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28 May 2015

Brexit 'Weekly'


Bank of England, Cameron, Brexit, EU reform, Capital Markets Union, ACCA, SMEs, FSB, EBA... and more.

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  Articles from 21 May 2015 - 28 May 2015

  Grahams Articles, Comments & Speeches
 
 
Cameron’s mask slips: He really wants to leave the EU - if The Times revelation of his key negotiating ploy is correct
The re-elected Prime Minister of the UK wants the rest of the EU to radically change its economic policy structure, so probably losing the referendum and splitting the UK.  View Article
 
  Political
 
 
Open Europe: EU Reform Index - Evaluating 30 potential proposals for EU renegotiation
Open Europe catalogues the body of 30 potential reform proposals that the UK might wish to seek in the forthcoming EU negotiations. The EU Reform Index seeks to outline where there is confluence of interests around which an EU reform package can be established.  View Article
EUbusiness: Bank of England admits to researching 'Brexit' risks
The Bank of England (BoE) has revealed that it is researching the economic risks of Britain leaving the European Union, just as Prime Minister David Cameron began negotiations with EU leaders ahead of a referendum on membership.  View Article
 
  Financial
 
 
European Parliament: Insolvency - throwing a lifeline to struggling companies
Struggling companies will be given a second chance to improve their financial situation under new rules on insolvency approved by MEPs. The plans also include measures to help firms before they go bust.  View Article
ESMA publishes response to Capital Markets Union Green Paper
Increasing the role of the non-banking sector and diversifying sources of funding, will not only help in accessing the much needed capital for investments, it should also help in making a shift from debt to more equity funding.  View Article
25 Investing and Financing recommendations for the forthcoming Capital Markets Union
The report calls for creating a CMU able to structurally channel investments where innovation emerges, companies grow and new jobs are created. CMU should favor an EU wide liquid and integrated domestic market.  View Article
EurActiv: France wants EU's Capital Markets Union to back 'European champions'
European Union plans to make its capital markets more efficient at raising funds for the economy could also help deepen eurozone monetary integration and create a new breed of European industrial champions, France has said.  View Article
ACCA: Maximising the Capital Market opportunity for SMEs and Start-ups
Capital markets will provide not only the supply but more importantly the type of capital with risk return characteristics best suited to financing growth companies and innovation.  View Article
Bridging the financial gap for European SMEs
The signatories of the joint declaration on the Capital Market Union (CMU), including AFME, BAE, EBAN, EBF, EBN, ECN, EUROCHAMBRES, and EuropeanIssuers spoke with one voice to support the European Commission’s initiative.  View Article
FSB publishes thematic review on supervisory frameworks and approaches for SIBs
The Financial Stability Board’s (FSB) review assesses progress towards enhancing supervisory frameworks and approaches for SIBs since the financial crisis, in particular for global systemically important banks (G-SIBs).   View Article
EBA issues guidance on the implementation of resolution tools
These Guidelines, which stem from the EU Bank Recovery and Resolution Directive (BRRD), foster convergence on resolution matters by giving detailed guidance to EU Resolution Authorities on the circumstances they should assess when taking their resolution decisions.  View Article
European Parliament: Tougher rules on money laundering to fight tax evasion and terrorist financing
The ultimate owners of companies will have to be listed in central registers in EU countries, open both to the authorities and to people with a "legitimate interest", such as investigative journalists.  View Article
 
  Economic
 
 
European Commission: Fighting tax evasion: EU and Switzerland sign historic tax transparency agreement
Under the agreement, both sides will automatically exchange information on the financial accounts of each other's residents from 2018. This spells an end to Swiss bank secrecy for EU residents and will prevent tax evaders from hiding undeclared income in Swiss accounts.  View Article
European Commission prepares an Action Plan for fairer and more growth-friendly tax systems in Europe
It has been agreed that a new EU approach to corporate taxation is needed to successfully address tax abuse, ensure sustainable revenues and foster a better business environment in the internal market.  View Article
ECB: Mario Draghi - Structural Reforms, inflation and monetary policy
There is a large untapped potential in the euro area for substantially higher output, employment and welfare. And the fact that monetary policy is today at the lower bound, and the recovery still fragile, is not, as some argue, a reason for reforms to be delayed.  View Article
ECB: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
The decisions taken on May by the European Central Bank on market operations, payment systems and market infrastructure, financial stability and supervision, statistics, corporate governance and banking supervision.  View Article
BIS: Stanley Fischer - Past, present, and future challenges for the euro area
In his speech, Fischer argues that crises have shown policymakers the path to a more unified European monetary, banking and fiscal union.  View Article
BIS: Andreas Dombret: Six months of European banking supervision - what does this mean for "less significant institutions"?
Bank for International Settlements: Speech by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, at the "Verbandstag der Sparda-Banken", related to impact of Single Supervisory Mechanism (SSM) on smaller institution.  View Article
BoE: Martin Weale - Telling tales of oil and global inflation
The speech presents two key issues for the inflation outlook in the UK: the impact of oil price moves on the UK inflation forecast, and the degree to which international prices feed through into the outlook in this country.  View Article
VoxEU: A Parallel Currency for Greece
To prevent it from defaulting, the Greek government might need to introduce a new domestic currency, in parallel to the euro. This two-part series discuss how such a policy instrument could promote economic recovery, and evaluate its effects on aggregate demand and fiscal sustainability.   View Article
 
  Budgetary
 
 
European Commission proposes draft EU budget 2016: focus on jobs, growth, migration and global action
The EC proposed a 2016 EU budget of €143.5 billion in payment credits to support the recovery of the European economy and help improve lives in Europe and beyond.  View Article
EU budget: backlog of unpaid bills on the way of phasing out
The Council and the European Parliament took note of the Commission's outlook according to which the backlog of outstanding payment claims for the 2007-2013 cohesion programmes could decrease to around €2.0 billion by the end of 2016.  View Article
 
  Think Tanks/EP groups
 
 
CEPS-ECRI: Towards a balanced contribution of household credit to the economy
A significant part of EU growth will depend on the behaviour of households and on their ability to secure funding for their consumption and investment. It is therefore essential to stimulate household credit, in particular consumer loans.   View Article
Bruegel: Giving Greece a chance
Europe’s growing frustration with the new Greek government has triggered calls for stopping negotiations and even accepting “Grexit”, Greece’s exit from the euro. This would be a mistake.  View Article
CEPS: The ‘visible hand’ of the ECB’s quantitative easing
This paper examines three dimensions of quantitative easing: i) the rationale behind the ECB’s new monetary policy stance, ii) the operational challenges of QE and iii) preliminary evidence on the effects of QE on markets.  View Article
CEPS: Why Greece is different
Greece, Portugal, Ireland, Spain and even Cyprus, are all visibly recovering. It was their strong export performance which allowed these countries to escape the austerity trap, so Greece government should focus its attention on stimulating exports rather than only discussing the budget.  View Article
CEPS: Too good to be true? A quick assessment of the European Commission’s new Better Regulation Package
Initial impressions on the content of this remarkable set of new documents, which will shape the way in which EU policies will be prepared, shaped, monitored and evaluated in the years to come.  View Article
 

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