Graham Bishop.com

Eurogroup meeting of 24 April 2015
Remarks by Jeroen Dijsselbloem on Greece, Cyprus, Spain, the SSM and growth and jobs in the EU. View Article

European Movement: Review of the Balance of Competences between the UK and the EU
The Senior European Experts published a summary of the main points that emerge from the review, firstly on the balance of competences in general, and then on British interests and future challenges in important areas of EU policy. View Article

European Parliament, Council start negotiations on investment fund
The negotiators confirmed their resolve to reach an agreement as quickly as possible, to allow for a final adoption of the EFSI regulation in summer. View Article

VoxEU: The coming defaults of Greece
It seems that there will be no agreement between Greece and its Eurozone partners. Short of cash, the Greek government will have no choice but to suspend payment of its maturing debts. This column looks at what happens next. In brief, it will be very much up to the ECB to decide. View Article

Financial Times: US fears a European sequel to Lehman Brothers
Policy makers worry eurozone officials are too optimistic about dealing with a potential Grexit, writes Gillian Tett. View Article

Bertelsmann Stiftung: Brexit could be expensive – especially for the UK
Exiting the EU could cost the UK more than €300 billion. The remaining EU member states would only experience minor economic losses from an exit. But elections in the British House of Commons could set a course for a bitter economic and above all political setback for the entire EU. View Article

European Commission: European financial stability and integration review
The first part of the report is more descriptive and data driven, the second part has a special focus on particular policy areas that impact European financial stability and integration developments including those expected to have a significant impact on economic growth. View Article

European Commission: Refocusing financial integration on growth and jobs
Commissioner Hill tackled banking union, securitisation and CMU. "I expect there to be less new legislation in the future and more focus on bedding-in the reforms of recent years. Businesses need stability and regulatory certainty," he said. View Article

ECB: Financial integration in Europe rebounds
Overall, financial integration in Europe has returned to a level close to that recorded before the sovereign debt crisis, the ECB said today in a new report published at a Conference on Financial Integration and Stability held together with the EU Commission in Brussels. View Article

ECB: Financial integration and macro-prudential policy
Vítor Constâncio: "Furthering financial integration, namely with an ambitiously implemented Capital Markets Union, would facilitate capital flows across sectors and countries, ultimately improving risk-sharing across countries." View Article

ECB: The banking union and financial integration
Danièle Nouy: "CMU can increase the resilience of the financial system by generating alternative sources of funding for the economy and reducing the dependence of the non-financial sector on bank funding, which is particularly detrimental in periods of bank deleveraging." View Article

Reuters: Non-banks should also undergo stress tests, says ECB's Constancio
Stress tests should be extended to major European financial institutions other than banks to help underpin the integrity of the region's financial system, the ECB's vice president said. View Article

Financial Times: The outdated ring fence that will starve City of London finance
Proposals for regulation of British banks are already overdue for repeal, writes Simon Samuels. View Article

Reuters: Germany to keep agency for troubled banks while EU fund set up
The SRM is intended as a pan-European bailout fund, which will be built up over eight years from levies on banks that start 2016, reaching a total of 55 billion euros by 2024. It will then replace any national agencies. View Article

BIS: Ultra-low or negative interest rates - what they mean for financial stability and growth
Hervé Hannoun: "The policy of prolonged ultra-low, or negative, interest rates relies on transmission channels with uncertain effectiveness and potentially serious unintended consequences." View Article

European Commission: The future of tax policy - A matter for society as a whole
Moscovici: "In the next few years, I will aim at advancing an agenda focused on fairness, transparency and a truly single market from a taxation point of view." View Article

ECB: Euro Money Market Study 2014
The euro money markets are in a healing phase following the deterioration identified in the 2012 study, ECB's publication notes. View Article

ECB: Interview with Benoît Cœuré
The interview covers the effects of QE, interest rates, Greece and long-term growth in Europe. View Article

Bruegel: Capital Markets Union - a vision for the long term
Capital Markets Union is a welcome initiative. It could augment economic risk sharing, set the right conditions for more dynamic development of risk capital for high-growth firms and improve choices and returns for savers. View Article

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Brexit 'Weekly'

30 April 2015

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