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SELECT COMMITTEE ON THE EUROPEAN UNION EU FINANCIAL AFFAIRS SUB-COMMITTEE Completing Europe’s Economic and Monetary Union Oral and written evidence Contents Andrew Bailey and Sir Jon Cunliffe—Oral evidence (QQ186-194) .......................................................... 1 Sebastian Barnes, Henning Christophersen, Janet Henry and Martin Sandbu—Oral evidence (QQ27- 44) .......................................................................................................................................................... 16 BBA—Written evidence (EMU0008) ..................................................................................................... 40 Graham Bishop, Dr Dermot Hodson and Philippe Legrain—Oral evidence (QQ1-14) .......................... 45 Jonathan Black and David Gauke MP—Oral evidence (QQ195-204) .................................................... 66 Baroness Bowles of Berkhamsted and Raoul Ruparel—Oral evidence (QQ15-26)............................... 82 Bruegel—Written evidence (EMU0005) ............................................................................................. 102 Henning Christophersen, Sebastian Barnes, Janet Henry and Martin Sandbu—Oral evidence (QQ27- 44) ........................................................................................................................................................ 107 Professor Lorenzo Codogno and Reza Moghadam—Oral evidence (QQ56–67) ................................. 108 Sir Jon Cunliffe and Andrew Bailey—Oral evidence (QQ186-194) ...................................................... 124 Dr. Marek Dabrowski—Written evidence (EMU0010) ........................................................................ 125 Professor Paul De Grauwe and Alex White—Oral evidence (QQ179-185) ......................................... 133 MEP Anneliese Dodds—Written evidence (EMU0006)....................................................................... 144 Commissioner Valdis Dombrovskis—Oral evidence (QQ158-166) ..................................................... 148 European Economics Financial Centre—Written evidence (EMU0009) ............................................. 161 Markus Ferber MEP and Kay Swinburne MEP—Oral evidence (QQ82-91) ......................................... 164 David Gauke MP and Jonathan Black—Oral evidence (QQ195-204) .................................................. 180 Sylvie Goulard MEP and Gunnar Hökmark MEP—Oral evidence (QQ92-100) .................................... 181 Sylvie Goulard MEP—Supplementary written evidence (EMU0011) ................................................. 194 Megan Greene, Professor Erik Jones and John Peet—Oral evidence (QQ68-81) ............................... 195 Roberto Gualtieri—Oral evidence (QQ101-107) ................................................................................. 214 Hans Hack, Guntram Wolff and Fabian Zuleeg—Oral evidence (QQ118-128).................................... 226 Janet Henry, Sebastian Barnes, Henning Christophersen and Martin Sandbu—Oral evidence (QQ27- 44) ........................................................................................................................................................ 242 Dr. Dermot Hodson—Written evidence (EMU0002) .......................................................................... 243 Dr Dermot Hodson, Graham Bishop and Philippe Legrain—Oral evidence (QQ1-14) ........................ 249 Gunnar Hökmark MEP and Sylvie Goulard MEP—Oral evidence (QQ92-100) .................................... 250 Andrew Bailey and Sir Jon Cunliffe—Oral evidence (QQ186-194) Professor Otmar Issing—Oral evidence (QQ205-214) ........................................................................ 251 Professor Erik Jones, Megan Greene and John Peet—Oral evidence (QQ68-81) ............................... 266 Philippe Legrain, Graham Bishop and Dr Dermot Hodson—Oral evidence (QQ1-14) ........................ 267 Dr. Andrew Lilico—Written evidence (EMU0001) .............................................................................. 268 Dr Andrew Lilico, David Marsh and Professor Lucia Quaglia—Oral evidence (QQ167-178) .............. 270 David Marsh, Dr Andrew Lilico and Professor Lucia Quaglia—Oral evidence (QQ167-178) .............. 291 Reza Moghadam and Professor Lorenzo Codogno—Oral evidence (QQ56–67) ................................. 292 Veronica Nilsson—Oral evidence (QQ129-140) .................................................................................. 293 Christian Odendahl—Oral evidence (QQ45-55) .................................................................................. 306 John Peet, Megan Greene and Professor Erik Jones—Oral evidence (QQ68-81) ............................... 