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25 June 2015

Brexit 'Weekly'

Euro Summit, Eurogroup, Five Presidents' Report ON EMU, Euro Council, Greece, Grexit, eurozone, ECB, IMF, Brexit, EU reform, CMU, pension funds, EBF, Bank Structural Reform, ECB's OMT, Juncker Plan and more.

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  Articles from 18 June 2015 - 25 June 2015

European Council: Press remarks by Eurogroup President following the Eurogroup meeting on 18 June 2015
Highlights were: Greece, Cyprus and Portugal, and euro area economy.  View Article
Financial Times: The real challenge this week is to save the eurozone
The EU’s leaders are called upon to fix Greece on Monday, the rest on Thursday and Friday — or at least start a process that gets them towards economic integration. There is more than a chance that they could fail in at least one of those respects, if not in both.   View Article
CEPS: Greece is solvent but illiquid - What should the ECB do?
The Greek government is solvent but is trapped in a liquidity dilemma in which cannot find liquidity because markets believe it cannot find liquidity. Should ECB's outright monetary transactions (OMT) programme be used to ease its constraints?  View Article
VoxEU: A programme for Greece - Follow the IMF’s research
A suggested programme for Greece includes debt relief (debt equal to 50% of GDP and payable over 40 years), scaling down the banking system, and setting a flat 0.5% of GDP primary surplus over the next three years.   View Article
Financial Times: Lessons from the plight of the Greek banks
While a year ago they might have looked like the transmission mechanism for recovery, now the Greek banks risk becoming the trigger for Greece’s chaotic exit from the eurozone.  View Article
Financial Times: Greek banks - Athens’ Achilles heel
The fear of default is rapidly being overtaken by a separate — and possibly more dangerous — ticking time bomb: the solvency of Greece’s banks.  View Article
Business for Britain: 'Change, or go - How Britain would gain influence and prosper outside an unreformed EU'
David Cameron should lead Britain out of the EU if he is unable to secure a veto for the UK over European laws, win back control over employment rules and permanently protect the City from Eurozone regulations, a group of business leaders and economists has said.  View Article
EU Centre in Singapore / Oerstroem Moeller: Brexit – lessons from four referenda on the EU in Denmark
The result of a referendum may and often will be decided by policy decisions shaping the electorate's perception long before the voting takes place and that time, effort and political capital needs to be invested for a positive outcome during the campaign.  View Article
VoxEU: European integration - Benefits of deep versus shallow integration
The imminence of the British referendum lays the European integration project at a crossroads. This column bring new economic arguments to debates about EU integration and membership.  View Article
City A.M.: Standard & Poor's: Brexit could "significantly dent" UK financial services and insurance sectors
The two sectors account for 30 per cent of the UK's foreign direct investment, equivalent to 17 per cent of GDP. Half of that comes directly from EU investors.   View Article
European Council conclusions on a CMU
The Economic and Financial Committee issued 24 conclusions on a Capital Markets Union.  View Article
PensionsEurope calls on EU to take pension funds into account when building a Capital Markets Union
PensionsEurope said that the CMU’s ability to assist long-term investment hinges on whether policy-makers take the characteristics of European pension funds into consideration.  View Article
OECD: Low interest rates threaten solvency of pension funds and insurers
The current low interest rate environment poses a significant risk for the long-term financial viability of pension funds and insurance companies as they seek to generate sufficient returns to meet promises, according to a new OECD report.  View Article
EBF maintains concerns on Bank Structural Reform
The European Banking Federation maintains its concerns with regards to the potential impact and unintended consequences that this initiative will have for liquidity, capital markets and economic growth and jobs.  View Article
CFS: How the new European Banking Supervision affects smaller banks
Smaller banks are afraid that rules that apply to SIFIs will increasingly be extended to smaller institutions as well, which could cause enormous costs for these banks that they might not be able to bear.  View Article
European Commision: Five Presidents' Report sets out plan for strengthening Europe's EMU
The five Presidents have revealed ambitious plans on how to deepen the Economic and Monetary Union as of 1 July 2015 and how to complete it by latest 2025, with measures such as introducing a European Deposit Insurance Scheme or creating a future euro area treasury.  View Article
EP tables recommendations for eurozone governance
Today’s eurozone governance rules are too complex, lack ownership and are not consistently enforced, MEPs say in a resolution. The text is Parliament's input to the discussions on the future of the economic governance framework, including Thursday's European summit debate.  View Article
Bertelsmann Stiftung: OMT is Monetary Policy and not Economic Policy
The European Court of Justice has approved the European Central Bank's Outright Monetary Transactions programme against the demands of the German Federal Constitutional Court. However, “the fundamental point of disagreement between the courts has not gone away”, according to Franz C. Mayer.  View Article
CEPS: The Euro as a Foreign Currency for Greece
Grexit and the reintroduction of the euro as a foreign currency would probably be positive for the Greek economy, although its creditors would be hard hit. It is therefore primarily in their interest that default and Grexit are avoided.  View Article
VoxEU: Can central banks avoid sovereign debt crises?
What can central banks do to avoid self-fulfilling debt crises? The ability of a central bank to avert a self-fulfilling debt crisis is limited.   View Article
European Council approves country-specific recommendations on economic and fiscal policies
The 2015 CSRs are addressed to 26 of the EU's 28 member states.  View Article
European Council issues new recommendation on UK excessive deficit procedure
The United Kingdom has missed a deadline set for reducing its deficit below 3% of GDP. The Council has issued a new recommendation on corrective measures to be taken, which extends by two years the deadline set for the UK to reduce its deficit.  View Article
Spurring economic recovery - EP approves Juncker Plan rules
The €315-billion “Juncker” investment plan was backed by the European Parliament. Parliament modified its financing structure, won a say in selecting its leadership and ensured more democratic oversight in negotiations with the Council.  View Article
Fondation Robert Schuman: The Juncker Plan - a real opportunity for Europe
The "Juncker Plan" has now been finalised. The investment environment will be boosted by the upcoming presentation of the action plan for the Capital Markets Union and the deployment of the European digital strategy.   View Article

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