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03 December 2015

Brexit 'Weekly'


CMU, Prospectus, Deposit-Insurance Rules, IFRS 9, Brexit, Greece, SRF, ECB, Annual Growth Survey 2016, TAXE, APP and more.

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  Articles from 26 November 2015 - 03 December 2015

  Grahams Articles, Comments & Speeches
 
 
Deepening EMU – Round-up of Key Events – November 2015
David Cameron kicked off the In/Out campaign over the UK’s EU membership with a letter sent to Donald Tusk. Bank resolution and SMEs financing were very topical in the EU, as well as MiFID II’s timing issue. Commissioner Hill presented his plans for a European Deposit Insurance Scheme.   View Article
 
  Friends Services
 
 
Deepening EMU – Round-up of Key Events – November 2015
David Cameron kicked off the In/Out campaign over the UK’s EU membership with a letter sent to Donald Tusk. Bank resolution and SMEs financing were very topical in the EU, as well as MiFID II’s timing issue. Commissioner Hill presented his plans for a European Deposit Insurance Scheme.   View Article
 
  Political
 
 
Labour Party: Leaving the EU would put Britain’s economic security under risk
The Labour Party launched its campaign to keep Britain in the EU saying that EU membership is vital for the security and sustainability of UK's society, economy and environment. Labour 'In' campaign focuses on worker's rights.  View Article
CER: Britain, immigration and Brexit
If the UK quits the EU, it will be because British politicians have pandered to anti-immigrant sentiment rather than addressing the supply-side failures that drive it.  View Article
Financial Times: Brexit would make UK a ‘supplicant’, says Lord Hill
Europe’s financial services policy chief has made a spirited argument against “Brexit”, insisting that Britain and the City of London would be reduced to the role of “supplicant” if the country left the EU.  View Article
City AM: Disunited kingdom - How far apart are we on the EU?
In a paper published as part of NatCen's Institute Economic and Social Research Council-funded project, ‘What UK Thinks:EU’, authors assess the evidence to date on the gap between England and the rest of the UK.  View Article
British Influence: The EU or the Commonwealth? Britain can have both
Britain’s best service to the Commonwealth is to stay and shape a European Union which needs Britain more than ever.  View Article
Open Europe: Denmark’s upcoming EU referendum: Would a ‘No’ vote be a shot across the bow for those resisting UK demands?
Denmark will this week hold a referendum on whether to replace its full opt-out from EU justice and home affairs cooperation with a UK-style 'opt-in' model. Open Europe's Pieter Cleppe looks at the key issues at stake and what the referendum means for David Cameron's EU renegotiation.  View Article
POLITICO: British EU reform deal unlikely to meet December deadline
Prime Minister David Cameron and his European Union counterparts are still a long way from agreeing a deal to renegotiate Britain’s membership, according to Jonathan Faull, the EU administrator leading the discussions.  View Article
CER: Millstone or multiplier? EU foreign policy
EU foreign policy co-operation gives the UK a chance to persuade 27 other countries to support British aims – but Britain’s success depends on the UK showing more interest.  View Article
Interest in EU policies grew, says Eurobarometer poll
More people are generally interested in EU policies (54%, up by 11 points since 2013) and more Europeans feel their countries have benefited from EU membership (60%, up 6% since June 2013), according to the latest Eurobarometer poll, commissioned by the European Parliament.  View Article
SPIEGEL: EU Parliament President Schulz: 'The situation in Europe is extremely concerning'
EP President Martin Schulz says he is more concerned about the state of the European Union than he has ever been. Solidarity, he believes, is eroding and nation-state parochialism is on the rise.  View Article
Reuters: Greece aims for debt relief deal in February 2016 after reforms done
Greece wants a deal on debt relief with its euro zone creditors in February to remove financial uncertainty and spur economic recovery, its finance minister said, but eurozone officials said that timetable was very ambitious and likely to slip.  View Article
 
