A Reality Check on Capital Markets Union
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What Was He Doing at the Eurogroup?
Published on Eurointelligence, 10 July 2007. The original version of the article appeared in French in Le Monde. What was he doing at the Eurogroup? Jean Pisani-Ferry By attending the meeting of ministers of the euro area on Monday 9 July Nicolas Sarkozy was above all making a political statement. This was a 'first', after a decade in which heads of state and government of the euro area have been conspicuous by their absence. They have never met in a euro context, not even at the birth of their common currency. Having taken a momentous decision, they promptly left implementation of the euro to financial technicians. By going to the Eurogroup, Nicolas Sarkozy clearly intended to mark the end of this long absence. Beyond the symbolism, however, Europe was curious as to his motives and many are worried. Criticised for a fiscal policy which has departed from the agreed objective, was the President of France seeking the consent of partner countries to this departure? Was he launching an offensive designed to dilute the independence of the European Central Bank? And what is this 'economic government' which all the French leaders are calling for but none has pinned down exactly? Few Frenchmen realise the extent to which the ideas they share may appear odd to their partners. The reason for this is that the euro means different things to different peoples. For some, for example the Netherlands and Austria, it allowed a belated ceding of a sovereignty perceived as existing in name only. They see monetary union as a necessary framework for national economic policy – a little like the gold standard underpinned disciplines in the 19th century without implying political affiliation. -
Should Poland Join the Euro? an Economic and Political Analysis
Should Poland Join the Euro? An Economic and Political Analysis Should Poland Join the Euro? An Economic and Political Analysis Graduate Policy Workshop February 2016 Michael Carlson Conor Carroll Iris Chan Geoff Cooper Vanessa Lehner Kelsey Montgomery Duc Tran Table of Contents Acknowledgements ................................................................................................................................ i About the WWS Graduate Policy Workshop ........................................................................................ ii Executive Summary .............................................................................................................................. 1 1 Introduction ................................................................................................................................. 2 2 The Evolution of Polish Thought on Euro Adoption ................................................................. 5 2.1 Pre-EU membership reforms ...................................................................................................................... 5 2.2 After EU Accession ....................................................................................................................................... 5 2.3 Crisis years ...................................................................................................................................................... 6 2.4 Post-crisis assessment .................................................................................................................................. -
The European Union and the United Kingdom
ISSUE 2016/ 01 policy brief JANUARY 2016 bruegel ONE MARKET, TWO MONIES: THE EUROPEAN UNION AND THE UNITED KINGDOM by André Sapir THE ISSUE Access to the single market is one of the core benefits of the United Senior Fellow at Bruegel Kingdom’s membership of the European Union. A vote to leave the EU would [email protected] trigger difficult negotiations on continued access to that market. However, the and Guntram B. Wolff single market is not static. One of the drivers of change is the necessary Director of Bruegel [email protected] reforms to strengthen the euro. Such reforms would not only affect the euro’s fiscal and political governance. They would also have an impact on the single market, in particular in the areas of banking, capital markets and labour mar - kets. This is bound to affect the UK, whether it remains in the EU or not. POLICY CHALLENGE A defining characteristic of the banking, capital and labour markets is a high degree of public intervention. These markets are all regulated, and have implicit or explicit fiscal arrangements associated with them. Deepening integration in these markets will likely therefore require governance inte - gration, which might involve only the subset of EU countries that use the euro. Since these countries constitute the EU majority, safeguards are Participation of euro and non-euro EU countries in inter - needed to protect the governmental arrangements to strengthen EMU legitimate single mar - ket interests of the UK European Union and other euro-outs. Fiscal Compact, 2012 But the legitimate SE interest of the euro- Euro-area 19 Euro-plus area majority in deeper AT, BE, CY, DE, EE, ES UK Pact, 2011 HU market integration to IE, FI, FR, GR, IT, LT, LU, LV BG, DK, PL, RO MT, NL, PT, SI, SK bolster the euro should also be protected Banking Union (SRM), 2014 against vetoes from CZ, HR the euro-out minority. -
Is Europe's Capital Markets Union Now in Sight?
