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12 March 2015

Brexit 'Weekly'

ECOFIN, Tsipras, Brexit, ECB, EU Semester

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  Articles from 05 March 2015 - 12 March 2015

ECOFIN agrees negotiating stance on European fund for strategic investments
This will allow the presidency, on behalf of the Council, to start negotiations with the European Parliament as soon as the EP has agreed its own negotiating stance. The aim is for an overall agreement to be reached by June, to enable new investments to begin as early as mid-2015.  View Article
Remarks by Jeroen Dijsselbloem following the Eurogroup meeting - 9 March 2015
"We agreed today that there is no further time to lose. The discussions between the Greek authorities and the institutions must and will start March 11 with a view to achieve a speedy and successful conclusion of the current review."  View Article
European statistics: New rules approved by Council
The new rules are aimed at ensuring the quality and reliability of EU statistics. The Council approved its position by qualified majority. Austria and the United Kingdom voted against, whilst the Netherlands and Portugal abstained.  View Article
Der Spiegel: Interview with Greek Prime Minister Tsipras: 'We don't want to go on borrowing forever'
In the interview Tsipras discussed planned reforms, the polarizing effect his government has had on Europe and the possibility of a "Graccident," Greece's accidental exit from the euro zone.  View Article
Euractiv: Voting on Brexit - The EU issues shaping the UK election
The May 7 UK general election will go a long way towards deciding whether Britain will stay in the European Union, or choose to leave, after forty years of uneasy relations.  View Article
Financial Times: Financial services would be hit hardest by Brexit
A report on the impact of Brexit on exporters concludes there is a high likelihood that Britain could negotiate preferential trade deals covering manufactured goods, including cars, pharmaceuticals, machinery and food and beverages.  View Article
European Parliament: MEPs vote to channel funds towards long term European investment
ELTIFs are designed to benefit the real economy and society by channelling non-bank funds into long-term projects to deliver infrastructure, intellectual property or research results.  View Article
European Parliament: MEPs put an end to opaque card payment fees
The fees that banks charge retailers to process shoppers’ payments will be capped, under uniform EU-wide rules, further to a vote in Parliament on March 10.   View Article
ECB/Yves Mersch: The Future of Banking – a Central Banker’s view
"We need a balanced approach – supporting the healthy forces of creative destruction, while at the same time protecting consumers and the essential functions of banks in servicing the economy."  View Article
Reuters: EU parliament report casts doubt over bank trading curbs
Rules forcing banks to isolate risky trading activities must be fully evaluated to gauge their impact on economic growth and the ability of banks to bear the extra costs, a study by the European Parliament said March 11.  View Article
Reuters: EU capital markets plan falls short on investor protection - FCA
The European Union's plans to boost market-based financing for its flagging economy risks harming consumers unless there is more emphasis on investor protection, the FCA said.  View Article
Financial Times: Danger in Mitteleuropa financial sector
At zero interest rates, it is very difficult for the German insurance industry to remain solvent, says Wolfgang Münchau.  View Article
ECB starts public sector purchase programme
This programme adds the purchase of sovereign bonds to the ECB's existing private sector asset purchase programmes to address the risks of a too prolonged period of low inflation. The links below contain further information on the programme.  View Article
The ECB and its Watchers XVI Conference
Mario Draghi: "The asset purchase programme may be shielding other euro area countries from contagion, which also helps the ECB achieve its monetary policy goals across the euro area."  View Article
ECB: Embarking on public sector asset purchases
Speech by Benoît Cœuré. On 9 March the Eurosystem launched its public sector purchase programme (PSPP).   View Article
European Parliament: EU semester 2015 - recommendations for economic and social improvement
The Commission's economic policies were examined from three different angles, resulting in three separate resolutions, prepared by three different committees. All three were approved by large majorities of MEPs.  View Article
ECB: Interview with Benoît Cœuré
Interview covering banking, Cyprus, QE and Greece.  View Article
European Voice: MEPs’ tax inquiries take shape
The members of the European Parliament’s special committee on tax evasion began setting out their work programme at its first business meeting in Strasbourg March 9.   View Article
Der Spiegel: Thomas Piketty on the euro zone: 'We have created a monster'
In an interview, celebrated French economist Thomas Piketty spoke about Alexis Tsipras' election victory in Greece, Europe's inability to fix its financial woes and what EU leaders can learn from the United States.  View Article
ECOFIN: France gets two more years to correct its government deficit
France must bring its government deficit below 3% of GDP, the EU's reference value for deficits.  View Article
Euractiv: After France, Ireland wants EU budget flexibility
"If you are giving discretion to six, seven European countries including France, we want discretion as well. But our discretion is in the application of the rules," Irish Finance Minister Michael Noonan told reporters.  View Article
  Think Tanks/EP groups
Bruegel: ECB quantitative easing - the detailed manual
The European quantitative easing programme, the Public Sector Purchase Programme, will last at least until September 2016. Purchases will be composed of sovereign bonds and securities from European institutions and national agencies.  View Article
Bruegel: Not SIFIs but PIFIs - a bank bailout lesson from Austria
The EU bank resolution framework deals in principle with risks from SIFIs, or systemically important financial institutions, but might have overlooked PIFIs -- politically important financial institutions.  View Article


© Graham Bishop

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