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13th December 2013: This week we...
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EU finance ministers adjusted the Council's negotiating position on the Bank Recovery and Resolution Directive and on the Directive on Deposit Guarantee Schemes. Chair Šadžius said he believed agreement would be reached by the end of the year. View / ECOFIN Council results / Barnier statement
With the completion of the third phase of its project to study jurisdictional adoption of IFRS, the IFRS Foundation has gathered solid evidence that IFRS has already become the de facto global language for financial reporting. The third phase involved research on how IFRS is used in 122 countries. View
UK Parliament: FTT proposal 'unjustified and misconceived': Proposals for a Financial Transaction Tax, to be implemented by a 'breakaway' group of the EU, could significantly damage the UK and the rest of the EU, a Lords committee has found. FTT: Alive and deadly
Merkel's CDU approves German coalition deal: At the party conference, 165 CDU delegates formally approved the grand coalition agreement with the SPD, with two abstentions. If the SPD now approves the deal, Merkel is likely to be sworn in as Chancellor for the new legislative term on 17 December.
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Governance of the SRM - Escalating complexity = inability to act in extreme crisis? Graham reviewed the latest text of the Terms of Reference for the Single Resolution Mechanism. View
European Integration Monitor - November 2013: The driving forces of politics, finance, economics and budgets are a powerful cocktail that will intensify in the years ahead.
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Political: The 'end of term' feeling is spreading rapidly through the polity of the European Union. The probable departees are burnishing their legacy and the 'continuers' are laying the foundations for the next phase.
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Financial: The details of the driving forces that will re-shape Europe's post-crisis financial system are steadily emerging from the soup of day-to-day discussions on Banking Union.
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Economic: November witnessed a barrage of economic forecasts and policy prescriptions from the European Commission.
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Budgetary: Welding the euro area into a single economy stepped up a vital gear as the '2-pack' was launched and the Fourth European Semester got underway.
EIM November 2013
Graham's latest article for Financial World: 'Day of the MiFIDs'
6th December 2013: This week we...
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Antitrust: Commission fines banks €1.71 billion for participating in cartels in the interest rate derivatives industry: The Commission has fined eight international financial institutions, including Deutsche Bank, RBS and Société Générale, a total of over €1.71 billion for participating in illegal cartels in markets for financial derivatives covering the EEA. View
New study finds end of the crisis is within reach for the eurozone: If the eurozone and its 17 members stay the course, the systemic crisis that has rocked Europe since 2010 could be largely over by mid-2014. This is the key finding of 'The 2013 Euro Plus Monitor: From Pain to Gain', released by Berenberg and the Lisbon Council.
Talking to RTÉ News, ESM chief Regling said that Ireland had been "right" to exit the bailout without a precautionary credit line; market reaction to the Government's decision had shown it was the correct one. View / Video
ECFR/Dullien: What does the German coalition agreement mean for the eurozone?: Dullien writes that some sections of the agreement seem to be hiding the real impact of the proposed policy measures, in order to soothe criticism in both camps. However, the decisive majority in the Bundestag could be enough to change Germany's constitution to allow for much bolder steps. View
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Commenting on Danièle Nouy's new supervisory role, Graham said: "She has to be a technical master and speak truth unto power".
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29th November 2013: This week we...
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OECD: Pension reforms on track but the challenges of adequacy and inequality in old age remain: In its report, 'Pensions at a Glance 2013', the OECD says that recent reforms of pension systems have helped to contain the rise in future costs resulting from ageing populations and increasing life expectancy. View "The OECD observations confirm our analysis", said Commissioner Andor in the Commission's statement.
PwC: FTT – The Impacts and Arguments – A Literature Review: This report, commissioned by the financial industry, offers an impartial view and provides an indication of the expected impact of the FTT across the financial services sector, as well as the spillover effects beyond the EU11 states. View
NYT: IMF shifts its approach to bailouts: The IMF is pushing hard for a plan that would impose upfront losses on bondholders the next time a country in the euro area requests a bailout. But the proposal is encountering stiff resistance, with Germany leading the opposition. View
CDU/CSU and SPD reach grand coalition agreement: Two months after the general elections, German Chancellor Angela Merkel's conservatives (CDU) and allied CSU have agreed terms for a coalition with the centre-left Social Democratic Party (SPD). The deal will now go to a ballot of SPD members to be signed off.
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The Grand Coalition in Germany - Some implications: Finally, the two major German parties signed their coalition agreement – in just short of 200 pages with only 10 pages on Europe. View
"The only real game in town for an independent Scotland is the euro", wrote Graham in EM's April euroblog. We are re-issuing this blog given the intense interest in the subject. View
22nd November 2013: This week we...
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ECOFIN Council results on Bank resolution/SRM: The Council discussed a draft regulation aimed at establishing a single decision-making authority and a single fund for the resolution of failing banks. The Presidency confirmed its intention to seek agreement on the dossier by the end of the year. View See also Council statement on AQRs/stress tests/backstops.
EU and US conclude second round of TTIP negotiations in Brussels: Commissioner De Gucht said: "TTIP may well act as a nucleus and a laboratory for the next stage of rulemaking at the global level... because we will use TTIP to promote rules and standards that could form the basis for future international agreements whenever we can." View
President Barroso: The political implications of European economic integration – Towards a political union: "A truly European debate is necessary to underpin the intensified political union that is a key complement to fiscal and economic integration. Europe's democratic legitimacy and accountability must keep pace with its increased role and power", said Barroso. Speech
German coalition negotiations - progress made but financing still up in the air: CDU/CSU and SPD have agreed on a European policy which excludes future pooling of sovereign debt or a transfer union in the eurozone. Negotiations inch towards agreements on domestic issues, however the question of financing remains uncertain.
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Following his talks in Brussels and Berlin last week, Graham published an update of his Temporary Eurobill Fund (TEF) – A Summary of the Proposal and Timeline to Implementation. The Temporary Eurobill Fund is carefully structured to avoid opening its members to the virtually unlimited liability of guaranteeing all the debts of other members – as would happen in a mutualised pool of debt with 'joint & several' guarantees. View
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Graham attended the City of London launch of "Financing Tomorrow's Cities"
Created by the City of London Corporation with support from Z/Yen Group,Financing Tomorrow’s Cities aims to discuss and encourage innovative financing mechanisms for tomorrow’s sustainable cities through online community discussions, a series of events and shared research on finance & cities.
