Events 2020 - Working Group on Financial Services
VIRTUAL-DEBATE
Working Group FINANCIAL SERVICES
Tuesday, 24 November 2020 from 13:00 to 14:30 hrs
A briefing by the European Central Bank
An unique opportunity to hear from ECB experts on the SSM priorities for 2021, new supervisory policy associated with systematic investment firms and CCPs, third-country challenges, and the ECB’s monetary measures following the Covid-19 crisis
Welcome:
Michael GAHLER MEP, President of the Kangaroo Group
Moderator:
David DOYLE, Member of the Board, Kangaroo Group
Speakers:
Edouard FERNANDEZ-BOLLO, Member of the Supervisory Board, The European Central Bank
Fiona van ECHELPOEL, Deputy Director, General Market Infrastructure and Payments, The European Central Bank
Sven GIEGOLD MEP, Group of the Greens-European Free Alliance/Germany, Member of the Committee on Economic and Monetary Affairs
Frances FITZGERALD MEP, European Peoples Party, Member of the Committee on Economic and Monetary Affairs
VIRTUAL-DEBATE
Working Group FINANCIAL SERVICES
Wednesday, 28 October 2020 from 13:00 to 14:30 hrs
“Revising Solvency II to unleash investments for Europe’s Recovery“
Chair: Markus FERBER MEP, Chair of the KG Financial Services Working Group
Moderator: David DOYLE, Member of the Board, Kangaroo Group
Speakers:
Markus FERBER MEP, EPP/Germany, Member of the Committee on Economic Affairs, Coordinator
Didier MILLEROT, Head, Insurance & Pensions, European Commission, DG FISMA
Fabio MARCHETTI, Group Head of International Affairs, Generali
Olav JONES, Deputy Director-General, InsuranceEurope
Special Guest: Prof. Karel VAN HULLE , Goethe University (Frankfurt), Member of the EIOPA Insurance and Reinsurance Stakeholder Group and former EC Head of Insurance & Pensions
VIRTUAL-DEBATE
Working Group FINANCIAL SERVICES
Wednesday, 2nd September 2020 from 13:00 to 14:30 hrs
“The Revised MiFID II regime - targeted or full revision?”
Chair:
Markus FERBER MEP, Chair, KG Financial Services Working Group
Moderator:
David DOYLE, Member of the Board, Kangaroo Group
Speakers:
Markus FERBER MEP, ECON member and Rapporteur on MiFID II/MiFID
Tilman LUEDER, Head, DG FISMA, Securities Markets Unit, European Commission
Georg HUBER, Head of Office, Deutscher Sparkassen- und Giroverband (DSGV)
Benjamin QUATRE, Director in charge of European and International Public Affairs and Export Finance, French Banking Federation (FBF)
Andreas STEPNITZKA, Senior Regulatory Policy Advisor, European Fund and Asset Management Association (EFAMA)
VIRTUAL-DEBATE
Working Group FINANCIAL SERVICES
Wednesday, 23 June 2020 from 08:00 to 09:30 hrs
“Priorities of the German EU Presidency – an overview by the German Ambassador”
Chair and Welcome:
Michael GAHLER MEP, President of the Kangaroo Group
Moderator:
David DOYLE, Member of the Board, Kangaroo Group
Guest Speaker:
H.E. Michael CLAUSS, Ambassador Extraordinary and Plenipotentiary Permanent Representative of the Federal Republik of Germany to the European Union
Concluding remarks:
Markus FERBER MEP, Chairman of the WG on Financial Services of the Kangaroo Group
Working Group FINANCIAL SERVICES
Tuesday, 21 January 2020 from 13:00 to 14:30 hrs
“Is the Basel agreement compatible with strengthened financing of the European economy?”
Welcome:
Michael GAHLER MEP, President of the Kangaroo Group
Chair:
Markus FERBER MEP, Chair of the Working Group
Moderator:
David DOYLE, Member of the Board, Kangaroo Group
Speakers:
Othmar KARAS MEP, EPP/Austria, Committee on Economic and Monetary Affairs
Nathalie BERGER, DG Fisma, European Commission
Benoit DE LA CHAPELLE BIZOT, CEO, French Banking Federation
Volker HEEGEMANN, Delegate for EU Affairs, National Association of German Co-operative Banks (BVR)
Edouard FERNANDEZ-BOLLO, Member of the Supervisory Board, European Central Bank, tbc
Events 2019 - Working Group on Financial Services
Working Group FINANCIAL SERVICES
Wednesday, 6 November 2019 from 8:00 to 9:30 hrs
“What to expect on Cross-Sectoral Cyber Resilience in the first 100 days?”