320 Professor Lucia Quaglia, Dr Andrew Lilico and David Marsh—Oral evidence (QQ167-178) .............. 321 Raoul Ruparel and Baroness Bowles of Berkhamsted—Oral evidence (QQ15-26) ............................. 322 Professor John Ryan—Written evidence (EMU0007) ......................................................................... 323 Martin Sandbu, Sebastian Barnes, Henning Christophersen and Janet Henry—Oral evidence (QQ27- 44) ........................................................................................................................................................ 325 Dr. Waltraud Schelkle—Written evidence (EMU0004) ....................................................................... 326 Kay Swinburne MEP and Markus Ferber MEP—Oral evidence (QQ82-91) ......................................... 330 Mike Vercnocke—Oral evidence (QQ141-157) ................................................................................... 331 Alex White and Professor Paul De Grauwe—Oral evidence (QQ179-185) ......................................... 347 Professor Michael Wickens—Written evidence (EMU0003) .............................................................. 348 Thomas Wieser—Oral evidence (QQ108-117) .................................................................................... 353 Guntram Wolff, Hans Hack and Fabian Zuleeg—Oral evidence (QQ118-128).................................... 365 Fabian Zuleeg, Hans Hack and Guntram Wolff—Oral evidence (QQ118-128) ................................... 366 2 Andrew Bailey and Sir Jon Cunliffe—Oral evidence (QQ186-194) Evidence Session No.17 Heard in Public Questions 186 - 194 THURSDAY 11 FEBRUARY 2016 Members present Baroness Falkner of Margravine (Chairman) Lord Butler of Brockwell Lord Haskins Lord Lawson of Blaby Lord McFall of Alcluith Lord Shutt of Greetland Lord Skidelsky ________________ Examination of Witnesses Sir Jon Cunliffe, Deputy Governor for Financial Stability, Bank of England, and Andrew Bailey, Chief Executive of the PRA and a Deputy Governor for Prudential Regulation, Bank of England Q186 The Chairman: Good morning, Sir Jon Cunliffe and Mr Andrew Bailey, and thank you for agreeing to give evidence to us in our inquiry into Europe’s economic and monetary union. You have a list of interests that have been declared by Committee members. This is a formal evidence-taking session for the Committee, and a full transcript will be taken. This will be put on the public record in printed form and on the Parliamentary website. You will be sent a copy of the transcript, so you will be able to revise it in terms of any minor errors. This session is on the record; it is being webcast live, and will be subsequently accessible via the Parliamentary website. I wonder if I can kick off by asking you, in broad terms, what your assessment is of the Five Presidents’ Report, the short-term actions envisaged in its later paper of 21 October, and the 24 November proposals on banking union. I wondered, to kick off, whether you would like to start, Sir Jon. Sir Jon Cunliffe: I am very happy to. Thank you for the opportunity to give evidence today. I find the Five Presidents’ Report reassuring, in that it is a very clear statement of recognition by the euro area of the things that need to be done. From a Bank of England perspective, the stability of the euro area matters very considerably to us. We put out a report that explains some of the impacts on our objectives of financial and monetary stability when Andrew Bailey and Sir Jon Cunliffe—Oral evidence (QQ186-194) things go wrong in the euro area, so the recognition is very valuable. It is good that immediate action is being taken. It is quite an honest description of the political and other difficulties that the euro area will have in moving forward, and that pressure to move forward needs to be maintained. The short-term actions go a little bit further than I expected, to be honest. When you read the document, it suggests doing more within the existing framework, and the deposit guarantee proposal pushes further forward than a cynical observer might have thought, so there is something real there. Of course, that is a very difficult and sensitive issue. One last thing I would say about the report is that the area where one might have wanted to see more— although I understand why not—is a timetable. There is a timetable in there, there is an end date, but Europe has always worked by setting timetables and moving towards them, et cetera, and the timetable is, of necessity, quite broadly defined. That is one area that we would hope in future to see more on. The Chairman: Just on those points you have made in terms of the paper, as compared to the previous one—the Four Presidents’ Report—do you think they made a mistake in not
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