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Genuine Economic and Monetary Union Evidence

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Genuine Economic and Monetary Union Evidence EU ECONOMIC AND FINANCIAL AFFAIRS SUB-COMMITTEE Genuine Economic and Monetary Union Evidence Contents Professor Kern Alexander—Written Evidence ................................................................................... 3 Association for Financial Markets in Europe (AFME)—Written Evidence .................................... 6 Professor Dr Ansgar Belke—Oral evidence (QQ 263-272) .......................................................... 11 Professor Agnès Bénassy-Quéré—Oral evidence (QQ 222-229) ................................................ 24 Graham Bishop, Megan Greene, and Hugo Dixon—Oral evidence (QQ 19-38) ..................... 33 Sharon Bowles MEP, Roger Helmer MEP and Syed Kamall MEP— Oral evidence (QQ 209- 221) ............................................................................................................................................................. 51 British Chambers of Commerce and City of London Corporation—Oral evidence (QQ 39- 54) ................................................................................................................................................................ 66 Professor Claudia Buch, Professor Jan Pieter Krahnen and Professor Otmar Issing—Oral evidence (QQ 297-315).......................................................................................................................... 82 BUSINESSEUROPE—Oral evidence (QQ 148-156) ........................................................................ 99 Professor Willem Buiter and Dr Holger Schmieding—Oral evidence (QQ 55-65) ............... 109 Centre for European Reform, John Peet and Open Europe—Oral evidence (QQ 1-18) .... 124 Professor Jagjit S. Chadha and Professor Michael Dempster—Written Evidence .................. 144 John Chown—Written Evidence ........................................................................................................ 146 City of London Corporation and British Chambers of Commerce—Oral evidence (QQ 39- 54) .............................................................................................................................................................. 158 City of London Corporation—Supplementary Evidence .............................................................. 159 Lorenzo Codogno—Oral evidence (QQ 197-208) ....................................................................... 160 Tim Congdon—Written Evidence ..................................................................................................... 173 Professor Michael Dempster and Professor Jagjit S. Chadha—Written Evidence .................. 187 Hugo Dixon, Graham Bishop and Megan Greene—Oral evidence (QQ 19-38) .................... 188 Eurogroup Working Group—Oral evidence (QQ170-178) ........................................................ 189 European Commission—Oral evidence (QQ 101-108) ............................................................... 199 European Commission—Supplementary evidence ......................................................................... 209 European Policy Centre and Professor André Sapir—Oral evidence (QQ 134-147) ........... 218 Mr Nigel Farage MEP—Written Evidence ........................................................................................ 233 Elisa Ferreira MEP and Liêm Hoang Ngoc MEP—Oral evidence (QQ 157-169) .................... 249 Dr Clemens Fuest—Oral evidence (QQ 89-100) .......................................................................... 263 Professor Luis Garicano—Oral evidence (QQ189-196) .............................................................. 274 Professor Kern Alexander—Written Evidence Megan Greene, Graham Bishop and Hugo Dixon—Oral evidence (QQ 19-38) .................... 285 Anton La Guardia—Oral evidence (QQ 121-133) ........................................................................ 286 Professor Mark Hallerberg—Oral evidence (QQ 248-262) ........................................................ 299 Roger Helmer MEP, Sharon Bowles MEP and Syed Kamall MEP—Oral evidence (QQ 209- 221) ........................................................................................................................................................... 313 HM Treasury, Nicky Morgan, Economic Secretary and Peter Curwen, Director Europe— Oral evidence (QQ 316-331) .............................................................................................................. 314 Liêm Hoang Ngoc MEP and Elisa Ferreira MEP—Oral evidence (QQ 157-169) .................... 332 Professor Otmar Issing, Professor Claudia Buch and Professor Jan Pieter Krahnen—Oral evidence (QQ 297-315)........................................................................................................................ 