Standard Weekly Newsletter

16 July 2020



 

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 My highlights of the week: EUCO may not enjoy their first physical meeting at the end of this week as EUCO President Michel said “a deal is essential” so it may be a long night. Nonetheless, the euro’s attractions continue to draw new applicants: Bulgaria and Croatia entered the two-year waiting room of ERMII though Bulgaria is being wracked with renewed corruption allegations. The Commission launched a guide to `best practices’ towards clients Covid difficulties – supported by banks and insurers. AFME reported the highest ever issuance of bonds – with a surge in ESG bonds – though supported by ECB purchases. The Commission suffered a severe blow from the ECJ in overturning the “Apple decision” but still found grounds to push its tax proposals forward. Wirecard: German regulators to be investigated

  We are now breaking for the summer holidays and will resume this service on 10th September. We wish all our vclients a happy summer holiday – wherever you may be spending it!

 Graham Bishop

 

 (This e-mail provides the headers of a selection of the articles published this week. If you would like to upgrade to our Gold service and  access all articles - with liive links to the underlying news - please click on the button) 

 

 

Articles from 10 July to 16 July 2020


General Financial Policy

 


Michel:"A deal is essential. Now is the time" - Invitation letter by President Charles Michel to the members of the European Council : Remarkably short letter to fellow members of EUCO - ahead of meeting in Brussels on 17/18 July.
POLITICO: The coronavirus recovery plan that von der Leyen built : COVID-19 rescue effort puts her legacy on the line. Her first public announcement of a massive response to the coronavirus crisis was made in a reflexive panic, on a Saturday night in late March, as she came under a barrage of criticism from Italy. V
Coronavirus Response: Commission welcomes ‘Best Practices' to provide relief for consumers and businesses: The European Commission has welcomed a list of ‘best practices' agreed by the financial sector, and consumer and business organisations, to help further mitigate the impact of the coronavirus pandemic. 
AFME: Impact of COVID-19 on European Capital Markets: Market Update : The paper revealed the recovery is being led by record issuance levels of investment grade securities and ESG bonds. The report analysed the impact of COVID-19 on European capital markets during the four months since the World Health Organisation declared COVID-19 a global pandemic.
 

Capital Markets Union

ICMA submits response to ESMA Survey on Topics for the CSDR Review : ICMA’s members feel that the MBI regime would be extremely damaging for European capital market liquidity, efficiency, and stability, creating undue risks for market participants, in particular investors, and undermining the objectives of capital markets union
ICSA, EFAMA & MFA Call for Global Principles to Address Escalating Market Data Costs : They call for the implementation of internationally recognized principles to address excessively high market data fees and unfair licensing provisions. 
FT: Brussels moves to preserve access to London clearing houses : EU financial policy commissioner says decision will address risks to financial stability posed by Brexit
 

Environmental, Social, Governance (ESG)

ESMA to assess German financial reporting system following Wirecard collapse : The European Securities and Markets Authority (ESMA) is to launch an assessment of the supervisory response in the financial reporting area by BaFin and the Financial Reporting Enforcement Panel (FREP) to the events leading to the collapse of Wirecard AG. It will be completed by 30 October 2020.
 

Broadening the International Role of the Euro

Commission welcomes Bulgaria and Croatia's entry into the Exchange Rate Mechanism II : The Commission welcomes the decision to include the Bulgarian lev and the Croatian kuna in the Exchange Rate Mechanism II (ERM II). It also welcomes the ECB Governing Council's decision on close cooperation with both countries, marking their entry into the Banking Union.
 

Economic Policies Impacting EU Finance

FT: Apple wins landmark court battle with EU over €14.3bn of tax payments : Judges annul ruling by European Commission in blow to competition commissioner Margrethe Vestager

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