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05 November 2015

Brexit 'Weekly'

EMU, Brexit, Greece, bank resolution, Banking Union, European deposit insurance and more.

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Graham's Articles, Comments & Speeches Friends' Services Temporary Eurobill Fund (TEF)




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  Articles from 29 October 2015 - 05 November 2015

  Grahams Articles, Comments & Speeches
Completing Economic and Monetary Union
Graham Bishop’s Plan for a Temporary Eurobill Fund as a Stepping Stone to Stage 2.  View Article
Deepening EMU – Round-up of Key Events – October 2015
Brexit and Brexin campaigns were launched, and British PM Cameron geared up EU reform talks. The ECON updated EU rules on online payments, and BCBS' Ingves said that the Basel III policy response to the financial crisis is complete.   View Article
  Friends Services
Deepening EMU – Round-up of Key Events – October 2015
Brexit and Brexin campaigns were launched, and British PM Cameron geared up EU reform talks. The ECON updated EU rules on online payments, and BCBS' Ingves said that the Basel III policy response to the financial crisis is complete.   View Article
  Temporary Eurobill Fund (TEF)
Completing Economic and Monetary Union
Graham Bishop’s Plan for a Temporary Eurobill Fund as a Stepping Stone to Stage 2.  View Article
Policy Network: What would 'out' look like?
Advocates for Brexit have suggested a range of alternative options for the UK instead of EU membership. This report rigorously examines four of the most widely canvassed alternatives: the Norwegian option, the Swiss option, relying on WTO trading rules alone, and a special preferential UK deal.   View Article
Fondation Robert Schuman: Brexit or Britin - is it really colder outside?
Consultant in EU law Piris maintains that "the adoption of reforms by the EU, which would not require a revision of the EU Treaties, appears to be the only realistic and politically andlegally acceptable solution" to the Brexit issue.   View Article
CEPS: Will Cameron get what he wants? Anticipating reactions to Britain’s EU reform proposals
In this Commentary the authors consider how far the other EU member states might be willing to accommodate Cameron’s demands and provide him with the political capital he seeks to lead the ‘in’ campaign.  View Article
EurActiv: Osborne makes Berlin Brexit negotiation plea
British Chancellor George Osborne took the UK’s argument for a renegotiated relationship between his country and the EU to the capital of the continent’s strongest economy – promising to back a stronger eurozone if London’s conditions were met.  View Article
Reuters: U.S. trade czar says Britain would lose on trade outside the EU
The United States is not keen on pursuing a separate free trade deal with Britain if it leaves the European Union, U.S. Trade Representative Michael Froman said, the first public comments from a senior U.S. official on the matter.  View Article
Open Europe: What would a ‘Norway-style’ relationship with the EU entail?
In a change of tactics, David Cameron has decided to take on those advocating UK withdrawal from the EU based on the ‘Norway model’. Open Europe’s Stephen Booth explains what a Norway-style relationship with the EU might mean.  View Article
The Independent/Clegg: When it comes to the EU, we shouldn't kid ourselves: all forms of out are as bad as each other
"By remaining in, we can continue to lead in Europe and shape our own destiny. By leaving the European Union we would not ‘regain control’, we would lose it," says Lib Dem's former leader Nick Clegg.  View Article
MNI Survey Shows Financial Markets See Future Eurozone as a ‘Two-Speed’ Club
MNI’s Eurozone barometer finds that most market participants feel Eurozone will stay a safe haven; 71% of respondents believe UK should remain inside the EU.  View Article
Financial Times: Enlargement and the euro are two big mistakes that ruined Europe
The single currency is a trap and eastern expansion forced the EU to take its eye off the ball, writes Wolfgang Münchau.  View Article
EPIN: Awkward partner once again? Repercussions for Europe of Poland’s elections
A clear majority of Poles voted have brought the national-conservative Law and Justice Party back to power. The implications of these elections for relations with Germany and France, and for Poland’s own EU policy, are a source of concern for the EU and European cohesion.  View Article
ECB finds total capital shortfall of €14.4 billion for four significant Greek banks
Comprehensive assessment reveals total capital shortfall of €4.4 billion and €14.4 billion at the four significant Greek banks under the baseline and the adverse scenarios, respectively. They will have to submit capital plans explaining how they intend to cover their shortfalls by 6 November.  View Article
Bloomberg: IMF Pushes Europe for Formal Restructuring Accord on Greek Debt
Euro-area countries must commit to a formal restructuring of Greece’s debt before the International Monetary Fund will lend new money to the country, according to one of the IMF’s top officials.  View Article
ECB's Nouy: Interview with Ta Nea
Danièle Nouy talked about Greece and said it was important that, "under the third bailout programme for Greece, there is a backstop of €25 billion that significantly exceeds the €14.4 billion shortfall identified in the exercise."  View Article
FSB: New measures to promote resolvability, including effective cross-border resolution
The FSB released two finalised guidance papers and three consultative documents as part of its policy agenda to end “too-big-to-fail” and promote the resolvability of all financial institutions that could be systemic in failure.  View Article
Bruegel: Firmer foundations for a stronger European Banking Union
This paper argues that to complete Banking Union, the lender-of-last-resort and deposit insurance functions should move to the euro-area level, breaking the sovereign-bank loop.  View Article