Speakers:
Olivier NAUTET, BNPP, Head of IT Risk Management
Sabrina FENG, Chief Technology Risk Officer, London Stock Exchange Group
Moderator:
David DOYLE, Member of the Board, Kangaroo Group
Working Group FINANCIAL SERVICES
Tuesday, 8 October 2019 from 13:00 to 14:30 hrs
“Challenges and Opportunities of implementing the EU Taxonomy regime”
Speakers:
Lee CLEMENTS, FTSE Russell Director, SRI Research
Aleksandra PALINSKA, Senior Regulatory Policy Advisor, EFAMA
Moderator:
David DOYLE, Member of the Board, Kangaroo Group
Working Group FINANCIAL SERVICES
Wednesday, 25 September 2019 from 13:00 to 14:30 hrs
“Promoting growth, stability and integration – Priorities for the EU financial services agenda in 2019-2024”
Speakers:
Jonas FERNANDEZ MEP, S&D/Spain, Member of the ECON-Committee, Coordinator
Mario NAVA, DG FISMA, Director Horizontal Policies
Pablo PORTUGAL, Managing Director, Advocacy, AFME
Moderator:
David DOYLE, Member of the Board, Kangaroo Group
Working Group FINANCIAL SERVICES
Wednesday, 18 JUNE 2019 from 13:00 to 14:30 hrs
"Reviewing the mandate: EC's achievements and priorities going forward"
Moderator
David DOYLE, Member of the Board, Kangaroo Group
Keynote Speech:
Jan CEYSSENS, Deputy Head of Cabinet of VP Dombrovskis
Events 2018 - Working Group on Financial Services
Working Group FINANCIAL SERVICES
Wednesday, 21 November 2018 from 13:00 to 14:30 hrs
“Finalizing the EU bank prudential rules - a definitive cut”
Speakers:
Peter SIMON MEP, S&D/Germany, Vice-Chair of the Committee on Economic and Monetary Affairs
Sebastijan HROVATIN, Deputy Head of Unit, European Commission, DG FISMA
Benjamin QUATRE, Director in charge of European & International Public Affairs, French Banking Federation
Dr. Holger MIELK, Head of Legal Department, National Association of German
Co-operative Banks – BVR
Max WEBER, Partner, EY, Frankfurt
Working Group FINANCIAL SERVICES,
Wednesday, 10 October 2018 from 13:00 to 14:30 hrs
“ESA review: Can European supervision of financial activities be improved”
Speakers:
Pervenche BERES MEP, S&D/France, Member of the Committee on Economic and Monetary Affairs
Ms Claude BOCQUERAZ, Policy officer in Unit 01 - Financial services policy and international affairs - DG FISMA, European Commission
Georg HUBER, Head of the Representation to the EU, German Savingsbanks (DGSV)
Olivier MITTELETTE, Director for Investment Banking, French Banking Federation (FBF)
Working Group FINANCIAL SERVICES
Wednesday, 26 September 2018 from 13:00 to 14:30 hrs
“How to solve the NPL issue in Europe?”
Speaker:
Roberto GUALTIERI MEP, S&D/Italia, Chair of the Committee on Economic and Monetary Affairs
Statements:
Vanessa KOCH, Policy Officer, Austrian Ministry of Finance
Benjamin QUATRE, Director in charge of European and International Public Affairs and Export Finance, French Banking Federation
Georg HUBER, Head of the Representation to the EU, German Savingsbanks (DGSV)
Working Group Financial Services
Wednesday, 20 June 2018 from 13:00 to 14:30 hrs
"Sustainable Finance - What role for the Investment Chain?”
Moderator and Introduction:
David DOYLE, Member of the Kangaroo Group
Speakers:
Molly SCOTT-CATO MEP, Group of the Greens-European Free Alliance/UK, Member of the Committee on Economic and Monetary Affairs
Sirpa PIETIKAINEN MEP, EPP/Finland, Member of the Committee on Economic and Monetary Affairs
Paul TANG MEP, S&D/Netherlands, Member of the Committee on Economic and Monetary Affairs
Martin SPOLC, Head of Unit, DG FISMA, European Commission
Mike EVERETT, Director, Governance & Stewardship, Standard Life Aberdeen, Edinburgh
Carey EVANS, Director, Global Public Policy, BlackRock
WG FINANCIAL SERVECES
Thursday, 17 May 2018 from 8:00 to 9:30 hrs
"Will the green supporting factor enable finance to fight climate change?"