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Graham Spoke at the Liquidity Risk Management Conference on the theme "What is the Political & Economic Agenda?" The discussion included the following points: Rebalancing the role of banks and markets, Making markets more (or less) efficient, Bank consolidation, The ECB as a bank supervisor, A single EU resolution regime for banks, FTT What is the Political & Economic Agenda?, Rebalancing the role of banks and markets, Making markets more (or less) efficient, Bank consolidation, The ECB as a bank supervisor, and A single EU resolution regime for banks |
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15th November 2013: This week we...
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The European Commission's Annual Growth Survey view: President Barroso said that this year's AGS had taken budgetary coordination in the euro area to a new level and it was a step change in economic governance. View VP Rehn announced in-depth reviews for 13 Member States, saying Germany's would be done 'with an open mind'. View.
Council and Parliament finally came to an agreement on the Omnibus II Directive. Commissioner Barnier said: "This agreement is a very important step towards the introduction of a modern and risk-based solvency regime for the insurance industry in Europe as of 1 January 2016, making it both safer and more competitive. In practice it makes the implementation of Solvency II possible." View
Philippe Maystadt, special adviser to Commissioner Barnier, presented his recommendations for enhancing the EU's role in international accounting standard-setting. He proposed a three-fold approach for setting up a structure to carry out a strategic analysis of the economic impact of the standards which would enable better coordination of the European positions. View
German coalition negotiations halfway but many issues still disputed: With little time left until the self-imposed deadline to draft a coalition accord by the end of the month, the first agreements have been reached between the CDU/CSU and SPD, i.a. on Banking Union, the ESM and the division of Cabinet posts.
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Graham travelled to Brussels for the 2nd Meeting of the High Level Expert Group. Preceeding that was a selection of useful and interesting meetings. |
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The Week finished with a productive trip to Berlin for Graham |
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8th November 2013: This week we...
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European Commission's Autumn 2013 economic forecast: Gradual recovery, external risks: The EU economy has started growing again. Following a slow expansion of economic activity during the remainder of 2013, growth is set to become more robust in 2014 and 2015. View Presenting the European Growth Map for 2014 with the Autumn Forecast, VP Rehn said that clear signs of an economic turnaround could be seen, but growth would pick up only gradually.
President Barroso: "This crisis is first and foremost a political stress test": In his 'First Frankfurt speech on Europe', Barroso stressed that "the goal will be a political union" and that Germany would have an "imminently crucial role" to play in this. He urged Germany to do more to address economic imbalances in the eurozone. View
Schäuble's new plan for banking resolution: Germany's finance minister has proposed forming an agency composed of representatives of national resolution authorities to make decisions on ailing banks, which would then be approved by EU finance ministers. For future settlement costs, he proposed a transnational network of national resolution funds. View (de)
In with reform or out with no influence - UK's CBI chief makes case for EU membership: The Confederation of British Industry has published the business vision for a reformed EU, after an in-depth study of the UK's global future. The CBI argues that the UK must maximise openness to global trade - and the best way of achieving this is as part of a reformed EU. Director-General John Cridland said: "The business vision for reform is clear, but it doesn’t just begin and end in Brussels, we also need reform in London. We have influence, but we must get better at building alliances with like-minded European partners and get more Brits in the key institutions, to make sure that influence isn’t diluted." View
Thoughts on events in October: (excerpted from our monthly 'European Integration Monitor')
Political: With France immobilised by internal problems and the UK debating whether to leave the EU entirely, Italy may seize the opportunity of its upcoming Council Presidency to take a bolder role. However, next May's EP elections could bring a disorganised but influential anti-EU block into the Parliament.
Financial: Perhaps the most helpful turn of events in the month were (i) the ideas from Germany about opening the ESM in some way to non-euro members, and (ii) the statement by VP Rehn that one-off capital injections by states would normally not be counted against a state for the purposes of the EDP.
Economic: The Commission proposed a batch of ideas to deepen social integration, but the competitiveness agenda will re-appear on November 15 when the fourth iteration of the European Semester process gets underway – with first outing of the new powers from the 'two pack' to monitor national budgets.
Budgetary: The 'two pack' comments on budgets will be public so that should step up the pressure on states to put forward budgets that should keep deficits genuinely in check. Will a further round of greater European control herald the need for a quite fundamental revision of the EU Treaties?
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Graham attended the latest OMFIF event "The Czech economy and its role in Europe" The main speaker was Miroslav Singer, Governor of the Czech National Bank. |
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More food for thought was obtained at the LSE and European Institute Event
‘Toward a Genuine Economic and Monetary Union?’
Speaking at this event was Fabrisio Saccomanni, Italian minister of economy and finance
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Graham travelled to Brussels to attend the City of London's annual reception held at the magnificient Concert Noble.
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Graham returned to London to speak at the CSFI Round table "The Balance of Competences Review"
Other speakers included William Brandon (HMT) and Mats Persson (Open Europe)
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1st November 2013: This week we...
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In an interview with Il Sole 24 Ore, the ECB's Jörg Asmussen said that the ESM could be the fiscal backstop to the European resolution agency. It would mean a revision of the ESM Treaty, but that would be a 'lower hurdle' than changing the European Treaty. View Handelsblatt also reported that EU finance ministers were considering an ESM overhaul, which would involve setting up a subsidiary fund to help banks located in non-eurozone countries that opt to participate in the Banking Union. View (de)
The Basel Committee has issued a consultative document on the fundamental review of the trading book, which proposes using a standardised method to assess capital to combat banks' ability to manipulate rules. The paper comprises a detailed set of proposals for a comprehensive revision of the market risk framework, as part of the Committee's broader agenda to reform regulatory standards for banks in response to the financial crisis. View
Reuters reported that President Barroso has warned against nationalism, xenophobia and racism ahead of EP elections next year, when anti-EU and protest parties are expected to do well. View
The new problem countries of the eurozone: In Spain, Portugal and Greece reforms are progressing, albeit slowly. However, in some euro core countries, there are new and dangerous weaknesses: In France, Belgium, the Netherlands and Finland public and private debt levels are still rising.
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The asset quality review to be conducted by the ECB will have direct impact on the operations of European banks. If some of the banks come up short however, the question is who will make up the difference.
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Graham attended The City UK's event:
"The City Speaks: a milestone study of the views of financial and related professional services leaders on the EU". For further information on the study, click here.
