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Plenary Session: European Central Bank - "Independence without democratic scrutiny is dangerous"
In the annual plenary debate on the ECB's activities with its President Mario Draghi, the ECB was urged to do still more for the real economy. (Includes link to Draghi speech.)
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ECB/Draghi: Money and monetary institutions after the crisis
Draghi said central banks should focus on what they are mandated to achieve, which is price stability over the medium term. He also stressed that the actions undertaken by the ECB did not represent a departure from the ECB's mandate. (Includes comments from EP hearing on the ECB's Annual Report)
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ECB/Mersch: Euro area monetary policy - Where we stand
Mersch explained the current economic situation and monetary policy and discussed some of the issues that have emerged from the public debate on the risks and side effects of this policy over the past year.
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ECB/Cœuré: The Future of Europe - Building on our strengths
Cœuré said the crisis had raised some fundamental questions about Europe and the future of the euro area. It was time to go back to first principles and complete the original vision: an economic and monetary union based on price stability.
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Bundesbank/Dombret: Global currency blocs - Is the euro a burden or a competitive advantage?
Dombret said the euro would only remain a stable and trustworthy currency in a global stable currency system if all countries contributed to this goal.
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ELEC: Newly regulated financial sector to support an economic upturn in Europe?
ELEC's Central Council approved a resolution pointing out ways to reinforce the contribution of a restored financial sector to the economic upturn in Europe.
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BDI/MEDEF: Strengthening the European monetary union - A call to the European Council
Prior to the Council meeting on 19/20 December, the Federation of German Industry and the Movement of the Enterprises of France have proposed three key objectives to the German and French governments, in order to stabilise the eurozone in the long term.
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Simon Nixon: What Europe really needs is a Bankruptcy Union
Few measures would transform the investment landscape of Southern Europe as much as a European version of the US Chapter 11, observes Nixon in this WSJ article.
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LSE/Smeets: EU summit meetings have had little effect on financial markets during crisis
Smeets assesses the effect of the HOSG crisis meetings on Member States' sovereign bond yields, stock market indices and the exchange rate of the common currency, but finds limited impact.
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Launch of IMF-Staff Book "From Fragmentation to Financial Integration in Europe"
José Viñals, Financial Counsellor and Director of the IMF, spoke on financial stability and risks of fragmentation of the financial markets. At the same event, ECB VP Constâncio called for the resolution authority to decide on burden-sharing.
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EIM Financial - November 2013
The details of the driving forces that will re-shape Europe's post-crisis financial system are steadily emerging from the soup of day-to-day discussions on Banking Union.
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ECOFIN Council ready to conclude negotiations with Parliament on banking sector rules (BRRD/DGS)
EU finance ministers adjusted the Council's negotiating position on the Bank Recovery and Resolution Directive and on the Directive on Deposit Guarantee Schemes. Chair Šadžius said he believed agreement would be reached by the end of the year.
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Commissioner Barnier's remarks on BRRD, SRM, DGS and Volcker law
Barnier welcomed the trilogue agreement on the framework for bank recovery and resolution, and expressed optimism that a compromise could be reached on the resolution and deposit guarantee directives in the coming days. He congratulated the US regulators on implementing the Volcker law.
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FT: Banking Union framework set out by EU ministers, key questions remain unanswered
The ECOFIN Council meeting produced a draft compromise, broadly based on Germany's revised position, which sets out how eurozone countries cede power to a central bank resolution authority and establish a common funding network.
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ESM/Regling: Interview with the Irish Examiner
Regling was quizzed i.a. on the future development of the EU/ESM and Banking Union. On the Single Resolution Fund, he said he saw 'some merit' in the ESM becoming a backstop.
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Bloomberg: Dijsselbloem seeks EU bank failure breakthrough by dividing plan
Dijsselbloem has suggested splitting up an EU proposal for dealing with troubled banks. The idea could allow EU finance ministers to move beyond deadlock on the proposed SRM.
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IRSG publishes Principles for the RRD
In its report, 'Recovery and Resolution Directive: Principles for delivering clarity for market participants', the International Regulatory Strategy Group highlights its key concerns.
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