This website, like most others, uses cookies to give you a great online experience. By continuing to use our website, you agree to our usage of cookies.
You can find out more about cookies and how to change your cookie preferences.
Graham Bishop is renowned for his vision and the courage to propose radical ideas, yet ground them in a mastery of the technical details of the financial system. He has been referred to as a one-man think tank.
European Commission: His influence at the meeting point of politics, economics and finance has been recognised on many occasions - most recently when the European Commission asked him to study the attitudes of investors toward the euro area sovereign bond markets. In particular, he explored attitudes towards the potential for a “common euro area safe asset”: what characteristics should it possess and whether it would ameliorate any of the concerns expressed about the features of existing bond markets.
Graham's many pro bono activities illuminate and reinforce his Consultancy Services. His deep knowledge of Europe’s financial system is integrated with his understanding of EU economic and budgetary policy-making – whilst set within the necessary framework of democratic accountability.
He was a member of the Commission's Consultative Group on the Impact of the Euro on Capital Markets; of the Commission's Strategy Group on Financial Services; and of the Committee of Independent Experts on the preparation of the changeover to the single currency (1994/5).
This Website, as well as Graham's Consultancy Service, is designed to bring clients the direct insights that flow from Graham’s position as a leading technical analyst of economic and structural developments in the financial markets of Europe.
"Institutional investors and major financial firms now face a huge commercial challenge in Europe. The vision of political integration has entered a critical phase: ...."
"..analysis of obscure bureaucratic manoeuvrings towards fiscal union, labour mobility and tax co-ordination etc. is quite outside the comfort zone of many..."
"It is now entirely foreseeable that governments may make potentially far-reaching changes that would impact the valuation of European financial assets, as well as reforming the nature of the regulations governing key parts of the financial sector’s business".
"..So the consequences of this crisis will be historic – and will reverberate around global financial markets. The stakes for participants in European financial markets could not be higher.."
Consultancy services can take many forms: face-to-face meetings, telephone discussions, written comments, speeches, special articles, customised research projects, etc.
To request more information please call +44(0)1424 777123 or email us at: enquiries@grahambishop.com
NOTE: This paper was originally published in September 2012 and details the technical aspects of creating the TEF. The political background has been updated to cover the developments around and after the December 2012 European Council and is contained in “Bolstering the Still-Fragile Euro: A Plan for a Temporary Eurobill Fund” (link)
Contents of the full paper
(To access the full paper, click on the link at the foot of this page)
Brief Summary. 1
Background. 2
Mutualisation of Euro Area Debt: Is it Sensible? Is it Credible?. 5
The Established Precedents of pro rata Guarantees. 7
Debt Ceiling. 8
Detailed Proposal for a pro rata Temporary Eurobill Fund. 11
Credit standing. 11
Participation and Exclusion. 11
Exclusion. 12
Initial Membership. 13
Ireland and Portugal Eligible after 2013. 14
Potential Size. 14
Impact – from the Market’s Perspective. 15
Impact - from Guarantor’s Perspective. 16
Cash Management Bills. 16
Investment powers. 17
Avoiding Use of the Fund. 17
Investors. 17
Maturity of Issues: Up to two-year. 17
Life of the TEF. 18
Interest Rate payable by the Member States to the Fund. 18
Setting up the Temporary Eurobill Fund. 19
The Fund Treaty. 19
Administrative Services. 20
The Benefits of a Temporary Euro Eurobill Fund. 20
A powerful pro-Growth Concept by restoring Confidence. 20
Ensuring the Liquidity to make euro area Government Debt Sustainable. 20
Improving Bank Capital Ratios as Government Bonds recover. 21
A “least risk” Asset for Banks etc. to re-create an effective Single Financial Market21
Reducing the Links between Banks and Sovereigns. 21
Boosting bank lending to the broader economy. 22
A European Commitment: Five-to-Seven times the Size of US TARP. 22
A large Disciplinary Mechanism for Governments to maintain Reform Pressure. 22
Appendix: Participants in the ELEC Working Group. 22