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A further discussion on the EU where Graham attended the latest in the OMFIF "Golden Series on World Money"
On this occasion Carlos da Silva Costa (Governor of the Banco Portugal) spoke on the theme "Portugal’s recovery within economic and monetary union (EMU): status quo and perspectives"
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An evening of entertainment was had at St Paul's Church, courtesy of the kind invitation from the Hungarian Ambassador |
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Prior to the 92nd Brussels for Breakfast meeting, Andrew Hilton, CSFI, said: What worries me about Brussels these days is how much there is to do, and how little time there is to do it in before the European elections and a new Commission are upon us. And then, of course, there is the prospect of a much more fragmented Parliament and a shake up among the senior Commission ranks that (one can well imagine) will disadvantage London…
In the meantime, there is Banking Union, the AQR, stress tests, Solvency 2, the failure of hedge funds to do as they are told, CRD-4 - the list is endless. As usual, our guide to what is really going on is Graham Bishop - eponymous proprietor of grahambishop.com, and indefatigable snapper-up of euro-trifles. This month, he gets back-up from a (relative) newcomer, Michalis Sotiropoulos, who is director of European government relations for the DTCC and head of its Brussels office.
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25th October 2013: This week we...
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Schäuble: The Banking Union – another step towards a tighter-knit Europe: Banking Union "emphatically is not and cannot be a mechanism to redistribute the burden of yesterday's crisis among its participants", said Schäuble. "Whatever legacy issues come to light now will have to be tackled nationally." View
Plenary Session: EU economic and budget coordination must improve, say MEPs:
Economic and budgetary policies of EU countries need to be far better coordinated in order to give a boost to growth, employment and investment. The European Semester, designed to do just that, is not delivering the goods, MEPs warned in a resolution. View
ECFIN Economic Paper: Fiscal consolidations and spillovers in the euro area periphery and core: Coordinated austerity in euro area countries has stifled economic recovery and deepened the crisis across the currency bloc, according to a new technical paper prepared by an economist at the European Commission. View
German coalition negotiations are likely to be complicated: The Left party and Greens argue that if a grand coalition is formed, the opposition would not hold the number of seats required to exercise crucial checks and balances on the government.
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Graham attended the KAS-European Movement briefing to discuss the EU leaders' agenda, including the outlook for Europe after the elections in Germany, the prospects for completing a Banking Union, and the wider reform and crisis response processes throughout the EU and the eurozone. |
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Graham attended the Worshipful Company of World Traders "Founders' Day" lunch at the Bleeding Heart restaurant, London. |
18th October 2013: This week we...
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The ECOFIN Council adopted regulations creating a single supervisory mechanism for the oversight of banks and other credit institutions, thus establishing one of the main elements of Europe's Banking Union. View President Barroso said it was urgent to put the second leg of Banking Union in place by agreeing the single resolution mechanism and fund and the single rule book for bank resolution tools and deposit guarantees. Commissioner Barnier said regulatory history had been written. “This is a momentous step: the start of a new era for the supervision of eurozone banks.” View
GOV.UK: Cut EU red tape - Report from the Business Taskforce: Cameron has welcomed radical business-led proposals to cut back EU regulation and to unleash the potential of the EU single market, helping European businesses to thrive in the global race. View
The NYT reports that with EP elections less than eight months away, Italian PM Letta has warned that the rise of angry populism poses the greatest threat to stability on the Continent, and could undermine critical efforts to build and strengthen the eurozone's political and financial institutions. View
The German Greens have decided not to pursue further talks with Merkel's CDU/CSU as they don't see sufficient common ground to form a stable new government, although the scope is there for future cooperation. This leaves Merkel's CDU/CSU with the Social Democrats as the only potential coalition partner.
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Graham Spoke at the EFFAS - European Bonds Commission meeting in London.
"Long term and Sustainable finance"
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Graham spoke at the ACCA President's debate in Brussels.
"Banking Union: towards a solid and sustainable integrated financial framework?"
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Graham attended the instalation dinner of Master Heather McLaughlin |
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A week of Speeches finished off at Europe House where Graham spoke at the Pro-Europa Groups meeting "Better together! On improving the effectiveness of the Pro-European Organisations" Graham Speech was entitled "The City of London and its attitude to Europe" |
11th October 2013: This week we...
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In the CER's latest report, 'How to build a modern European Union', the thinktank proposes reforming the EU's policies and institutions to foster a more dynamic European economy and to make decision-making more accountable. View
Commissioner Barnier has suggested the bloc's executive Commission could take on the role of the new banking resolution agency for a limited period only, later handing over the role to the ESM. Reuters
IMF says countries should 'buckle up' because the move to financial stability could be bumpy: "Investors' faith in euro area bank balance sheets must be restored ... and Banking Union completed", the IMF has said in its latest Global Financial Stability Report. View
Coalition talks in Germany progress slowly: Exploratory talks are taking place between the CDU and both the Social Democrats and the Greens. Despite Angela Merkel's urgency to form a new government, talks are expected to go on for many weeks. A Grand Coalition is the widely expected outcome, favoured by 46 per cent of the German population.
Thought:
“Europe” has been on tenterhooks for this election for many months – but now the outcome seems inconclusive! A Grand Coalition with the SPD remains the obvious outcome – but obstacles ahead. More
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Graham attended and spoke at the American Senate Presidents Forum in Madrid.
The Forum covered four days and Graham spoke on the "Future of the EU".
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4th October 2013: This week we...
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President Barroso: Repatriation of powers "impossible": David Cameron's plan to scrap an "ever closer" EU and to renationalise powers back to Britain is "doomed to failure", Barroso said. Meanwhile, the Commission unveiled ambitious plans towards making EU law 'lighter'. More
CER: Banking Union – Or Potemkin village?: Philip Whyte writes that the structure which is emerging may be that which best reflects political realities in the eurozone, but it does not look like a particularly stable one. More
German coalition talks to start on 4th October: Angela Merkel's CDU will conduct talks with both the SPD and the Greens, but negotiations are expected to take weeks. The SPD would need an all member referendum to ratify a possible grand coalition; tax increases are a topic of contention; and the Greens insist on a focus on climate protection.
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The German election has launched decisively a period of reflection on how the European Union (and the eurozone in particular) should develop during the term of the next European Parliament and Commission. More
Shadow banking should be supported, not over-regulated: "At a time when banking union is dedicated to hunting down “bad assets” at banks and forcing financial institutions to raise ever more capital, it would be a bizarre outcome for the alternative, “shadow” system to be damaged", Graham wrote in an article for Financial World. More
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Graham attended the election of the 686th Lord Mayor of the City of London.
