Follow Us

Follow us on Twitter  Follow us on LinkedIn

14 May 2020

Standard Weekly Newsletter


Welcome to our weekly e-mail     

This week marked the 70th anniversary of the Schumann Declaration on 9 May 1950 that launched the process that has evolved into the European Union of today. Yet the week also marked a furious reaction across the EU to the judgment by the German Constitutional Court that was nominally about the ECB’s bond-buying powers but actually challenged the entire legal foundations of the Union. Apparently more prosaically, the Commission announced its Action Plan against money laundering but its success hinges on a further notch towards greater integration of the EU.

Graham Bishop

 (This e-mail provides the headers of a selection of the articles published this week. If you would like to upgrade to our Gold service and  access all articles - with liive links to the underlying news - please click on the button) 


Articles 8 May 2020 - 14 May 2020 

General Financial Policy

Robert Schumann: The Declaration of 9 May 1950 : This declaration proposed the creation of a European organisation responsible for pooling French and German coal and steel production and gave rise to the first European Community (ECSC). 9 May was established in 1985 as "Europe Day". The full text of this declaration is below.
EPC Duff: The Schuman Declaration turns 70. : The Conference on the Future of Europe is the chance to relaunch the process of European unification along the federal lines first envisaged by its author. 
FT's Wolf: German court decides to take back control with ECB ruling : Future historians may mark this as the decisive turning point in Europe’s history towards disintegration
Politico: German judges take ECB fight to court of public opinion : German judges take ECB fight to court of public opinion. Court decision puts the EU in a difficult situation, the last thing the bloc can afford at the moment.
EURACTIV: ESM corona-loans expected to be available from 15 May : The €240 billion in ‘cheap’ loans for countries affected by the coronavirus COVID-19 will be available as from 15 May, 15 days ahead of the expected date, European Stability Mechanism (ESM) chief, Klaus Regling, said on Friday (8 May).

Banking Union

European Commission: Action Plan on Anti-Money Laundering - Consultation : The European Commission adopted an action plan for a comprehensive Union policy on preventing money laundering and terrorism financing. (Consultation open to 29 July 2020.)
FT: Brussels plans new anti-money laundering authority : Brussels has set out plans to assume new pan-European powers to crack down on money laundering after a series of scandals rocked the region’s banking sector and exposed patchy enforcement across the bloc. 

Capital Markets Union

ESMA highlights Challenges for rating Collateralized Loan Obligations : ESMA identifies the main supervisory concerns, and medium-term risks, in this asset class which include credit rating agencies’ (CRAs) internal organisation, their interactions with CLO issuers, operational risks, commercial influence on the rating process and the need for proper analysis of CLOs.
Bruegel: The European Union’s post-Brexit reckoning with financial markets : In the negotiations between the European Union and the United Kingdom over their future relationship, we see a high probability of a weak contractual outcome, given the dominance of politics over considerations of market efficiency.

Environmental, Social, Governance (ESG)

ICMA issues high-level definitions for sustainable finance : Sustainability has become a mainstream consideration for the financial sector. There is however a need for convergence on terminology among market participants and wider stakeholders.

Fin Tech Regulation

CEPS: How to Fully Reap the Benefits of the Internal Market for E-Commerce? : New economic opportunities and challenges for digital services 20 years after the adoption of the e-Commerce Directive Policy


FT: Balls - The UK is on the horns of a dilemma in US trade talks : They show Brussels that London has trade options but risk killing ‘Global Britain’ agenda
Federal Trust's Donnelly: Brexit, Transition and Ireland : Eight months before the end of the transition period the British government seems intent upon two courses of action which will exacerbate the inevitable political and economic damage to the United Kingdom when it finally withdraws from the European treaties.
FT: EU increases pressure on Britain over Irish Sea customs border : Brussels sets out tariffs proposals aimed at reducing risk of smuggling into bloc

About this email

If you do not wish to receive these e-mails, please click this link

If you wish to add a colleague, please inform:

Euro Crisis Limited
PO Box 2002, Battle, East Sussex, TN33 0WL, UK
Tel:+44 (0)1424 777123 Email:
(Registered in England and Wales No. 7984039)

© Copyright 2020 Graham Bishop

© Graham Bishop

< Next Previous >
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information

Add new comment