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15 October 2015

Brexit 'Weekly'

European deposit insurance, CMU, SMEs, Brexit, EMU, Eurosystem's Vision 2020, tax rulings, EFAMA, QE programme, FTT and more.

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  Articles from 08 October 2015 - 15 October 2015

ECB: EMU – disappointed expectations and how to move forward
ECB's Praet outlines why the EMU has been disappointing so far and how to improve its performance implementing structural reforms such as encouraging firms to grow in size or to enter new markets, improving the efficiency of financial markets through the CMU project and completing the Single Market.  View Article
UK Parliament: Economic impact of the UK’s EU membership inquiry launched
The Treasury Committee launched an inquiry into the economic and financial costs and benefits of the UK’s membership of the EU.  View Article
Financial Times: Pro-EU In campaign launches with politicians in the shadows
The cross-party campaign to keep Britain in the EU has officially been launched — with the politicians kept firmly in the background. Former M&S boss Lord Rose chairs the Britain Stronger in Europe movement.  View Article
POLITICO: Cross-party Brexit group launches
A campaign to force Britain out of the EU has been launched with support from the political and business worlds and some serious financial muscle.  View Article
Financial Times: Cameron woos Merkel amid fears hedge funds will back Brexit push
David Cameron urged Angela Merkel to help keep Britain in the EU, amid concerns in senior Tory circles that many hedge fund chiefs will throw their financial muscle behind the “Brexit” campaign.  View Article
Reuters: European populism can be tamed
Populism has infected European politics. But it can be beaten. The three things needed for mainstream politicians to win back control of the debate are competence, fairness and leadership. To some extent, the fightback is already succeeding.  View Article
ECB: The future of Europe’s financial market infrastructure - the Eurosystem’s Vision 2020
ECB's Mersch said that the actions in the Eurosystem’s Vision 2020 which will be taken over the coming years will complement the European Commission’s project to establish a CMU in Europe – a project which the ECB and the Eurosystem fully support.   View Article
EurActive / AFME's Lewis: Will a CMU deliver vital funding for Europe’s SMEs?
The European Commission unveiled its Capital Market Union proposal last week. While the US provides a useful model for comparison, Europe must adapt SME funding to the specificities of the domestic market, writes Simon Lewis.  View Article
ECB's Draghi: Interview with Kathimerini
The interview focused on Greece, with Draghi saying that the most important elements in the coming months will be strong ownership of the programme and debt relief. The QE programme and inflation were also on the table.  View Article
ECB: Euro area economic outlook, the ECB’s monetary policy and current policy challenges
ECB's Draghi spoke about the need to complete banking union and to develop a CMU in order to "make our monetary union in Europe stable and prosperous". He also said that the APP programme could be adjusted if necessary before achieving the 2% inflation rate or its September 2016 deadline.  View Article
EFAMA response to the European Commission Public Consultation on Corporate Tax Transparency
EFAMA believes that the OECD’s BEPS 13 could serve as a useful benchmark for EU legislation.  View Article
European Parliament: Mandatory exchange of tax rulings proposal - a "missed opportunity” say MEPs
The EU Commission proposal to make it mandatory for EU member states to exchange information on their tax rulings received only a lukewarm welcome in Parliament’s Economic and Monetary Affairs Committee.  View Article
EurActiv: Europe needs a new economic reform agenda
Europe's governments must make tough reforms to bring back competitiveness and prosperity to EU economies, writes Gunnar Hökmark.  View Article
Bruegel: What options for European deposit insurance?
Authors draw some tentative conclusions on potentially adequate quid-pro-quo measures for different forms of deposit insurances given the problem of transition.  View Article
EurActiv: French plans to expand FTT may sink European negotiations
French MPs have voted to apply the Financial Transaction Tax to 'day trading', but the Ministry of Finance fears this will cause further delays to European negotiations.  View Article
ECB's Mersch at MNI Connect event
In his speech, Mersch focuses on how essential for the EU is to act "on the basis of solidarity and cooperation," and speaks about the ECB’s assessment of recent economic developments and the necessity for completing EMU.   View Article
ECB's Mersch: Interview with The Asian Banker
Yves Mersch talks about Capital Markets Union, the QE programme and Fintech, amongst other issues concerning the Asiatic markets such as ASEAN banking integration.  View Article
ECB's Cœuré: Interview with CNBC Television
Main topics of the interview were recovery in Europe, the QE programme, inflation expectations and bank lending.  View Article
Bloomberg: It's Quantitative Easing, Europe, But Not as We've Known It
The European Central Bank has started a limited pilot program to test out buying bonds through auctions rather than approaching dealers one to one. Strategists say the system is designed to improve QE’s transparency and may eventually be rolled out across the euro region.  View Article

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