Fiona Woolf is only the second female Lord Mayor in the 800 year history of the post.
For more information click here
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Graham travelled to Cadenabbia, Italy to speak at the Konrad-Adenauer-Stiftung (KAS) conference "a Stable Future for Europe"
Graham will speak on the "Evolution of the Banking Union Process" The move toward a banking union is underway but there are a number of competing interpretations of what such a structure should or could encompass. Splits on the extent to which all institutions fall under the new supervisory mechanism, and ongoing debates over deposit insurance and recapitalization, appear yet to be resolved with the common currency area.
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27th September 2013: This week we...
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The IMF's latest survey, 'Toward a Fiscal Union for the Euro Area', argues that more euro area fiscal integration is needed to correct weaknesses in the system's architecture, make the area more resilient to future crises, and provide long-term credibility to crisis-response measures already adopted.
The practical details of setting up a single bank resolution system and fund, the upcoming bank balance sheet health checks and next steps for Greece were the key issues ECON Committee MEPs raised with ECB President Draghi. Full text of hearing
Klaus Regling was also quizzed in the ECON Committee about a wider lending role for the European Stability Mechanism. The ESM's current legal set-up would not allow it to become a "backstop" lender to a newly-created EU bank resolution fund, said Regling, although he conceded that he was open to considering other possible legal interpretations which could justify this role for the ESM. View
The European press had mixed reactions to Merkel's re-election - some hoped that her European policies, particularly in a grand coalition, might focus less on austerity from now on, but most expected "more of the same".
Thought:
The election campaign seemed to underline that Chancellor Merkel’s key strengths lay in her unwillingness to take grand political gambles. Instead, the approach to the euro crisis was one of taking small, pragmatic steps to test the results – very much the scientific approach of a physicist. It seems reasonable to expect this approach to continue, in the absence of a new crisis. More
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Graham was kindly invited to attend the Walhparty at the German Embassy to witness the re-election of Angela Merkel and her Conservative CDU Party. |
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Graham attended the Federal Trust Event "Will the Changes in the Eurozone demand new institutions for the EU?" at Mary Sumner House |
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Brussels for Breakfast (91). A breakfast discussion on EU regulatory issues, with Graham Bishop and Nicolas Véron (Bruegel/Peterson Institute)
For our 91st meeting (the first of the autumn season, and the second to be held at, and with the support of, the BBA), we have a pretty terrifying agenda. True, there haven’t been that many new initiatives over the summer for us to fret about – though there are a couple that could turn nasty.
More important is the fact that we are now very much in the run-up to the European elections and the appointment of a new Commission. The former guarantees a lot of Parliamentary grandstanding; it also means a lot of triage – which proposals are allowed to die, which get left in the waiting room, and which get rushed through? The latter is, as always, the focus of endless speculation – in particular, the fate of Financial Services.
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Graham attended the European League of Economic Co-operation's 'Money conference'
"The Financial Crisis, 5 years on: Did we learn the lessons?"
An interesting discussion with speakers includinng Philippe Legrain, Eric De Keuleneer, Servaas Deroose, Shahin Kamalodin and Jorge Sicilia,
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20th September 2013: This week we...
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'Preparing for a European Banking Union': The latest statement from the European Shadow Financial Regulatory Committee emphasises the need to have procedures for resolution of distressed banks in place at the time the Asset Quality Review of European banks is completed. View
German election round-up - Polls narrow as campaigns draw to a close: Germany's slow-burning election campaign has finally sprung into life with just a few days to go, as controversy and shifting voter sentiment force some parties to fight for their political survival. Which coalition will ultimately rule is more uncertain than ever.
"The eurozone's path to a federalist future": Federal Trust's Alan Lamond argues that the future of European monetary union is, and can only be, a federalist one. View
Thought
The "informal" meetings of the European Council's legislative bodies such as that of the finance ministers' ECOFIN were a good idea in their day, but is that day drawing to a close? See blog
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Graham went to the Liberal Democrat Autumn Conference in Glasgow.
Of particular interest was Fiona Hall's speech on Europe here
Graham's speech on the party policy has been uploaded as a blog here
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From Glasgow to Brussels, Graham flew in for the first meeting of President Barroso's High Level Expert Group on a debt redemption fund and eurobills.
For more on Graham's proposed plan click here
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13th September 2013: This week we....
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In his State of the Union address, President Barroso said that Europe must move ahead with its Banking Union project to help the region exit an economic and debt crisis whose end was now "within sight". View
The German election campaign is hotting up: Merkel warns of over-confidence and lethargy; SPD poll results improve; Greens plummet in voters' favour; FDP suffers from internal disunity; Left Party gains support but is still ruled out as coalition partner by the SPD/Greens.
New rules imposing tougher sanctions for manipulating financial markets, insider dealing or abuse of inside information were voted in Plenary on Tuesday. These rules will also cover a wider range of trading venues and financial instruments than today's rules, and they will apply directly in all Member States. View
Thought:
Commenting on Barroso's address, Graham shared his initial thoughts on the three big messages it contained. Banking union fast-track. EU to head for political union 2014/19 – or explode in the attempt. View blogs / book
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Graham travelled to London for several client meetings this week. The National Liberal Club is always a welcome and impressive venue for a meeting. |
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Graham is looking forward to celebrating the 40th anniversary of the United Kingdom's membership of the European Union at a special event hosted at the Rifles Museum, Salisbury.
The tour and reception will be followed by evensong at Salisbury Catherdral.
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Graham and Sally prepare to travel to the Liberal Democrats' Autumn Conference in Glasgow. The agenda is busy with European meetings and we expect Graham's thoughts early next week. |
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6th September 2013: This week we...
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At an ECON Committee hearing, Eurogroup President Dijsselbloem said it was "realistic to assume that additional support will be required for Greece beyond the current programme", adding later however that it was too early to speculate on exact details. View
The European Commission adopted a communication on shadow banking and proposed new rules for money market funds (MMFs). View
Thought:
Graham expressed his surprise that the proposal on MMFs had failed to underline the 'Banking Union' linkages. "Contagion will be very alive and well…", he wrote in his Blog.
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Graham will be speaking at the latest Thames Valley Chamber of Commerce "Windsor Debate".
This Debate explores the economic environment of Europe – both now and moving forward.
We are hoping that pictures and a recording will be available next week!
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Graham attended the Centreforum Breakfast 'restoring trust and confidence in the banking industry'.
