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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.
On 16 December 2016, the Permanent Representatives Committee, on behalf of the Council, asked the incoming presidency to start talks with the European Parliament, once the Parliament has agreed its stance. [...]
Two types of funds
The proposal sets out to make European venture capital funds (Euveca) and European social entrepreneurship funds (Eusef) available to fund managers of all sizes. Amending regulations 345/2013 and 346/2013, it expands the range of companies that Euveca and Eusef funds can invest in. It also makes the cross-border marketing of such funds cheaper and easier.
Euveca and Eusef fund structures were created in 2013 to offer new opportunities for raising capital to, respectively:
Regulations 345/2013 and 346/2013 lay down requirements for managers of collective investment undertakings that wish to use the Euveca and Eusef designations for the marketing of their funds.
The funding gap
The availability of financing for SMEs is an important factor behind their growth and development, yet banks are not always able to support their financing needs. The funding gap has been repeatedly cited as an obstacle to economic growth.
The EU is falling further behind the United States as concerns the venture capital market. According to the Commission, if EU venture capital markets had been as developed as in the US, €90 billion would have been available for financing companies between 2009 and 2014.
Amendments
As agreed by the Council, the main amendments to regulations 345/2013 and 346/2013 involve:
Procedure
The regulation requires a qualified majority for adoption by the Council, in agreement with the Parliament. (Legal basis: article 114 of the Treaty on the Functioning of the European Union.)
Regulations 345/2013 and 346/2013 were normally due for review in 2017, but the Commission decided to bring forward that review. It identified a number of factors holding back the development of Euveca and Eusef funds that are addressed in its proposal. December 2016 Council negotiating stance on European venture capital funds
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