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07 January 2016

Brexit 'Weekly'

Commission Green Paper on Consumer Financial Services, Brexit, SRM, EUCO conclusions and more.

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  Articles from 17 December 2015 - 07 January 2016

  Grahams Articles, Comments & Speeches
Commission Green Paper on Consumer Financial Services: This Time, `Fintech’ may make it happen!
The political imperative to answer the question “What has Europe done for me today?” has risen sharply – matching the rise of eurosceptic political parties around the EU. A component of the answer must include a demonstration that the single market delivers cheaper financial services.  View Article
The Importance of being `Equivalent’
The lessons learnt in the heat of the crisis are now hard-coded into the genetic structure of global financial regulations and cannot just be ignored if they happen to be an inconvenient truth. They may be particularly inconvenient for British advocates of leaving the EU.   View Article
Deepening EMU – Round-up of Key Events – December 2015
David Cameron took his proposals for EU reform to the ongoing European Council meeting, although he is not likely to reach an agreement until 2016. The launching of the Commission’s Green Paper on Consumer Finance was also a major event, along with the CRR and CRD IV impact in the economy.  View Article
  Friends Services
Deepening EMU – Round-up of Key Events – December 2015
David Cameron took his proposals for EU reform to the ongoing European Council meeting, although he is not likely to reach an agreement until 2016. The launching of the Commission’s Green Paper on Consumer Finance was also a major event, along with the CRR and CRD IV impact in the economy.  View Article
European Council conclusions after 17-18 December Summit
EU leaders focused on migration topics, the fight against terrorism, the Five presidents' report on the Economic and Monetary Union, the completion of the single market, and the UK plans for the referendum. They also adopted conclusions on Syria.  View Article
Financial Times: Membership of reformed EU seen as vital to economic security
David Cameron’s claim that British membership of a reformed EU is vital to Britain’s economic security was backed by an overwhelming majority of economists in an annual Financial Times survey.  View Article
BBC: UK business support for EU membership falls
Support among CFOs for UK membership of the EU has narrowed from 74% six months ago to 62%, though a majority still favour UK membership. According to a new Deloitte poll, risk appetite has shrunk and business confidence has fallen back to the 2012 level.  View Article
The Telegraph: Brexit risk is nearly 50%, warns Societe Generale
Investment bank says there is a 'high risk' of UK voting to leave the EU in 2016 as markets have ignored looming referendum.  View Article
Bloomberg: ‘Brexit’ and ‘Brexit’: The Biggest Risks to U.K. Economy in 2016
Forty-three percent of economists surveyed by Bloomberg News said a British departure from the European Union is the biggest threat, while 13 percent chose the buildup to the referendum on membership of the bloc.  View Article
The Telegraph/William Hague: Why I will be voting to stay in Europe
The EU has its failings but it also provides stability for fledgling democracies and keeps our kingdom united - we would be foolish to leave, says former Foreign Secretary William Hague.  View Article
City AM: The City must speak out to avoid a Brexit
While the industry is in general supportive of the UK remaining a member of the EU, direct expressions of support have been thin on the ground.  View Article
OMFIF: Distorted view of EU history
As long as the UK persecution complex persists, UK voters seem unlikely to regard whatever renegotiation deal the UK government secures as sufficient to assure a Yes decision in the forthcoming EU referendum.  View Article
The Guardian/Verhofstadt: Putin will be rubbing his hands at the prospect of Brexit
British people should reflect on the fact that the only leader who would stand to gain from a British withdrawal from the European Union is Russian President Vladimir Putin.  View Article
Reuters: Poland wants Britain's help over NATO troops in Brexit talks
Poland could be open to compromise over British demands to limit the rights of European Union migrants if London helps it bolster the NATO presence in central Europe, Foreign Minister Witold Waszczykowski told Reuters.  View Article
The Guardian/Ulrich Speck: We’ll miss you if Britain leaves the EU – and you’ll be diminished, too
Brexit would not only be bad for Britain, it would be bad for Europe. Europe needs the liberal, global outlook that is so deeply ingrained in the British political culture.   View Article
SPIEGEL: Brexit Danger - The EU Strategy to Keep Britain from Leaving
This summer, Britain will vote on whether to remain in the European Union. The skeptic camp appears to be gaining ground - and EU leaders are growing concerned. They have developed a plan to give in to most of Cameron's EU reform demands.  View Article
BBC: UK Government ministers will be able to campaign for either side on EU referendum
David Cameron is to allow ministers to campaign for either side in the referendum once a deal is reached on the UK's relationship with the EU.  View Article
City AM: Leaving the EU is the only way Britain can regain control of its economic destiny
The author argues that a Brexit is the only way to regain UK's economic control, and burst a hole in the centralising 'dam' the EU represents.  View Article
OMFIF: Managing a European multicurrency bloc
The IMF role on the link between the sterling and the euro suggested by Paul Goldschmidt could help tilt the UK referendum balance.  View Article
Britain & Europe: David Cameron Needs a Vision for the Future of Europe
As Cameron concentrates on the UK’s position within the EU, is he missing the opportunity to secure allies by ignoring how EU reform could benefit all member states in the future?  View Article
Open Europe: Re-run elections loom in Spain as little progress is made in forming new government
Talks over the formation of the new Spanish government have been going on throughout the Christmas period, but no clear progress has been made. As a result, re-run elections are looking increasingly likely almost by the day.   View Article
European Commission: Single Resolution Mechanism comes into effect for the Banking Union
The SRM became fully operational on 1 January 2016. The SRM implements the EU-wide Bank Recovery and Resolution Directive in the euro area. The full resolution powers of the Single Resolution Board (SRB) also apply as of 1 January 2016 (IP/14/2784).  View Article
CEPS: Will the Single Resolution Fund be a ‘baby tiger’ during the transition?
Authors find that, even during its early years, the SRF should be sufficient to deal with almost any crisis scenario imaginable.   View Article
EBA delivers guidance for business reorganisation plans under the BRRD
The EBA published its final draft Regulatory Technical Standards (RTS) on the content of business reorganisation plans and progress reports, as well as guidelines defining how to assess plans.  View Article
Bruegel: Getting eurozone deposit insurance right promises benefits
EU-wide security of savings must be considered in order to take banking union seriously. Banks' holdings of government bonds must be limited.  View Article
Agreement on Commission's EU data protection reform will boost Digital Single Market
The European Commission put forward its EU Data Protection Reform in January 2012 to make Europe fit for the digital age. An agreement was found with the European Parliament and the Council, following final negotiations between the three institutions (so-called 'trilogue' meetings).  View Article
Fondation Robert Schuman: The impact of China's economic situation on Europe
China's image has changed and every forecast now inevitably points towards a long-term slowdown of the Chinese economy. So the question arises: With what impact and consequences for Europe?  View Article
Bruegel: Non-performing loans in Italy and selected European countries
Vulnerabilities in the Italian banking system are causing fears of a banking crisis to surface.  View Article
ECB's Mersch: Interview with International Bankers Forum
The highlights of the interview to ECB's Yves Mersch were negative interest rates, the QE programme, and the performance and strategies of banks and insurance companies in the EU.  View Article

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