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Graham attended Policy Network's public debate on the future of progressive polictics. |
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16th August 2013: This week we....
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Sovereign debt and its restructuring framework in the euro area: Bruegel's Ashoka Mody argues that in order to compensate for the inflexibility of fixed exchange rates, the euro area needs flexibility through a system of orderly debt restructuring. View
In his FT article, Germany is strong, but not nearly strong enough, Tony Barber argues that Germany's most useful contribution to guarantee the eurozone's health would be to reform and modernise its own economy. View (FT subscription required)
FEE: Will the European debate on audit policy find a better way forward under the Lithuanian Presidency? View
9th August 2013: This week we....
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IMF Executive Board concluding 2013 Article IV consultations with Spain View, the Czech Republic View, France View and Germany View
How Ms Merkel will do what she must to get the vote: Writing for the FT, Joffe argues that Angela Merkel's tactic to win September's general election is "asymetric demobilisation": standing for and catering to the German wish for stability, she will keep opposition voters at home rather than mobilise her own electorate. View (FT subscription required)
ECB's Occasional Paper on Corporate finance and economic activity in the euro area - structural issues report 2013. View
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Hannah finished our "did you know" page containing information about Graham both current and historical. More facts, tidbits and pictures will continue to be added and tweeted. For more see here |
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Our twitter landing page is all but finished for more information click here |
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We have concentrated our efforts on linked in and building on the relationships that Graham has made over the years. We are pleased to have over 1000 connections. |
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2nd August 2013: This week we....
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IIF/EY report: "Remaking financial services - Risk management five years after the crisis": Among the key findings of the report, a renewed emphasis on risk culture has moved to the top of the list as a chief focus for boards and senior management. View
Policy paralysis in Europe could extend far past German election: Writing for the FT, Quentin Peel argues that it may take pressure from the markets to trigger EU reform. European elections in 2014, elections in France, a new European Commission and British elections in 2015 all point to prolonged postponement of any serious change in the governance of the eurozone or the EU. View (FT subscription required)
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA) has published its draft RTS on the consistent application of the calculation methods described in the Financial Conglomerates Directive (FICOD), covering the assessment of the financial situation of credit institutions, insurance undertakings and investment firms which are part of a financial conglomerate. View
Thought:
The 2014 top EU appointments in Commissions and President: Euromove analysis and Graham's 'gloomy' comments. The stakes are raised for the UK in the May 2014 European elections... More
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Our new Twitter landing page for twitter traffic - more to come next week |
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Prepared our first summer release special which will be sent to our tweetmail subscribers. To register please click here
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Changed our logo to reflect the increase in demand for Graham's consultancy work |
26th July 2013: This week we....
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German elections - The campaigns intensify, slowly: Even though campaigning has picked up and verbal attacks on the political opposition have become more pointed, the polls show a remarkably stable development for the September elections. The NSA affair has had surprisingly little influence on the polls, despite being a major topic in Germany.
European Commission: New rules on Payment Services for the benefit of consumers and retailers: In order to adapt the EU payments market to the opportunities of the single market and to support the growth of the EU economy, the Commission adopted a package including: A new payment Services Directive ("PSD2"); and a proposal for regulation on interchange fees for card-based payment transactions. View
Financial News: AIFMD - How far has it come? On 22nd July, four years after its initial draft in 2009, the new AIFMD legislation came into force. So far, only seven of the 28 EU Member States have put the laws in effect: Sweden, the UK, Denmark, Germany, Malta, Ireland and Luxembourg. View (FN subscription required)
The FSB has endorsed the assessment methodology and policy measures published by the IAIS, and has named the first nine globally systemically important insurers (G-SIIs). View
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Commissioner Barnier’s call to the UK was welcome: “The single market in financial services - We need the UK on board”. But he was explicit in one respect: “I know one thing. The single market cannot be 'pick and mix'".
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The EBA published a report on risks and vulnerabilities of the EU banking sector and noted there is increasing uncertainty about the quality of banks' assets and valuation. The agreement reached at the EBA table on the need to conduct Asset Quality Reviews across major EU banks will contribute to dispel concerns over the deterioration of loan books, especially if appropriate and consistent disclosure is provided.
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Credit Impairment accounting: The debate amongst accountants seems detached from the immediate (and urgent) need to produce an Asset Quality Review within a year to launch the SSM…
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In its response to IASB proposals on Expected Credit Losses, the EBA supported the introduction of an expected loss model. The current incurred loss model has resulted in the well-known “too little too late” recognition of credit losses. The move to an expected loss model will improve the decision usefulness and relevance of financial reporting for users, including prudential regulators.
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The Commission proposal for a Single Resolution Mechanism (SRM) to complement the Single Supervisory Mechanism (SSM) should have crowned the Banking Union process but instead triggered some serious push-back, especially from Germany. How much of this is pre-election posturing is debatable but Europe may find that the current SRM proposal has been fatally undermined by casting doubts on its legality. Fortunately, a robust preparation for the SSM should mean that no significant bank is likely to need to be resolved for some years once any necessary re-structuring has been done in the next year or so – but under the existing national systems.
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Barnier: “The UK and the Commission both strongly believe that financial services should be part of the mandate of the TTIP… But the United States does not agree. .. Our only chance of persuading them is if we show up at the negotiating table speaking with one voice. I don’t think any European country – however special their relationship with the US is - can succeed alone. But when you sit at the negotiating table representing the biggest consumer market in the world, you’re in a much stronger negotiating position.”
Month in Brussels summary - link
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The last few weeks have marked the start of our summer preparations. Graham has travelled to London for several meetings and we hope to announce new developments to our services once we come back from the summer break.
As usual, during our break we will not be publishing our normal weekly newsletters. However we will continue to update the website with all the latest news. Our next newsletter will be a summer round-up on Thursday, 5th September, 2013.
We wish you all a pleasant and restorative summer - The Graham Bishop Team
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19th July 2013: This week we....
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BRRD: The Presidency has reflected on the concerns raised by delegations and has decided to amend its compromise proposal. An explanatory note of the main changes, detailed in Annex 2, addresses issues such as the scope of the bail-in tool, and resolution financing arrangements. View
Commissioner Barnier and US CFTC Chairman Gensler announced a 'Path Forward' regarding their joint understandings on a package of measures for how to approach cross-border derivatives. View
TTIP: Barnier stressed that what was launched last week was the biggest trade and investment negotiations ever. "It is now up to us to turn this ambition into reality", he said. View The EU has also taken the unprecedented step of making available to the public some of its initial position papers on the negotiations. View
Enrico Letta: "Let Italy and the UK usher in a new era for the EU". The Guardian printed excerpts from the Italian PM's speech at Chatham House. Italy values the UK's position in the EU and the two countries can work together to write the script for the union's future. View
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Graham attended an interesting dinner discussion at the German Residence. |
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To the Britain and Europe. Past. Present. Future? discussion at Europe House.
