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24 September 2015

Brexit 'Weekly'


ECB, Brexit, Alexis Tsipras wins presidential elections in Greece, Mario Draghi at ECON hearing, TAXE meeting, the Fed's decision to keep interests low, the EU budget and more.

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  Articles from 17 September 2015 - 24 September 2015

  Political
 
 
European Council: Congratulation letter by EC's President Tusk to Greek PM Tsipras
European Council President Tusk congratulated the newly re-elected Greek PM Alexis Tsipras after the 20th September election, and reminded him that his "dedication and leadership in implementing the economic adjustment programme is crucial in the recovery of the Greek economy."  View Article
Deutsche Welle: Tsipras' second round as Tribune of the People
Alexis Tsipras has emerged triumphant from the Greek election. But although Tsipras' far-left critics have left his Syriza party, DW's Spiros Moskovou doubts that he will be able to push through reforms.  View Article
CEPS: The Greek elections and the third bailout programme - Why it could work this time round
Whereas most observers argue that the third bailout for Greece cannot work because it merely represents a continuation of an approach that has manifestly failed, the authors argue that a closer inspection of the conditions today give grounds for cautious optimism.  View Article
Financial Times/Corbyn: The orthodoxy has failed - Europe needs a new economic settlement
Some see the EU as an exclusive club not a democratic forum for social progress, writes UK's Labour party leader Jeremy Corbyn. "Labour is clear that we should remain in the EU. But we too want to see reform," he says.  View Article
EurActiv: Half of British small businesses would vote to stay in EU
Almost half (47%) of British small business owners would vote to stay in the European Union if the upcoming referendum on the UK’s membership of the bloc was held today, according to a survey by the FSB.  View Article
 
  Financial
 
 
ECB publishes enhanced statistics on loans to the euro area private sector adjusted for sales and securitisation
The refined adjustment method also uses data on repayments and stocks of securitised loans that have been derecognised and are serviced by monetary financial institutions, which results in somewhat lower adjusted flows and growth rates in general.  View Article
Financial Times: German banks at risk of ‘alarming’ profit fall
German banks are at risk of suffering an “alarming” fall in profits in the next four years because Europe’s persistently low interest rates are wiping out their income, the country’s financial watchdogs warned.  View Article
 
  Economic
 
 
Draghi at ECON: "We will not hesitate to act if inflation outlook weakens"
ECB President Mario Draghi described a worrisome economic scenario in the eurozone, saying the macroeconomic environment had become more challenging. He hinted at the possibility of adjusting the ECB’s APP, to add monetary policy impetus if necessary.  View Article
ECB President’s introductory remarks at the regular ECON hearing
ECB's Draghi discussed two main topics: first, his assessment of the latest economic developments and its implications for EU's monetary policy stance; second, the proposals presented in the Five Presidents’ Report.  View Article
ECB's Praet: Interview with Neue Zürcher Zeitung
The European Central Bank's chief economist Peter Praet reiterated the bank's "readiness and decisiveness" to modify its trillion-euro bond-buying program should economic turbulence merit decisive action, according to an interview in a Swiss newspaper.  View Article
European Parliament/TAXE: Corporate taxation system has reached its limits
Tax competition as such cannot be avoided, but today’s system has reached its limits and led to unwanted side effects. Action is needed to harmonise corporate tax practices across Europe, so as to make tax competition clearer and fairer.  View Article
Juncker to MEPs on current corporate tax rules: "We should create some order!"
"The current system of corporate tax rules is unfit for purpose and unjust. Some companies are losing out, whereas others win by hiding behind a variety of national rules", Commission President Juncker said at a joint meeting of the committees for Tax Rulings and for Economic and Monetary Affairs.  View Article
ECB's Praet: Remarks at the FIBI Annual Lunch
Praet's speech main message is that the euro area is still going through the correction phase of a pronounced financial cycle, and monetary policy must be complemented by other policies to achieve a strong and sustained recovery from the crisis.  View Article
CEPS: What signal from the Fed? Should the ECB ease further?
The Federal Reserve left rates unchanged at its closely-watched meeting. No similar decision on exit is in sight in the euro area, despite the fact that some have argued that the ECB should consider further easing measures.  View Article
Wall Street Journal: Fed’s decision could pressure European Central Bank to step up stimulus efforts
The Federal Reserve’s decision to keep interest rates pinned near zero could put added pressure on the ECB to step up its own stimulus efforts to keep the euro’s exchange rate from strengthening too much and derailing Europe’s fragile economic recovery.  View Article
Financial Times: The US Federal Reserve has got it wrong
The US Federal Reserve decided not to raise the key policy rate in the US, which would be an understandable decision if rates were at or close to a normal level. Seven years into a recovery, central bankers need to explain why the interest rate playing field is still so heavily tilted to borrowers.  View Article
British Influence: More growth, more jobs - Completing the EU Single Market
Half of all British trade is with the rest of the Single Market and completing it has the potential to almost double that. British leadership was crucial to the founding of the Single Market in the 1980s; it is needed again today.  View Article
Greece: Council shows solidarity through faster mobilisation of EU funds
The proposal's main objective is to address the lack of public funds available for much needed investments in Greece, and it would increase the liquidity of Greece by €2bn.  View Article
 
  Budgetary
 
 
British Influence: The EU Budget - Audit and Fraud
This paper discusses the EU’s finances with particular reference to two complaints frequently made about the European Union’s finances: that the European Court of Auditors each year ‘refuses to sign off the accounts’; and that the EU budget is subject to high levels of fraud.  View Article
 

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