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02 March 2017

Brexit 'Weekly'

Brexit, Commission White Paper on the future of Europe, Europe elections, Greece, Donald Trump, CMU, financial stability, financial reporting and more.

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  Articles from 23 February 2017 - 02 March 2017

Commission presents White Paper on the future of Europe: Avenues for unity for the EU at 27
As announced in President Juncker's 2016 State of the Union speech, the European Commission presented a White Paper on the Future of Europe, which forms the Commission's contribution to the Rome Summit of 25 March 2017.  View Article
Peter Praet: Creating stability in an uncertain world
The ECB's Praet spoke at the conference "Brexit and the implications for financial services" and said that the outcome of the UK referendum can be partly attributed to the spread of negative popular narratives about European integration.  View Article
Guy Verhofstadt: Europe’s critical elections
Following the United Kingdom’s Brexit referendum and Donald Trump’s election as US president, the question facing Europe is straightforward: Will populist and nationalist forces exert the same influence in core countries of the EU?  View Article
City AM: German deputy finance minister insists Greece will not receive debt haircut
Germany’s deputy finance minister has reaffirmed the country’s hard line stance on refusing a debt haircut for Greece, raising the spectre of a further bailout for the embattled country.  View Article
Bloomberg: Brexit may feed Eastern unrest in two-speed Europe, Hungary says
Brexit may speed the creation of a two-speed European Union, threatening the development of eastern members outside the euro area and potentially igniting social unrest, Hungarian Economy Minister Mihaly Varga said.  View Article
Financial Times: Trump threatens to tear up the trade rule book
Bypassing the World Trade Organisation would be a serious error, in the FT's view.  View Article
Commission report: Accelerating the capital markets union - Addressing national barriers to capital flows
The Commission adopted a report looking at how to tackle national barriers with a view to fostering the flow of cross-border investments in the EU.  View Article
ECB: Macro stress testing euro area banks' fees and commissions
This paper estimates a macro-financial model for fee and commission income over total assets. The results indicate that the fee and commission income ratio is varying in particular with changes in its own lag, the short term interest rate, stock market returns and real GDP growth.  View Article
John Nugée: The Bank of England, financial stability and the next crisis
There is a growing concern among regulators and market participants alike that the next crisis may appear in a completely different part of the financial eco‑system, that of the asset management community, argues OMFIF's Nugée.  View Article
GFMA/IIF response to FSB consultation: Guidance on continuity of access to Financial Market Infrastructures for a firm in resolution
GFMA and IIF recognise that maintaining continuity of access to critical FMI services is an essential part of resolution planning and welcome the FSB providing guidance to build upon the Key Attributes and the work undertaken by firms in this area.  View Article
EUbusiness: Improving the EU financial instruments: AECM and UEAPME present their proposals for the EU mid-term review
On the occasion of the upcoming mid-term review of COSME and InnovFin, the European Association of Craft and SMEs and AECM publish a joint position paper detailing their requests for improving the guarantee instrument.  View Article
Peter Praet: The macroeconomic situation and monetary policy in the euro area
ECB's Praet discussed the current economic situation in the euro area, the outlook and the implications for monetary policy.  View Article
Agreement to extend EU programme on financial reporting and auditing
The Maltese Presidency and European Parliament representatives reached a provisional agreement to extend EFRAG's funding for the period 2017-2020.   View Article
  Brexit & UK
TheCityUK: Cities across UK host vital financial and related professional services hubs
Of the 2.2 million people working in the industry, the majority (1.5 million, or around two-thirds) work outside London, together representing around 7% of the working population, yet contributing nearly 11% (£176bn) of total Gross Value Added (GVA) in 2015.  View Article
BBA: UK regions lead growth in banking jobs
BBA's Browne pointed out the contribution of the industry to the overall British economy through job creation. 90 of the top 100 constituencies with the highest share of bank and building were outside of London, according to the latest research.  View Article
Bloomberg: Ex-Premier Major warns May she can't deliver Brexit promises
John Major attacked Theresa May’s Brexit strategy, warning that she’s making undeliverable promises and should prepare people for the compromises that will come out of her negotiations.  View Article
