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21 May 2020

Standard Weekly Newsletter


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The Franco/German recovery "bazooka" may also herald major politcal change to re-enforce the "level playing field" - rather than allow Brexit to distort it. The headline was the €500 billion package but reading the full statement reveals that the scale of political change may be just as great – the Conference on the Future of Europe next year may even lead to re-opening “the Treaty”. In the past, that has always been an opening of Pandora’s Box! Such a re-opening could be used to re-affirm the primacy of the ECJ and thus neutralise the German Constitutional Court’s manoeuvres to challenge the ECJ’s primacy.




(This e-mail provides the headers of a selection of the articles published this week. If you would like to upgrade to our Gold service and  access all articles - with liive links to the underlying news - please click on the button) 

Articles15 May 2020 - 21 May 2020  c

General Financial Policy

Chancellor Merkel and President Macron:Overcoming the crisis united and emerging from it stronger : Federal Chancellor Angela Merkel and French President Emmanuel Macron have presented a joint Franco-German initiative on Europe’s economic recovery after the coronavirus crisis. “We need to take action at the European level so that we emerge sound and stronger from this crisis,” the Chancellor said.
POLITICO: Franco-German recovery deal meets resistance : EU’s frugal faction fights back but some signs point to compromise.
Bruegel: Rebooting Europe: a framework for a post COVID-19 economic recovery : As the recession deepens, a comprehensive strategy is needed - be based on four principles: viability of supported entities, fairness, achieving societal goals, and giving society a share in future profits. The effort should be structured around equity and recovery funds with borrowing at EU level.

Banking Union

EBA publishes Report on interlinkages between recovery and resolution planning : European Banking Authority (EBA) published a Report, which assesses interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD), with the aim of enhancing synergies between the two phases and ensuring consistency in their potential implementation.
SRB publishes MREL Policy under the Banking Package : The Single Resolution Board (SRB) publishes its final ‘Minimum Requirements for Own Funds and Eligible Liabilities (MREL) Policy under the Banking Package’, along with an overview of the SRB responses to the industry consultation. The consultation took place between 17 February and 6 March 2020.
POLITICO: Dirty money needs better policing in 11 EU countries, Brussels says : Denmark, Estonia and nine other EU countries still need to strengthen safeguards against money laundering despite recent scandals, the European Commission said today.

Financial Market Structure

EFAMA's Key Messages to the EU Commission's consultation on the review of MiFID II / MiFIR : EFAMA has always been supportive of the overarching objectives of the MiFID II/MiFIR framework. For the most part, the framework is working as intended with provisions being appropriately calibrated. 
ICMA responds to European Commission MiFID II/R review consultation paper : ICMA has responded to the European Commissions MiFID II/R review consultation paper. Primary markets can be found on the following pages: Investor protection aspects, including product governance and inducements p. 36-56 Secondary bond markets and fintech can be found on the following 
BETTER FINANCE response to the European Commission Public consultation on the review of the MiFID II/MiFIR regulatory framework : The review is timely and should be coordinated with the other ongoing actions and policy areas, i.e. PRIIPs and the work done in the Forum The Commission should also adopt a coordinated approach concerning the insurance market, in particular insurance-based investment products.
European Commission consultation on MiFID 2 Refit: EBF Key recommendations : The EBF welcomes the European Commission consultation on MiFID Refit. The EBF believes it is appropriate to take targeted amendments of the investor protection and market structure rules, in particular in the context of the Covid- 19 recovery where financial markets should work in an efficient way.

Environmental, Social, Governance (ESG)

SSM: Public consultation on the draft ECB Guide on climate-related and environmental risks : This consultation gives interested parties the opportunity to comment on the ECB Guide on climate-related and environmental risks.
CDSB: 78% of Europe’s largest companies falling short of adequately reporting environmental and climate-related risks despite EU guidelines : Current corporate reporting practices could fall short on delivering on the objectives of the European Green Deal and the 2050 climate neutrality target.
Sustainable Stock Exchanges (SSE) Initiative: ESG metrics: Nasdaq ESG Footprint and S&P Global ESG Scores: When SSE started its campaign for ESG disclosure in September 2015 only 14 stock exchanges had guidance on reporting environmental, social and governance (ESG) information for their market. Now expanded to 54 exchanges.

Friends' Standard Services

 CSFI video of the 162nd Brussels 4 Breakfast


Notes on 162nd Brussels 4 Breakfast: the Merkel/Macron package; German Constitutional Court; Brexit, and CRR quick fix : The Franco/German recovery "bazooka" may also herald major politcal change to re-enforce the "level playing field" - rather than allow Brexit to distort it. View Article

Economic Policies Impacting EU Finance

European Semester Spring Package: Recommendations for a coordinated response to the coronavirus pandemic : The Commission has proposed today country-specific recommendations (CSRs) providing economic policy guidance to all EU Member States in the context of the coronavirus pandemic, focused on the most urgent challenges brought about by the pandemic and on relaunching sustainable growth.
European Commission abandons fiscal rulebook for health, climate policies : EU countries urged to protect jobs, invest in green and digital business.


Remarks by Michel Barnier following Round 3 of negotiations for a new partnership between the European Union and the United Kingdom : We were also, at last, able to initiate the beginnings of a dialogue on fisheries, even if our positions remain very far apart. That said, with the exception of some modest overtures, we failed to make any progress on any of the other more difficult topics.
UK negotiator Frost: : I regret that we have made very little progress towards agreement on the most significant outstanding issues between us.
HM Government: Our approach to the Future Relationship with the EU : Texts of Frost letter to Barnier, 36 page HMG statement and 292 page UK draft Trade Agreement
BBC: Michel Barnier: 'Dynamism needed to avoid UK-EU talks stalemate : A "new dynamism" is needed in the next round of post-Brexit UK-EU trade talks if they are to avoid a "stalemate", EU chief negotiator Michael Barnier says.
The UK’s approach to the Northern Ireland Protocol : This command paper sets out the UK’s approach to the Northern Ireland Protocol.with links to Press commentary
FT: EU expected to balk at proposals for ‘absolute minimum’ checks on trade across Irish Sea : EU expected to balk at proposals for ‘absolute minimum’ checks on trade across Irish Sea
Federal Trust's Blick: Weaponising the Exit Agreement: the ongoing Irish dimension of Brexit : Prior to the referendum of 23 June 2016, little attention was given at UK level to its possible implications for Northern Ireland. But in the wake of the ‘leave’ result of 23 June 2016, many issues that – though knowable in advance – were neglected, now became impossible to ignore.

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