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Welcome to our Gold Friends weekly e-mail. GPB text Graham Bishop Articles from 10-17 September 2020 General Financial Policy
 Key takeaways from State of Union speech State of the Union: Commission President von der Leyen "Charting the course for the year ahead" - key extracts: In her State of the Union address on 16 September 2020, President of the European Commission Ursula von der Leyen presented her vision for a Europe that emerges stronger from the pandemic and leads the way towards a new vitality. View Article
CEPS: Another tough year ahead for the von der Leyen Commission : ... since global cooperation has deteriorated over the past year, the enhanced geopolitical role the President promised for the EU at the beginning of her mandate is important, proving that ‘more Europe’ is needed now than ever before. View Article
Bruegel:Financing the European Union: New Context, New Responses : Various ideas have been floated – including a digital tax and a financial transactions tax – but the most appropriate new resource would be revenues from the EU emissions trading system, which could provide enough funding to repay the EU's coronavirus borrowing. View Article
Bruegel: Without good governance, the EU borrowing mechanism to boost the recovery could fail : The European Union recovery fund could greatly increase the stability of the bloc and its monetary union. But the fund needs clearer objectives, sustainable growth criteria and close monitoring so that spending achieves its goals and is free of corruption. View Article
Informal Ecofin: Remarks by Commissoner Dombrovskis : The key word for the next years is IMPLEMENTATION...Recovery and Resilience Facility, This is also the moment to complete the Banking Union and the Capital Markets Union. View Article
Remarks by Commissioner Gentiloni at the Eurogroup press conference : The road to recovery is still paved with uncertainty. So, we need to do everything we can to sustain confidence and support growth, View Article
OECD: More can be done to ensure a green recovery from COVID-19 crisis : Many countries are making “green” recovery measures a central part of stimulus packages to drive sustainable, inclusive, resilient economic growth and improve well-being in the wake of the COVID-19 crisis. However some countries are also implementing measures that risk having a negative impact ... View Article
SUERF: After Coronavirus: Deflation or Inflation? Goodhart : There is great uncertainty about the future path of inflation, once the recovery occurs. Before discussing the main alternative viewpoints, it may be helpful to remind oneself that the last 70 years have been extraordinary in comparison to previous centuries. View Article
BIS: Cross-border links between banks and non-bank financial institutions : Cross-border links between banks and non-bank financial institutions (NBFIs) gained momentum in recent years. Banks' cross-border claims on NBFIs rose from $4.6 trillion in Q1 2015 to $7.5 trillion in Q1 2020, a faster increase than that of total cross-border claims. View ArticleBanking Union Bloomberg: The EU Needs Banks to Merge Across Borders : It would not only be a show of unity, but an essential step to boost financial stability across Europe. View Article
Capital Markets Union EBF: EBF fully supports the EU Commission proposal to amend MiFID II delegated Directive (EU) 2017/593 aiming at easing the funding of investment research, in particular on small and mid-cap issuers and on fixed income instruments. View Article
ICMA AMIC responds to EC consultation on investment research : AMIC submitted its response to the EC consultation on investment research. The response explains that partially reviewing unbundling rules will not contribute to reviving SME research to a meaningful extent as a majority of members would practically not be able to make use of the EC's options. View Article
EFAMA’s position on EC proposal to modify Investment Research : EFAMA POSITION PAPER ON EC CONSULTATION PAPER ON COVID-19’S “CAPITAL MARKETS RECOVERY PACKAGE” – INVESTMENT RESEARCH FOR SME AND FIXED INCOME INSTRUMENTS View Article
Bloomberg: EU Set to Give Banks 18 Months of Access to U.K. Clearing Giants : Access until June 2022 removes pressing concern for industry; European traders to have access to derivatives clearinghouses View ArticleISDA Analysis of the Impact of Brexit on the MIFID Derivatives Trading Obligation : ISDA has published a paper recommending that the EU and the UK recognize the equivalence of each other’s derivatives trading venues in order to mitigate the impact of the UK’s withdrawal from the EU. View Article
Insurance Europe: Insurers call for level regulatory playing field for new market entrants and business models : Insurance Europe has today published its response to a consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on the (re)insurance value chain and new business models arising from digitalisation. View Article
CRE: CII calls for action to avoid future coverage disputes : The Chartered Insurance Institute (CII) has called on the UK government and insurance industry to take action to avoid future legal disputes. The move came as the High Court delivered its judgment in a test case aimed at resolving coverage disputes related to Covid-19 business interruption losses. View ArticleEFAMA calls for the use of KPIs to monitor national progress in household participation in capital markets : This precedes the European Commission's forthcoming new Action Plan on the Capital Markets Union (CMU). It includes ten concrete policy recommendations to help advance the CMU...the introduction of a Key Performance Indicator (KPI) to monitor progress in household participation in capital markets. ? View Article
EFRAG'S endorsement advice on interest rate benchmark reform : Phase 2 (amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 AND IFRS 16) View Article
Environmental, Social, Governance (ESG) CDP/GRI/CDSB/SASB/IIRC announce a shared vision of what is needed for progress towards comprehensive corporate reporting : Transparent measurement and disclosure of sustainability performance is now considered to be a fundamental part of effective business management, and essential for preserving trust in business as a force for good. View Article
