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28 January 2016

Brexit 'Weekly'

ECB, ESAs, FTT, Brexit, BRRD, ECA, China, emerging markets, Italy's 'bad bank', SSM and more.

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  Articles from 21 January 2016 - 28 January 2016

YouGov: Small business owners more eurosceptic than big business
While senior figures in FTSE companies and digital entrepreneurs strongly favour remaining in the EU, the views of small business more closely resemble the general public's.  View Article
Bloomberg: Britain's stock market darlings have it all to lose in `Brexit'
The risk of Britain’s isolation from the European Union is threatening what has been a winning trade for the country’s stocks since the financial crisis: buy small.  View Article
Britain is Stronger in Europe: Report on Single Market
The document released by the 'In' campaign shows that the UK financial services sector is a major beneficiary of the EU single market, with financial services constituting 25% of UK services exports to the EU, worth £20.2bn in 2014.   View Article
Financial Times: Group of 300 senior lawyers push for Britain to stay in Europe
A group of 300 senior City lawyers, led by Freshfields Bruckhaus Deringer partner John Davies, has banded together to support Britain’s membership of the EU.  View Article
Reuters: Wall Street weighs into Britain's EU referendum - Goldman, JPMorgan back 'in' campaign
Goldman Sachs and JPMorgan are making large donations to the campaign to keep Britain inside the European Union, sources said, highlighting the concern among some of the world's biggest banks over the impact of a British exit.  View Article
The Telegraph: Why there is no single business view on Brexit
It's clear that swathes of the business leaders who currently tell pollsters that they are pro-EU would actually rather belong to a trading arrangement instead.  View Article
City AM: IMF director Christine Lagarde says Brexit is one of two big concerns for the world economy
The International Monetary Fund's director Christine Lagarde has warned that while the world economy is in better shape than a year ago, Brexit is one of the IMF's two big concerns.  View Article
Investment Week: Invesco Perpetual's Mustoe: Sterling could fall further on Brexit fears
Invesco Perpetual CIO Nick Mustoe has warned there could be further currency volatility (the pound has already fallen 10%) in the lead-up to the referendum on UK membership of the European Union, as investors flee British assets.  View Article
Financial Times: Ireland fears ‘major impact’ from Britain’s EU exit
Ireland’s financial regulator has expressed concern about the “major impact” Britain’s exit from the EU could have for Ireland’s biggest banks and has asked them to spell out how they would handle the risks and challenges of Brexit.   View Article
The Telegraph: 'Devastating' Brexit will consign Europe to a second rate world power, warns Deutsche Bank
"The implications of the UK not being in the EU will be truly devastating for Europe" says Deutsche Bank chief economist David Folkerts-Landau.  View Article
The Guardian/Timothy Garton Ash: Whether Brexit or Bremain, fear will triumph over fear
Both sides in the EU referendum are urging voters not to take risks. The in campaign needs to be lightened by a dash of hope.  View Article
The Guardian: Mark Carney fears Brexit would leave UK relying on 'kindness of strangers'
Bank of England chief says Britain’s large current account deficit could be compounded by a worsening global economy ahead of EU referendum.  View Article
The Independent: ‘Self-inflicted wound’ of EU vote could drive UK back into recession, says Adam Posen
A No vote in the European Union referendum runs a serious risk of pushing Britain back into recession, a former member of the Bank of England’s Monetary Policy Committee has warned.  View Article
POLITICO: Belgium gets cold feet on financial transaction tax
A split in the government coalition could push Belgium out of EU negotiations on a Tobin tax.  View Article
CEPS: European Bank Resolution: Making it work!
CEPS' report contains Policy recommendations addressing the implementation issues of the new rules for bank resolution that entered into force in January 2016.  View Article
ECB's Draghi: How domestic economic strength can prevail over global weakness
Mario Draghi defends the ECB's monetary policy and explains how low interest rates and the Asset Purchase Programme are the right measures for the recovery of the European economy.  View Article
European Commission: The EU, a net investor in the rest of the world
Foreign Direct Investment stocks at the end of 2014 show the main FDI partner was by far the United States.  View Article
ECA: Financial assistance provided to countries in difficulties
The European Court of Auditors issued a report saying that the Commission was unprepared for the magnitude of the crisis, which largely explains the significant initial weaknesses in its management processes. The Commission has to strengthen its procedures for the management of financial assistance.  View Article
EurActiv: Moscovici: Europe is less vulnerable than other regions to China slowdown
The European recovery remains on track, despite turbulence in China, according to EU Commissioner Pierre Moscovici. But he also warned against complacency.  View Article
IOSCO: Emerging market regulators reinforce commitment to strengthen resilience while ensuring fair and orderly markets
The IOSCO Growth and Emerging Markets Committee discussed its on-going work on digitalisation and the regulatory impact of financial technology on regulation, supervision, market surveillance, as well as the implications on market risks, incentives and behaviour.  View Article
Financial Times: Italy reaches ‘bad bank’ agreement with Brussels
Italy and the EU have reached a deal allowing Italian banks to sell their large portfolios of non-performing loans to private investors with a government guarantee, in an effort to ease market pressure on the financial sector in the eurozone’s third-largest economy.  View Article
EurActiv: Beware of Italy’s banking crisis
The looming banking crisis in Italy spells trouble not just for Europe’s fourth largest economy, but also for the EU and an already sputtering global economy.  View Article
ECB: Single Supervisory Mechanism – Single Supervisory Law?
ECB's Lautenschläger argues that the regulatory playing field in Europe is not as level as it should be. She says that this state of affairs hampers the work of European banking supervision, it is at odds with the objectives of banking union, and it inhibits the establishment of the Single Market.  View Article

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