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25 June 2015

Friends 'Weekly' Newsletter


Euro Summit, Eurogroup, Five Presidents' Report ON EMU, EPC on PSD2, TARGET2-Securities launched, EIOPA, Greece, Grexit, Brexit, CMU, pension funds, CSRs, Juncker Plan and more.

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  Articles from 18 June 2015 - 25 June 2015

  Banking
 
 
Restructuring risky banks: Council agrees its negotiating stance
The European Council’s proposal is aimed at strengthening financial stability by protecting the deposit-taking business of the largest and most complex EU banks from potentially risky trading activities. It would apply only to banks too-big-to-fail.
EPC on PSD2: Almost final – a state of play
The European Payments Council’s opinion focuses on two key aspects of the agreed PSD2 proposal, namely the unconditional refund right for direct debits and the authentication of the bank customer, and provides an update on the state of play of the legislative process.
 
  Securities
 
 
European Council conclusions on a CMU
The Economic and Financial Committee issued 24 conclusions on a Capital Markets Union.
ECB: TARGET2-Securities successfully launched
T2S is an important step towards greater integration of European capital markets. It will be fully deployed across 21 European countries by February 2017, covering almost 100% of securities transactions in euros.
 
  Insurance
 
 
EIOPA: Joint Committee launches discussion on PRIIPs key information documents
The Joint Committee of the European Supervisory Authorities has published a Technical Discussion Paper on risk, performance scenarios and cost disclosures for Key Information Documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs).
 
  Asset Management
 
 
PensionsEurope calls on EU to take pension funds into account when building a Capital Markets Union
PensionsEurope said that the CMU’s ability to assist long-term investment hinges on whether policy-makers take the characteristics of European pension funds into consideration.
 
  Corporate Governance/Accounting
 
 
European Commissioner Hill: Contribution of the audit to the CMU
Reliable financial reporting and auditing, effective supervision and consistent application of the new rules can help the efforts to deepen the single market in capital.
 
  Political
 
 
EU Centre in Singapore / Oerstroem Moeller: Brexit – lessons from four referenda on the EU in Denmark
The result of a referendum may and often will be decided by policy decisions shaping the electorate's perception long before the voting takes place and that time, effort and political capital needs to be invested for a positive outcome during the campaign.
European Council: Press remarks by Eurogroup President following the Eurogroup meeting on 18 June 2015
Highlights were: Greece, Cyprus and Portugal, and euro area economy.
 
  Financial
 
 
OECD: Low interest rates threaten solvency of pension funds and insurers
The current low interest rate environment poses a significant risk for the long-term financial viability of pension funds and insurance companies as they seek to generate sufficient returns to meet promises, according to a new OECD report.
 
  Economic
 
 
European Commision: Five Presidents' Report sets out plan for strengthening Europe's EMU
The five Presidents have revealed ambitious plans on how to deepen the Economic and Monetary Union as of 1 July 2015 and how to complete it by latest 2025, with measures such as introducing a European Deposit Insurance Scheme or creating a future euro area treasury.
 
  Budgetary
 
 
Spurring economic recovery - EP approves Juncker Plan rules
The €315-billion “Juncker” investment plan was backed by the European Parliament. Parliament modified its financing structure, won a say in selecting its leadership and ensured more democratic oversight in negotiations with the Council.
European Council approves country-specific recommendations on economic and fiscal policies
The 2015 CSRs are addressed to 26 of the EU's 28 member states.
 

  Graham's tweets

#ESM #Regling: #EFSF disbursed €131bn to #Greece, owns about 40% of Greek debt & is #Greece's largest creditor

— ESM (@ESM_Press) June 18, 2015

I have decided to convene a Euro Summit Monday. Time to discuss the situation of Greece at highest political level http://t.co/dF16o6knNg

— Donald Tusk (@eucopresident) June 18, 2015

  Tag Cloud
brexit cmu cyprus ecb econ emu european council greece pension funds shadow banking smes target2-securities


© Graham Bishop

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