333 Syed Kamall MEP, Roger Helmer MEP and Sharon Bowles MEP—Oral evidence (QQ 209- 221) ........................................................................................................................................................... 334 Professor Jan Pieter Krahnen, Professor Claudia Buch and Professor Otmar Issing—Oral evidence (QQ 297-315)........................................................................................................................ 335 Bettina Kudla, MdB/MP (CDU), Detlef Seif, MdB/MP (CDU) and Manfred Zöllmer, MdB/MP (SPD)—Oral evidence (QQ 287-296) .............................................................................................. 336 Professor Rosa M. Lastra—Written Evidence ................................................................................ 347 Professor Rosa M. Lastra—Supplementary Evidence .................................................................... 352 Ruth Lea—Written Evidence .............................................................................................................. 355 Ulf Meyer-Rix—Oral evidence (QQ 273-286) ............................................................................... 357 Open Europe, Centre for European Reform and John Peet—Oral evidence (QQ 1-18) .... 369 Marco Pagano—Oral evidence (QQ 78-88) .................................................................................... 370 Marco Pagano—Supplementary Evidence ........................................................................................ 379 John Peet, Centre for European Reform and Open Europe—Oral evidence (QQ 1-18) .... 380 Professor André Sapir and European Policy Centre—Oral evidence (QQ 134-147) ........... 381 Dr Waltraud Schelkle—Written Evidence....................................................................................... 382 Dr Holger Schmieding and Professor Willem Buiter—Oral evidence (QQ 55-65) ............... 386 Dr Daniela Schwarzer— Oral evidence (Q 230-247) ................................................................... 387 Detlef Seif, MdB/MP (CDU), Bettina Kudla, MdB/MP (CDU), and Manfred Zöllmer, MdB/MP (SPD)—Oral evidence (QQ 287-296) .............................................................................................. 405 Dr Federico Steinberg—Oral evidence (Q 66 -77) ....................................................................... 406 Sir Nigel Wicks—Oral evidence (QQ 179-188) ............................................................................ 417 Guntram Wolff—Oral evidence (QQ 109-120) ............................................................................. 428 Manfred Zöllmer, MdB/MP (SPD), Bettina Kudla, MdB/MP (CDU) and Detlef Seif, MdB/MP (CDU)—Oral evidence (QQ 287-296) ............................................................................................ 441 2 of 441 Professor Kern Alexander—Written Evidence Professor Kern Alexander—Written Evidence Professor Kern Alexander 1 An integrated financial framework (Banking Union) 3. Will the proposals for banking union decisively break the link between bank and sovereign debt? If not, what more needs to be done? Is the three-pronged model of a single supervisory mechanism, a common resolution mechanism and a common deposit insurance scheme realistically achievable, how long is likely to be needed to achieve it and what are the risks of long delays? 1. Mutual influence of banks and sovereign debt, the so-called “doom loop” Sovereign-debt exposure in the banking system The link – or so-called ‘doom loop’ - between bank balance sheets and sovereign debt arises mainly from EU bank capital regulation, which has traditionally set a 0% risk-weight for EEA/EU member state government bonds issued in domestic currency to regulated financial institutions. 2 In addition, government bonds have been exempted from the 25% large exposure limit that has applied to most other risk-based assets. 3 The Capital Requirements Directive IV – consisting of a Directive (CRD) and a Regulation (CRR) – continues to apply in the CRR both the 0% risk-weighting to sovereign bonds issued by EEA/EU states and the exemption from the 25% large exposure limit for sovereign bonds issued by EEA/EU states. The original Basel III proposal for a Liquidity Coverage Ratio permitted only government bonds to be used as the highest quality liquid assets (Level 1 assets) to fulfil the Basel III Liquidity Coverage Ratio. 4 The revised Basel III and EU CRR, however, widens the scope of assets that can be held to fulfil the Liquidity Coverage Ratio requirement, making such bonds merely one of many other admitted liquid assets. 5 Regarding the proposed Single Supervisory Mechanism (SSM), it has little bearing on these regulatory incentives to hold euro-zone government
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