Brexit 'Weekly'

19 November 2015

EMU, Brexit, Greece, Cyprus, Finland, Spain, ECON, Deloitte, G20, ECB, 2016 EU budget and more.

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  Articles from 12 November 2015 - 19 November 2015

  Grahams Articles, Comments & Speeches
 
 
Reforming the EU and Completing the Economic and Monetary Union
News headlines about the EU are dominated by the migration crisis but it cannot detract from the importance of securing the economic and financial stability of the Eurozone, and thus the EU as a whole.   View Article
115th Brussels for Breakfast
Hosted by the BBA and organised by the CSFI – with Graham Bishop and Raoul Ruparel of Open Europe. Topics included: Cameron speech on Brexit; Completing EMU and deepening the Single Market; TLAC; DGS; ECOFIN Conclusions on CMU (equivalence and securitisation); and MiFID II.  View Article
Heading for Spanish general election
Rajoy unveiled the seven pillars of his electoral programme as the latest polls show the PP would achieve a narrow victory on 20th December; still he would probably need C’s to pass legislation. But Catalan secession challenge and downgraded economic forecasts loom large in the electoral campaign.  View Article
 
  Political
 
 
Britain Stronger in Europe: How UK trade benefits from our EU membership
This briefing paper has been made available to Britain Stronger In Europe by three former UK Ambassadors to the EU, the UN and the US: Lord Hannay, Lord Kerr, and Sir Nigel Sheinwald.  View Article
Constitutional Affairs Committee Chair Hübner: “Nobody wins if the UK leaves the European Union”
An EP delegation visited London to discuss the upcoming EU membership referendum with ministers, parliamentary committees and think-tanks. Committee chair Danuta Hübner said that "the British are really seeking their identity" and that security was "the number one issue and the economy less so."  View Article
EurActiv: Draghi: UK negotiations must preserve euro 'achievements'
European Central Bank President Mario Draghi said that negotiations with Britain on changes to its relationship with the European Union must preserve the "extraordinary achievements" of the euro and the EU's single market.  View Article
City AM: The UK is now more in favour of leaving the EU than remaining a member, according to a new poll
In the first poll conducted since Prime Minister David Cameron outlined his demands for EU treaty change, there has been an increase in support for leaving the EU, to 53 per cent, against 47 per cent who want to remain.  View Article
Open Europe: Don’t write off Cameron’s EU renegotiation yet
It’s fair to say that the reaction to David Cameron’s renegotiation proposals this week has not been particularly positive. David Frost argues that it is still too premature to write off the UK's EU renegotiation.  View Article
The Guardian: Europe is in crisis - this is no time for petty-mindedness
Timothy Garton Ash argues that, if David Cameron shows he cares about the EU, he may find our partners more receptive to his demands.  View Article
EurActiv: Finnish parliament will debate leaving eurozone next year
In 2016, Finland's parliament will debate whether to quit the euro, a senior parliamentary official said.  View Article
Financial Times: Hedge funds boost campaign to keep Britain in the EU
Two high-profile London hedge fund managers are to pump millions of pounds into the campaign to keep Britain in the EU, in a move which will come as a relief to David Cameron.  View Article
 
  Financial
 
 
EurActiv: EU 'brains' warn about end of free capital markets by 2030
Europe faces daunting years ahead, according to a report by the European Strategy and Policy Analysis System, which looks at major global developments until 2030. By that year, the report predicts that all current member states, except Denmark and the UK, “may well have joined the eurozone”.   View Article
CEPS: Achieving European Policy Objectives through Financial Technology
FinTech can play a crucial role in achieving European policy objectives in the area of financial markets, according to the author. These include increasing access by smaller firms to trade credit and other forms of external finance and completing the banking and capital markets unions.  View Article
European Commission: Speech given by Commissioner Jonathan Hill at the European Chamber of Commerce and ASIFMA, Hong Kong
Commissioner Hill explains the CMU Action Plan and tells Hong-Kong investors that he wants to "strengthen still further the trade cooperation in financial services" between the EU and Asia.  View Article
 
