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12 May 2016

Brexit 'Weekly'


Insolvency reform, Brexit, Greece, Basel III, banking supervision and more.

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  Articles from 05 May 2016 - 12 May 2016

  Grahams Articles, Comments & Speeches
 
 
Insolvency reform: is it still the really high-hanging fruit?
A proposal is expected later this year and Commissioner Hill may yet succeed because insolvency is now seen as a serious macro-economic problem - especially in states where the consequence of the debt overhang have become an urgent political problem for `growth and jobs’.   View Article
 
  Political
 
 
BCC EU Survey: Business vote tightens as referendum campaign heads to the finish line
A majority of businesspeople surveyed (54%) say they will vote for the UK to Remain in the EU. Voting intentions have tightened amongst the businesspeople surveyed – with Leave now polling seven points higher (37%) than in the BCC’s February survey.  View Article
IoD publishes wide-ranging survey of business views on EU referendum
Business leaders split 63-29 in favour of remain. 6 in 10 say access to the single market is important to their company, but three-quarters think EU needs reform to prevent economic decline.  View Article
Reuters: ECB asks euro zone banks to detail Brexit plans
The European Central Bank has asked large euro zone banks to detail how they are preparing for a British exit from the EU, including how they would deal with the shock to markets and any changes they would have to make to their business models.   View Article
The Independent: NIESR warns of Brexit 'shock' to UK economy
The think tank's economic model suggests that by 2030 UK GDP would be between 1.5 per cent and 7.8 per cent smaller relative to a world in which Britain stayed in the trading bloc  View Article
Reuters: Brexit would cost financial firms 17 billion pounds, study says
Analysts at JWG, which specialises in managing regulatory changes, said if Britain votes to leave in June's referendum, financial firms will end up trying to maintain business as usual while making fundamental changes.  View Article
Vox EU: The FDI premium from EU membership
Researchers found that EU membership increased foreign direct investment inflows by 28% on average between 1985 and 2013. These results support arguments for economic integration, and indicate that, like international trade, FDI is a key channel through which payoffs are delivered.  View Article
George Osborne: ‘Tens of thousands of jobs will go’ in the City if UK leaves EU
The Chancellor of the Exchequer has warned of “tens of thousands” of potential job losses in the financial services industry if Britain leaves the EU, claiming that 285,000 jobs in the sector are linked to business with Europe.  View Article
The Telegraph: Is losing the City of London really a price worth paying for Brexit?
Over time leaving the EU would indeed be utterly catastrophic for London’s position as an international financial centre, and because the City is such a rich source of tax revenue for the Exchequer, ultimately for the public finances too.   View Article
Chatham House: Britain, the EU and the Sovereignty Myth
The argument that Britain needs to leave the European Union to reclaim its sovereignty is misguided, according to the Royal Institute of International Affairs.  View Article
City AM: Ready for a Brexit? Most businesses are not, but financial services firms are ahead of the game
A research by law firm Pinsent Masons found that just 26% of senior decision makers from businesses across Britain, France and Germany had a tangible plan for what they would do next should the UK vote to leave the EU.  View Article
City AM: EU businesses say Brexit will hurt them - but they want a tough stance in any post-Brexit trade negotiations
Business across Europe want the UK and the EU to agree a trade deal in the event of Brexit — but they think negotiators should take a hard line and impose strict duties and tariff barriers to make the UK pay the price for leaving.  View Article
Gordon Brown says 'we need to lead Europe, not leave it'
Writing for the Mirror, the former Prime Minister lays out his case for why we should vote to remain in the EU on June 23.  View Article
Financial Times: Global banks turn more wary on UK over Brexit economic fallout
Global banks have turned more cautious towards the UK as a potentially economically disruptive vote on EU membership looms in June, according to a rating agency  View Article
OMFIF: Concern over loss of passports
Financial services exporters are justifiably concerned about what might replace the system for sales of financial services to the European Union if the UK votes to leave on 23 June.  View Article
Financial Times: Most EU citizens in UK would not meet work visa rules, data show
Three-quarters of EU citizens working in the UK would not meet current visa requirements for non-EU overseas workers if Britain left the bloc. The rate would rise to about 81% once new rules take effect, according to research carried out for the FT by Oxford University’s Migration Observatory.  View Article
Laburnum Consulting: The UK’s Referendum - A failure to engage
Those in favour of remaining in the EU stress again and again the likely economic and financial cost of a decision to leave. And those who wish to leave concentrate on issues of sovereignty and immigration. This essay assesses the main non-economic arguments for leaving.  View Article
Eurogroup statement on Greece
The Eurogroup welcomes the completion of a policy package, which should pave the way for a successful completion of the first review of the ESM programme, upon the adoption of the agreed prior actions.  View Article
 
  Financial
 
 
VoxEU: Double bank runs, liquidity risk management, and Basel III
By providing liquidity to credit line borrowers and depositors, banks are potentially exposed to simultaneous runs on their assets and liabilities. This column discusses the risk of double-bank runs, liquidity risk management by banks and the implications for the regulation of the financial sector.  View Article
Bruegel: The European Union remains a laggard on banking supervisory transparency
Financial supervisors must provide the public with more information about the European banking sector in order to ensure financial stability. The level of transparency in national supervision of banks has dropped since 2013.  View Article
 

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