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21 May 2015

Brexit 'Weekly'


110th Brussels for Breakfast, Brexit, Grexit and how to avoid them, tackling money laundering, Fitch's rating actions, Capital Markets Union... and much more.

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  Articles from 14 May 2015 - 21 May 2015

  Grahams Articles, Comments & Speeches
 
 
110th Brussels for Breakfast
Main topics included: Brexit, increasing financial integration, Denmark and Banking Union, PSD2, Capital Market Union and MiFID impacts on research and CPD obligations.  View Article
 
  Political
 
 
EurActiv: What can Brussels do to avoid Brexit?
Brussels should support a process by which the British government, as well as some key groups within the UK, such as business, can argue that the electorate will vote on staying in a reformed EU.  View Article
EurActiv: Brexit battle will be won, or lost, on the economy
The British are not emotionally attached to the European Union, so Brussels needs to show them that the EU can compete with other major economies in the run-up to the UK's referendum on its membership of the bloc.  View Article
Open Europe: Is EU treaty change really mission impossible?
One of the most contentious elements of David Cameron’s EU renegotiation push is his stated intention to change the EU Treaties.  View Article
Financial Times: To avoid Syriza’s fate over the EU, Britain must embrace fudge
Athens wrongly thought the eurozone could not picture life without it. Author Chris Giles writes on how UK can learn from Greece for EU talks.   View Article
Financial Times: The simple core of the Grexit and Brexit conundrums
Wolfgang Münchau writes that the European problems of Greece and Britain involve no innate difficulty for them staying in the EU.  View Article
 
  Financial
 
 
European Parliament: Tougher rules on money laundering to fight tax evasion and terrorist financing
The ultimate owners of companies will have to be listed in central registers in EU countries, open both to the authorities and to people with a "legitimate interest", such as investigative journalists.  View Article
FEE issues two papers in support of stronger EU rules to combat money laundering and terrorist-financing
To facilitate the European profession in updating their practice to the revised requirements, FEE has issued the FEE Information Paper and the FEE SMP Info Pack.  View Article
EP agrees negotiating mandate for regulation of financial benchmarks
The European Commission's proposal to make benchmarks more reliable and less at risk of manipulation moved forward today after the European Parliament cleared the way for negotiations with the Council and the Commission to start next month.  View Article
Fitch takes rating actions on European and US Banks on Support Revision
The ratings agency also published rating actions on global systemically important banks in Switzerland and on banks in Hong Kong. These actions include affirmations, downgrades and upgrades of Issuer Default Ratings (IDRs) depending on specific circumstances.   View Article
EFAMA underlines its support for European Capital Markets Union
The European Fund and Asset Management Association has reiterated its strong support for the European Commission’s aim to build a Capital Markets Union in its formal response to the EC Green Paper on CMU.  View Article
ACCA responds to the EU Consultation on Capital Markets Union
ACCA welcomes the opportunity to contribute to the CMU consultation, which aims at identifying ways to knock down barriers to the single market for capital from the bottom up and calls for consistency between the various initiatives.  View Article
FEE responds to the EU Consultation on Capital Markets Union
In FEE´s view, the European accounting profession can be a constructive partner in developing a CMU, as accounting and auditing are directed towards achieving more efficient, transparent and trustworthy corporate reporting, thus allowing for better informed investment decisions.  View Article
FESE responds to the EC consultation paper on the Green Paper on Capital Markets Union
FESE members believe that a fundamental reorientation of European policies is needed to serve the original goals of the Single Market, and explains the benefits of more financing through capital markets.  View Article
ALFI responds to the EC Green Paper on the building of CMU
ALFI suggests the development of tools to match demand and supply, and of a “digital passport". It also proposes a reflection on how retail investors could access financial products better, among other recommendations.  View Article
EBA issues guidance on the implementation of resolution tools
These Guidelines, which stem from the EU Bank Recovery and Resolution Directive (BRRD), foster convergence on resolution matters by giving detailed guidance to EU Resolution Authorities on the circumstances they should assess when taking their resolution decisions.  View Article
Wall Street Journal: Regulators point to risks from rapid-fire trading, clearing
The rise of computerized trading and the changing roles of big banks are reshaping financial markets and potentially raising new vulnerabilities, US regulators said in their annual report on financial-system threats.  View Article
 
  Economic
 
 
The ECB’s recent monetary policy measures: Effectiveness and challenges
Mario Draghi analyses how ECB's monetary policy measures have become more complex over the past year, culminating in the decision of expanding asset purchases towards public sector securities.   View Article
Reuters: ECB satisfied with effects of QE, no plans to end it early
The European Central Bank is satisfied with the effects of its bond buying program on the economy and inflation and has no intention of ending it prematurely, ECB Executive Board Member Yves Mersch said.  View Article
ECB: Benoît Cœuré - How binding is the zero lower bound?
In his speech Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank (ECB), argues that while the effective lower bound for short-term rates exists, it does not in fact impose a binding constraint on the effectiveness of monetary policy.  View Article
ECB: Occasional paper - Critique of accommodating central bank policies and the 'expropriation of the saver'
European Central Bank's aim is to show that the argument that central banks’ low nominal interest rate policies expropriate the saver is flawed. Eventually, real rates of return on savings depend on growth dynamics and the associated real rate of return on capital investments.   View Article
Reuters: Benoît Cœuré - Faster ECB money-printing excites investors
The European Central Bank will accelerate the pace of money printing to buy government bonds over the next two months, while voicing concern about recent swings on bond markets.  View Article
Reuters: EU growth surprises hide clear pattern
An analysis of the preliminary first-quarter GDP releases coming out of the European nations.  View Article
Financial Times: World’s central bankers braced for big divergence
Central banks have slashed interest rates to record lows and embarked upon unprecedented programmes of asset purchases in an attempt to raise inflation and restart economic growth. The common path on which monetary policy makers have strolled, however, is expected to diverge this year.   View Article
Peterson Institute: Quantity Theory of Money Redux? Will Inflation Be the Legacy of Quantitative Easing?
The most likely aftermath of quantitative easing remains one of benign price behavior. However, if nascent inflationary conditions were to materialize, the Federal Reserve would need to manage adroitly the large amounts of banks’ excess reserves that have accumulated as a consequence of QE.  View Article
 
  Budgetary
 
 
Bruegel: Greece’s hot summer
An analysis of preliminary figures for budget execution over the period January-April 2015.  View Article
EurActiv: UK, Finland scolded by EU over budget deficits
The UK was given a new deadline to deal with its excessive deficit procedure (EDP) and Finland was warned it could be placed in EDP under the stability and growth pact.  View Article
 
  Think Tanks/EP groups
 
 
Open Europe: EU Reform Index - Evaluating 30 potential proposals for EU renegotiation
Open Europe catalogues the body of 30 potential reform proposals that the UK might wish to seek in the forthcoming EU negotiations. The EU Reform Index seeks to outline where there is confluence of interests around which an EU reform package can be established.  View Article
Bruegel: Giving Greece a chance
Europe’s growing frustration with the new Greek government has triggered calls for stopping negotiations and even accepting “Grexit”, Greece’s exit from the euro. This would be a mistake.  View Article
CFS: Matherat - New regulatory rules for large international banks
Large international banks have made great progress in increasing their equity, and they prepare for new regulatory rules such as Basel III. There are also other proposals on the way, such as that on a Total Loss-Absorbing Capacity (TLAC) for global systemic banks.  View Article
 

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