Standard Weekly Newsletter
05 December 2019
EBA annual Report on risks and vulnerabilities in the EU banking sector, Council review of the supervisory framework for financial institutions, European Parliament declares climate emergency, Boris Johnson heads for big majority, EU chief issues Brexit warning over City of London access and more.
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Articles 28 November 2019 - 5 December 2019
Banking Union
European Commission study: Analysis of the individual and collective loan enforcement laws in the EU Member States : The European Commission welcomes the publication of the results of an independent analysis of the effectiveness of Member States’ loan enforcement laws. View Article
EBA confirms progress in banks’ balance-sheet repair but points to a bleak outlook for their profitability : The EBA published its annual Report on risks and vulnerabilities in the EU banking sector. The Report is accompanied by the publication of the 2019 EU-wide transparency exercise. Overall, EU banks’ solvency ratios remained stable, while the NPL ratio further contracted. Amidst low profitability, a proactive management of operating expenses is essential. View Article
European Commission: Study on the differences between bank insolvency laws and on their potential harmonisation : The study aims to describe and compare the national bank insolvency frameworks of Member States, as well as to assess the potential benefits of a more harmonised insolvency regime for banks. View Article
Basel Committee publishes consultation paper on revisions to the credit valuation adjustment risk framework : The Basel Committee on Banking Supervision has published a consultative document on revisions to the credit valuation adjustment (CVA) risk framework. It seeks the views of stakeholders on a set of limited adjustments to the CVA risk framework published in December 2017. View Article
European Parliament - France 24
EIOPA publicly consults on its approaches for regulating key aspects of the Pan-European Personal Pension Product (PEPP) : The EIOPA launched the public consultation of its approach to the regulatory and implementing standards, and technical advice to the European Commission on delegated acts, as mandated by the Pan-European Personal Pension Product (PEPP) Regulation. View Article
Capital Markets Union
ESMA sees continued high market risk amid deteriorating economic fundamentals : According to the dashboard, the market risks remain very high, against the background of a deteriorating growth outlook, continued uncertainty around Brexit, US-China trade tensions and geopolitical risk. View Article
Clearing houses: Council adopts position on recovery and resolution : EU ambassadors approved the Council's position on a proposed framework for clearing houses and their authorities to prepare for and deal with financial difficulties. They invited the presidency to start negotiations with the European Parliament as soon as possible. View Article
Financial supervision: Council adopts a review of the supervisory framework for financial institutions : The EU will have an improved supervisory framework for European financial institutions in place by the end of the year. The Council adopted a first fundamental review of the functioning of the European system of financial supervision (ESFS). View Article
Environmental, Social, Governance (ESG)
European Parliament: Climate change should be Parliament’s first priority, according to citizens : Combating climate change should be Parliament’s top priority, new Eurobarometer reveals, highlighting youth-led climate protests as great influencers. View Article
The European Parliament declares climate emergency : EU should commit to net-zero greenhouse gas emissions by 2050 at the UN Conference, says Parliament. Ahead of the UN COP25 Climate Change Conference, the Parliament approved a resolution declaring a climate and environmental emergency in Europe and globally. View Article
POLITICO: Mark Carney named UN envoy for climate action : The United Nations has appointed Mark Carney, the governor of the Bank of England, as its Special Envoy for Climate Action and Finance. View Article
Broadening the International Role of the Euro
European Commission: Europeans show record support for the euro : More than three in four citizens think that the single currency is good for the European Union, according to the latest Eurobarometer results. This is the highest support since surveys began in 2002. View Article
Economic Policies Impacting EU Finance
European Commission: Quarterly Report on the Euro Area : The report discusses some weaknesses in the EMU’s initial construct, the important reforms undertaken since the European debt crisis, and the challenges still to be addressed in various policy domains directly affecting the functioning of the EMU. View Article
City AM: EU and UK feel the pain as global trade contracts : The European Union has been hit hard by the slowdown in international trade, OECD data showed , with the UK suffering more than most. View Article
The renewed front EU guard: Christine Lagarde, Ursula Von der Leyen,
Charles Michel and David Sassoli - POLITICO
EU27 Politics
Fondation Robert Schuman: With Ursula von der Leyen, the Commission of “new opportunity” : In 2014, Jean-Claude Juncker started his term in office qualifying his Commission as being the “last chance”. Five years later the new Commission might be defined as that of “new opportunity” for the revival of the community project with ideas and ambition for the future. View Article
POLITICO: 4 presidents kick off EU’s new leadership cycle : Ursula von der Leyen and Charles Michel marked the inauguration of their terms by joining the presidents of the European Parliament and European Central Bank for a celebration of the 10th anniversary of the Lisbon Treaty. View Article
Brexit
POLITICO: No EU trade deal after Brexit risks more austerity : Failure to strike a UK-EU trade deal would force the British government to adopt an austerity program in the medium term, according to the Institute for Fiscal Studies. View Article
The Guardian: EU risks splits over Brexit trade talks, says new council chief : The EU is ready for the next phase of Brexit but risks greater internal divisions over trade talks with the UK, one of its incoming leaders has said. View Article
Charles Michel and departing EU Council chief Donald Tusk - Euronews
The Independent: Boris Johnson's Brexit plans will cost UK economy up to £20bn a year, report warns : “Getting Brexit done” on the terms of Boris Johnson’s general election manifesto will inflict a hit of up to £20 billion a year on government finances, rising as high as £28 billion if the UK crashes out of the EU without a trade deal agreement at the end of 2020, a new report has warned. View Article
EurActiv: One-year EU trade deal is fantasy : Prime Minister Boris Johnson would do better to come clean with the electorate on the complexity of the task ahead of negotiating a free trade agreement with the EU, writes Michael Leigh. View Article
The Times: MRP election poll: Boris Johnson heads for big majority : Boris Johnson is on course for a comfortable majority, according to a polling model that accurately predicted the election outcome two years ago. View Article
Financial Times: EU chief issues Brexit warning over City of London access : The EU’s financial services chief has warned that Brussels is ready to cut off the City of London’s post-Brexit market access in a sign of the pressure Britain will face to stay closely aligned with European rules after it leaves the bloc. View Article
Financial Times: Moody’s cuts outlook on UK banking system from stable to negative : Moody’s has reduced its outlook on the UK banking system from stable to negative, saying Brexit uncertainty has eroded “the country’s growth prospects” while low interest rates are hitting lenders’ profitability. View Article
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Graham Bishop #FBPE retweeted |
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Andy Bruce
@BruceReuters
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??ICM/Reuters poll?? Con: 42% (+1) Lab: 35% (+1) Lib Dem: 13% (-) Brexit Party: 3% (-1) Green: 2% (-1) SNP: 3% (-) Entirety of poll conducted *after* Friday's attack.
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Bloomberg Brexit
@Brexit
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For investors in U.K. banks, the stakes couldn't be much higher ahead of this month's general election bloom.bg/2OGci16
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FT Brussels
@ftbrussels
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Federal Trust
@FedTrust
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Michel Barnier
@MichelBarnier
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FT Brussels
@ftbrussels
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Bloomberg Brexit
@Brexit
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YouGov's latest poll shows the Conservative Party on track to win its biggest majority in more than 30 years bloom.bg/2R1ZVhp
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FT Brussels
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