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20 October 2016

Brexit 'Weekly'


Brexit, sterling, Switzerland, Basel III, euro area bank lending survey, CETA and more.

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  Articles from 13 October 2016 - 20 October 2016

  Political
 
 
Reuters: UK's Hammond assails 'hard Brexit' camp, vows to protect economy
Hammond also sought to ease concern among investors that the Government may want to influence monetary policy after a spat between Bank of England Governor Mark Carney and Prime Minister Theresa May who has criticized the BoE's low interest rates.  View Article
Reuters: London High Court will decide EU exit case 'as quickly as possible'
Campaigners have taken legal action to argue Prime Minister Theresa May and her ministers do not have the authority to invoke Article 50 of the EU Lisbon Treaty, the mechanism by which a nation can leave the bloc, without the explicit backing of Parliament.  View Article
CEPS: Which model for Brexit?
The UK government is currently considering its options for its future relationship with the EU. While Theresa May has said that there is no suitable ‘off-the-shelf’ model available, there are several under discussion that can serve as references in evaluating the pros and cons of various approaches.  View Article
Financial Times: Will Brexit cause a sterling crisis?
The sharp decline in sterling since the UK voted for Brexit has been widely viewed by economists as inevitable and, for the most part, desirable. Brexit will probably reduce UK productivity and competitiveness, so living standards will be lower than otherwise, writes Gavyn Davies.   View Article
European Council: Speech by President Donald Tusk at the European Policy Centre conference
"The most serious crisis of modern times is the weakening, if not the breakdown, of faith in the durability and purpose of traditional values, which are a foundation of the European Union and, more broadly, of the whole political community of the West."  View Article
EPC: Countering a regressive & illiberal Europe
In this paper, drafted as an input to the discussions at the EPC Strategic Council and the EPC’s 20th Anniversary Conference, Janis A. Emmanouilidis and Fabian Zuleeg discuss the future of the European project, and what’s actually at stake.   View Article
CEPS: Switzerland - Migration quotas versus market access
The Swiss parliament last month gave up on attempts to introduce quotas for foreign residents when it became obvious that any such move would violate Switzerland's obligations on freedom of movement under bilateral agreements with the European Union.   View Article
 
  Financial
 
 
BIS: Eleventh progress report on adoption of the Basel regulatory framework
The report focuses on the status of adoption of all Basel III standards - which will become effective by 2019 - to ensure that the Basel standards are transformed into national law or regulation according to the internationally agreed timeframes.   View Article
The Guardian: Banks could move assets out of UK by 2017 if 'EU passport' is lost
Government must focus on helping banks maintain rights to sell services across EU or Britain could lose status as a financial hub, says Open Europe.  View Article
 
  Economic
 
 
Reuters: ECB to maintain status quo when it meets on October 20: traders
When asked what the ECB would do by year-end, 11 of 19 traders said the ECB would make no changes to policy. The remainder said it would extend quantitative easing beyond March 2017, increase the amount of monthly asset purchases, or both.  View Article
ECB: Results of the October 2016 euro area bank lending survey
Euro area banks reported unchanged credit standards on loans to enterprises in the third quarter of 2016 (a net percentage of 0%, compared with -7% in the previous quarter).   View Article
Financial Times: The unwise war against low interest rates
Governments should tread carefully when criticising central banks, writes Martin Wolf.  View Article
European Parliament: After CETA - the EU trade agreements that are in the pipeline
Various deals are being negotiated all over the globe, but they can only enter into force if the European Parliament approves them.  View Article
Commission urges Member States to support proposals to strengthen European defences against unfair trade
Despite the fact that the European Commission has been using the available trade defence instruments toolbox to its full extent, these have proven insufficient to deal with the huge overcapacities that result in dumped exports on the EU market.  View Article
Reuters: Belgian region demands more time to fix EU-Canada trade deal
The premier of the Belgian region that is the main impediment to a planned EU-Canada free trade agreement advised on Wednesday postponing a summit next week to sign the deal and taking a few more months to fix outstanding issues.  View Article
Vox EU: Keeping policy rates persistently low - Implications for the monetary transmission mechanism
Central banks responded to the financial crisis by cutting policy rates to prevent deflation and curb the decline in economic activity, but these responses have been anything but temporary. Is the sticky price channel still relevant in an environment of persistently low rates?  View Article
ACCA and IMA: Global business confidence holding up ahead of U.S. elections
Global business confidence at 12-month high; improving confidence in North America and China driving global uplift in sentiment; upcoming U.S. Presidential elections add to uncertainty over global trade.   View Article
 

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