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23 July 2015

Brexit 'Weekly'


CMU, Greece, Grexit, Brexit - or 'Brexpulsion'? -, Hollande calls for a 'eurozone government,' ECB, Europe’s listings regime, Banking Union, EFSI and more.

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Graham's Articles, Comments & Speeches
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  Articles from 16 July 2015 - 23 July 2015

  Grahams Articles, Comments & Speeches
 
 
Greece: the problem of social culture, not just finance, economics and politics
Greek `No’ voters scored 61% of the vote on a surprisingly low turnout of 62% of the 9.3m eligible voters. The concept is now quite clear: Greek PM Tsipras will claim that the 3.6 million Greeks who voted `No’ should now be entitled to debt relief from the rest of the eurozone.   View Article
 
  Political
 
 
European Commission: Speaking points of Commissioner Moscovici at the joint College read-out with Vice-President Katainen
Developments regarding Greece and communication on the role of National Promotional banks in supporting the Investment Plan for Europe.  View Article
The Independent: Hollande calls for a 'eurozone government' to further integrate member states
French President wants to recapture former European Commission chief Jacques Delors' vision of the EU as an answer to the muddled response to the Greek debt crisis. 19 eurozone countries should have a “government, a dedicated budget and a parliament to ensure democratic control”.  View Article
City A.M.: How the eurozone could survive without building a European super state
The eurozone members must have a system to ensure that monetary policy operations do not lead to the ECB being mired in bad debt.  View Article
Financial Times: Greece - Donald Tusk warns of extremist political contagion
The bitter stand-off over Greece has given new energy to radical political groups on the left and right, creating a pre-revolutionary atmosphere that Europe has not seen since 1968, according to European Council President Tusk.  View Article
Open Europe: Could there be political contagion from Greece?
As the dust settles following the latest agreement between Greece and its creditors it is worth stepping back and examining what it, along with Syriza’s time in office so far, might mean for other peripheral countries and other rising populist parties in Europe.   View Article
SPIEGEL: Interview with Wolfgang Schäuble: 'There Is No German Dominance'
German Finance Minister Wolfgang Schäuble speaks about the government in Athens, his own feelings about a Grexit and his relationship with Chancellor Merkel.  View Article
VoxEU: Why the ECB should not insist on repayment of its Greek bonds
If Greece repays its ECB-held bonds, it loses this ‘free borrowing’, so repayment is like ‘reverse QE’. To avoid this perverse outcome, the ECB could extend the maturity of the Greek bonds.  View Article
VoxEU: Greece and the missing banking union
The Greek Crisis is a crisis rather than a problem due to the vulnerability of Greek banks. While the banks have deep problems, these would have been mitigated if a fully operational banking union were in place.  View Article
VoxEU: Greece should prepare for Grexit and then not do it
Greece can strengthen its negotiating position if it is prepared for exit: this does not mean leaving the eurozone. The purpose of the exercise should be to make Grexit a plausible solution, then not to do it.  View Article
VoxEU: Reforming Greece
Although Greece has implemented structural reforms that were substantial enough to bring about a turning point in its relationship with the EU, these reforms have been overly localised, badly sequenced and implemented by short-sighted political elites.   View Article
Deutsche Welle: Why the debate over Grexit hurts growth prospects
Greece has used most of the bridge loan, which it received after reaching a deal with its creditors, to repay lenders. Experts say the country needs not only reforms, but also investors and an end to the Grexit debate.  View Article
VoxEU: Why debt sustains corruption in Greece and vice versa
The way out to tackle corruption in Greek politics which may prevent the implementation of the latest deal is to sign a new agreement that combines debt restructuring and radical transparency reforms, including naming-and-shaming practices, to block clientelism in the medium and long run.  View Article
Sieps: Could it be ‘Brexpulsion’ rather than ‘Brexit’?
Iain Begg mentions the possibility that in the longer term the United Kingdom might be faced with the challenge of expulsion from the European Union, in a form of “constructive dismissal.”  View Article
British Influence: Wake up, Westminster! Why MPs should pay more attention to the EU
This ten-point plan to strengthen UK’s government oversight of EU policy includes a recommendation that the chair of the Commons European scrutiny committee should be elected by the whole house, and that MPs should work more closely with their peers on European matters.  View Article
 
  Financial
 
 
BIS / Dombret: Monetary union, banking union, capital markets union - financial integration in Europe
The speech by Deutsche Bundesbank's Dombret focuses on Greece, strengthening the capital markets by diversification, and establishing a single capital market in Europe.  View Article
EurActiv: Ten tips for a successful CMU
The European Union plan for a Capital Markets Union can help unlock the latent potential in financial markets. The banking industry is ready to support this proposal.  View Article
BIS / Hakkarainen: Supervisory policies after the start of Banking Union - initial experiences and outlook for CESEE countries
The countries belonging to the Banking Union have gained access to the European level decision making in the key areas of supervision, crisis resolution, as well as in the regulation of banks.  View Article
TheCityUK: improving Europe’s listings regime and unlocking growth
TheCityUK, supported by King & Wood Mallesons, published 'Capital markets for growing companies: a review of the European Listings Regime' report, setting out its proposals for how Europe’s listings regime could be improved to the benefit of investors and issuers across the whole of the EU.  View Article
 
  Economic
 
 
ECB: Monetary policy decisions
The European Central Bank decided not to change the interest rate on the main refinancing operations and on the marginal lending facility and the deposit facility.  View Article
Decisions taken by the Governing Council of the ECB
The European Central Bank published its decisions on market operations, payment systems and market infrastructure and advice on legislation.  View Article
VoxEU: The changing tasks of the ECB
The ECB’s monetary policy has evolved rapidly over the past decade – from the adoption of the euro to the recent implementation of quantitative easing. What the effectiveness of its policies?  View Article
 
  Budgetary
 
 
European Commission: Investment Plan for Europe - EFSI ready for take-off in autumn
The Commission published a Communication on the role of National Promotional Banks in supporting the Investment Plan for Europe.  View Article
 

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