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08 December 2016

Brexit 'Weekly'


Brexit, Single Market, financial services, WTO, EFTA, Italian referendum, Donald Trump, China, ECOFIN, taxes and more.

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  Articles from 01 December 2016 - 08 December 2016

  Grahams Articles, Comments & Speeches
 
 
125th Brussels for Breakfast – Notes
Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by Grant Thornton with co-presenter Karel Lanoo (CEPS).  View Article
 
  Political
 
 
The Guardian: UK will have less than 18 months to reach deal, says Commission's Brexit chief negotiator
Michel Barnier says ‘transitional agreement’ is possible, but article 50 deal will have to be negotiated by October 2018.  View Article
POLITICO: UK will consider paying to access EU single market
Britain would not rule out paying the European Union to retain access to its single market after leaving the bloc, Brexit Secretary David Davis said in response to a question in Commons.  View Article
Philip Hammond and David Davis host financial services bosses for Brexit discussion
Ministers met with executives from the financial services industry to discuss opportunities offered by the UK’s decision to leave the EU.  View Article
City of London Corporation: Financial Services sector makes its highest recorded tax contribution
Total tax contribution for the sector reached £71.4 billion in the year to 31 March 2016, which represents a 7.4% increase on the previous year’s figures. The contribution is 11.5% of total UK government tax receipts.  View Article
Financial Times: Financial sector struggles to find common vision for Brexit
Competing priorities and shortage of workable solutions hamper lobbying efforts.  View Article
Bloomberg: UK could stay in customs union after Brexit, trade aide says
A British government minister has raised the prospect that the UK could seek to stay in the customs union even after leaving the European Union, in a further sign that Prime Minister Theresa May’s team may be softening its approach to Brexit.  View Article
Financial Times: Liam Fox opens talks with WTO over terms of membership
Liam Fox has opened discussions with fellow members of the World Trade Organisation over the terms of membership after the UK’s planned departure from the EU in the spring of 2019.  View Article
The Guardian: European free trade area could be UK's best Brexit option, says judge
EFTA offers single market access and more sovereignty, and may rethink requirement of free movement, EFTA Court’s president argues.  View Article
Bloomberg: Norway seeks clarity on Brexit before making deal on UK trade
Norway, the biggest exporter of gas to the UK, will wait for clarity on the UK’s future relationship with the European Union before cementing its own future relationship on trade with Britain, the country’s foreign minister said.  View Article
EFAMA's De Proft:Brexit already raising questions for EU regulation
European regulatory discussions are already being affected by the still-unknown impact of Brexit, according to the director general of EFAMA.  View Article
Andrew Duff: Running Commentary II
Andrew Duff assesses how the Lib Dem win in Richmond Park by-election may affect Brexit negotiations and David Davis' admission that the UK might pay to have continued access to the single market.   View Article
EurActiv: 275% increase in UK lawyers registering in Ireland after Brexit
A record number of solicitors from the UK registered in Ireland this year after the Brexit vote, the Law Society of Ireland said.  View Article
NIESR: Sharp fall in migration post Brexit could shrink GDP per capita by more than 3pc
EU migration to the UK could fall by well over half over the period from now to 2020, resulting in net EU migration falling by more than 100,000, a new NIESR paper estimates. This would also lead to a significant reduction in GDP per capita – up to 3.4% over the period to 2030.  View Article
Commercial Risk Europe: UK insurers lobby Brexit negotiations
The London company insurance market said Brexit negotiations must maintain the City's competitive position in the global industry and not impede the level playing field for UK-based companies.  View Article
ALFI: Brexit - time for action
“Will Luxembourg be the domicile of choice for London based international cross-border fund management groups reassessing their business models in light of Brexit?” was the central question at ALFI’s recent Leading Edge conference.  View Article
Bruegel: Financial implications of the Italian referendum
Right after the Italian constitutional referendum, Italy’s oldest and most troubled bank - Monte dei Paschi di Siena - is expected to complete a very important and sizable capital raise. Here we look at the situation and implications of this critical juncture.  View Article
Financial Times: Italy’s threat to Europe’s future
Events set off by Renzi’s defeat could endanger the euro and risk a financial crisis, writes Gideon Rachman.  View Article
Remarks by J.Dijsselbloem following the Eurogroup meeting
The Eurogroup President gave an account of the issues tackled during the meeting: the draft budgetary plans and Greece.  View Article
OMFIF: Heading for trade war with China
Misguided and dangerous thinking in Washington makes a trade war between the US and China increasingly likely, writes Steve Hanke.  View Article
 
  Financial
 
 
Deutsche Börse's Kengeter: The future of European capital markets
In his talk, Carsten Kengeter referred to the EU’s Capital Market Union project as the basis for strengthening the role of stock markets in funding Europe’s small and medium-sized firms.   View Article
 
  Economic
 
 
Remarks by Vice-President Dombrovskis at the ECOFIN press conference
Valdis Dombrovskis briefed the press on the ECOFIN agenda: new measures to reduce the risk in the financial sector, support investment, coordinate sustainable economic policies, deepen EMU and modernise the European tax systems.  View Article
Council conclusions on building a fair, competitive and stable corporate tax system for the EU
The Council endorsed the two-step approach proposed by the Commission for a common corporate tax base proposal (CCTB) and the consolidation of taxable corporate income (CCCTB).  View Article
CEPS: Harmonising Insolvency Laws in the Euro Area
The report notes that there are four distinct areas where harmonising national insolvency frameworks could improve the functioning of the single market and the stability of the euro area: early restructuring of businesses, bank resolution, cross-border insolvency and management of NPLs.  View Article
Project Syndicate: Preventing the Next Eurozone Crisis Starts Now
Europe’s heads of state and government would be wise to start over and consider options for the eurozone’s future, rather than letting circumstances decide for them, says Jean Pisani-Ferry.  View Article
 
  Budgetary
 
 
Eurogroup statement on the draft budgetary plans for 2017
The Eurogroup discussed draft budgets of euro area member states and budgetary situation for the euro area as a whole.   View Article
Investment plan for Europe: EFSI extension agreed by Council
The agreed compromise involves extending the EFSI in terms of both duration and financial capacity, mobilising at least half a trillion euros of investments by 2020. It also introduces a number of operational improvements to take account of lessons learned from the first year of implementation.   View Article
Council conclusions on tackling bottlenecks to investment identified under the Third Pillar of the Investment Plan
The Council called on the Commission to take account of investment bottlenecks in its recommendations under the European Semester, the EU's annual policy monitoring process.  View Article
 

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