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05 June 2014

Integrating Europe




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Graham Bishop

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Articles from 29 May 2014 - 05 June 2014

Graham Bishop

Financial World: A change is gonna come (Graham Bishop article)
In this article, Graham Bishop looks at the likely impact of newly agreed EU legislation.  View Article
EIM Political - May 2014
Within weeks, the eurosceptics may be marginalised in the European Parliament, but the next round is "Commission President" and there will only be one player who is seeing all the cards: Herman Van Rompuy.  View Article
EIM Economic - May 2014
The spring economic forecast showed a continuing slow recovery and the Commission published it long-awaited impact assessment on the massive wave of financial sector reform.  View Article
EIM Financial - May 2014
The formal enactment of Banking Union measures marked the end of the Level 1 legislative phase – for the moment. But 1000 pages of MiFID consultation underlined the magnitude of the detail now to come.  View Article
EIM Member States - May 2014
Portugal opts for a clean programme exit, and the first post-programme surveillance mission to Ireland concluded that a gradual recovery can be expected in 2014. ‘Brexit’ talk dominated in the UK.   View Article

Political

Merkel confirms support for Jean-Claude Juncker as Commission President
German Chancellor Angela Merkel reiterated her support for Jean-Claude Juncker as the next president of the European Commission but acknowledged the decision could prove controversial, in the wake of reports of UK opposition to Mr Juncker's candidacy.  View Article
Paul N Goldschmidt: European Fantasies!
Most of those who took the trouble to vote in the EP elections believed that their vote would be a determining factor in the appointment of the next Commission President. The some 56 per cent of electors who abstained had already lost any such illusions.  View Article
Policy Network: State of the Left
Despite the fact that EU contests suffer from low turn-out and second order syndrome, the opportunity to cast a ‘protest’ vote offers some interesting insights on societal trends – and the implications they have for electoral coalition-building.  View Article

Financial

BoE/Cunliffe/Dombret: A missing tool against ‘too big to fail’
Bank of England Deputy Jon Cunliffe and Dr Andreas Dombret, Board Member of the Deutsche Bundesbank, argue that even with effective bank-separation laws failure of systemically important cross-border banks cannot be ruled out. This is why a minimum GLAC standard is needed.  View Article
ECB/Constâncio: Accounting and financial reporting by central banks
Vítor Constâncio, Vice-President of the ECB, spoke on developments in international accounting standards; interaction between financial reporting and financial regulation; central bank balance sheets in stormy times; and central bank financial reporting and governance issues.  View Article
Reuters: Protecting European bank test data from lucrative leaks
It would be an insider trader's dream to know ahead of time which of Europe's banks will fail or need more capital, and all that data will be stored somewhere in cyberspace as the European Central Bank assesses the eurozone's top banks.  View Article
FN: Listed derivatives trading back on the rise
Global derivatives volumes traded on exchanges grew by over 7 per cent in 2013 with greater activity in futures and options based on commodities and interest rates helping to reverse the previous year’s declines.  View Article
Financial News: High-speed traders face slowing effects of regulatory hurdles
The European Commission’s working document “European Financial Stability and Integration Report 2013” proposes changes that would mean a major shake-up for high-frequency trading (HFT) in Europe, if implemented.  View Article
EBF: European banks support reform process and recognise need for change
The EBF strongly disagrees with the view expressed by Mrs Christine Lagarde that banks are pushing back on reform. On the contrary, European banks fully recognise the need for change and continue to participate in reform processes because these are critical to the success of Europe’s economy.  View Article
Moody's: EU sovereign creditworthiness supported by new bank framework
The creditworthiness of European Union (EU) sovereigns may, over the longer term, benefit from the Bank Recovery and Resolution Directive (BRRD)/Single Resolution Mechanism (SRM) package, and, more broadly, the steps taken by the EU towards a Banking Union, according to Moody Investors Service.  View Article
ESMA censures Standard & Poor's for internal control failings
ESMA issued a public notice censuring Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited for breaches of the CRA Regulation when falsely reporting on France's downgrade in 2011.  View Article

Economic

ECB publishes Convergence Report 2014
The ECB has published its Convergence Report 2014 which assesses the progress made by eight Member States in fulfilling their obligations regarding the achievement of Economic and Monetary Union (EMU), finding that Lithuania is ready to adopt the euro on 1 January 2015.  View Article
Country-specific recommendations 2014
The European Commission has adopted a series of economic policy recommendations to strengthen the recovery that began a year ago. The recommendations are based on detailed analyses of each country's situation and provide guidance on how to boost growth, increase competitiveness and create jobs.  View Article
FT: EU elections pose new threat to TTIP
EU and US officials are increasingly concerned about the impact on transatlantic trade talks of a surge in support for anti-establishment parties in European elections, raising the prospect of delays as they adapt to a new political reality.  View Article

Member State events

Schäuble: Third Greek bailout likely to be less than €10 billion
German Finance Minister Wolfgang Schäuble reckons a third bailout for Greece would be less than €10 billion, significantly smaller than each of the previous aid packages. Greece’s Finance Ministry, however, has insisted that the country is fully funded until the summer of 2015.  View Article
IMF approves €3.41 billion disbursement to Greece
The Executive Board of the IMF completed the fifth review of Greece’s performance under an economic programme supported by an Extended Fund Facility (EFF) arrangement. The completion of this review enables the disbursement of €3.41 billion.   View Article
BIS/Linde: The European and Spanish economic situation
Luis M Linde, Governor of the Bank of Spain, spoke on the possibility for a gradual and sustainable recovery in Spain - the outcome of the progress made in correcting the imbalances that had built up and of the structural reforms undertaken.   View Article
IMF/Spain: Article IV consultation mission concluding statement
The IMF found that Spain has turned the corner. The recovery started in the second half of 2013 and gained strength in the first quarter of this year, with the economy growing at the fastest pace since 2008.   View Article
Wolfgang Münchau: Renzi needs to muster euro allies for Italian rescue (FT column)
The most important election result last week was not the triumph of anti-EU parties. It was the astonishingly robust victory of Matteo Renzi in Italy.   View Article





© Graham Bishop


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