  Economic
 
 
Hearing at the European Parliament’s Economic and Monetary Affairs Committee
ECB's Draghi talked about two issues: the ECB's current economic outlook and the upcoming reassessment of it at its December meeting; and the macroeconomic adjustment programmes over the last half-decade and the ECB’s role in them.  View Article
ECB ready to do more if inflation outlook weakens, Draghi tells MEPs
The EU economy is showing resilience in the face of external circumstances, but the European Central Bank’s March inflation forecast was too positive, ECB President Mario Draghi admitted during the regular Economic and Monetary Affairs Committee meeting.  View Article
Statement by the European Commission, the ECB and the IMF on Cyprus
Staff teams from the International Monetary Fund and the European Commission, in liaison with the European Central Bank, visited Nicosia to review Cyprus’s economic reform program.  View Article
Second Deloitte CFO European Survey: Greek crisis damaged EMU in non-eurozone states
The Greek crisis that kept politicians busy in the summer of 2015 has fuelled particularly negative sentiments among business leaders from the non-eurozone countries, according to a report by Deloitte.  View Article
AFME and ICMA welcome G20 Infrastructure recommendations
Both associations have said that the recommendations "encourage infrastructure investment from governments to stimulate growth" and that they address "the market inefficiencies and legislative and regulatory disincentives which challenge infrastructure projects."  View Article
Conclusions of the 44th meeting of the EEA Council
The forty-fourth meeting of the EEA Council took place in Brussels and its conclusions point at items such as the Better Regulation Package, the Single Market, the financial services in the EU and the TTIP.  View Article
City AM: Carney warned over gilt market instability risks
Treasury chairman Andrew Tyrie has written to Bank of England governor Mark Carney, laying out his concerns and asking for the Financial Policy Committee's view on the risk of declining liquidity in the bond market.  View Article
Bloomberg: Sweden's Fiscal Watchdog Lambastes Government Financing Plan
Sweden’s fiscal watchdog warned that plans by Finance Minister Magdalena Andersson to abandon the country’s krona-for-krona budget principle risk driving up debt.  View Article
Financial Times: Italy’s economic recovery is not what it seems
If country fails to bounce back from recession, it is hard to see how it can stay in the eurozone, writes Wolfgang Münchau.  View Article
ECB: Monetary policy and the euro area problem
The speech by ECB's Constâncio points that the euro area problem is part of a predicament shared by other advanced economies: decades of declining economic and productivity growth rates, prolonged periods of low inflation and an untamed financial sector fuelling asset price booms.   View Article
ECB: A currency beyond the nation state - 
The euro and its institutional challenges ahead
ECB's Mersch warned that “'sovereignism' clashes with any attempt at further European integration", and that "it could result in a failure to complete the European integration process."  View Article
ECB's Mersch: Interview with Les Echos
The highlights of the interview to Yves Mersch include the Autumn 2015 European Economic Forecast, Greece and Portugal, reforms in France, further measures that could be taken by the ECB and the possibility of a European deposit guarantee scheme.  View Article
 
  Budgetary
 
 
Commission adopts Opinions on the 2016 Draft Budgetary Plans of euro area Member States
The European Commission has completed its assessment of the 16 Draft Budgetary Plans (DBPs) for 2016 that euro area Member States submitted in October.  View Article
European Council: Deal reached on 2016 EU budget
The Council and the European Parliament reached an agreement on the EU budget for 2016. Meeting in the Conciliation Committee they agreed to set the total level of commitments at €155.00 billion and of payments at €143.89 billion.   View Article
Bruegel: The limitations of policy coordination in the euro area under the European Semester
This paper assesses economic policy coordination in the euro area under the European Semester. Despite the collective decision to create this new system of policy coordination, this paper shows that the European Semester has been rather ineffective.  View Article
 

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