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28 July 2016

Brexit 'Weekly'

Brexit, CMU, The City, equivalence, G20, resolution financing arrangements, Single Market, sovereign debt restructuring, EU budget and more.

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Graham's Articles, Comments & Speeches



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  Articles from 21 July 2016 - 28 July 2016

  Grahams Articles, Comments & Speeches
Brexit and CMU
The CMU project should – and must – survive Commissioner Hill and Brexit because it was a major plank in Commission President Juncker’s “Political Guidelines” – effectively his manifesto for his term of office.   View Article
House of Lords: Parliament must have role in scrutinising Brexit, Committee reports
The EU Committee published a report stating that all aspects of the negotiations on the UK withdrawal from the EU, including trade negotiations, should be effectively scrutinised by Parliament.  View Article
Financial News: City unites for new bipartisan Brexit lobby
Influential City executives from both sides of the Brexit debate are coming together to launch a new body that aims to represent the financial industry's interests in the UK's exit from the European Union. Graham Bishop will lead external communications for the group.  View Article
Financial Times: Elite crew to steer City through Brexit’s choppy waters
Impressive roster of senior financiers to co-ordinate contact with ministers.  View Article
Financial Times: City of London eyes ‘equivalence’ as post-Brexit link with EU
With Britain heading for the EU exit door, the future right to tap into Europe from London, known as “passporting”, has been thrown into doubt. There is another path set out in EU law for investors and bankers based overseas to do business in Europe — a route known as “equivalence”.  View Article
CFS Survey: Financial Centre Frankfurt emerges as major winner of a Brexit
Germany’s financial industry is in firm agreement that the Financial Centre Frankfurt will profit from a Brexit, although the outcome of the British vote largely came as a surprise to the industry. The potential impacts on the German economy are also regarded as neutral to positive.  View Article
EurActiv: Brexit - A very British drama, a very European challenge
We must not fall prey to the idea that Brexit is the start of an “unravelling” of the EU, write Enrico Letta, Yves Bertoncini and other members of the Jacques Delors Institute.  View Article
Guy Verhofstadt: “Parliament will block a deal that creates a new favourable status for the UK.”
The leader of the Liberals and Democrats in the European Parliament reacted to the news coverage that British PM Theresa May is on her way to negotiating UK access to the single market with an additional rebate and a 7 to 10 year emergency brake on EU-migration.  View Article
G20 Finance Ministers and Central Bank Governors Communiqué
The G20 stated that global economic recovery continues but remains weaker than desirable, and warned that "the outcome of the referendum on the UK’s membership of the EU adds to the uncertainty in the global economy."  View Article
Open Europe: Priorities for the new Department for International Trade post-Brexit
Prime Minister Theresa May has made it clear that international trade will be a key priority of her government. Open Europe’s Raoul Ruparel puts forward his thoughts on what tasks should the UK prioritise.  View Article
Markit Flash UK Purchasing Managers’ Index
UK economy contracts at steepest pace since early-2009, according to the latest Markit survey.  View Article
Financial Times: Brexit ‘stampede’ out of UK funds
M&G, Schroders, Fidelity and Invesco suffered billions of euros of withdrawals in June as the first set of data since Britain’s vote to leave the EU shows how badly UK fund houses were hurt by the result.   View Article
Financial Times: Beazley plans Ireland base for European operations
Other London-based insurers also considering post-Brexit options for their European businesses.  View Article
House of Commons: Absence of certainty on Brexit migration issues, says Committee
The Home Affairs Committee warned that "post-Brexit attempts to limit non-EU migration, and the uncertainty over migration within Europe during the exit negotiations, could both lead to a surge in immigration."  View Article
Mark Boleat: The UK faces two critical trade-offs in determining its future EU relationship
It is now D day +32 and the country has experienced an unprecedented period of political change, along with significant uncertainty about Britain’s future relationship with the EU and the rest of the world, writes the City of London's policy and resources committee chairman in City AM.  View Article
Wolfgang Münchau: The high price of Europe’s misguided pragmatism
The sustainable solution consists of a more integrated eurozone and a less integrated EU, writes Münchau on the Financial Times.  View Article
Paul Goldschmidt: May Time or May…hem?
The first declarations of the new British PM are meant to be reassuring, but her program seems far more appropriate for galvanising a groggy public opinion to face a breakup of the EU as a whole rather than to deal with the difficulties specifically linked to the EU-UK relationship renegotiation.  View Article
ACCA: Brexit uncertainty is a key threat to fragile global business confidence
Latest quarterly global survey from ACCA and IMA reveals a subdued sentiment, with many more firms scaling back investment. Dip in confidence across the OECD linked to Brexit uncertainty, which is set to continue as the UK commences a complex multi-year process to extricate itself from the EU.   View Article
EBA consults on the appropriate basis for the target level of resolution financing arrangements
The EBA launched a consultation on its report on the reference point for the target level of national resolution financing arrangements. The appropriateness of the basis for the target level is assessed on the basis of a number of qualitative criteria and historical data.   View Article
EBA publishes guidelines on communication between supervisors and statutory auditors
Effective communication between the competent authorities and auditors should contribute to fostering financial stability and safety and soundness of the banking system by facilitating the task of supervision of credit institutions.   View Article
OECD: Priorities for completing the European Union's Single Market
The EU Single Market remains far from completed and needs to be reinvigorated to strengthen the recovery of the European Union and restore faster growth of income per capita. The author puts forward structural reforms that yield short-run as well as long-run gains.  View Article
VoxEU: Creditor participation clauses - Making orderly sovereign debt restructuring feasible in the Eurozone
This column proposes a mechanism to allow for orderly restructuring of sovereign debt as part of ESM programmes. If debt exceeds certain thresholds, the mechanism triggers an immediate maturity extension. In a second stage, a deeper debt restructuring could follow.  View Article
CEPS: The potential and limitations of reforming the financing of the EU budget
Study commissioned by the European Commission on behalf of the High-Level Group on Own Resources (HLGOR)that   View Article

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