A "robust exchange of ideas" was on the agenda with speakers Mary Honeyball MEP, Bill Cash MP, Sarah Ludford MEP and Dr Andrew Blick, lecturer in politics and contemporary history at King's College London.
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Graham bid Sayōnara to one of our close friends as he returned to Japan. |
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As we prepare for the summer hiatus Graham held several meetings in London. |
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12th July 2013: This week....
Graham se rend à Paris pour la semaine
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The Commission's Proposal for Single Resolution Mechanism for the Banking Union: The mechanism would complement the SSM which, once operational in late 2014, will see the ECB directly supervise banks in the euro area and in other Member States which decide to join the Banking Union. View Some Member States, particularly Germany and France, are protesting that the plans give the Commission unwarranted additional power.
CEPS/Gros: Principles for European Deposit Guarantee Schemes: In a Briefing Paper for ECON's Monetary Dialogue, Gros writes that what is needed is common funding against systemic shocks, which should be properly priced, by using the excessive imbalances procedure and borrowing principles from the re-insurance industry. View
EIOPA's final report on the Quantitative Impact Study (QIS) on Institutions for Occupational Retirement Provision (IORPs). The QIS confirmed the need for further technical work, which EIOPA is fully committed to undertake. View
According to the latest figures from the GFMA's Global FX Division (GFXD), the FTT would typically increase transaction costs for users of the foreign exchange market by between 300 and 700 per cent in the case of corporates, and between 700 and 1,500 per cent for pension fund managers. View
Thought:
The Commission's SRM proposal - as expected - placed itself as the final decision-maker of when to put a bank into resolution. More
4th July 2013: This week we...
Welcomed the news:
Over the past two years Graham has been working on developing a plan for a Temporary Eurobill Fund (TEF). He has taken the idea to the Commission and to EU capitals and the concept has gone a long way in its evolution. Graham believes that the issue of dealing with sovereign debt in the eurozone is hugely important and is looking forward to taking his place as a member of the European Commission's Expert Group looking into the merits and risks, legal requirements and financial consequences of initiatives for the joint issuance of debt in the form of a redemption fund and eurobills. The decision of President Barroso, in agreement with Vice-President Rehn, to set up this Expert Group can really help move the debate along and Graham says he is honoured to be invited to join as the only Brit in this group of experts. More
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In Plenary, President Barroso outlined a number of important files that needed to be finalised and said there was no time to waste. A proposal for a Single Resolution Mechanism is to be presented next week, for adoption before the end of this mandate. View
Parliament kept up the pressure for a comprehensive FTT in 11 EU countries, with a wide scope and rates of 0.1 per cent for trades in stocks and bonds and 0.01 per cent for those in derivatives. View Many, including EuropeanIssuers, are still strongly opposed - could the FTT be receding into the distant future?
Ernst & Young's Eurozone Forecast: Summer 2013 - Outlook for financial services: With the eurozone economy expected to contract this year and unemployment forecast to reach a 12.7 per cent peak in 2014, there are clear challenges ahead for financial services. While NPLs were expected to peak this year, the ECB's AQR could push the peak out to 2015 in some markets. View
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The euro area seems to have suddenly (and perhaps inadvertently) plunged into deep and dangerous constitutional waters if attempts to use the ESM as the Single Resolution Authority push it towards inter-governmentalism: in practice today – a German Europe.
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EP President Schulz reminded the European Council that the European Stability Mechanism must also be managed in accordance with the Community method – a clear shot across the bows.
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The proposed amendment to the Administrative Cooperation Directive will mean that Member States share as much information amongst themselves as they have committed to doing with the USA under the Foreign Account Tax Compliance Act (FATCA).
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UK Parliamentary Commission on Banking Standards’ Final Report outlines the radical reform required to improve standards across the banking industry and proposes personal accountability. Auditors and accounting rules "fell down in their duty".
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EIOPA Chairman Bernardino: We will issue Guidelines that will ensure that national supervisory authorities will put in place certain important aspects of the new prospective and risk based supervisory approach from the 1st of January, 2014.
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Graham held several meetings in London this week which we hope will develop our services further. Watch this space! |
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The Centre Forum Summer party held at the beautiful venue of Westminster Cloisters. |
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Graham and Sally attended the 5th Anniversary Liberal Democrats Fundraising Ball. |
28th June 2013: This week we...
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The agreement on BRRD at the end of Ireland's Presidency of the ECOFIN Council sees "bail-out" replaced with "bail-in". It also sets out effective resolution rules that will help to avoid, or weather better, any future banking crises. View
The Eurogroup has worked intensively on the operational framework of the future ESM direct recapitalisation instrument. The main features of the instrument are now agreed, with a view to having the instrument operational once an effective SSM is established. View
German election update: Despite heavy criticism of the CDU's election programme, the SPD is lagging far behind in opinion polls. Latest figures indicate that the current coalition might well continue. Most Germans, however, are hoping for a grand coalition of CDU/CSU and SPD.
Thought:
On the BRRD: The principle is now settled: banking is a risky activity and [nearly all] creditors must be braced for the consequences when things go wrong, rather than taxpayers. Is the EU back on track?
On the ESM's 'Direct Recap' Agreement: – Big step to help Banking Union, but no dustbin for bust banks/duff legacy assets.
More from Rolling Blog
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With kind support from the British Bankers' Association we held our first Brussels for Breakfast at our new venue.
As usual there was a great turn out and interesting discussion.
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Graham flew into Berlin for a host of meetings. |
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Graham attended the farewell supper for the German Ambassador. |
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A summer BBQ rounds off another week at the First XI Past Masters’ Association Summer Function, held aboard the good ship HQS Wellington. |
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21st June 2013: This week we...
