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06 November 2015

Finance on Friday - 6th November

The four big topics discussed this week were: Completing Economic and Monetary Union; Brexit; CCPs; and banking and its profitability.

Graham Bishop and Nick Crosby of Cambre Associates talked about this week's four big topics:

  • Completing Economic and Monetary Union: Graham Bishop has just updated his long-standing campaign for a Temporary Eurobill Fund - the key issue signalled would be to make the European Union more `communautaire'. The UK Parliament's House of Lords has launched an inquiry to investigate the proposals in the  Five President's Report - Commission President Juncker just presented his new publication on a deeper and fairer Single Market, with specific focus on consumers and SMEs.
  • Brexit: Jean-Claude Piris, former head of the Commission's legal services, produced a clinical legal analysis on the legal options for EU treaty change to meet the UK demands. Chancellor Osborne went to Berlin to lay out for the first time the UK's government proposals for EU reform in detail but failed to outline any concrete details. The US Trade Representative said that The United States is not keen on pursuing a separate free trade deal with Britain if it leaves the EU.
  • CCPs: ECB's Benoît Cœuré talked about the progress made in interoperability between CCPs
  • Banking profitability: Deutsche Bank has slashed 9,000 jobs in a 3.8 bn cost-cut in the EU. This might be put in perspective thanks to the EBA's risk dashboard for the EU banking sector, which points out that capital ratios have increased further to 12.5% on average and profitability has slightly improved. In line with all this, Reuters published that Europe's biggest investment banks are slimming down in a fight for survival, and on course to lose market share to their bigger U.S. rivals for the 10th straight year.


© Graham Bishop

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