Minister and European Commissioner.  View Article
Barnier: Turning a corner in financial services
In his closing remarks at the EUROFI High Level Seminar, Michel Barnier commended the progress made in financial regulation both in Europe and on a global level and defended the Commission's proposal to revive a sustainable securitisation markets to ensure long-term financing.  View Article
Bundesbank/Dombret: Regulatory reform - unresolved issues and the need for international cooperation
Regulatory reform has to continue, argued Andreas Dombret, highlighting outstanding issues such as "too-big-to-fail" banks, shadow banking, OTC derivatives and accounting standards. He stressed the need for international cooperation.  View Article
Robert Schuman Foundation/Maystadt: Investment in and the financing of the European economy
As the European Commission adopted a communication on the long term financing of the European economy on 27 March 2014, Philippe Maystadt, former President of the EIB, argues for the Robert Schuman Foundation that the European Union is facing an investment crisis.  View Article
FSB Plenary meets in London
At its meeting in London, the Financial Stability Board (FSB) discussed vulnerabilities affecting the global financial system and reviewed work plans for completing core financial reforms.   View Article
IMF: Global Financial Stability Report
Western banking regulations could be 'mutually destructive' claims the international Monetary Fund's report, says policymakers have failed to stabilise the sector and protect taxpayers from banks "too big to fail".  View Article

Economic

Rehn: Eurozone to grow in-line with recovery
VP Olli Rehn spoke at the Eurogroup press conference, saying the recovery still needed to be strengthened. He pointed out that the Greek economy is stabilising and a return to growth and a gradual recovery in employment expected to start this year.  View Article
FT: Schäuble revives push for eurozone integration
Germany is pushing for changes to EU treaties "as soon as possible" after the May European elections, in an overhaul to fuse eurozone economic governance behind a budget chief and euro area parliament.  View Article

Member State events

Eurogroup/IMF: Cyprus on track with implementation of economic adjustment programme
Eurogroup President Dijsselbloem said he was confident that Cyprus would overcome the crisis. The Support Group for Cyprus published its first report on technical assistance. The IMF published its third report under the Extended Arrangement. ESM approved disbursement of €150 million.  View Article
Eurogroup: Greece funded for next 12 months, hopes to return to markets
Greece, fully funded for the next 12 months, hopes to finance itself on the market afterwards, but eurozone Finance Ministers say success depends on whether Athens delivers on the reforms it has promised so far.  View Article
Portugal's programme remains well on track
Eurozone Finance Ministers will discuss the best way for Portugal to return fully to market financing at their meeting on 5 May as Portugal's programme remains on track and its budget deficit fell to 4.9 per cent of GDP last year, well below the 5.5 target set by bailout creditors.  View Article
French president names new PM; clashes with Brussels on austerity policies
Centrist Interior Minister Manuel Valls has been named as Hollande's new PM, replacing Jean-Marc Ayrault who resigned after the ruling Socialists were badly bruised in local elections. Hollande subsequently requested a delay in meeting targets for the budget deficit, to allow room for his new growth plan.  View Article
George Osborne & Wolfgang Schäuble: Protect Britain's interests in a two-speed Europe
In an op-ed for the FT, the British chancellor and the German finance minister say it is important that countries outside the euro area are not at a systematic disadvantage in the EU. This has been seen as a boost to David Cameron's effort to renegotiate Britain's relationship with Europe.  View Article
GOV.UK: CfE for the balance of competences report on economic and monetary policy
HMT launched a call for evidence asking for views on the balance of competences between the EU and the UK on economic and monetary policy. The CfE will be open for submissions until 4 July, 2014.  View Article
Political outsider Andrej Kiska is the new Slovak president
The independent candidate Andrej Kiska has won the second round of Slovakia's presidential elections. Daniel Kral (LSE) analyses why the outgoing Fico was defeated and that Kiska will find it difficult to exert real power given his lack of support in parliament. (Includes comment by Van Rompuy.)  View Article





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