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29 May 2014

Integrating Europe
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Graham Bishop
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Articles from 22 May 2014 - 29 May 2014

Graham Bishop

The EP election: sceptics to be marginalised in four weeks?
After all the media hype about the rise of the Eurosceptics, the central and practical reality is that the 'big four' political families who are willing to share more sovereignty when necessary - 'more Europe' in the conventional shorthand – still control 70 % of the seats in the new Parliament.  View Article

Political

Reactions to the EP election outcome
The European elections are behind us, but many questions have yet to be answered. The next few days should cast more light on who will be the next Commission president and which political groups will find common ground to shape the agenda of the new Parliament. Facts and comments.  View Article
EU leaders refuse to be hurried by EP into early decision on new Commission president
Brussels is bracing itself for months of brinkmanship over the EU’s new leadership after the presumed frontrunner for the European Commission presidency saw his path to the job stymied with no alternative for the post emerging.  View Article
EPC/Zuleeg: Post-European Parliament elections
The 2014 European Parliament Elections might turn out to be not as ‘historic’ as some people had predicted but many questions still need answering: Was the European Parliament on the brink of an invasion by Eurosceptics? Or is it all business as usual?   View Article
Paul N Goldschmidt: The time for change is now!
The people have expressed their views: Europe appears to be the big looser mainly on two counts: the first stems from the unmistakable need to “change” Europe; the second from an outdated conception of “sovereignty”.  View Article
Schäuble: The State of Europe – What governance is needed in the EU?
German Finance Minister Wolfgang Schäuble argued that in view of the gains of Eurosceptics in the EP elections, the debate about Europe cannot be resumed quickly enough. He urged to campaign for a strong and well-structured European Union again.  View Article

Financial

ESMA consults on MiFID reforms
ESMA launched the consultation process for the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). The closing date for responses to both papers is Friday 1 August 2014.  View Article
IMA responses to ESMA’s MiFID II consultation
The IMA published its responses to ESMA’s MiFID II consultation paper in three areas: the detailed rules on the disclosure of costs and charges to underpin MiFID II; market structure; and the use of dealing commissions in payment for research.  View Article
Reuters: EU watchdog to kick off revamp of securities markets
The second round of a battle between banks and bourses kicks off this week when EU regulators publish proposals for the biggest shake-up of the bloc's securities market in history to increase transparency and investor protection.  View Article
Financial Stability Review shows progress in strengthening banks and sovereigns
European Central Bank: Banking system stress has eased further as banking union preparations have gathered pace and banks have strengthened balance sheets. Growing search for yield has benefited euro area banks and sovereigns, but could also unearth imbalances should risks be reassessed.  View Article
ECB/Draghi: Monetary policy in a prolonged period of low inflation
In this seminal speech, Mario Draghi discussed the factors behind low inflation in the euro area, and how they interact, percolate through the real economy and may affect medium-term price stability.  View Article
ECB/Praet: Monetary policy and balance sheet adjustment
Peter Praet, Member of the Executive Board of the ECB, laid out his thoughts on how the process of balance sheet correction that is taking place in the euro area could influence the shaping of monetary policy in the current conditions.  View Article
ECB/Lautenschläger: Making the comprehensive assessment a success
Sabine Lautenschläger, Member of the Executive Board of the European Central Bank, spoke on how we can make the comprehensive assessment a success and addressed some pertinent questions on the measures to deal with capital shortfalls.  View Article
EBA/EIOPA/ESMA: Joint Committee to hold Consumer Protection Day 2014
The Joint Committee of ESAs is organising the second Joint ESAs Consumer Protection Day on 4 June 2014 in London. The event will bring together consumers, regulators and industry participants to discuss consumer protection-related issues in the financial services area in the European Union.   View Article
BoE/Carney: Inclusive capitalism - creating a sense of the systemic
Mark Carney, Governor of the Bank of England, spoke on the problem of growing exclusivity of capitalism, arguing that the combination of unbridled faith in financial markets prior to the crisis and the recent demonstrations of corruption in some of these markets has eroded social capital.  View Article
Risk.net: European supervisory culture needs to evolve
European regulators need to develop a more rigorous supervisory culture to effectively monitor firms under the Solvency II regime, said panellists at Insurance Risk Nordics in Stockholm.  View Article
BIS/Linde: The financial system ahead of the Banking Union
Mr Luis M Linde, Governor of the Bank of Spain, argued that the Spanish financial system had undergone intense restructuring and recapitalisation, as well as a significant consolidation process and he was thus confident that Spanish banks were prepared for the AQR and stress tests.  View Article
Reuters: Rating agencies stand by sovereign caps
CRAs sought to shield their ABS rating logic from criticism that their link to sovereign rankings is hampering the resurgence of the sector and neglecting market performance.   View Article
Risk.net: BoE and Citadel clash over SIFI status for funds
Asset managers face growing liquidity risks – the result of reforms that have made banks less able to play their traditional market-making role – and the financial system is not well equipped to manage them, according to Bank of England financial stability expert.  View Article
BIS: Implementation monitoring of PFMIs - update to level 1 assessment report
The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) continue to closely monitor the implementation of the Principles for financial market infrastructures (PFMIs).  View Article
BoE/Carney: Regulating the insurance industry to support the real economy
Article by Mark Carney, Governor of the Bank of England, supporting insurance industry regulation in order to support the real economy.  View Article
Bundesbank/Weidmann: The macroeconomic importance of capital markets
Jens Weidmann, President of the Deutsche Bundesbank, argued that balanced rules to protect investors and measures to secure financial stability are necessary and in the interests of all capital market participants.  View Article
WSJ: Riskier eurozone bonds retreat
Yields on Italian, Spanish, Portuguese and Greek government bonds have risen sharply in recent days. Bond yields and prices move in opposite directions.  View Article

Economic

FTT - Presidency's working party on tax questions (WPTQ)
Following discussions at 6 May ECOFIN Council, the Hellenic Presidency took note of a joint statement by ministers of 10 participating countries. The Presidency noted the intention of participating countries to work on a progressive implementation of the FTT.  View Article
KAS/Bauer/Demary: European Banking Union
This report summarises the current proposals and decisions regarding the Banking Union and evaluates the Banking Union’s three pillars – banking supervision, bank resolution and common standards for deposit guarantees – from a regulatory economic perspective.  View Article
ECB/Mersch: Finance in an environment of downsizing banks
Yves Mersch, Member of the Executive Board of the ECB, spoke on how financing of the real economy in the euro area has historically taken place through the large banking sector. The crisis brought those business models to an end and triggered a process of structural change in the banking sector.   View Article

Member State events

BNE: UKIP success doesn’t mean Britons want to quit EU
The rise of UKIP and Eurosceptic parties across Europe shows how crucial it is for Britain and the EU to reform and re-double efforts to make Europe an engine for growth and job creation again, say a group of pro-European organisations.  View Article





© Graham Bishop

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