Welcome to our Friends Standard weekly e-mail. 

We are now focussed on the big themes for the next legislative period - targeting the interaction of the driving forces of politics and economics as they force the required changes in over-arching financial regulation (including ESG and Fin Tech). Details of these services are here

My video invitation to the 157th Brussels for Breakfast on 5th December is here. Some seats are available at the live meeting at CISI, and I would be delighted to hear suggestions for topics that should be covered. E-mail me: Graham@grahambishop.com

Interested in Continuing Professional Development (CPD)? Please click here for our CPD services

Banking Union

BIS: Ignazio Visco: The Economic and Monetary Union - time to break the deadlock : Keynote address by Mr Ignazio Visco, Governor of the Bank of Italy, at the OMFIF-Bank of Italy seminar "The future of the Euro area", in which he shares reflections on how sovereign and banking risks are being dealt with in Europe, and on the state of play of fiscal and capital markets unions. View Article

François Villeroy de Galhau - Bloomberg

François Villeroy de Galhau: The future of the European Economic and Monetary Union : Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Economy day 2019, in which he mentions the need to overcome four clichés in order to optimise the euro area and outlines three major challenges to strengthen euro area banks. View Article

Joachim Wuermeling: Welcome speech - Deutsche Bundesbank reception on the occasion of Euro Finance Week : Welcome speech by Prof Joachim Wuermeling, Member of the Executive Board of the Deutsche Bundesbank, in which he focuses on the importance of the Basel standards, the global role of the German and continental financial centre, and the competition worldwide banks are facing from tech firms. View Article

LSE: Post-crisis banking in the euro area and Greece: How can a pan-European banking sector be created? : With the post-crisis macro-economic environment now deteriorating, Eleni Louri-Dendrinou and Petros Migiakis argue it is vital policymakers focus on the creation of a genuine pan-European banking sector. View Article

Financial Times: How a pan-EU insolvency regime could advance banking union : The EU’s long journey towards banking union received a jolt this month when Germany’s finance minister, to general surprise, publicly envisaged a European deposit insurance scheme. Less attention was paid to another of Olaf Scholz’s proposals: his push to harmonise insolvency rules for all European banks, which could change Europe’s economy just as profoundly. View Article

Bloomberg: Scholz plan gets mixed welcome from two key euro-area governors : German Finance Minister Olaf Scholz’s proposal to break the deadlock over European banking integration has received a cautious welcome from central bank governors in the euro’s two next most-important economies. View Article

Financial Institutions

Bank of England: Statement on the delegated regulation changes published by the European Commission : Firms are reminded that on Wednesday 1 January 2020 the deferred part of the delegated regulation changes published by the European Commission on Tuesday 18 June 2019 will come into effect which may impact the calculation of the Solvency Capital Requirement (SCR). View Article

IPE: No UK input to IORP stress test as EIOPA flags ‘insufficient coverage’ : No UK data has been provided to EIOPA for the purpose of its 2019 stress test of European pension funds. EIOPA has been carrying out the stress tests every two years. The national supervisory authorities are responsible for co-ordinating the exercise in their member states. View Article

IPE: ECJ ruling could further erode EU dividend tax obstacles : Pension funds seem to have inched closer to becoming exempt from paying dividend tax generated by their investments in the European Union, following a ruling by the European Court of Justice. View Article

Capital Markets Union

ISDA publishes results of consultation on final parameters for benchmark fallback adjustments : ISDA published a report that summarises responses to a consultation on the final parameters of adjustments that will apply to derivatives fallbacks for certain interbank offered rates (IBORs). View Article

Commission announces the composition of a High-Level Forum to take forward the Capital Markets Union : This group of experts will provide insight and support the Commission's goal to develop further a Capital Markets Union encompassing all Member States, so they can mobilise capital for businesses, offer better investment opportunities and boost economic growth in Europe.  View Article

Financial Times: EU to extend temporary access to UK clearing houses : Brussels is planning to extend temporary market access to UK clearing houses as it steps up preparations to prevent financial turmoil should Britain crash out of the EU. View Article

Financial Market Structure

ESMA's Maijoor delivers keynote address at Euro Finance Week : The Chair of the European Securities and Markets Authority took stock of achievements of MiFID II that we have seen so far and outlined possible areas of the rules package review deserving further analysis that will likely be considered up for amendment under the upcoming German EU Presidency. View Article

Financial Times: EU prepares tweak to MiFID market rules after industry backlash : Brussels is preparing to retune some of its Mifid II markets rules from next year, less than three years after implementation, following a wave of criticism from investors and regulators over the effectiveness of the far-reaching legislation. View Article

Friends' Standard Services

Video invitation to 157th B4B : Brussels for Breakfast (157): A round-table discussion on EU affairs with Graham Bishop (grahambishop.com) and Pablo Portugal (AFME). To be held on Thursday, 5th December, 2019, 8.30-10.00am (with support from the CISI.) View Article

