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01 May 2014

Integrating Europe

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Articles from 24 April 2014 - 01 May 2014


First EU TV debate ahead of EP elections
With EU elections to be held in May, the nominated Commission presidency candidates took to the first ever televised debate on EuroNews. However, commentators agree that the debate turned out to be more of a warm-up session than a real contest of "visions" for the future of Europe.  View Article
Paul N Goldschmidt: The debate surrounding the European "presidencies"
The frontal attack, recently launched jointly by the two main candidates for the European Commission presidency, against President Van Rompuy is without justification both as to form and content.  View Article
Coalition-building in the European Parliament will become more difficult
Even without knowing the exact results of the European elections of May 22-25 there is much to suggest that obtaining a majority in the European Parliament will be more difficult in the future, as the expected gains for populist parties will be at the expense of the pro-European political groups.  View Article
Troika infographic
The European Parliament has published an infographic explaining the history, working and mission of the Troika, compiling facts about the bailout European programmes.  View Article
Jean-Dominique Giuliani: Who are Europe's true enemies?
Until now the European Union did not have any enemies. This was its singularity and its pride. The economic crisis and Russian diplomacy have changed all of this: Europe now has enemies and the pack is out to kill.  View Article


ECB report: Financial integration in Europe
Integration in European financial markets has improved, but is still worse than before crisis, two reports by the European Commission and ECB show. The ECB also presented the new SYNFINT financial integration index.  View Article
Bloomberg: ECB proposes aligning upper limit for penalties imposed on banks
The ECB says the upper limit for fines that has been in place since the central bank was created in 1998 should match that applicable to the lenders it will start supervising in November. The proposed changes to European law were posted on the ECB’s website.  View Article
EU financial services reform gets approved by Council
The EU Council concluded for MiFID II, the SRM and BRRD that the Parliament’s position reflects what has previously been agreed with the Council.  View Article
EBA publishes common methodology and scenario for 2014 EU-banks stress test
While the extensive process of banks' balance sheet repair is already underway, the test, designed to assess banks' resilience to hypothetical external shocks, will identify remaining vulnerabilities in the EU banking sector and will provide a high level of transparency into EU banks' exposures.  View Article
ECB: Banks have six to nine months to cover capital shortfalls following comprehensive assessment
The ECB has today informed banks how capital shortfalls must be addressed following the comprehensive assessment. This announcement follows today's release by the European Banking Authority of the methodology and scenarios for the EU-wide stress test.   View Article
Reuters: ABS industry pins hopes on ECB repo criteria for rules relief
Policy-makers should boil down a standard definition of high-quality securitisation pivoting around the ECB collateral-eligibility criteria to boost the recovery of the asset class, market participants say.  View Article
ECB/Constâncio: Banking Union - Meaning and implications for the future of banking
Vítor Constâncio, Vice-President of the ECB, spoke on the future implications of the Banking Union, saying that the sovereignty-sharing that monetary union represented implies further progress towards more political union.   View Article


ECJ rejects UK's challenge of FTT
Europe's top court threw out a legal challenge by the UK that sought to stop plans by 11 euro area countries to impose a broad tax on financial transactions. (Includes comments by AFME and TheCityUK.)  View Article
Bloomberg: EU nations seeking transaction levy remain stuck on what to tax
European Union nations that want a financial transaction tax (FTT) remain deadlocked on what trades they should include, as the clock runs down before next month’s European Parliament elections.  View Article
Bloomberg: Draghi tells German lawmakers ECB bond-purchases unlikely
ECB President Mario Draghi told German lawmakers that a quantitative-easing program was not imminent and remains relatively unlikely for now, according to a euro area official present at the meeting.  View Article
Nicolas Véron/PIIE: Testimony on Banking Union to the Portuguese Parliament
The launch of Europe’s banking union on 29 June 2012 was arguably the EU's most consequential policy initiative since the start of its financial crisis in mid-2007. Its implementation to date, while protracted and far from straightforward, is broadly in line with the initial commitment.  View Article
FT/Keohane: Stress tests in Europe
Writing for the FT Alphaville Blog, David Keohane argues that stress tests in Europe maybe are not the mugging by reality they used to be but instead are putting up a little bit more of a fight this time.   View Article

Member State events

EC: Greece's debt dynamics have slightly worsened
The European Commission has released a report which said Greece's debt dynamics have slightly worsened despite its return to the markets and better economic performance. Meanwhile two retired Greek Generals have said they will run for far right party Golden Dawn in the EU elections.  View Article
BIS/Noyer: The outlook for the economies of the euro area and France
Christian Noyer, Governor of the Bank of France stressed the return to positive growth in those countries most affected by the crisis and identified taxes and social security contributions as well as rigidly regulated market as main handicaps for the French economy.  View Article
TheCityUK: Two reports on negative consequences of Brexit
Two new reports commissioned by TheCityUK show that leaving the EU poses very significant risks to the UK’s future, undermining economic well-being and the ability of business to grow and compete in world markets.   View Article
CEPS/Emerson: Cameron's reality check on Europe
In EPIN Paper No. 38, Michael Emerson identifies and analyses the 10 propositions that are the basis of PM David Cameron's proposed "new deal" between the UK and the EU.   View Article
Slovenian government faces collapse, bond yields rise
On Monday, Slovenian Prime Minister Alenka Bratusek lost the leadership of her party having the potential to collapse the government triggering early elections. The political crisis in Slovenia was reflected by under performing bonds jumping 22 basis points to 3.91 per cent in early trade.  View Article
EFSF approves €6.3 billion disbursement to Greece
The EFSF approved the disbursement of €6.3 billion to Greece, given full compliance with prior actions by Greece. Meanwhile the Greek finance ministry has reported that it is expected to beat a 2014 budget target set by its international lenders and may tap bond markets again.  View Article
EFSF approves final disbursement to Portugal
Portugal is set to receive its final disbursement of €1.2 billion following the eleventh quarterly review of the macroeconomic adjustment programme. The country also achieved record sales at its first bond sale in three years.  View Article

© Graham Bishop

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