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Irish Presidency reaches breakthrough on new proposals for safer and more open financial markets: The MiFID/MiFIR proposals signal a significant step forward by the EU towards enhancing transparency levels and limiting the growth of 'dark pool' trading in particular. View
EIOPA published a report assessing a possible package of measures to facilitate the provision of insurance products with long-term guarantees under the new Solvency II insurance regulatory regime. View
Handelsblatt: Berlin "categorically" rejects common eurozone resolution mechanism: The German government would like to prevent the planned EU authority for the resolution of ailing banks by any means. If necessary it would take legal action against an EU solution, it was said. The Commission however is trying to speed things up. View (German only)
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Graham attended and tweeted live from The 2013 Brussels Economic Forum. It was the 14th edition of this annual event which has become one of the key debate forums on economic matters at international level.
Recordings of presentations - click
Follow us on twitter
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Graham flew into Budapest for a client conference.
Despite being a flying visit some interesting insights were gathered.
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From Budapest to Brussels and the Kangaroo Group Annual General Assembly.
Graham was once again elected to the board and the good work continues.
For more information please click here
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This week's tour of Europe ended with a visit to Lisbon for a further client conference. |
14th June 2013: This week we...
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Bruegel/Wiedemann: Updated overview of the Karlsruhe hearing – Day 1: The German Federal Constitutional Court has begun to hear the case against the ECB's OMT programme. The two day-long hearing is unusually long and signifies the importance of the subject matter. View
Strengthening the EU's economic partnership with the world: President Barroso set out the EU's views on the 'Three T's' identified for this year's G8 summit in Lough Erne: Trade and the economy; Taxation; and Transparency. Summit Magazine
UK Government EU reform policy must be pan-EU not UK-only, say MPs: The UK Government should frame its policy for EU reform in terms of the EU as a whole, not just the UK, says the Foreign Affairs Committee in a new report, 'The Future of the European Union: UK Government Policy'. View
Thought:
On the Single Resolution Authority: There is a community institution already in existence: The European Commission will be the authority but it will act in exactly the same way that the Member States have agreed the SSM will.
A set of regulatory authorities will provide advice to Commission and it will then act in accordance with the existing Treaty.
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Graham went to Tallinn to speak at Finance Estonia's First International Forum.
It seemed too good an opportunity to miss to find out how a small society had coped with a 15% drop in GDP in 2009, a rapid bounce-back to the fastest growth rate in the euro area and the lowest public debt ratio - of just 10%. How are they doing it? Are there any lessons for other EU states struggling with long and deep recessions? For Graham's article click here (subscription needed)
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Graham attended the House of Lords again for a Lunch meeting. |
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Graham went to TheCityUK's summer party. The event marked their third anniversary and was an informal gathering of senior individuals from the financial and professional services sector, policymakers, the third sector and others.
All they needed was the summer!
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The latest OMFIF Golden Series on World Money "Central banking in transition: New approaches to policy" |
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The latest Liberal Democrat Europe Working Group took place.
"Prosperous, Sustainable and Secure Renewing the European Union for the 21st Century"
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7th June 2013: This week we...
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Welcomed our new German researcher Jana Uehlecke to the team. More to come soon and we hope to include commentary from her in due course.
Welcome Jana!
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IIF calls for renewed efforts to promote greater international regulatory consistency: The IIF released a report encouraging national and global policymakers to promote greater consistency between national regulations. The report reviews current consistency efforts underway and contains 16 specific recommendations for action. View
ECB/Draghi: Strengthening financial resilience: Draghi outlined what he believed were the three major lessons of the crisis, and went on to list the pros and cons of OMTs. View
IMF/Lagarde: Policy steps towards a full-speed global economy: Lagarde reiterated her core message of making policies stronger to stop the global economy getting weaker. She expanded on the emerging "three speed" global economy. View
Thought:
The process of deepening economic - and thus political - integration is proceeding apace, as Country-Specific economic policy recommendations are published and banking union moves to the end-game.
Depositor preferment seems to be increasingly accepted by Europe's politicians but, inevitably, there will be profound structural changes in the nature of Europe’s financial system. Have the EU institutions really thought this through?
France and Germany are speaking to each other again…and jointly offering 'direct bank recap' once BRR and DGS Directives are finalised.
Tax is one of the most sensitive areas of EU policy yet suddenly action is happening in several areas – perhaps another sign of the increasingly close political cooperation, even if driven by economic necessity. FTT might have been held out as one of the success stories except that support seems to be dwindling rapidly.
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Graham attended the Business for New Europe event at Europe House " The Future of the EU"
With just over a year to go until the European elections, Business for New Europe and the European Parliament Information Office bring together senior policy makers, journalists and economists to look ahead to the campaign and potential results.
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Graham enjoyed a visit to the Portuguese Embassy. |
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Graham was called to the House of Lord's to give evidence to The House of Lords EU Sub Committee A (Economic and Financial Affairs) Audio Link here |
31st May 2013: This week we...
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Moving Europe beyond the crisis - Country-specific recommendations 2013: The Commission has adopted recommendations to EU Member States designed to move Europe beyond the crisis and strengthen the foundations for growth. These recommendations provide guidance to governments on how to boost their growth potential, increase competitiveness and create jobs in 2013-2014. View
ECB/Draghi: Building stability and sustained prosperity in Europe: In his speech at the event, "The Future of Europe in the Global Economy", Draghi talked about the relationship between the EU and the UK. View
Gunnar Hökmark MEP: The safest way to let banks fail: In an op-ed for the WSJ, the EP's lead negotiator on the Bank Recovery and Resolution Directive looks at a once-taboo question: Can a major bank be allowed to fail? View
Thought:
On the FTT: Banque de France/Noyer says there is no revenue from it; BuBa and ECB join the attack. Is this the 'beginning of the end' for a bad idea??
Click on our homepage for Graham's recent speech at TheCityUK.
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Graham went to Copenhagen for the Kraka Conference 2013. More information and a copy of his slide show can be found here.
Kraka 2013: Financial Crisis, Banking Union and New Financial Regulation Seminar.
Some extremely interesting meetings flowed from the conference.
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Graham flew from Copenhagen to Brussels for this month's Kangaroo Group Board meeting and Breakfast Discussion.
This month's topic for discussion was MiFID, with speakers Markus Ferber MEP, Kay Swinburne MEP and Olle Schmidt MEP.
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24th May 2013: This week we...