PIIE: The City of London after Brexit
According to estimates presented in this Policy Brief, the direct negative effect of Brexit on the financial sector in the City of London will be a 12 to 18 percent loss of revenue and a 7 to 8 percent drop in employment.  View Article
Bloomberg: UK banks' loss of EU passport a `major threat,' LSE study says
The U.K. government must ensure British financial-services companies don’t lose their ease of access to the European Union after Brexit as a “matter of urgency,” according to a report backed by high-profile British economists.  View Article
UK must obey EU free movement laws until it leaves the EU, say MEPs
Until the UK leaves the EU, it must obey EU laws on free movement, said a majority of MEPs in a plenary debate with the EU Commission.  View Article
European Commission: EU equivalence decisions in financial services policy: an assessment
The Commission published an assessment of EU equivalence decisions in the area of financial regulation.  View Article
The Guardian: City watchdog sounds alarm bells over hard Brexit
A hard Brexit poses risks to the integrity of financial markets and could make it harder to protect consumers from wrongdoing by banks, the head of the City regulator has warned MPs.  View Article
Andreas Dombret: The possible impact of Brexit on the financial landscape
Deutsche Bundesbank's Dombret called on UK and EU to avoid a regulatory race to the bottom at all costs and reminded that the guiding principle of their cooperation should be to ensure a smooth transition to a post-Brexit world.  View Article
Policy Network: Britain and Europe: A new entente
A Brexit transition agency could blossom into a body encouraging economic development and political cooperation between Britain and Europe, writes Andrew Duff.  View Article
Financial Times: Equivalence makes sense for the City and Europe
Each side has a deep interest in access to the other’s markets after Brexit, in the FT's view; the logistics of establishing fully separate systems are nightmarish, and neither side, in the end, has full control of where financial activity happens.  View Article
BCC: Put practicality, certainty at the heart of Brexit negotiations
The British Chambers of Commerce published its Brexit Business Priorities report as a guideline for the UK government in its EU negotiations.  View Article
Financial Times: ‘Virtual’ Ireland border seen as template for Brexit customs deal
The UK wants to create a “virtual” border between Northern Ireland and the Republic, as a template for a new customs deal with the EU after Brexit that makes trade as easy as possible.   View Article
CEPS: After the UK’s Brexit White Paper – What’s the next move towards a CFTA?
Michael Emerson reflects on the possible next moves the UK might make to secure the Strategic Partnership May's Brexit White Paper explicitly asks for, and analyses a range of possible responses from the EU.  View Article
Bloomberg: UK faces 60 billion-euro Brexit bill, Austrian leader says
Britain should be charged about 60 billion euros when it leaves the European Union, Austrian Chancellor Christian Kern said, becoming the first EU leader to put a value on the size of the UK’s Brexit bill.  View Article
Financial Times: Financial executives sceptical on London’s future
Financial groups are betting on New York rather than London being the big winner from Brexit, a new survey of senior executives has found.  View Article
The Guardian: Hi-tech financial firms flee UK amid doubts over Brexit
Leading Fintech player says ‘the exodus is beginning’ as members of £6bn industry start seeking other bases in Europe.  View Article
The Economist: Lower immigration could be the biggest economic cost of Brexit
the impact of slashing the number of foreigners allowed into Britain could be as serious as anything that could happen to trade.   View Article
Government must ensure Gibraltar's voice is heard during Brexit say Lords
The House of Lords European Union Committee published its report on the impact of Brexit on Gibraltar in which it concluded that any loss of access to the Single Market in services, or to its cross-border workforce, could significantly harm the Rock's economy.  View Article
House of Lords Constitution Committee: Fast-tracking of Brexit Bill should not set a precedent
The House of Lords Constitution Committee published a report on the European Union (Notification of Withdrawal) Bill.  View Article
Andreas Dombret: The future of global economic cooperation - Brexit, Basel III and beyond
The Deutsche Bundesbank examined how bankers can stabilise and improve global cooperation, and discussed two current sets of negotiations: Brexit and Basel III.  View Article
ACCA: Spring Budget must be all about Brexit
Accountants are encouraging the Chancellor to put Brexit-proofing measures first and foremost in this Spring Budget, according to member body ACCA.  View Article

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