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09 July 2020

Standard Weekly Newsletter


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Today is Election Day for Eurogroup President so we highlight the three candidates, and the European Parliamentary Research Service’s `brief’ about the role. But the first topic on the new President’s table will be the question of Europe’s “Hamiltonian moment” – or not! So the Fondation Robert Schuman has reminded us of the famous dinner with Jefferson in 1790 where US matters were settled ... and the European Commission reminded us with their Summer Forecast why the EU needs to settle EU matters in 2020.

Europe’s payments industry may be at a crossroads as a group of banks launch the European Payment Initiative (EPI) while SUERF debates the likelihood of Central Bank Digital Money, rather than Libra. The deadline for Brexit extension passed without comment from the UK Government…but the EU noticed that the UK is already setting out to “diverge”, so goodbye “equivalence”.

 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 from 3 July to 9 July

General Financial Policy

EURACTIV: Election day: Calviño and Donohoe neck and neck in Eurogroup race : Eurozone finance ministers are split on whether to pick their Spanish colleague Nadia Calviño or Ireland’s Paschal Donohoe as the next Eurogroup president during a videoconference on Thursday (9 July), EU sources and diplomats told

POLITICO: Luxembourg’s Gramegna banks on credentials, recovery pitch in Eurogroup race : Candidate wants the eurozone to drive the EU’s economic recovery.

Robert Schuman Fondation: Dinner at Jefferson's (or how the USA created the federal public debt) : As negotiations on the European Union's future economic recovery plan continue, references are being made to Europe's "Hamiltonian moment". Giraud returns to the 1790 agreement between Hamilton and Jefferson on public borrowing... transforming the United States into a true political federation.

The role (and accountability) of the President of the Eurogroup : This note provides an overview of the role of the President of the Eurogroup, the procedures for his/her appointment, as well as proposals on a “full time position”...also addresses the mandate and working methods of the Eurogroup... the debate around the transparency of Eurogroup proceedings.

Banking Union

FT: Banks need to prepare now for Covid-19 losses later : European lenders should not be tempted to delay as they did after the 2008 crisis 

SUERF: Europe’s answer to Libra – potential and prerequisites of a programmable euro : The programmable euro is an important innovation to secure Europe’s long-term competitiveness in the global economy. Europe needs to act swiftly and decisively since Asian and US initiatives such as the digital Renminbi or Libra threaten to pre-empt European projects.

European Payments Initiative: A promising step forward for payments in Europe : The European Association of Cooperative Banks, the European Savings and Retail Banking Group and the European Banking Federation welcome the decision taken today by a group of 16 major European banks to take their European Payments Initiative (EPI) to the next phase.

European payments: The European Commission welcomes the initiative by a group of 16 banks to launch a European payments initiative (EPI) : The European Commission welcomes the agreement reached today by 16 major Eurozone banks from Belgium, France, Germany, Spain and the Netherlands towards the creation a unified payment solution for consumers and merchants across Europe.

SUERF: Retail Central Bank Digital Currencies: means of payment vs store of value : The accelerated decrease in the use of cash driven by the Covid-19 pandemic has strengthened the possibility of central banks issuing some pragmatic form of retail CBDC as an improved electronic version of cash... designing CBDCs in such a way that they to reserve financial intermediation.

Capital Markets Union

AFME: Understanding the Liquidity Landscape in European Equity Markets : This paper aims to contribute to this evidence-based analysis and set out AFME’s understanding of the liquidity landscape in the European equity markets. This analysis was produced using data provided by Big xyt, an independent analytics firm.

Insurance Europe: Insurers call for improvements to EU rules to support aims of Capital Markets Union : Insurance Europe welcomes the HLF’s recommendation that, to encourage investment – particularly in SMEs – improvements to Solvency II are needed. While Solvency II is strongly supported by the industry, it currently creates unnecessary barriers to the provision of long-term investments and products.

ICSA, EFAMA & MFA Call for Global Principles to Address Escalating Market Data Costs : They call for the implementation of internationally recognized principles to address excessively high market data fees and unfair licensing provisions.

Protecting Customers

EIOPA clarifies supervisory expectations on product oversight and governance requirements in the context of COVID-19 : To ensure the continuing fair treatment of customers in light of COVID-19, insurance manufacturers are asked to: Identify their products affected as a result of COVID-19 Assess possible unfair treatment of customers for these products Consider proportionate remedial measures 

Environmental, Social, Governance (ESG)

ECB's Lagarde interview with Financial Times : What has it been like for you, and how do you think you've done?"It's been a very steep learning curve, no question about that..."

Eumedion Foundation: Position paper calling for a global standard-setter for non-financial reporting : The Eumedion Foundation based in the Netherlands has published a position paper 'Towards a global, investor focused standard setter for corporate non-financial reporting' calling on the IFRS Foundation to establish such a standard-setter.

FRC principles for operational separation of audit practices : The FRC has announced its principles for operational separation of the audit practices of the Big Four firms.

Fin Tech Regulation

Accountancy Europe: EC’s consultation on a new digital finance strategy for Europe/FinTech action plan : Accountancy Europe has responded to the European Commission’s consultation on a new digital finance strategy for Europe/FinTech action plan.

Economic Policies Impacting EU Finance

Summer 2020 Economic Forecast: An even deeper recession with wider divergences : The EU economy will experience a deep recession this year due to the coronavirus pandemic, despite the swift and comprehensive policy response at both EU and national levels.


Federal Trust: In a mad Brexit world, “no deal” makes some kind of sense : The government has been surprisingly successful in avoiding public discussion of the disappearance on 30th June of its option to ask for an extension of the EU transition period beyond the end of the year. Other controversies have predictably diverted attention from Brexit in recent days.

FT: Hardline Brexit stance threatens City market access, UK warned : Luxembourg minister says sovereignty ‘in contradiction with enhanced equivalence’

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© Copyright 2020 Graham Bishop

© Graham Bishop

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