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09 June 2022

Standard Weekly Newsletter


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My highlights of the week: In a holiday-shortened week, the ECB now takes the stage as Bruegel discussed the risk of fragmenting the euro area while the FT reported on how the ECB plans to avoid potential bond market turmoil. The SRB got a clean bill of health from the ECJ on its resolution of Banco Popular. Unsurprisingly, EFAMA is strongly in favour of a customer-led strategy for retail investors, but InsuranceEurope was rather more circumspect. The European Parliament refused to support the Commission’s package of climate proposals because it felt the proposals had been watered down. ECB’s Panetta saw no room for complacency against cyber threats. CER asked the question on so many people’s mind “why would anyone use a central bank digital currency?” The Northern Ireland protocol still hangs dangerously over UK politics as the legislation to breach the `treaty that Boris wrote’ is getting closer – probably.

 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 live links to the underlying news - please click on the button) 


Articles from 3-9 June 2022

Policy impacting Finance

Bruegel: Fragmentation risk in the euro area: no easy way out for the European Central Bank : This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 20 June 2022.
FT: ECB to firm up plans to ward off bond market stress : Council members likely to commit to counter any turmoil triggered by higher rates 

Banking Union

EBA consults on Guidelines to resolution authorities on the publication of their approach to implementing the bail-in tool : The Guidelines aim to ensure that a minimum level of harmonised information is made public with regard to the mechanics underpinning the execution of the bail-in tool. The consultation runs until 7 September 2022. 
SRB statement on EU Court judgments related to the Banco Popular Español resolution : EU Court agrees that SRB decisions on Banco Popular were within the law; Action for damages dismissed; SRB costs to be paid by applicants
SRB responses to the European Commission’s targeted consultation on the evaluation of state aid rules for banks in difficulty : The evaluation covers the State aid rules for banks in difficulty set out in the various Commissioncommunications that have been adopted since 2008.

Capital Markets Union

EFAMA: EC CfE ON RETAIL INVESTMENT – NEW PACKAGE OF MEASURES TO INCREASE CONSUMER PARTICIPATION IN CAPITAL MARKETS : EFAMA wholeheartedly supports a retail investment strategy that gives EU citizens the necessary tools and the confidence to put their savings to work by investing in capital markets.
InsuranceEurope:EC retail investment strategy : EC Retail Investment Strategy must account for existing rules, be thoroughly tested and demonstrate proven benefits for consumers
EFAMA supports EC findings on ESAs operation : EFAMA welcomes the decision of the European Commission not to propose legislative changes to the ESA Regulations and concurs that the European Supervisory Agencies have played, and will continue to have, a critical role in the strengthening of the Capital Markets Union.

Environmental, Social, Governance (ESG)

POLITICO: Key climate proposals fail to pass European Parliament : MEPs refused to adopt positions on key files following conservative-led efforts to water them down.
PensionsEurope input to EC consultation on ESG ratings : ... welcomes the consultation, shares many of the Commission’s concerns, and welcomes the Commission’s further work to improve the ratings and the functioning of the market;
Council and European Parliament agree to improve gender balance on company boards : The Council and European Parliament today reached a provisional political deal on a new EU law promoting a more balanced gender representation on the boards of listed companies.

Fin Tech Regulation

ECB's Panetta: Adapting to the fast-moving cyber threat landscape: no room for complacency : Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the seventh meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures
BIS: Blockchain scalability and the fragmentation of crypto : Permissionless blockchains work by providing monetary incentives to decentralised validators. Yet the mechanism for maintaining these incentives necessarily entails congestion effects and high fees. These high fees encourage the use of alternative chains, leading to a fragmentation of the crypto landscape.
CER: Why would anyone use a central bank digital currency? : Central banks are rushing to pilot their own digital currencies. These may sound exciting. But they may offer users few compelling benefits they do not already enjoy.


Cabinet divisions break out over UK plan to override Brexit treaty : Johnson said to have snapped at foreign secretary over legislation to overhaul N Ireland trading arrangements
EIAG: Improving the UK-EU Relationship : The UK-EU relationship since Brexit has been characterised by tension, disputes and disappointments. The EU has sometimes been dogmatic and has succumbed to a corrosive mistrust of UK motivation.
The UK in a changing Europe: Brexit opportunities: Rees-Mogg is going the wrong way about seizing them : The aim this time is to introduce ‘sunset clauses’ for up to 1,500 pieces of retained EU legislation as part of the forthcoming ‘Brexit Freedoms’ Bill...This would impose a five-year ‘expiry date’ on said rules, by which point ministers would have to decide whether to keep, amend or remove them.

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© Copyright 2022 Graham Bishop

© Graham Bishop

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