  Financial
 
 
European Council: Single resolution fund on schedule for 1 January 2016
A sufficient number of member states has ratified an intergovernmental agreement (IGA) on the transfer and mutualisation of contributions to a Single resolution fund. The enter into force of the SRF signals completion of the second pillar of Europe's banking union.  View Article
The Commission proposes to overhaul prospectus rules to improve access to finance for companies and simplify information for investors
The proposed Regulation is a key action of the CMU Action Plan. SMEs in particular will find it easier to raise funding when issuing shares or debt. Companies already listed on public markets will also benefit when they want to list additional shares or issue corporate bonds.  View Article
Bloomberg: EU Tells 14 Countries to Put Deposit-Insurance Rules in Place
The European Union is pursuing infringement proceedings against 14 member countries that haven’t changed their national laws to comply with the bloc’s new rules for deposit guarantee systems.  View Article
 
  Economic
 
 
European Parliament: Annual Growth Survey 2016 - Strengthening recovery and convergence
With its Annual Growth Survey the Commission kicks-off the 2016 European Semester. It sets out the economic and social policy priorities and recommends re-launching investment, pursue structural reforms and implement responsible fiscal policies to strengthen recovery and foster convergence.  View Article
ECB: Report on the results of the Survey on the Access to Finance of Enterprises in the euro area
The report provides evidence on changes in the financial situation, financing needs and access to financing of SMEs in the euro area in the six months from April to September 2015, as well as comparing the situation of SMEs with that of large enterprises.  View Article
EurActiv: TAXE committee to fight tax evasion for another six months
The European Parliament adopted the TAXE committee's report on the tax practices of big businesses in Europe. But Europe's work on tax evasion is only just beginning.  View Article
Economic affairs MEPs ask EU Commission to table corporate tax measures
The EU Commission is asked to table measures to improve corporate tax transparency, coordination and EU-wide policy convergence in legislative recommendations voted by the Economic and Monetary Affairs Committee.  View Article
FEE: TAXE Committee drives the tax debate forward
FEE welcomes the report on tax rulings and other measures similar in nature or effect adopted by the European Parliament. The report addresses key political challenges in the field of tax. It promotes a coordinated, cooperative and transparent approach with common definitions to taxation in the EU.  View Article
European Parliament: Ending EU citizens' bank secrecy in Liechtenstein
An EU deal with Liechtenstein, which will make it harder for EU citizens to hide cash from the tax man in bank accounts there, was endorsed by Parliament.  View Article
ECB and the People’s Bank of China successfully test bilateral currency swap arrangement
The tests serve to confirm operational readiness and are not a precursor to activation of a swap. From a Eurosystem perspective, the arrangement serves as a backstop facility to address sudden and temporary disruptions in the renminbi market due to liquidity shortages in euro area banks.   View Article
Reuters: Adding municipal debt could extend ECB bond-buying until late 2018
Adding the debt of cities and regions to the ECB's stimulus programme would allow it to extend quantitative easing well into the second half of 2018, two years beyond its proposed end date, according to private estimates.  View Article
Bloomberg: QE may give market twitches in 2016 as euro-area bond sales ebb
Shrinking bond sales by euro-region governments are poised to magnify the market impact of the European Central Bank’s stimulus plan next year, whatever its policy decision on its upcoming meeting.  View Article
Bank of England and HM Treasury announce extension to the Funding for Lending Scheme
This extension will provide participants with additional flexibility to draw unused drawing allowances, with funding remaining available to support further improvements in credit conditions for SMEs. The extension will also ensure that the scheme is gradually phased out over time.  View Article
City A.M.: Mario Draghi to boost Eurozone asset purchases
The Eurozone is geared up to receive a policy boost this week, with the majority of analysts expecting the ECB to ramp up its €1.1 trillion asset purchase programme.  View Article
EurActiv: Italy, France and Belgium warned over high debt, low growth
Italy, France and Belgium are vulnerable to economic shocks because of their large public debts and low potential growth, the European Commission warned.  View Article
 

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