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14 January 2016

Brexit 'Weekly'

Brexit, Dutch presidency of the European Council, FCA, ICAAP and ILAAP, ICMA, EBF, FEE, CCCTB, taxes, EMU, QE and more.

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  Articles from 07 January 2016 - 14 January 2016

Financial Times: Brexit is the easy bit
Voters should consider whether the cost in terms of prosperity and security is one they are prepared to pay, writes Jean-Claude Piris.  View Article
Financial Times: Bankers sound alarm bells over Brexit consequences
Senior bankers from Barclays and HSBC have warned that a British exit from the EU would be expensive and disruptive for the UK’s financial services and predicted it could erode the country’s influence on the global stage.  View Article
City AM: Don’t ignore the City in the great Brexit debate
A small but interesting chorus of voices in The City is beginning to put flesh on the bones of the idea that Britain could go it alone.   View Article
POLITICO: City goes silent on Brexit
There is wide disagreement among banks on what to say or do publicly ahead of the referendum on EU membership.   View Article
EurActiv: Midterm EU budget review falls victim to UK referendum
British Prime Minister David Cameron can already claim a victory ahead of the referendum, because the major event in the calendar of the Juncker Commission, the midterm review of the European Union’s 7 year budget, has been effectively cancelled.  View Article
Financial Times: Trading false promises for a post-Brexit Britain
An independent UK would lose full benefits of the single market, according to the FT's view.  View Article
Policy Network: Neither settled nor secure: Britain after Brexit
The campaign for Britain to remain part of the EU cannot rely solely on the economic arguments for membership, however convincing they may be.  View Article
Financial Times: A vote for Brexit is a leap into the abyss
Welcome to a year of painful and unnecessary debate. In the end, the UK is likely to stay inside the EU, for fear of something worse. Continued uncomfortable membership is its likely fate.  View Article
POLITICO: Cameron: Brexit ‘is not the right answer’
British prime minister hopes to wrap up negotiations in February and hold vote in the summer.  View Article
The Guardian: Cameron could extend tax credits ban to British expats to reach EU deal
Prime minister is looking at whether ban on in-work benefits could also apply to Britons living abroad for four years or more, according to The Guardian.  View Article
EurActiv: Cameron Brexit proposals get mixed reception in Berlin and Budapest
British PM won support from German Chancellor Angela Merkel for EU reforms of European welfare systems, arguing that what is good for Britain is also good for Europe. Hungarian counterpart Viktor Orban said to fully support UK demands but not Cameron's plan to restrict in-work benefits.  View Article
Evening Standard/ Nick Clegg: My birthday wish is that we win the debate for staying in the EU
As the rival camps marshal their arguments before the referendum on Europe there is a trio of paramount concerns, argues the former Lib Dems leader.  View Article
Carnegie Europe: Four predictions on the future of europe
Jan Dachau argues that the EU will have to react to the harsh winds of political globalization in the future. This will require more integration of European foreign policy as well as a more complete single market and that the EU is a lot more realpolitik-driven. The euro might not be part of this.  View Article
ACCA welcomes the new dutch presidency of the Council of the European Union
The Association of Chartered Certified Accountants endorses the Dutch Presidency’s focus on promoting economic growth and connecting with civil society.  View Article
Financial Times: Financial Conduct Authority considering return of commission payments
The UK financial watchdog is considering the return of commission payments for selling certain retail products and has denied that its approach has become “soft” on the banks.  View Article
ECB: Supervisory expectations on ICAAP and ILAAP and harmonised information collection on ICAAP and ILAAP
In order to encourage institutions to develop and maintain high-quality ICAAPs and ILAAPs, and to clarify the type of information they should share with the SSM on these, respective expectations have been issued by the SSM.  View Article
ICMA Quarterly Report
Capital Markets Union may also have a microeconomic impact through its reforms of the structure of capital markets: eg on secondary market liquidity, infrastructure investment, product development, the balance between wholesale and retail markets, and between debt and equity.  View Article
EBF/ FEE: Response to the EC's public consultation on relaunch of the CCCTB
The EBF and FEE have published their responses to the EC's public consultation on relaunch of the Common Consolidated Corporate Tax Base (CCCTB).   View Article
Insurance Europe: EU-wide corporate tax base should be optional
In response to a European Commission consultation Insurance Europe said that, while potentially beneficial, the CCCTB needs to be optional not mandatory. This would allow businesses to opt into it if they see benefit in doing so.  View Article
2016: year of corporate tax reform and fiscal transparency, Moscovici tells MEPs
2016 should be the year of corporate tax reform and fiscal transparency, tax Commissioner Pierre Moscovici told MEPs from the Special Committee on Tax Rulings and the Economic and Monetary Affairs Committee at a hearing.  View Article
Draft report on the proposal for a Council decision on the conclusion to the Agreement with the Republic of San Marino on taxation
The ECON has issued a draft legislative resolution on the proposal for a Council decision on the conclusion of the amending protocol to the agreement between the European Community and the Republic of San Marino providing for measures on taxation of savings income in the form of interest payments.  View Article
BBC: Belgium ordered to reverse tax breaks
Belgium has been ordered by European authorities to recover €700m from 35 multinational companies after giving them illegal tax breaks.  View Article
OMFIF: Improving EMU’s incomplete architecture
Economic and monetary union, long dogged by failure to complete its initial architecture and design, faces both shorter- and longer-term problems. Europe needs more than ECB asset purchases.  View Article
Reuters: ECB's Lane says can do more QE if needed
The European Central Bank has room to do more quantitative easing if economic data over the next few months suggests it's needed, new ECB governing council member Philip Lane was quoted as saying.  View Article
Bruegel: Has ECB QE lifted inflation?
Euro-area headline inflation has remained close to zero since the ECB stepped up its APP in early 2015, but this does not mean that QE has been ineffective: core inflation and its adjusted version for the indirect effects of low oil prices have steadily increased throughout 2015.  View Article

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