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10 November 2016

Brexit 'Weekly'


DLT, High Court ruling on Article 50, Bank of England, Donald Trump, Cyprus, Basel III, sovereign debt, ECOFIN, tax and more.

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  Articles from 03 November 2016 - 10 November 2016

  Grahams Articles, Comments & Speeches
 
 
DLT: technically and legally feasible?
DLT may not be in use for systemically important financial functions for a couple of decades, so well beyond the Brexiteers timetable for retaining “clearing” in the UK by applying DLT, rather than using ECB-issued euros.  View Article
124th Brussels for Breakfast – Notes
Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by Grant Thornton with co-presenter Nicolas Veron (Bruegel and Petersen Institute).  View Article
 
  Friends Services
 
 
124th Brussels for Breakfast – Notes
Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by Grant Thornton with co-presenter Nicolas Veron (Bruegel and Petersen Institute)  View Article
 
  Political
 
 
Financial Times: High Court delivers blow to UK’s Brexit plans
The UK government’s plans for Brexit have been dealt a blow by a landmark High Court ruling that the Article 50 divorce process for leaving the EU requires a vote by Parliament. The Government said it will appeal against the decision.  View Article
House of Commons: Statement on Article 50
Secretary of State for Exiting the EU, David Davis, made a statement in the House of Commons on the process for invoking Article 50.  View Article
Open Europe: What does the Article 50 ruling mean for the Government’s Brexit plans?
Following the Government’s defeat in the High Court over its exclusive right to trigger Article 50, the EU’s exit clause, what could happen next? Stephen Booth assesses the fallout.  View Article
Verfassungsblog: The High Court’s Brexit Decision: A Lesson in Constitutional Law for the UK Government
In failing to understand the constitution of its own country, the government was taught an embarrassing lesson by the High Court on the Strand.  View Article
Joergen Oerstroem Moeller: How Brexit could poison the British political agenda for years
After the High Court ruling that the Parliament must approve a British exit from the EU, Brexit confronts PM Theresa May with six front lines: The Tory Party, the Parliament, the British public, Scotland, Northern Ireland, the World Trade Organization, and the European Union.   View Article
Financial Times: Article 50 ruling ‘makes life more uncertain’ for business
CBI head says employers are concerned about timeframe for Brexit.  View Article
NIESR: A welcome decision from the MPC, but risks remain’
The NIESR commented on the Bank of England's MPC decision to leave unchanged the stance of policy after revising up the Bank’s forecast of inflation to 2.7 per cent in 2017 Q4 and 2.7 per cent in 2018 Q4 in its November Inflation Report.  View Article
BoE's Cunliffe: Challenges for financial markets
Bank of England Deputy Governor for Financial Stability Sir Jon Cunliffe reflected on the factors that have influenced London’s position as a global financial centre and considered some of the implications for European financial markets from the UK exiting the EU.  View Article
Financial Times: Brexit ruling and BoE decision send pound surging
The pound soared to a four-week high on Thursday after the High Court ruled the government must seek parliamentary approval for triggering Article 50 and the Bank of England said the post-referendum economy was “notably stronger” than it expected.  View Article
Institute for Fiscal Studies: Winter is Coming: the outlook for the public finances in the 2016 Autumn Statement
As the new Chancellor prepares for his first fiscal statement this briefing note looks at how significant a public finance challenge he faces.  View Article
Financial Times: EU reconsiders financial market access rules
Senior European officials are re-examining existing equivalence rules to strengthen them in what would be considered a blow to post-Brexit City and US firms.  View Article
Financial Times: City should welcome escape from burden of EU rules, says report
Rather than fearing disruption from Brexit the City should welcome the chance to escape the burden of “excessive” EU rules, according to Barney Reynolds, head of financial services at Shearman & Sterling law firm.  View Article
City AM: Losing access to the single market and passporting would be "calamitous" for the financial services sector, say MPs
MPs discussed the risks of losing access to EU's single market and passporting rights during a backbench debate on the impact of Brexit on financial services.  View Article
Financial Times: City of London lobby group wants ‘no change’ Brexit deal
TheCityUK Manduca’s stance is at odds with government’s starting point of leaving single market.  View Article
Financial Times: Theresa May looks to reveal more Brexit detail within weeks
Theresa May is likely to announce details of her Brexit plans for financial services and other key sectors of the UK economy within weeks, to reassure business leaders and MPs that her EU exit strategy is taking shape.  View Article
ChatHam House: Increasingly apart: Post-crisis growth trajectories in the UK and Eurozone
Brexit threatens to undermine the very consumption-centric economic model that has enabled the UK to outperform the eurozone since the financial crisis, researchers found.   View Article
Paul Goldschmidt: The Brexit negotiations
The E.U. and the United Kingdom share one and the same priority, says Paul Goldschmidt: Preserve at all costs their respective integrity!  View Article
Hedgeweek: Cyprus positions itself as post-Brexit partner to UK funds industry
Fund managers have gathered in London to hear from the Cyprus Investment Funds Association (CIFA) about the opportunities in the country as an investment destination.  View Article
Statement by President Donald Tusk on the outcome of the Presidential elections in the United States
The European Council President congratulated the new US President Donald Trump but warned against the "new challenges that these results bring."  View Article
Financial Times: Donald Trump delivers America’s Brexit
This revolt against the political and economic order is immeasurably more significant, writes Robert Shrimsley.  View Article
Paul Goldschmidt: Is it already too late for Europe?
The shock of Trump’s election should mobilise Europeans to take their destiny in their own hands, as had been hoped for initially after the British referendum.  View Article
Remarks by J.Dijsselbloem following the Eurogroup meeting
The Eurogroup President gave a brief account of the main issues discussed: banking union, Cyprus and Spain, national insolvency frameworks, Greece and draft budgetary plans.  View Article
 