Conference Report| November 2020 IS EUROPE’S CAPITAL MARKETS UNION NOW IN SIGHT? Apostolos Thomadakis, Karel Lannoo and Cosmina Amariei The Covid-19 pandemic has served as a brutal reminder of the urgency to strengthen societal resilience as a whole. The extent of the socio-economic fallout has yet to be fully understood, however. But the Capital Markets Union (CMU) project has now taken on new relevance. Mobilising private funding for recovery coupled with sustainable and digital finance strategies is sorely needed. To this end, the ECMI annual conference brought together policymakers, supervisors, academics and industry representatives to exchange views on the continuation of the CMU, namely how to deliver the best outcomes for companies, investors and citizens in the coming years. It also featured a special debate on the evolving role of credit rating agencies. Disclaimer. This report includes the main conclusions from the 10th ECMI Annual Conference that was held virtually on 5 and 6 November 2020. Its content should be attributed solely to the rapporteurs. A detailed overview of the proceedings is available here. European Capital Markets Institute, Place du Congrès 1, 1000 Brussels, Belgium www.ecmi.eu, [email protected] © Copyright 2020, ECMI All rights reserved. 2 | ANNUAL CONFERENCE Mobilising funding for sustainable recovery In Europe, capital markets are at differing stages of development, and are far from integrated. A fresh agenda for the financial sector that is both anchored in the needs of the real economy and shows regulatory quality is required now, for instance in the form of an ambitious second phase of the CMU project. -
Impact of Exports and Imports on USD, EURO, GBP and JPY Exchange Rates in India
Impact of Exports and Imports on USD, EURO, GBP and JPY Exchange Rates in India Ms.SavinaA Rebello1 1M.E.S College of Arts and Commerce, (India) ABSTRACT The exchange rate has an effect on the trade surplus (or deficit), which in turn affects the exchange rate. Imports and exports may seem like terms that have little bearing on everyday life, but they exert a profound influence on the consumer and the economy. In general, however, a weaker domestic currency stimulates exports and makes imports more expensive. Conversely, a strong domestic currency hampers exports and makes imports cheaper. Most of the studies focus on the impact of currency exchange rates on imports and exports of a country. There is a need to study the relationship in a reverse way. There are various factors due to which currency exchange rates fluctuates. One of the important factors is the impact of imports and exports of a country. Therefore this paper studies the impact of Export and Import on USD, EURO, GBP and JPY in India. The monthly exchange value of EURO, POUND, DOLLAR and YEN as well as EXPORT and IMPORT has been used for the study. The data period is from January 2006 to December 2016. The tools used for analysis are Correlation and OLS Regression Model. From the study it is found that there is a positive change in imports and exports on Indian rupees against euro, pound, dollar, and yen. Import of India is having significant impact exchange rates of selected currencies Exports of India is having significant impact on exchange rates of selected currencies. -
Reports to Conference Spring 2015 Contents
REPORTS TO CONFERENCE SPRING 2015 CONTENTS Contents Page Federal Conference Committee……….……………………….……………..4 Federal Policy Committee......................…………...……………………......9 Federal Executive.............………………... ………………………………...17 Federal Finance and Administration Committee………….….…..............25 Parliamentary Party (Commons)……………………………. ……………...29 …………. Parliamentary Party (Lords)………………………..………………………...35 Parliamentary Party (Europe)………………………….……………………..41 Campaign for Gender Balance……………………………………………...45 Diversity Engagement Group……………………………………………..…50 3 Federal Conference Committee Glasgow 2015 Last autumn we went back to Glasgow for the second year running. As in 2013 we received a superb welcome from the city. We continue to ask all attendees to complete an online feedback questionnaire. A good percentage complete this but I would urge all members to take the time to participate. It is incredibly useful to the conference office and FCC and does influence whether we visit a venue again and if we do, what changes we need to try and make. FCC Changes Following the committee elections at the end of last year there were a number of changes to the membership of FCC. Qassim Afzal, Louise Bloom, Sal Brinton, Prateek Buch, Veronica German, Evan Harris and David Rendel either did not restand or were not re-elected. All played a valuable role on FCC and will be missed. We welcome Jon Ball, Zoe O’Connell and Mary Reid onto the committee as directly elected members. FPC have elected two new representatives onto FCC and we welcome back Linda Jack and Jeremy Hargreaves in these roles. Both have previously served on FCC so are familiar with the way we work. One of the FE reps is also new with Kaavya Kaushik joining James Gurling as an FE rep on FCC. -
