Standard Weekly Newsletter
13 February 2020
EU regulator call for clearer rules on rescuing banks, Brexit as a catalyst for the EU capital market, Germany's CDU blunder, EU Parliament calls for “level playing field” and “dynamic alignment” of EU-UK rules, Barnier rebuffs UK pitch for ‘permanent equivalence’ in financial services and more.
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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
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Articles from 6 February 2020 - 13 February 2020
Luis de Guindos - Finanzas.com
General Policy
ECB's De Guindos: The euro area financial sector: opportunities and challenges : Speech by Luis de Guindos, Vice-President of the ECB, in which he shares policy considerations on the opportunities and challenges facing euro area financial institutions in the current environment. View Article
Banking Union
Financial Times: EU regulator call for clearer rules on rescuing banks : Europe needs clearer rules on how to deal with failing lenders to prevent the “perceived inequality” triggered by cases such as the €3.6bn rescue of Germany’s Nord LB, according to the head of the EU agency created to wind down banks. View Article
Financial Institutions
EIOPA: Discussion open on the ongoing changes to the new benchmark rates, the IBOR transitions : Following the EU Benchmark Regulation, this discussion paper addresses for the first time the subject of the ongoing changes to the new benchmark rates (or IBOR transitions). View Article
Capital Markets Union
ECMI's Lannoo: How to continue CMU : Karel Lannoo, General Manager of ECMI, writes that CMU’s project future depends on a clear plan to achieve more European market finance. Whether this will emerge or not, it remains to be seen. But time is running out, warns Lannoo. View Article
Sabine Mauderer: Brexit - a push for market integration : Keynote speech by Dr Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank, in which she refers to Brexit as a catalyst for the EU capital market, saying that strengthening the EU's market infrastructures will help Europe become a powerhouse in the global financial system. View Article
Environmental, Social, Governance (ESG)
ESMA sets out its strategy on sustainable finance : The strategy sets out how ESMA will place sustainability at the core of its activities by embedding Environmental, Social, and Governance (ESG) factors in its work. View Article
Friends' Standard Services
159th Brussels for Breakfast – The EU-UK trade deal: if - when - what : Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by CISI with fellow speakers David Henig (ECIPE) Sam Lowe (Centre for European Reform). This blog complements the subsequent 50th Brussels 4 Brunch 30-minute CISI webinar that is also available to Friends of GrahamBishop. View Article
Negotiating with a bloc seven times your size: Clash no 1 – Financial Services : The UK has the same rules as the EU at this instant – but the main Directive about trading securities is about to be examined later this year. The UK will not be at the table when the EU debates reversing a key concession to the UK after the Great Financial Crash. View Article
Economic Policies Impacting EU Finance
ECB's Lagarde: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament : ECB President Christine Lagarde set out the ECB’s outlook for the Euro area characterised by sluggish growth and sought to justify how the ECB’s actions, within that economic environment, were pertinent. She then outlined the main reasons that made a review of the ECB’s monetary strategy necessary. View Article
BIS: Ignazio Visco: The economic outlook, the challenges for the financial system and for regulators : Mr Ignazio Visco, Governor of the Bank of Italy, said that projections suggest that GDP growth will still be very low this year "but will be higher in the next two years.” View Article
European Parliament: ECB policy is working, but new challenges need new responses : MEPs asked the ECB to step up its green credentials and address growing financial technology challenges. View Article
EU27 Politics
Annegret Kramp-Karrenbauer - FT
Financial Times: Germany and Europe need a revitalised CDU : Annegret Kramp-Karrenbauer’s decision to stand down as leader of Germany’s CDU after just 14 months has reopened a tussle over the party’s future direction, just at the moment when the fraying international order leaves Europe crying out for strong leadership. View Article
Brexit
Financial Times: Britain and the EU are negotiating at cross purposes : Wolfgang Münchau warns that the danger is that the EU may be insufficiently flexible because its member states have different interests, while the UK has less pressure to compromise because it already accepted trade friction. View Article
Bloomberg: EU toughens negotiating demands before Brexit trade talks start : European Union governments ratcheted up their negotiating demands ahead of contentious talks about the bloc’s post-Brexit relationship with the UK in a move that risks inflaming tensions with Downing Street. View Article
Ursula Von der Leyen - Bloomberg
Bloomberg: UK must agree to common rules to get deal, EU warns Johnson : The UK will need to go further than Canada in its commitments to the European Union if it wants to trade without tariffs and quotas, European Commission President Ursula von der Leyen warned, further raising the temperature with Britain before negotiations on the future relationship even start. View Article
European Parliament: EU-UK future relations: “level playing field” crucial to ensure fair competition : The European Parliament had called for a level playing field to be guaranteed through robust commitments, and “dynamic alignment” of EU-UK rules. View Article
Financial Times: Prepare for Brexit trade costs and red tape, says Michael Gove : Cabinet Office minister Michael Gove has admitted that a new “smart” border to cut post-Brexit trade friction with the EU will not be ready until 2025, sparking warnings that exporters and importers will face big costs at the end of the year. View Article
POLITICO: Bruno Le Maire says no Brexit bargain on finance for fish : French Finance Minister Bruno Le Maire rejected the idea of trading fishing for financial services in Brexit talks with the UK. View Article
Financial Times: Derivatives are a precious commodity in UK-EU trade : A regulatory spat over Europe’s commodity derivatives market offers a vivid example of the dilemma the City of London faces in the trade talks between the UK and the EU. View Article
Financial Times: Brexit: Barnier rebuffs UK pitch for ‘permanent equivalence’ in financial services : The EU’s chief Brexit negotiator warned the UK it would not be granted a permanent deal allowing City of London access to European markets, in words that will intensify concerns among financial services companies about the settlement they will receive. View Article
Financial Times: City of London may need to diverge from EU rules, BoE official says : The UK cannot outsource financial regulation to the EU and may have to diverge from the bloc’s rule book in time, a deputy governor of the Bank of England has warned, as he highlighted the need for “good faith” on both sides as Brexit negotiations drill down on the future of financial services. View Article
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