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22 October 2020

Brussels 4 Breakfast no167: with Karel Lanoo of CEPS

CSFI Zoom video of my discussion with Karel

Brussels Review, with Graham Bishop ( and Karel Lannoo (CEPS)

 Why you should watch:

 It is not just Brexit. It is not even just the hooh-hah over share trading venues. There is a lot going on in Brussels that will have a big impact on the City - and a new Commissioner, Mairead McGuinness, to oversee it. On that score, one thing is clear: her priority will be the retail end of the business - something that didn't really get much of a look-in when the Commission unveiled its new CMU Action Plan. Other than that, there is a big push at the EU level on AML. There is also a lot to be said on Green taxonomy, on CBDC and on a new Digital Finance package. And, of course, a big push for an EU 'safe asset' thanks to the SURE programme and the Next Gen package. Two experts - one in the UK, one in Brussels - sort the wheat from the chaff.


Moderator: Andrew Hilton (Director, CSFI) 


 Graham Bishop is the founder of, and a long time europhile. He is a former European bond analyst and a tireless advocate for a 'safe' euro asset.

 Karel Lannoo is the chief executive of the Centre for European Policy Studies (CEPS) in Brussels. CEPS is the leading EU-orientated think-tank, doing important work holding the Brussels institutions to account.


My choice of key topics for us to discuss

(selected from

Brexit:  Stalemate in the negotiations, Internal Market Bill,  Share trading in London

General: New Commissioner – McGuinness,  EU as issuer in capital markets, and safe asset;  Data Transfer – ECJ’s Schrems II

Banking:  More discussion about NPLs possibly hitting €1.4 trillion,  AML

Capital Markets:  New CMU Action Plan – the fourth that Karel and I have seen… widespread support, MiFID quick fix and unbundling, ICMA discussion paper on declining liquidity in the bond market

ESG:  Should IFRS develop sustainability standards    Green bond standard

Fin TechECB interest in issuing a digital currency, ECB steps to ensure reach of instant payments, Commission’ Digital Finance package


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