  Financial
 
 
BIS: Adding it all up: the macroeconomic impact of Basel III and outstanding reform issues
This paper presents a simple conceptual framework to assess the macroeconomic impact of the core Basel III reforms, including the leverage ratio surcharge that is being considered for global systemically important banks (G-SIBs).  View Article
ECB's Cœuré: Sovereign debt in the euro area: too safe or too risky?
Cœuré explains that Europe needs reforms if its debt is to meet the multiple expectations society attaches to it, and reconciling these different expectations may require a degree of fiscal risk-sharing at euro area level.  View Article
 
  Economic
 
 
Bank of England: Bank Rate held at 0.25%, government bond purchases at £435bn and corporate bond purchases at up to £10bn
The BoE’s Monetary Policy Committee set monetary policy to meet the 2% inflation target considering data that suggests that the near-term outlook for economic activity in the UK is stronger than expected three months ago.  View Article
BBA: Banks’ tax contribution climbs to £34.2 billion
A new report – commissioned by the BBA and based on independent PwC analysis – has found that UK banks paid just over half of the total tax contribution at £17.4 billion while foreign banks contributed £16.8 billion (49.1%). This represents a 9.3% increase on the corresponding figure for 2014.  View Article
European Council: The annual ECOFIN-EFTA meeting focused on economic growth and investments
In the context of the moderate economic recovery in Europe, EFTA economic and finance ministers and ECOFIN ministers focused their discussion on the appropriate policy strategy to strengthen economic growth and employment, with an emphasis on boosting subdued investments across the continent.  View Article
Jens Weidmann: No time for complacency - current economic challenges in the euro area
The President of the Deutsche Bundesbank and Chairman of the Board of Directors of the BIS said that, to shore up the resilience of EMU, additional measures at the European level and further reforms to EMU's institutional framework are needed to foster growth in the euro area.   View Article
ECB amends Guidelines relating to the Eurosystem’s monetary policy implementation
These guidelines provide amendments to the General Documentation Guideline on the implementation of the Eurosystem’s monetary policy, the Guideline on Valuation Haircuts and the Guideline on Additional Temporary Measures relating to Eurosystem refinancing operations and eligibility of collateral.  View Article
ECB's Praet: Monetary policy and the euro area banking system
Peter Praet, Member of the Executive Board of the ECB, explains that the struggles of banks are not innocuous from a monetary policy perspective given their integral role for monetary policy transmission and macroeconomic performance more generally.   View Article
Taxation: Council agrees criteria for the screening of third country jurisdictions
The Council agreed on the criteria and the process for the establishment of an EU list of non-cooperative jurisdictions in taxation matters.  View Article
European Council: Tax authorities to gain access to beneficial ownership information
The Council agreed on a proposal granting access for tax authorities to information held by authorities responsible for the prevention of money laundering.  View Article
European Council: VAT rules – Cross-border transactions
The Council adopted conclusions on improvements to VAT rules for cross-border transactions during a meeting of the Economic and Financial Committee.  View Article
 
  Budgetary
 
 
2016 EU budget: Council backs prioritisation of expenditure
The Council approved two Commission proposals to bring the 2016 EU budget in line with the EU's current priorities and actual needs.  View Article
ECA: EU budget: time to reform?
The ECA published a briefing paper on the mid-term review of the Multiannual Financial Framework 2014-2020 which describes an opportunity for EU budget reform.   View Article
 

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