EU Financial Services Regulation
EU Financial Services regulation A new agenda demands a new approach October 2019 kpmg.com/regulatorychallenges 2 EU Financial Services regulation © 2019 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. EU Financial Services regulation 3 Contents 01 Introduction 4 02 Changing faces 6 03 Resetting the agenda 8 04 Legislating for the future 12 05 Managing the inheritance 14 06 Converging supervisory practices 16 07 Acting on the global stage 18 08 Abbreviations 22 09 Further insights 23 © 2019 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. 4 EU Financial Services regulation 01 Introduction Against a challenging economic and geo- A challenging context political backdrop, the incoming Commission There is a majority of new faces involved in the President has set a full regulatory agenda that regulation and supervision of financial services, across will directly and indirectly impact the financial the leadership of the EU institutions and within the services industry. -
As a Permanent Institution, the ESM “ Makes the Monetary Union More Robust, and Enhances the Resilience “Of Its Economy
6 | EUROPEAN STABILITY MECHANISM As a permanent institution, the ESM “ makes the monetary union more robust, and enhances the resilience “of its economy. KLAUS REGLING Managing Director European Stability Mechanism 2017 ANNUAL REPORT | 7 Message from the Managing Director The European Stability Mechanism was set up to protect the euro area against the worst blows dealt by an economic crisis. Such crises happen from time to time, and have done so for hundreds of years. They can spring up suddenly, seemingly out of nowhere, for reasons that may be poorly understood at first. The problems that cause a crisis often build up for a long time – but we do not always heed the warning signals. It was like that in the last financial crisis, a period from which the ESM was born. Several countries accumulated unsustainable misalignments during the first decade of monetary union, in the form of high debt levels, a loss of competitiveness, and growing current account deficits. In addition, the euro area was not well-equipped institutionally to deal with a serious crisis, and the monetary union threatened to break up. The rapid establishment of the ESM – and first the temporary European Financial Stability Facility (EFSF) – could not turn the clock back on the crisis. But these two institutions shielded Europe against a far worse outcome: the departure of one or more countries from the euro area. The ESM is now a permanent feature of the monetary union and of the global finan- cial safety net. It functions as an emergency system, which has helped to keep the euro together. -
Information Guide Euroscepticism
Information Guide Euroscepticism A guide to information sources on Euroscepticism, with hyperlinks to further sources of information within European Sources Online and on external websites Contents Introduction .................................................................................................. 2 Brief Historical Overview................................................................................. 2 Euro Crisis 2008 ............................................................................................ 3 European Elections 2014 ................................................................................ 5 Euroscepticism in Europe ................................................................................ 8 Eurosceptic organisations ......................................................................... 10 Eurosceptic thinktanks ............................................................................. 10 Transnational Eurosceptic parties and political groups .................................. 11 Eurocritical media ................................................................................... 12 EU Reaction ................................................................................................. 13 Information sources in the ESO database ........................................................ 14 Further information sources on the internet ..................................................... 14 Copyright © 2016 Cardiff EDC. All rights reserved. 1 Cardiff EDC is part of the University Library -
Saving the Euro: Tensions with European Treaty Law in the European Union’S Efforts to Protect the Common Currency Boris Ryvkin