Economic Policies Impacting EU Finance

New Europe: OECD says global growth hangs on Sino-American trade deal : Global growth hangs on a Sino-American trade deal, according to the Paris-based Organization for Economic Cooperation and Development. View Article

ECB: Euro area financial stability environment remains challenging : Downside risks to global and euro area economic growth have increased and continue to create financial stability challenges, according to the November 2019 FSR of the ECB. Low interest rates should support economic activity in the euro area, but may also encourage excessive risk-taking by some non-bank financial institutions and highly leveraged non-financial corporations, and in some real estate markets. View Article

City AM: Leading German think tank supports minimum global tax rate plans : A leading German economic think tank has voiced its support for the OECD’s plans for an international minimum corporate tax rate. View Article

Boris Johnson vs Jeremy Corbyn debate - Daily Mail

Brexit

Joergen Oerstroem Moeller: Brexit: British General Elections and What next? : At stake in the upcoming General Elections is not only Britain’s future in Europe, but its societal model, economic policies, and place in the world. Furthermore the UK may break up, losing Scotland and Northern Ireland in its way towards the EU exit. View Article

European Commission launches infringement proceedings against the UK following its failure to name a candidate for EU Commissioner : The European Commission has sent a letter of formal notice to the United Kingdom for breaching its EU Treaty obligations by not suggesting a candidate for the post of EU Commissioner. View Article

POLITICO: Major trade partners seek compensation from UK and EU over Brexit : Some 15 countries — including heavyweights such as Australia and the US — raised concerns over their commercial losses at the meeting of the World Trade Organization's goods council, according to a Geneva-based official in the room. View Article

The Sun: EU trade boss tells Boris Johnson he will get ‘bare bones’ Brexit trade deal or none at all : The EU’s trade chief has controversially declared Boris Johnson will either get a “bare bones” trade deal from Brussels next year or none at all. View Article

Financial Times: UK politicians must set out the future for finance : The City is owed an explanation of how Britain will trade with the EU, the FT editorial board says. View Article

EurActiv: Why Brussels shouldn’t be scared of Singapore-on-Thames : Boris Johnson wants to turn the UK into a low-tax, lean-regulation paradise attracting business from the continent. The plan won’t work, writes Joseph de Weck. View Article

Graham Bishop #FBPE retweeted
	Isabel Schnabel @Isabel_Schnabel
Dear fellow German economists, if you are wondering what you can do for Europe: Please help to dispel the harmful & wrong narratives about the @ecb's monetary policy, floating around in political and media circles. These threaten the euro more than many other things.
Graham Bishop #FBPE retweeted
	FT Brussels @ftbrussels
Brexit talks: the brutal reckoning that awaits the UK on.ft.com/2O3XaKx
Graham Bishop #FBPE retweeted
	FT Brussels @ftbrussels
France and Italy warned by Brussels over high debt levels on.ft.com/35kDRT2
Graham Bishop #FBPE retweeted
	Michel Barnier @MichelBarnier
We must fight for a strong Europe in a world of many challenges. #Brexit is only 1 of them. Negotiations have often been difficult. But never has the EU lost sight of its core interests. Never have we let go of our unity and solidarity My speech in Zagreb europa.eu/!uh83wV pic.twitter.com/tprFyOcnw2
	Graham Bishop #FBPE @GrahamBishopcom
Want the next #BrusselsForBreakfast debate @CSFI1 to be tailored to your interest areas? You can now send me your suggestions for the next event on 5th December! Watch my video invitation here: ow.ly/Q7xS50xg7Lz #Brexit #BankingUnion #EuropeanCommission #fitnesscheck
Graham Bishop #FBPE retweeted
	FT Brussels @ftbrussels
How a pan-EU insolvency regime could advance banking union on.ft.com/2XCF0D7
Graham Bishop #FBPE retweeted
	New Europe @New_Europe
Commission launches infringement proceedings against UK dlvr.it/RJVkZj pic.twitter.com/SDu95ZnOLh
Graham Bishop #FBPE retweeted
	POLITICO Poll of Polls @pollofpolls_EU
??New #pollofpolls alert for the UK: Conservative Party reaches the highest value in our POLITICO Poll of Polls since June 2018. Cons (ECR): 41% Lab (S&D): 29% LibDems (RE): 14% Brexit Party (NI): 5% ... More on politico.eu/pollofpolls. #GE2019 #GeneralElection pic.twitter.com/UjacDbNjnN
Graham Bishop #FBPE retweeted
	Financial Times @FT
EU set to offer derivatives industry extra year to prepare for Brexit on.ft.com/33Wcz5j
Graham Bishop #FBPE retweeted
	City A.M. @CityAM
EU to extend temporary access to UK clearing houses beyond March dlvr.it/RJM6GP pic.twitter.com/nuEqQZZjEl