VoxEU: Options for European deposit insurance
The European Banking Union – in all likelihood – is going to involve a European deposit insurance scheme. This column clarifies the different options for organising European deposit insurance and explains what the different options can achieve.  View Article
ECB: One year ECB Banking Supervision
Mario Draghi said that "there can only be a single money if there is a single banking system". Nouy and Lautenschläger outlined the future challenges and past achievements of the SSM.  View Article
Reuters: Europe to align bank capital buffers to global standard
The euro zone's bank resolution authority will align its capital buffer demands with those being set separately for the world's largest banks, aiming to avoid duplication, SRB's Koenig said.  View Article
VoxEU: European SMEs’ struggle to raise equity capital
Promoting greater equity involvement and improving access to and information on all of the various funding options would do much to boost SMEs' growth, which has been heavily underscored in the CMU Action Plan.  View Article
ECB's Constâncio: Macroprudential policy in Europe - ensuring financial stability in a banking union
In his speech, Constâncio insists in the "need to complete the macroprudential toolkit in the hands of European authorities to enhance coordination, reduce spill-overs and to prepare for the Capital Markets Union".  View Article
BIS: Andreas Dombret - Totally digital? The future of banking business
Deutsche Bundesbank's Dombret urges banks to lead the digital wave and find the right balance between FinTech and traditional banking. He calls for an entrepreneurial approach to supervision in order to address the challenges ahead which might be the seeds of the next crisis.  View Article
European Council: Speech by Eurogroup President Jeroen Dijsselbloem
The head of the group of eurozone finance ministers says debates about how to complete the EU monetary union go in circles because governments are too focused on finding politically feasible solutions instead of first agreeing on what problems they are solving.  View Article
A deeper and fairer Single Market: Commission boosts opportunities for citizens and business
The European Commission has presented a roadmap to deliver on President Juncker’s political commitment to unleash the full potential of the Single Market and make it the launchpad for Europe to thrive in the global economy.  View Article
POLITICO: 6 takeaways on the EU single market plan
The European Commission makes another run at breaking down borders for businesses.  View Article
Inquiry launched into completing Europe's Economic and Monetary Union
The House of Lords EU Financial Affairs Sub-Committee launches an inquiry into completing Europe's Economic and Monetary Union (EMU).  View Article
ECB Economic Bulletin: The transmission of the ECB’s recent non-standard monetary policy measures
The results presented in this article suggest that the TLTROs and APP measures have significantly lowered yields in a broad set of financial market segments. This has helped push the monetary policy accommodation through the intermediation chain to reach households and firms.  View Article
BIS: Boosting EU competitiveness - the role of the CESEE countries
Austria's Central Bank Governor Nowotny sees "the ongoing integration process as a central precondition for ensuring competitiveness in the long term," which will require completing monetary union as well as encouraging trade within the EU and with the rest of the world.  View Article
ECB's Constâncio: The role of stress testing in supervision and macroprudential policy
In his speech, ECB's Vice-President Vítor Constâncio elaborates the need to further enhance the macroprudential function of stress testing.  View Article
Vox EU: Do not perpetuate the Dutch Disease in Europe - Lessons from German reunification for a European Fiscal Union
With a European transfer union on the cards, we can learn a lot from Germany’s reunification – a transfer union of sorts. This column takes us through various lessons, concluding that transfers would cement southern Europe’s lack of competitiveness and drive Europe into permanent stagnation.  View Article
ALFI: Global Forum upgrades Luxembourg to 'largely compliant'
The Global Forum on Transparency and Exchange of Information for Tax Purposes has released new compliance ratings on transparency in tax matters following a peer review process.   View Article
ECB's Draghi: Interview with Il Sole 24 Ore
Mario Draghi reiterated that the APP would be reviewed in the ECB's December meeting, argued that a deposit guarantee system and a Single Resolution Fund would be necessary for completing Banking Union, and said that "for the [Greek] debt to be sustainable a certain degree of relief is required."  View Article
POLITICO: Iceland PM: We dodged the EU bullet
Gunnlaugsson claims the country wouldn’t have rebounded as quickly had it been in the bloc.“I think it is extremely unlikely — in fact impossible — that Iceland will join any time soon,” the prime minister said.  View Article
Financial Times: The eurozone’s fiscally lax nations are at it again
France, Italy and Spain are slipping the EU budget leash. The real danger is that an enduring mistrust over rule-bending will prevent the eurozone from achieving the closer banking, fiscal and economic union required to survive another serious crisis.  View Article
ECB Economic Bulletin: The short-term fiscal implications of structural reforms
The European Commission’s Communication on making the best use of the flexibility within the existing rules of the Stability and Growth Pact foresees an allowance for the direct short-term fiscal costs of reforms, enabling EU Member States implementing structural reforms to delay fiscal adjustment.  View Article

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