Network for Greening the Financial System publishes its 2020-2022 work program and announces changes in the governance to include ECB : This new charter will provide the NGFS with solid governance for the years to come. An important result of this review is the extension of the Steering Committee, the executive body of the NGFS, to include the European Central Bank. View Article
CDSB offers free consultation on climate-related reporting for EU businesses : EU companies are facing increased demand from investors and regulators for decision-useful climate and environmental information. Sustainable funds are experiencing a surge in inflows, coupled with regulatory developments and a growing trend towards ESG integration across product offerings. View Article
SMSG advice to the ESA’s Joint Consultation Paper on ESG Disclosures : SMSG advice to the ESA’s Joint Consultation Paper on ESG Disclosures (draft regulatory technical standards with regard to the content, methodologies and presentation pursuant to Article 2a, Article 4(6) and (7), Article 8(3), Article 9(5), Article 10(2) and Article 11(4) of Regulation EU 2019/2088. View Article
IFAC: Enhancing Corporate Reporting: The Way Forward : IFAC calls for a new Sustainability Standards Board alongside the IASB View Article
Bloomberg: Lagarde Leverages Virus to Press for Greener Monetary Policy : The pandemic recession is leading Europe’s central bankers to join the fight against climate change—unlike their counterparts at the Federal Reserve. View Article
Protecting Customers Insurance Europe: Intra-EU investment: Insurers support improved investment protection and facilitation : Insurance Europe has today published its high-level views in response to a consultation by the European Commission on an intra-EU investment protection and facilitation initiative. View Article
Better Finance: WIRECARD – next steps for the abused investors : After publishing a series of Q&As for duped individual investors and pension savers in light of the outrageous Wirecard AG scandal, BETTER FINANCE's German member organisation, DSW, the leading German shareholder association, issued a press release to inform abused investors about the next steps. View Article
Fin Tech Regulation EBF: AI inception impact assessment: The European Banking Federation (EBF) submitted its view on the European Commission’s Consultation on its Inception Impact Assessment (IIA) on a Proposal for a legal act of the European Parliament and the Council laying down requirements for Artificial Intelligence (AI). View Article
AFME: European Capital Markets in the Digital Age : AFME outlines the regulatory framework needed to support banks as they adopt new technologies such as crypto-assets, artificial intelligence and cloud computing, harness the value from data, and address the challenges of cybersecurity and operational resilience. View Article
EBF response: European Commission consultation on Digital Services Act (DSA) : The European Banking Federation has responded to the European Commission’s (EC) consultation on the Digital Services Act, we would like to present the respective key messages prior to the publication of the EC legislative proposal on the Digital Services Act. View Article
EURACTIV: Big euro economies push for strong cryptocurrency rules : The finance ministers of France, Germany, Italy, the Netherlands and Spain called on the European Commission to include “strong rules” in its upcoming cryptocurrency proposal, in particular for global digital tokens like Facebook’s Libra. View Article
Bloomberg: World’s First Collectible Digital Coin Emailed to ECB Policy Makers : The email inboxes of European Central Bank policy makers were pinged on Monday with an unusual gift from one of their colleagues -- the world’s first collectible digital coin View Article
SUERF: Inclusive payments for the post-pandemic world : The Covid-19 pandemic has accelerated the shift to digital payments. In some cases, it may be undermining the acceptance and availability of cash. If this trend persists, it carries risks that unbanked and underbanked people will be left – further – behind. View Article
European Payments Council: EPI: towards a new European payment solution? : Some European banks announced the launch of the European Payments Initiative (EPI) to create a unified payment solution for consumers and merchants across Europe. It has the ambition of leveraging the Instant Credit Transfer - the new pan-European standard of payments. View Article
Brexit
Statement of the UK Coordination Group and the leaders of the political groups of the EP : EP political group leaders and UKCG members are deeply concerned and disappointed that the UK Government published an Internal Market Bill that clearly represents a serious and unacceptable breach of international law. View Article
Bloomberg: Biden Warns of Brexit Impact on Chances of U.K.-U.S. Trade Deal : Democratic presidential nominee Joe Biden said a U.K.-U.S. trade agreement depends on the continued respect for the Northern Ireland peace process, a warning to Boris Johnson as he moves to break international law over Brexit and the province. View Article
FT: Japan trade deal commits UK to stricter state aid curbs than in EU talks : The UK’s new trade deal with Japan commits it to tougher restrictions on state aid than the ones it is currently offering the EU in the Brexit talks, potentially undermining its negotiating position with Brussels. View Article
Federal Trust: Brexit: The choices become clearer : Mr Johnson’s decision last week to bring in a bill which will contravene a critical portion of the Withdrawal Agreement has at least had the merit of clarifying the real nature of Brexit and thus of the proper path by which it must be opposed. View Article
FT: Boris Johnson’s Brexit plan will break the UK union : The insistence that England must decide what Scotland eats is a gift to the independence movement View Article
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