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09 June 2016

Brexit 'Weekly'

Brexit, LSE Commission, The City of London, JP Morgan, HSBC, WTO, Hitachi, Sovereign debt rule, CMU, prospectus, CCPs, Fintech, European banking supervision, ECB and more.

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Graham's Articles, Comments & Speeches



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  Articles from 02 June 2016 - 09 June 2016

  Grahams Articles, Comments & Speeches
Insoluble Contradictions of the Leavers’ Policies: A Scenario for Timeline to Reality
The Gove/Johnson statement on migration has set in concrete the insoluble and basic contradictions inherent in the Leavers’ policies if Brexit. These contradictions may well push the UK economy over a `tipping point’ – with dramatic economic and financial consequences for Britons' daily lives.   View Article
LSE Commission on the Future of Britain in Europe
The London School of Economics has published the overview and summary of reports on Brexit produced during several hearings in which Graham Bishop participated. Voters should read this balanced summary of the array of issues.  View Article
Britain “punches above its weight” in Brussels negotiations, says City’s research
An in-depth analysis of five different pieces of regulation has found that the UK government wins far more often than it loses when pursuing its legislative goals and often secures legislative success by soliciting the support of other like-minded EU countries.  View Article
Bruegel: With Brexit London would lose business as a global financial centre
London could lose its status of a global financial hub if there is a Brexit, says Nicolas Véron. Who would win the business that London would lose?  View Article
David Miliband—our financial services will be at risk if we leave the EU
The former Foreign Secretary will argue that they are a "showcase of success" — but that Brexit would threaten them.  View Article
Britain Stronger in Europe: The EU's Single Market is vital for Britain's national prosperity
The lobbyist supporting the UK remaining in the EU released a report highlighting the benefits of the EU's Single Market for the economy and financial services, among other sectors.  View Article
JP Morgan boss: up to 4,000 jobs could be cut after Brexit
Jamie Dimon, whose firm employs 19,000 in UK, tells staff that vote to leave EU would be a terrible deal for British economy.  View Article
Reuters: World trade chief says post-Brexit 'WTO option' may be unfeasible for UK
The idea that Britain could scrap all import tariffs to avoid long, messy trade negotiations after quitting the European Union is "almost theoretical" and probably not feasible, the head of the World Trade Organisation said in an interview.  View Article
Hitachi boss says Brexit would 'force rethink' of UK operations and jobs
Hitachi chairman Hiroaki Nakanishi writes in The Mirror pleading with UK voters to opt to Remain in the EU.  View Article
Financial Times: Economic and trade uncertainty is the biggest Brexit threat
It would be a struggle to replace current agreements quickly and favourably, writes HSBC boss Douglas Flint.  View Article
INET Oxford: How did the UK economy do since joining the EU?
In a letter to The Times, INET Oxford researchers Professor Sir David Hendry, Professor Doyne Farmer, and Dr Max Roser look at how the UK economy has performed since joining the EU.  View Article
Financial Times: Asset managers Brexit-proof funds
A new set of public opinion polls on the UK’s EU referendum was enough last week to drive the cost of sterling insurance to levels unseen since the financial crisis.  View Article
Commercial risk: Risk managers urged to plan for Brexit risks
Risk and insurance managers must urgently consider the business risk and insurance implications of this month’s referendum vote on whether the UK should leave or stay in the European Union.  View Article
Financial Times: Banks train staff to answer Brexit queries
High-street banks are gearing up preparations for a post-Brexit Britain, training staff on how to reassure confused customers enquiring about subjects from mortgage costs to exchanging foreign currency for holidays.  View Article
Bruegel: Berlin and Paris need a strategy for Brexit
Guntram Wolff argues that, to avoid a gradual disintegration of the EU if the UK were to leave, political leaders will need to strengthen the attractiveness of the EU and especially the Franco-German alliance.  View Article
Pew Research Center: Euroscepticism Beyond Brexit
A new multi-nation survey from Pew Research Center finds that Euroscepticism is on the rise across Europe and that about two-thirds of both the British and the Greeks, along with significant minorities in other key nations, want some powers returned from Brussels to national governments.   View Article
Financial Times: The eurozone cannot escape political and fiscal union
The idea of crisis resolution through insurance suffers from an internal contradiction, writes Wolfgang Münchau.  View Article
Capital markets union: Council agrees its stance on prospectus rules
The Permanent Representatives Committee (Coreper) agreed, on behalf of the Council, a negotiating stance on new rules on prospectuses for the trading of securities.   View Article
Financial Times: Sovereign debt rule changes threaten EU bank finances
European banks would have to raise up to €170bn of extra capital or sell almost €500bn of sovereign debt if regulators push ahead with plans to break the “doom loop” tying lenders to their governments, according to new research.   View Article
ECB: Towards a macroprudential framework for central counterparties
Introductory remarks by ECB's Benoît Cœuré, at a policy panel discussion on the progress with new macroprudential instruments at the ESRB international conference on macroprudential margins and haircuts, focusing on CCPs.  View Article
BIS Quarterly Review: International banking and financial market developments
The June issue contains information on Bank for International Settlements statistics, notably the BIS Statistical Bulletin; relevant material about financial developments will be included in the Annual Report to be published on 26 June.  View Article
Bruegel: European banking supervision: the first eighteen months
The Blueprint reviews the overall situation and the situation in a number of euro-area countries. It provides important insights into the start of a new policy regime that involves profound change for the European banking landscape.  View Article
Financial Times: US community banks lash out at ‘fintech’ upstarts
Unusual step by financial industry group to lobby for tighter regulation.  View Article
ECB: Monetary policy decisions
The Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively.  View Article
ECB announces remaining details of the corporate sector purchase programme
The Governing Council of the ECB decided that purchases under its corporate sector purchase programme (CSPP) will start on 8 June 2016. The Governing Council also took decisions on the remaining details of the CSPP.   View Article
Parliament calls for crackdown on corporate tax avoidance
MEPs advocated stricter limits on deductions for interest payments and tougher rules on foreign income, more transparency for trust funds and foundations, common rules for “patent box” tax reductions on intellectual property earnings, and an EU blacklist of tax havens, among other measures.  View Article
Fondation Robert Schuman: Strengthening economic governance of the euro
In spite of intense efforts to undertake reform by the leaders of the European Union in response to the sovereign crises and the inadequacies of Economic and Monetary Union, economic governance is revealing its weaknesses, which, in turn is undermining integration as a whole.  View Article
ECB publishes its Convergence Report 2016
The report examines whether sustainable convergence has been achieved in Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania and Sweden and gauges compliance with the statutory requirements to be fulfilled by national central banks to become an integral part of the Eurosystem.   View Article
Bruegel: The Juncker plan needs to be turned on its head
The Juncker Plan was launched one year ago to boost investment in Europe: has the plan been successful so far? How can we better use the EIB to increase investment? Authors argue that the initiative has got off to a disappointing start.  View Article

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