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17 September 2015

Brexit 'Weekly'


ECB, The Five President's report, EMU, CMU, ECON, IMF, Brussels for Breakfast, State of the Union debate, The City, BIS and more.

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Graham's Articles, Comments & Speeches
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  Articles from 10 September 2015 - 17 September 2015

  Grahams Articles, Comments & Speeches
 
 
113th Brussels for Breakfast
Topics included: President Juncker’s State of the Union speech; Brexit developments; G30 Report on Banking Culture and Conduct; BBA report on the rise of Fin Tech; EIOPA’s consultation on infrastructure as a new asset class and the EMIR review; `29th regime’ for insolvency.  View Article
 
  Political
 
 
European Commission: State of the Union 2015 - Time for Honesty, Unity and Solidarity
In his speech, Commission President Juncker said that "our European Union is not in a good state," and called for a stronger union. Juncker also talked about the refugee crisis, the Greek bailout, the Five President's report and the Ukrainian crisis.  View Article
CEP: The EU Commission Working Programme for 2016
While the Commission Working Programme for next year is very precise on some points, it is also quite vague on others. The CEP presents the programme in detail and assesses the individual measures that fall within its working field.  View Article
European Council: Remarks by Dijsselbloem following the Eurogroup meeting
Eurogroup's President Dijsselbloem briefed the press about the key issues discussed with Commissioner Moscovici: structural reforms, in particular on the tax wedge on labour; the ESM programmes implemented in Greece and Cyprus; and the implementation of BRRD and IGA under the Banking Union.  View Article
Commissioner Moscovici at ECON meeting: "This is the Parliament for the Eurozone"
The European Parliament should play a greater role in Eurozone governance, said Commissioner Pierre Moscovici in a debate with Economic and Monetary Affairs Committee MEPs.  View Article
European Commission: Completing EMU - press remarks by VP Dombrovskis after informal ECOFIN
Commissioner Dombrovskis's speech focused on further deepening of the Economic and Monetary Union, highlighting improved and strengthened macroeconomic and fiscal governance and the Banking Union, with the European Deposit Insurance Scheme at issue.  View Article
EurActiv: The Five Presidents' Report - Now is the time for debate
In its current state, the eurozone is not only vulnerable to economic crises and populist slogans from the left and right. It also lacks democratic legitimation, argues Joachim Poß.  View Article
EurActiv: Berlin and London play hardball in shaping vision for the EMU
The eurozone's rulebook and its anti-crisis mechanisms have been bolstered since the sovereign debt crisis hit Europe. But serious risks still loom large, as growth potential remains low and the bloc's governance framework is “not fit for purpose”, Benoît Cœuré said after an ECON meeting.  View Article
Financial Times: George Osborne makes shielding City priority in EU talks
The UK chancellor’s search for guarantees for “euro-outs” — specifically, his determination to protect the City of London against discrimination by the countries of the single currency — has become his central mission in the renegotiation of Britain’s EU membership.  View Article
Open Europe: The how, what and why of non-Eurozone safeguards
Open Europe has released a new paper spelling out how to achieve a key pillar of the UK’s EU reform push – non-Eurozone safeguards.   View Article
Eurogroup statement on Cyprus
The Eurogroup welcomed the successful conclusion of the seventh ESM programme and agreed to endorse the updated MoU as well as the disbursement of the next tranche of financial assistance to Cyprus of EUR 500 million. The IMF is expected to decide on the disbursement of about EUR 125 million.  View Article
 
  Financial
 
 
ECB: Medium to long-term priorities of CMU for the ECB/Eurosystem
Panel remarks by ECB's Mersch, stating that CMU needs to be pursued through a higher level of ambition to achieve greater capital markets development and deeper financial integration.  View Article
TheCityUK: Key facts about EU financial and related professional services report 2015
The report reinforces the important role UK industry plays across the European Union, in particular how it supports jobs and growth across the EU, provides business investment and finances government.  View Article
ECB: The fiscal impact of financial sector support during the crisis
The fiscal costs of the assistance to financial institutions during the European crisis are comparable to those of other systemic banking crises in the past, as they led to a deterioration in the euro area budget balance and debt by a cumulated 1.8% and 4.8% of GDP respectively.  View Article
Open Markets: Europe's search for capital
The goal of the CMU is to expand capital access for businesses across Europe; attract more financing in the EU and beyond; and help create a more stable financial system overall. Seven months on, has this long-term project gotten off to a good start? Graham Bishop shares his vision.  View Article
IMF: “But we are different!” - 12 common weaknesses in banking laws, and what to do about them
Well-designed banking laws are critical for regulating banks. In spite of what is often argued, the types of weaknesses of banking laws are hardly country-specific; many weaknesses are shared by many banking laws. This working paper discusses those weaknesses and ways to remedy them.  View Article
 
  Economic
 
 
BIS: September 2015 BIS Quarterly Review - vulnerabilities of emerging market economies take centre stage
The September issue of the Bank for International Settlements Quarterly Review highlights the increased focus of investors on vulnerabilities in emerging market economies and the consequences for global markets.  View Article
ECON: Draft report with recommendations to the EC on bringing transparency, coordination and convergence to Corporate Tax policies
The report from the Committee on Economic and Monetary Affairs briefs the Commission about key findings from the Luxleaks scandal, and mentions a number of recommendations on corporate taxation and aggressive tax planning, transparency, coordination and convergence.  View Article
ECB: The low interest rate environment in the euro area
ECB's Praet focused in his remarks on the question: what are the conditions that will allow for rates to rise back to levels that, looking retrospectively, are considered “more normal”?  View Article
ECB: The Bank for the Accounts of Companies Harmonized database
BACH is a free-of-charge database containing the aggregated accounting data of non-financial incorporated enterprises for, so far, 11 European countries. According to the EBA, it is the most reliable source of available data for European companies.  View Article
ECB: Addressing global data availability challenges
In his speech, ECB's Cœuré argues that the closing of global data availability gaps is essential for the ECB’s conduct of monetary policy and the effective implementation of the ECB’s micro-prudential, macro-prudential and financial market oversight functions.  View Article
ECB's Constâncio: Interview with Thomson Reuters
The key points of the interview where the QE programme, inflation, growth in the euro area, the global economy and China, divergence in the euro area, the euro and Greece.  View Article
ECB: Interview with EBRA newspaper group
Highlights of the interview to ECB's Benoît Cœuré were the growth in the euro area, austerity measures, Greece, inflation, risky finance, and a more integrated euro area.  View Article
Financial Times: Banking on German growth
Germany is expected to grow by close to 2 per cent this year. Banks keen to fund that growth are coming from elsewhere in Europe. BNP Paribas, Société Générale, Santander and HSBC have all set their sights on expansion in Germany.  View Article
Financial Times: Eurozone races to restructure Greek banks as bail-in looms
Eurozone officials are racing to restructure Greece’s banking system before new rules kick in that could wipe out corporate deposits with potentially disastrous effects for the Greek economy.  View Article
 

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