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01 December 2016

Brexit 'Weekly'

ECON, ECB, Brexit, UK's corporate governance reform, Donald Trump, Insolvency Directive, banking union, FTT, EU budget and more.

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  Articles from 24 November 2016 - 01 December 2016

ECB's Mario Draghi statement at the ECON Committee of the European Parliament hearing
Draghi focused on the upcoming challenges at global and euro area levels and discussed the still uncertain impact of Brexit and its implications from a Single Market perspective.  View Article
The Telegraph: BoE's Carney warns EU faces financial drought if it cuts off UK overnight
The European Union desperately needs finance from Britain and will face severe knocks to its economy if member nations do not agree to a transitional period to give banks and finance firms time to adapt to Brexit, Bank of England Governor Mark Carney has warned.  View Article
Financial Times: Mark Carney urges transitional Brexit deal
BoE's governor Carney has urged the government to seek transitional arrangements with the 27 remaining members of the EU as it negotiates Brexit, whereas the Bank of England has rejected reports of ‘secret’ plans to keep UK in the single market.  View Article
Financial Times: City must apply EU rules to keep lead role, says eurogroup chief
Dijsselbloem said UK must abide by EU rules post Brexit to secure ‘passporting’ rights.  View Article
Sky News: EU adopting three-tier approach to Brexit
The EU does not want to discuss the long-term relationship until "pending issues" are ironed out and a transition deal agreed.  View Article
UK Government: Corporate governance reform
This Green Paper seeks views on three areas for updating the British corporate governance framework: on executive pay, on employee and customer voice and on corporate governance in large private businesses.  View Article
Bloomberg: UK Lawmakers Demand Pre-Brexit Deal on EU Resident Rights
A group of 81 British lawmakers have written to Council President Donald Tusk to demand an agreement is reached on rights for Britons living in the EU and for Europeans in the UK before Brexit talks are opened. Tusk dismissed the proposal, saying its main argument "has nothing to do with reality."   View Article
POLITICO: May’s pre-Brexit expats plan nixed by Merkel
Angela Merkel rebuffed a request by Theresa May for assurances that Britons living in the European Union and EU citizens living in the UK would keep their rights to residence, work and healthcare after Brexit.  View Article
POLITICO: Hard Brexit to hurt almost all sectors of Brit economy - CEBR report
Pulling Britain out of the EU’s single market would cause wide-scale damage to the country’s economy, according to a report commissioned by cross-party anti-Brexit MPs.  View Article
The Guardian: Chance of an 'orderly' Brexit within two years is less than 50%, expert claims
The government has a less than 50% chance of securing an orderly exit from the European Union within two years and will potentially have to accept a phased departure lasting much longer, prompting “a decade of uncertainty”, Lord Kerr, Britain’s most experienced EU negotiator, has said.  View Article
John Major: Second Brexit referendum ‘perfectly credible’
The tyranny of the majority should not prevail, former Tory prime minister said. Another former Prime Minister, Tony Blair has also argued that Brexit can be stopped “if British people decide that.”  View Article
Financial Times: Could Article 127 be used to keep the UK in the single market?
The Article 127 is a provision from the agreement for the European Economic Area (EEA) which might allow Britain to exit the European Union without being kept out of the Single Market.  View Article
Financial News: Banks’ blueprints for Brexit
Investment banks are drawing up a variety of contingency plans to help them continue doing business in the EU after the UK leaves.  View Article
CEPS: Policy Uncertainty and International Financial Markets: The Case of Brexit
Authors show that Brexit-induced policy uncertainty will continue to cause instability in key financial markets and has the potential to damage the real economy in both the UK and other European countries, even in the medium run.  View Article
CEPS: Brexit and the Distribution of Power in the Council of the EU
Once implemented, Brexit will not only have strong effects on the economy and everyday life, but also, as demonstrated by Werner Kirsch in this CEPS Commentary, on the distribution of power in the EU institutions, most notably in the Council of the EU.  View Article
Financial Times: Ireland’s central bank boosts staff for Brexit insurers
Ireland’s insurance regulator has increased its staff numbers by more than a quarter ahead of an expected influx of applications from London-based insurers looking to move operations following the Brexit vote.  View Article
IBTimes: Donald Trump is a threat to European markets, warns European Central Bank
The ECB warns of a further surge in borrowing costs for eurozone governments.  View Article
AFME welcomes publication of Insolvency Directive
Simon Lewis, Chief Executive of Association for Financial Markets in Europe (AFME), commented on the publication by the European Commission of the legislative proposal on insolvency.  View Article
European Central Bank: Global risk repricing endangers financial stability
The euro area financial system has shown resilience in the face of repeated bouts of financial market turbulence over the past six months according to the latest FSR of the ECB. However, risks to euro area financial stability related to possible global asset market corrections have intensified.  View Article
ECB's Praet: The importance of a genuine banking union for monetary policy
The main point Peter Praet made during his speech at the EMU Forum 2016 is that we need a more integrated banking sector in the euro area to achieve greater macroeconomic stability.   View Article
The Economist: A showdown looms over bank-capital rules
The committee of central bankers and supervisors is due to thrash out revisions to Basel 3, the version agreed on after the financial crisis of 2008. European (and some Asian) bankers and officials fear additional capital requirements are coming; Americans are all for the changes.   View Article
Bruegel: Can public support help Europe build distressed asset markets?
Distressed asset investors can relieve banks of their NPL overhang and offer valuable restructuring expertise, although banks will need to realise a further valuation loss. Regulators could do a lot to support the growth of this market, argues Alexander Lehmann.  View Article
Investment & Pensions Europe: Tobin tax would hurt Belgian cross-border IORP appeal – PensioPlus
PensioPlus, the Belgian pension fund association, has warned the country’s government against implementing a financial transactions tax (FTT), saying it would undermine its efforts to make the country a prime location for cross-border pension funds.  View Article
OMFIF: ECB TARGET2 balances keep rising
Since the beginning of the European Central Bank’s asset purchase programme in March 2015, internal claims and liabilities in the euro area among national central banks (Target-2 balances) have been rising steadily. Frank Westermann warns the governing council that it must consider QE risks.  View Article
Bruegel: What impact does the ECB’s quantitative easing policy have on bank profitability?
This policy contribution shows that the effect of the ECB’s QE programme on bank profitability has not yet had a dramatically negative effect on bank operations.  View Article
2017 EU budget gets Council approval
The Council gave its final go-ahead to the 2017 EU budget by approving the deal reached with the European Parliament on 17 November. If the Parliament endorses the agreement at its vote on 1 December the 2017 EU budget is considered adopted.   View Article

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