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23 June 2016

Brexit 'Weekly'

Brexit, ECB, IMF, OECD, George Soros, Banking Union, corporate tax avoidance, CCCTB, country-specific recommendations and more.

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  Articles from 16 June 2016 - 23 June 2016

ECB ready for contingencies following UK referendum, Mario Draghi tells MEPs
Mr Draghi declined to speculate on a possible outcome of the vote, but admitted that "it is difficult to foresee the various dimensions of the vote on the markets and the euro area economies.”  View Article
IMF: Uncertainty clouds the United Kingdom’s economic prospects
The economy of the UK has performed well in recent years, but it faces important challenges and risks, according to the IMF’s annual health check of Britain's economy and its periodic report on the financial sector. An exit from the EU would likely entail substantial economic, financial costs.  View Article
Remarks by J.Dijsselbloem following the Eurogroup meeting
The Eurogroup's president spoke about Brexit, the IMF's article IV review of the euro zone and pension reforms.  View Article
OECD: The UK’s heart is wobbling but there are good reasons to Remain in the Union
The sizeable doubts that have emerged about staying in the EU suggest that the UK may be prone to a mid-life crisis. Yet there is strong evidence that EU membership has magnified the underlying strengths of the UK economy and that it can deliver more benefits in the future.  View Article
George Soros: The Brexit crash will make all of you poorer – be warned
My 60 years of experience tells me the pound will plummet, along with your living standards. The only winners will be speculators, writes the business magnate in The Guardian.  View Article
British Influence: Brexit - the Irish Dimension
The report examines the potential economic and political implications of Brexit for Northern Ireland, Ireland and Anglo-Irish relations.  View Article
British Influence: Brexit - the Commonwealth Dimension
The report demonstrates just how wrong Leave's campaign contention over placing the Commonwealth as the UK’s chief lever of influence in the world is, not only due to the economic and geopolitical pitfalls, but ultimately because the nations of the Commonwealth want the UK to remain in the EU.  View Article
David Cameron: An abject, self-imposed humiliation awaits if this proud, important country walks away
The British PM urges people not to vote to leave the EU in the upcoming referendum if they are not 100% sure of their vote because a negative vote is "irreversible", and lists the essential issues that are at stake.  View Article
POLITICO: How Europe will break on Brexit
A country-by-country look at what’s at stake elsewhere in Europe after Britain’s referendum.  View Article
Donald Tusk: "the UK outside the EU will be distinctly weaker"
Remarks by President Donald Tusk following his meeting in Helsinki with Prime Minister of Finland Juha Sipilä, in which he focused on Brexit, the continuing global economic challenges and the refugee crisis, among other issues.  View Article
Financial Times: Brexit would end City’s dominance of euro trading
A British vote to exit the EU this week would spell the end of the City of London’s dominance in euro trading, the chief executive of pan-European exchange Euronext has warned.  View Article
BBC: More than 1,280 business leaders sign letter against Brexit
More than 1,280 executives, including directors from 51 FTSE 100 companies, have signed a letter backing the UK's membership of the EU (Graham Bishop was a signatory).  View Article
The Guardian view on the economics of Brexit: running wild risks is not British
Economists are agreed, as they never were on the euro, that quitting the EU will make Britain poorer. How strange, in an economically conservative country, that many are refusing to listen.  View Article
VoxEU: The pound and the macroeconomic effects of Brexit
A depreciation of the pound following a vote to leave the EU could well generate an export boom, but this would not compensate for the damage to UK's internal demand and to its ability to access external financing of its deficits. This would put the UK's low-risk status in jeopardy.   View Article
VoxEU: Brexit - The potential for a financial catastrophe and long-term consequences for the UK financial sector
This column, which reports the views of panel members in the monthly Centre for Macroeconomics survey, finds that almost all think that a vote for Brexit would lead to a significant disruption to financial markets and asset prices for several months, putting the Bank of England on high alert.  View Article
EUROPP: The EU referendum has already hit the UK economy – here’s how it could recover after a remain vote
If the UK votes to stay in the EU it would be far from a given that uncertainty caused by the UK’s EU referendum would disappear and a strong response from the government will be necessary to generate a quick recovery.  View Article
EurActiv: Work for a better EU as you see it, or suffer a worse one
A Brexit with hopes for a Norway-inspired EU relationship would in fact leave Britain with a true democratic deficit and, certainly from a UK perspective, a far less attractive EU to deal with, writes Jonas Helseth.  View Article
Speech by the President of the Eurogroup, Jeroen Dijsselbloem
Dijsselbloem focused on the eurozone's economic outlook, completing the Banking Union, a Capital Markets Union and the UK referendum.  View Article
Council Conclusions on a roadmap to complete the Banking Union
The Council agreed on a 'roadmap' for further work to complete the EU's banking union, focusing in three main areas: a European deposit insurance scheme (EDIS); a common backstop to the single resolution fund; and bank regulations with a view to reducing risks.   View Article
Financial Times: Brussels to intervene on bailing in bank bondholders
EU regulators are set to intervene in a split between countries over how to force losses on investors in failed banks amid concerns that a patchwork of different approaches would make it harder to wind down a big cross-border lender.  View Article
Reuters: ECB launches new ultra cheap loan tender
The European Central Bank launched a fresh round of super cheap loans, its latest effort to boost lending, lift economic growth and ultimately revive inflation.  View Article
Corporate taxation: MEPs call for tax haven blacklist, patent box rules, CCCTB and more
Recommendations to make corporate taxation fairer and clearer were voted by the Special Committee on Tax Rulings II.   View Article
Corporate tax avoidance: Council agrees its stance on anti-avoidance rules
The package builds on 2015 OECD recommendations to address tax base erosion and profit shifting (BEPS). The directive addresses situations where corporate groups take advantage of disparities between national tax systems in order to reduce their overall tax liability.   View Article
EBF: Anti-tax avoidance: EU member states need to align actions with OECD
European banks, actively supporting international measures to fight tax evasion, broadly welcome new European Union measures against corporate tax avoidance on which finance ministers reached agreement.  View Article
Commercial Risk Europe: Insurers bemoan EU tax avoidance proposals
As the European Parliament calls on the EC to beef up anti-tax avoidance measures, Europe's insurers have criticised new EU mandatory country-by-country tax reporting proposals.  View Article
Council approves country-specific recommendations
The Council approved draft recommendations and opinions on the member states' economic and fiscal policies.  View Article
Cyprus, Ireland and Slovenia: Deficits below 3% of GDP, Council closes procedures
The Council closed excessive deficit procedures for Cyprus, Ireland and Slovenia, confirming that they have reduced their deficits below the EU's 3% of GDP reference value.  View Article
Bruegel: Corporates are responding to the new ECB corporate sector purchase programme
Authors have observed a sharp increase in corporate bond issuance following the ECB’s announcement in March this year, but it is too early to see the effects on investment by non-financial corporations.  View Article

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