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Plenary Session: Single banking supervision system on right track but one step remains: MEPs broadly welcomed the package of rules setting up a single EU bank supervisor but also pointed out that important steps had yet to be taken to ensure the supervisor's accountability before the deal could be fully ratified by the house. View
Commissioner Barnier: Resolution mechanism for banking union can be created without treaty change: In an interview with Kathimerini, Barnier said the major lesson from the Cypriot crisis was that depositors, shareholders and creditors have the right to know the rules of the game regarding banking resolution well in advance. View
Oxera: Analysis of European Commission staff working document on the proposed Financial Transaction Tax: This report concludes that further analysis is required to understand the potential impact of the FTT fully. View
Focus EU debate on growth - CBI chief: Trying to emulate Norway and Switzerland is not the solution for the UK, argued John Cridland, Director-General of the UK's leading business group. View
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Graham was able to step in at the last minute to address the KAS "EU Briefing Summit" at Europe House.
"The Briefing will be held just days before another important EU Summit. Our panel of experts will discuss with guests from Westminster, the City, academia and beyond what’s on the European Council’s agenda, what the future holds for the EU and the eurozone and assess the EU membership debate in Britain and how it is perceived across Europe"
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Graham Spoke at TheCityUK's seminar, “The UK in the EU and the EU in the world – what future for financial services" |
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Graham plans an update on the progress of economic, political and financial regulatory reform in the EU as well as his perspective on dilemmas facing the EU, with respect to multi-speed integration, political legitimacy and structural reform. TheCityUK press release, 24.5.13 |
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The 89th Brussels for Breakfast meeting was held in London.
Graham's monthly breakfast discussion on EU regulatory issues, hosted by CSFI with David Thomas (Market News International)
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Thought:
UK referendum on EU: Sick men of euro area take Thatcherite medicine – sickest man to shoot his foot instead? See blog
Looked forward to:
Trips to Copenhagen and Brussels
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A trip to Copenhagen for the Kraka conference
where the Danish think tank, has established "The Independent Financial Crisis Commission".
The May conference has the title: "Experience from the financial crisis in Europe and Denmark".
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An extremely busy week with meetings booked throughout Brussels.
More discussions on the Temporary Eurobill Fund and Graham's latest papers: The UK Referendum bill and the Swift Banking Union. (Available to clients)
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17th May 2013:
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ECOFIN on bank recovery and resolution: The Council discussed a proposal for a Directive establishing a framework for the recovery and resolution of credit institutions and investment firms, focusing in particular on the design of the bail-in instrument. View
CEPS/Mayer: A Copernican turn for banking union: Instead of trying to move from common bank supervision over to resolution and then on to deposit insurance, Mayer argues that policy-makers should go backwards and start with deposit insurance, move from there to resolution, and end with supervision. View
Pew Research: The new sick man of Europe: The European Union - French dispirited; attitudes diverge sharply from Germans: The prolonged economic crisis has created centrifugal forces that are pulling European public opinion apart, separating the French from the Germans and the Germans from everyone else. The southern nations of Spain, Italy and Greece are becoming ever more estranged. View
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Graham attended the latest Liberal Democrat Europe Working Group. |
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OMFIF GOLDEN SERIES ON WORLD MONEY "Monetary policy in the crisis and beyond" Q&A with
Chaired by Lord (Meghnad) Desai (Emeritus Professor of Economics, London School of Economics)
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Thought:
The opposition [to the FTT] is growing and I doubt if this tax will ever be applied effectively (if at all)
10th May 2013: This week we...
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The European Commission published its proposal for a Directive on the transparency and comparability of payment account fees, payment account switching and access to a basic payment account. View
President Barroso and VP Rehn hosted a high-level conference on a deep and genuine EMU. The debate follows six months after the publication of the Commission's Blueprint on EMU, which sets out the Commission's vision for future integration in the financial, fiscal, economic and political fields. View
MEPs dig deeper into Troika's Cyprus deal: Pressure to reveal how the Cyprus financial plans were hatched would continue, the chair of Parliament's ECON committee said, closing a debate with Eurogroup President Jeroen Dijsselbloem that left various MEPs less than fully satisfied on the quality of the answers provided. View
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Graham attended Policy Network's event "Refocusing EU economic governance on long-term challenges"
Policy Network’s objective is to create an informal environment in which leading experts can share their latest thinking and research on EU governance questions.
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To the CSFI advisory Council chaired by John Plender of the Financial Times |
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Celebrated Europe Day with a concert hosted by The Embassy of Ireland, London, the European Parliament Information Office in the UK and the European Commission
Representation in the UK.
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Thought:
Political attention is now beginning to swing to the upcoming Eighth Parliament and next Commission.
The Regulations on the SSM and EBA have created two classes of bank in the EU - European and national.
The ECB’s AQR must go to the heart of the problem: the belief that there are heavy, hidden losses that threaten the stability of some banks.
The next Commission/Parliament has much work to do but the implications that will flow from the ECB’s Asset Quality Review will come far more rapidly.
(For more, see Graham's 'Month in Brussels' Personal Overview of April 2013)
3rd May 2013: This week we...
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BIS: Structural bank regulation initiatives - Approaches and implications: This paper examines the basic rationale and features of the proposals adopted to separate specific investment and commercial banking activities (Volcker rule, Vickers and Liikanen proposals). View
ECB: Signs of improved financial market integration in second half of 2012: An improvement in financial market integration was observed in the second half of 2012, after a further deterioration in the first half of the year caused by adverse market sentiment, worsened fiscal conditions and bank fragility in some euro area countries. View
FN: Podimata vows to fight as FTT row turns toxic: A key architect of the European tax on financial transactions has vowed to defend the proposal, in the face of a barrage of opposition. View (Subscription required)
VP Rehn's inaugural blog: Of perception gaps and financing traps: View Are you an Austerian or a Spendanigan???
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Graham went to the KAS conference in Spain. An excellent event and an opportunity to speak to Enda Kenny TD, Taoiseach, Ireland, and to put questions to Wolfgang Schäuble MP, Federal Minister of Finance, Germany.
To the Irish Embassy for an interesting lecture from Pat Cox - former President of the European Parliament. How Ireland went from being part of the UK to achieving Political and Economic independence. A speech to be taken to Scotland perhaps?
Thought :
About Scotland "the only real game in town for an independent Scotland is the euro"
Did the final bits of the 'save the euro' jigsaw fall into place last week? (Blog)
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Saccomanni as Italy economics minister: Excellent news for Europe (and Italy)
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(For more see Graham Bishop's Blogs)
Look forward to:
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Attending Policy Network's roundtable "Refocusing EU economic governance on long-term challenges" and listening to Lászlo Andór, Commissioner for employment and social affairs, European Commission |
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