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30 November 2015

Deepening EMU – Round-up of Key Events – November 2015

David Cameron kicked off the In/Out campaign over the UK’s EU membership with a letter sent to Donald Tusk. Bank resolution and SMEs financing were very topical in the EU, as well as MiFID II’s timing issue. Commissioner Hill presented his plans for a European Deposit Insurance Scheme.

By Paula Martín Camargo, Editor


Graham Bishop gave evidence on the subject of the Five Presidents Report and the Communication on Completing EMU at the House of Lords EU Committee. He said he “fears there is a clear risk either of actual Brexit soon, or de facto Brexit by ‘2025 at the latest’”. Brexit was also the central matter of concern for Commissioner Hill at the FT’s ‘Future of Europe’ Breakfast: Hill warned about the fact that Brexiteers have a complete, fundamental misunderstanding of the rules and are misleading about the consequences [of a Brexit] for business models. Mr Bishop continues to develop his Plan for a Temporary Eurobill Fund as a Stepping Stone to Stage 2 of the Plan for Completing EMU.

The British PM claimed to be campaigning for EU reform for the UK to stay in: David Cameron explained in detail the long-awaited list of reforms he wants - in a letter sent to the President of the European Council. Open Europe responded to his speech at Chatham House and the reforms set out in his letter to Donald Tusk, and the European Council on Foreign Relations' Director Mark Leonard published an article on ‘David Cameron’s Brexit brinkmanship’. [...]



The FSB’s proposal for a global requirement for TLAC for G-SIBs found a broad consensus in the EBF– which urged a proper and careful implementation of TLAC in Europe. The Basel Committee released two reports related to TLAC in support of the FSB’s Principles. The FSB also welcomed the extension of the industry initiative to promote orderly cross-border resolution of G-SIBs. [...]

The European Commission presented new measures towards a stronger Banking Union: Commissioner Hill proposed a euro-area wide insurance scheme for bank deposits that was supported by the EBF . However the Banking Federation wanted to ensure that the EDIS will not lead to increases in overall contributions that banks make to deposit guarantee systems.

The G20 Summit produced several important documents such as the two reports issued by the BCBS to G20 Leaders on Finalising Post-crisis Reforms and an update on the implementation of Basel III standards. [...]


The European Council published its conclusions on the CMU Action Plan while an EU association’s trio strongly involved with SMEs provided a set of ideas to improve access to finance for SMEs under the CMU, saying that typical SMEs won’t get the financing they need from capital markets. European SMEs’ struggle to raise equity capital has become a big concern for regulators, but SMEs' growth is said to have been heavily underscored in the CMU Action Plan. In line with this, the G20/OECD issued their high level principles on SME financing. The G20 also published its infrastructure recommendations, which were welcomed by AFME and ICMA. [...]

Full article for consultancy clients here

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