Month in Brussels - Graham Bishop's Personal Overview of June 2013

• 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.

• 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.

• 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).

• 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".

• 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.

Graham Bishop

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© Copyright Graham Bishop, 3rd July 2013