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29 June 2017

Brexit Weekly

EMIR, Commission proposals on clearing Brexit, relocation of EU agencies, EU citizens' rights and more.

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Brexit & UK   About this email

  Articles from 22 June 2017 - 29 June 2017

  Brexit & UK
UK government publishes proposals on rights of EU citizens
The government has published detailed proposals outlining how it intends to protect the rights of EU citizens in the UK and UK nationals in the EU.  View Article
PM Commons statement on European Council
Prime Minister Theresa May gave a statement to Parliament on the EU Council meeting of 22-23 June and the rights of EU citizens living in the UK.  View Article
European Council: Decision on the procedure for relocation of EU agencies currently located in the UK
In the margins of the European Council (Art. 50) meeting, leaders endorsed the procedural arrangements for the relocation of the EU agencies currently located in the UK.  View Article
ECB recommends amending Article 22 of its Statute
The amendment will provide legal basis for Eurosystem to carry out its role as central bank of issue under the currently proposed review of EMIR, and to fulfil its mandate of conducting monetary policy and ensuring stability of euro.  View Article
Reuters: French central banker backs European Commission proposals on clearing
Francois Villeroy de Galhau supported European Commission proposals to move oversight of the trade in clearing euro-denominated securities from London to within the eurozone after Brexit.  View Article
New Europe: EU-27 tax could limit Brexit’s budget hole
Brexit, according to Budget Commissioner Günther Oettinger will tear a €11 billion financing hole in the budget of the EU. The European Commission is already assessing its strategy on how to address the issue.  View Article
CBR: The role of gravity models in estimating the economic impact of Brexit
Researchers from the Centre for Business Research found that the predictions of the Treasury, OECD and IMF for the long-term impact of Brexit "are overly pessimistic."  View Article
Institute for Government: Questions over future of UK legal system after Brexit
Parliament must urgently clarify the future of the UK’s legal system after Brexit, a new report argues.  View Article
Egmont Institute: Why the future role of the European Court of Justice is a tricky topic for Brexit
From Day one after Theresa May’s speech to the Tories conference, it was clear that the European Court of Justice would become a tough nut to crack in the Brexit negotiation. The perception of this is now rising.   View Article
Bloomberg: Brexit to bring 'enormous' legal challenges, top UK judge says
Unraveling European law and enshrining new U.K. legislation after Britain leaves the European Union is the "most complex" legal challenge the country has confronted, one of the top judges cautioned.  View Article
Bruegel: Can EU actors keep using common law after Brexit?
English common law is the choice of law for financial contracts, even for parties in EU members with civil law systems. Parties will be able to continue using English common law after Brexit, but how will these contracts be enforced?  View Article
Bank of England: Financial Stability Report, June 2017
The Financial Stability Report set out the FPC’s assessment of the outlook for financial stability in the United Kingdom. To do this, the FPC identifies the risks faced by the UK financial system and weighs them against the resilience of the system.  View Article
FSN Forum: Brexit and the Issue of Market Liquidity
The paper, written by economist Des Supple of Event Horizon Research, concludes that Europe’s need to generate faster rates of economic growth and to ensure stable funding sources means that it is in the self-interest of the EU to ensure a mutually acceptable post-Brexit.   View Article
Financial Times: Majority of new Conservative MPs backed UK to remain in EU
A clear majority of the Conservative politicians elected this month backed the UK to remain in the EU in the referendum a year ago, an FT analysis shows, suggesting that many may be flexible as to the particular form of Brexit that Theresa May’s government pursues.  View Article
Chatham House: Britain's key task is to achieve a soft transition to a Hard Brexit
A sensible Brexit that minimizes damage to the economy requires a soft transition – with the UK remaining temporarily in the single market and customs union – through to the inevitable hard outcome.  View Article
CER: Britain prepares to deliver soft Brexit
Britain’s general election has increased the chances of a ‘softer’ Brexit. But what would a softer Brexit look like, asks Charles Grant? And could it include a customs union with the EU?  View Article
OMFIF: UK risks falling behind Europe
Britain can avoid that fate if it opts for a 'soft' withdrawal from the European Union, resists the urge to turn away from the neoliberal consensus of the post-Margaret Thatcher decades and fixes its budget in a way that does not weigh unduly on productive capacity.  View Article
The Guardian: ‘Back soft Brexit,’ unions urge Labour
50 senior party figures tell party leader Jeremy Corbyn ‘to fight unambiguously for membership of the single market’.  View Article
The Irish Times: Eastern states want soft Brexit
While much of the debate over Brexit negotiations has so far been dominated by Western European leaders, the Irish Times interviewed politicians in Eastern Europe who are lobbying for a soft Brexit to protect their economies and the rights of their citizens living in the UK.  View Article
Tagesspiegel: What Strategy for Germany?
With the Brexit negotiations officially starting, Tagesspiegel comments on Germany's potential role in securing a good deal and future relationship.  View Article
EUROPP: Shaped by pragmatism: What the Czechs want to get out of Brexit
The UK is the Czech Republic’s fourth-largest export market, and many of its citizens live in Britain. Monika Brusenbauch Meislová looks at the country’s negotiating stance.  View Article
Open Europe: Deloitte study finds that the German car industry would be severely hit by a ‘no deal’ Brexit
With a new study by Deloitte finding that a ‘no deal’ Brexit would have a severe impact on the German car industry, Open Europe’s Georgia Bachti argues that the unity of the EU27 position will only really be tested when talks move from details of UK withdrawal to the new trade terms.  View Article
Bloomberg: Frankfurt emerges as biggest banking winner after Brexit
Frankfurt is emerging as the biggest winner from last year’s Brexit vote, with many of the world’s biggest banks choosing to base their new European Union headquarters in the German city.  View Article
Bloomberg: Can the City survive?
Despite Brexit, London's place as a leading global financial center looks safe, writes Satyajit Das.   View Article
Institute of Economic Affairs: Should the UK pay an EU divorce bill?
IEA Brexit Unit makes the case that UK divorce bill should not exceed £26 billion.  View Article
Bloomberg: UK turns to emerging markets for trade as Brexit talks begin
Britain is turning to the world’s poorest countries to shore up trade as Brexit puts existing deals on an uncertain footing.  View Article
Reuters: EU insurance contracts should stay in place post-Brexit - Lloyd's of London
Existing European Union insurance policies should stay in place after Britain leaves the bloc because the process of dividing them into British and EU contracts would be too complex, Lloyd's of London Chief Executive Inga Beale said.  View Article

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