Cornell International Law Journal Volume 45 Article 6 Issue 1 Winter 2012 Saving the Euro: Tensions with European Treaty Law in the European Union’s Efforts to Protect the Common Currency Boris Ryvkin Follow this and additional works at: http://scholarship.law.cornell.edu/cilj Part of the Law Commons Recommended Citation Ryvkin, Boris (2012) "Saving the Euro: Tensions with European Treaty Law in the European Union’s Efforts to Protect the Common Currency," Cornell International Law Journal: Vol. 45: Iss. 1, Article 6. Available at: http://scholarship.law.cornell.edu/cilj/vol45/iss1/6 This Note is brought to you for free and open access by the Journals at Scholarship@Cornell Law: A Digital Repository. It has been accepted for inclusion in Cornell International Law Journal by an authorized administrator of Scholarship@Cornell Law: A Digital Repository. For more information, please contact [email protected]. Saving the Euro: Tensions with European Treaty Law in the European Union's Efforts to Protect the Common Currency Boris Ryvkin' Introduction ............................................ 228 I. Background ....................................... 230 II. The EFSM and TFEU Article 122(2) ................... 235 A. Pre-Crisis Economic Mismanagement in Greece and Ireland ........................................ 235 B. Article 122(2)'s Long-Standing Interpretation and Implied Substantiality Element ..................... 237 C. Article 122(2) Dropped as a Legal Basis for a Future ESM............. ............................. 238 D. Article 122(2)'s "Exceptional Occurrences" Language... 239 III. T he EFSF ................................................. 240 A. TFEU Article 124 ................ ................ 240 1. Broad Reading of "Prudential" to Overcome Compliance Problems... ...................... 240 B. TFEU Article 125 ................................... 242 1. No Clear Conflict with the Original Language ....... -
ESMA Consultation on Review of EU Money Market Funds
Response form for the Consultation Paper on the EU Money Market Fund Regulation – legislative re- view 29 March 2021 Date: 29 March 2021 Responding to this paper ESMA invites responses to the questions set out throughout this Consultation Paper and summa- rised in Annex 3. Responses are most helpful if they: 1. respond to the question stated and indicate the specific question to which they relate; 2. contain a clear rationale; and 3. describe any alternatives ESMA should consider. ESMA will consider all comments received by Wednesday 30th June 2021. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your in- put - Consultations’. Instructions In order to facilitate analysis of responses to the Consultation Paper, respondents are requested to follow the steps below when preparing and submitting their response: 4. Insert your responses to the consultation questions in this form. 5. Please do not remove tags of the type <ESMA_QUESTION_MMFR_1>. Your response to each question has to be framed by the two tags corresponding to the question. 6. If you do not wish to respond to a given question, please do not delete it but simply leave the text “TYPE YOUR TEXT HERE” between the tags. 7. When you have drafted your response, name your response form according to the follow- ing convention: ESMA_MMFR_nameofrespondent_RESPONSEFORM. For example, for a respondent named ABCD, the response form would be entitled ESMA_MMFR_ABCD_RESPONSEFORM. 8. Upload the form containing your responses, in Word format, to ESMA’s website (www.esma.europa.eu under the heading ‘Your input – Open consultations’ → ‘Consulta- tion on EU Money Market Fund Regulation – legislative review’). -
The Court of Justice's Self-Restraint of Reviewing Financial Assistance
Insight The Court of Justice’s Self-restraint of Reviewing Financial Assistance Conditionality in the Chrysostomides Case Isabel Staudinger* ABSTRACT: In the Chrysostomides case (joined cases C-597/18 P, C-598/18 P, C-603/18 P and C-604/18 P Council v Chrysostomides & Co. and Others ECLI:EU:C:2020:1028), the Court of Justice (ECJ) confirmed its previous finding that the Eurogroup has only an informal and intergovernmental nature. Building on the cases Ledra and Mallis, the ECJ finally denied the respective possibilities of EU legal protection against acts and conduct of the Eurogroup. Moreover, the ECJ denied the binding nature of art. 2(6)(b) of Council Decision (EU) 2013/236, a decision with which the conditionality of the macro-eco- nomic adjustment programme had been brought under the auspices of EU law. As a consequence, the Eurogroup’s acts and conduct as well as conditionality measures cannot be reviewed on the EU level. KEYWORDS: financial assistance conditionality – Eurogroup – accountability – action for damages – Economic and Monetary Union – Cyprus. I. Introduction In December 2020, the Court of Justice (ECJ) delivered a long-awaited judgment in the case Chrysostomides1 where it once more addressed the Cypriot measures adopted in the course of the European sovereign debt crisis of the last decade.2 Several idiosyncrasies of the Cypriot banking sector3 have led to the crisis: a) the Cyp- riot banking sector was considerably large compared to the economy (the domestic sector * Postdoctoral Researcher, Department of Public Law, Public International and European Law, University of Salzburg; Postdoctoral Researcher for the European Constitutional Court Network research project, isa- [email protected].