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28 April 2016

Brexit 'Weekly'

OECD study, Barack Obama, HM Treasury’s Brexit analysis, ECB, CMU, financial re-integration, ECOFIN, banking regulation, monetary policy decisions, CSPP, national insolvency frameworks and more.

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Graham's Articles, Comments & Speeches



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  Articles from 21 April 2016 - 28 April 2016

  Grahams Articles, Comments & Speeches
£350m p.w. Falsehood by the Leave Campaigns
The Leave campaign's claim of £19 billion annually/£350m per week as the cost of being a member of the EU has been rebutted both officially and by commentators. Yet the Brexiteers persist in spreading this major falsehood that is intended to mislead electors.   View Article
OECD study finds Britons will be paying a heavy “Brexit tax” for many years if UK leaves EU
A UK exit from the EU would immediately hit confidence and raise uncertainty which would result in GDP being 3% lower by 2020, which equates to GBP 2200 per household. The OECD states in a new study that such costs are already piling up.  View Article
The Telegraph: Barack Obama: As your friend, let me say that the EU makes Britain even greater
US President writes: "The European Union doesn’t moderate British influence – it magnifies it. A strong Europe is not a threat to Britain’s global leadership; it enhances Britain’s global leadership."  View Article
Financial Times: Barack Obama’s decisive intervention in the Brexit campaign
The US president’s remarks will be troublesome for Leave camp, writes Sebastian Payne.  View Article
UK House of Commons: Committee unanimously agrees EU referendum analysis
The Foreign Affairs Committee publishes report representing the full spectrum of opinion on the question of the UK’s continuing membership of the European Union.  View Article
Bruegel: Understanding HM Treasury’s Brexit analysis
Bruegel analyses HM Treasury assessment of the impact of Brexit which finds that the economy would be between 3 and 7% smaller in 2030 if the UK left the EU than it would be if it stayed in.  View Article
The Guardian: Britons may need visa to visit Europe post-Brexit, says justice minister
New checks on travel to France or Germany could be the price of more secure borders, suggests leave campaigner Dominic Raab.  View Article
The economic consequences of leaving the EU: The final report of the CER Commission
This is an update of the commission’s final report, which includes further evidence about the degree of economic integration between UK and the rest of the EU; the changes in the relationship between the UK’s financial sector and the eurozone; and the impact of immigration from the EU.  View Article
VoxEU: Rich countries can benefit from EU membership
The authors estimate that rich countries benefited substantially from joining the EU. Furthermore, while the benefits from EU membership to poorer countries tend to be mostly in terms of per capita income, for richer countries the benefits tend to be mostly in terms of productivity.  View Article
City AM: Seven Brexit myths debunked by economists at Berenberg
Economists at Berenberg claim the Brexit debate has been "shrouded in myths, rather than driven by facts or reasonable arguments". This is the first of a series of reports that seek to bust those mis-truths.   View Article
The New York Times: Boris Is Bad Enough
Nobel Prize-winning economist Paul Krugman weighs in on the Brexit debate: "It’s not as easy a case as I’d like – but Johnson’s intervention makes it clear: Britain should stay in, lest it empower people like him."  View Article
Financial Times: Arguments for Brexit do not add up
The question for the British people is whether the option to leave the EU should be exercised now. Martin Wolf's answer is: absolutely not. To see why, he examines popular arguments in favour of departure.  View Article
Paul Goldschmidt: The British Referendum
In his evaluation of the first 10 days of campaignin, the author observes that "the stupefying ineptitude of the Leave campaigners is fast transforming them into the best advocates of their opponents cause."  View Article
OMFIF: Why Europe needs Britain
The authors claim that the UK "immensely enriches the Union" and warn about a "domino effect" that could lead to disintegration of the EU.  View Article
ECB: Financial re-integration trend moderates, but ambitious capital markets union will boost benefits of integration
The 2016 edition of the ECB’s report on Financial Integration in Europe, published at a joint conference with the EU Commission at the ECB in Frankfurt, shows that financial integration in the euro area is advancing.  View Article
European Commission: Capital Markets Union - Taking stock of the progress made so far
The Commission is taking stock of the progress made in the first six months since the adoption of the Capital Markets Union Action Plan and it is publishing the first CMU status report.  View Article
Remarks by J. Dijsselbloem following the Eurogroup meeting
The main highlights of the Eurogroup's President were Greece, ongoing work on insolvency frameworks and the SSM annual report.  View Article
Remarks by Vice-President Dombrovskis at the informal ECOFIN press conference
The European Commission Vice-President informed about the issues discussed in the two ECOFIN meetings: the Stability and Growth Pact, completing the Banking Union, the fight against VAT fraud, and the 'Panama papers', among others.  View Article
CEPS: Fine-tuning the use of bail-in to promote a stronger EU financial system
This paper discusses the application of the new European rules for burden-sharing and bail-in in the banking sector, in view of their ability to accommodate broader policy goals of aggregate financial stability.  View Article
BIS: Andreas Dombret: Overshooting the mark? Banking regulation and its implications for banking business
The Deutsche Bundesbank's Dombret explains the next steps in the Basel Committee's reform agenda and say the BCBS will make sure that the minimum capital requirements do not continue to rise above the level already reached.   View Article
ECB: Monetary policy decisions and details of the CSPP
The European Central Bank announced that the main interest rates will remain unchanged. It also published the details of the corporate sector purchase programme (CSPP).  View Article
ICMA publishes briefing note on ECB Corporate Sector Purchase Programme
This briefing note is an attempt to outline the various considerations that the ECB may need to review as it puts together the final details of its soon to be launched Corporate Sector Purchase Programme, as well as the possible implications for market liquidity and investor and issuer behaviour.  View Article
Bloomberg: Draghi defies German disfavor with claim ECB stimulus works
A recovery in credit, and output proving resilient to global shocks, are buttressing the ECB’s argument that the range of stimulus measures it bolstered only last month is working. President Mario Draghi used that evidence to make ground against German critics who say he’s on the wrong track.  View Article
Eurogroup statement - Thematic discussions on growth and jobs: National insolvency frameworks
The Eurogroup agreed on a number of core common principles that could serve as guidance to improve national insolvency frameworks.  View Article
Financial Times: New tax rules for large European funds
Europe’s largest asset managers will be forced to publicly disclose additional information about their tax affairs for the first time under new rules put forward by the EU earlier this month.  View Article
EBF commented on the proposed Anti-tax Avoidance Directive
The EBF very much doubts that the proposed Anti-Tax Avoidance Directive released by the Commission could achieve the goal of increase in transparency and responsibility in the current stand of the drafting.  View Article
IFAC: IPSASB publishes the applicability of IPSASs
The IPSASB has published The Applicability of IPSASs and a revised Preface to International Public Sector Accounting Standards (Preface), which change how the IPSASB communicates the type of public sector entities that it considers when developing an IPSAS or Recommended Practice Guideline (RPG).  View Article

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