Speakers:
Pervenche BERÈS MEP, S&D/France, Member of the Committee on Economic and
Monetary Affairs
Bertrand LUSSIGNY, Director for Prudential, Regulatory & Accounting affairs,
French Banking Federation
Arnaud BERGER, Director, Prospective, Green Economy and CSR, BPCE Group
Gianluca MANCA, Head of Sustainability, Eurizon Capital SGR SpA - Intesa San Paolo
LUNCH DEBATE - Working Group FINANCIAL SERVICES
Thursday, 22 February 2018 from 13:00 to 14:30 hrs
Speaker:
David WARREN, Chief Executive Office, London Stock Exchange Group
Events 2017 - Working Group on Financial Services
Working Group FINANCIAL SERVICES
Tuesday, 17 October 2017 from 18:30 to 21:00 hrs
"Inward pension fund investment the EU – an attractive prospect?"
Working Group FINANCIAL SERVICES
Tuesday, 20 June 2017 from 13:00 to 14:30 hrs
“EU Bank Prudential Rules - Proportionality for smaller Banks”
Statements:
Peter SIMON MEP, S&D/Germany, Vice-Chair of the Committee on Economic and Monetary Affairs
Klaus WIEDNER, Head of Unit, DG FISMA, European Commission
Georg HUBER, Head of the Representation to the EU, Deutscher Sparkassen-und Giroverband
Federico CORNELLI, Head of European Regulatory Affairs, Italian Bank Association (ABI)
Max WEBER, CRDV Expert, Ernst & Young
Thomas OLIVIER, Public Affairs Adviser, European Banking Federation
Working Group Financial Services
Wednesday, 10 May 2017 from 13:00 to 14:30 hrs
“Reviewing the CMU – Injecting more funds into the EU economy”
Statements:
Pervenche BERES MEP, Committee on Economic and Monetary Affairs
Niall BOHAN, Head, Capital Markets Union Unit, DGF FISMA, European Commission
Corentine POILVET-CLEDIERE, Head of Regulatory Strategy and Post Trade Policy, Europe, London Stock Exchange Group
Pablo PORTUGAL, Director, Advocacy, Association for Financial Markets in Europe (AFME)
Michael COLLINS, Chief Executive, Invest Europe, Brussels
Guillaume PRACHE, Managing Director, BETTER FINANCE, Brussels
Working Group FINANCIAL SERVICES
Tuesday, 25 April 2017 from 13:00 to 14:30 hrs
"Revising the EU Resolution Regime"
Statements:
- Emiliano TORNESE, Deputy Head of Unit, Dir E-Financial system surveillance and crisis management, DG FISMA, European Commission
- Benjamin QUATRE, Head of Office, French Banking Federation, Brussels
- Mario DELGADO ALFARO, Partner, Financial Risk and Regulation, Ernst & Young, Madrid
- Pedro CADARSO, Inspector de entidades de crédito, Spanish Banking Association, Madrid
Working Group FINANCIAL SERVICES, Wednesday, 22 March 2017
Working Group FINANCIAL SERVICES, Wednesday, 8 February 2017 from 13:00 to 14:30 hrs
“Clearing of euro derivatives after Brexit - a fatal blow to the City of London?”
Introduction:
Graham BISHOP, Bonds/Bill Expert Group and Specialist in European Integration
Statement:
Danuta Maria HÜBNER MEP, EPP/POLAND, Chair of the Constitutional Affairs Committee and Member of the Committee on Economic and Monetary Affairs
Working Group FINANCIAL SERVICES, Thursday, 26 January 2017 from 13:00 to 14:30 hrs
“The future EU regulatory focus for retail investment policy”
Moderator: David DOYLE, Member of the Board, The Kangaroo Group
Speakers:
-
Niall BOHAN, Head of Unit, Capital Markets Union, European Commission, Directorate General for Financial Stability, Financial Services and Capital Markets Union
-
Nathalie BERGER, Head of Unit, Insurance & Pensions, European Commission, Directorate General for Financial Stability, Financial Services and Capital Markets Union
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Guillaume PRACHE, Managing Director, Better Finance - The European Federation of Investors and Financial Services Users, Brussels
-
Benoît LALLEMAND, Acting Secretary General, Finance Watch, Brussels
Events 2016 - Working Group on Financial Services
Working Group FINANCIAL SERVICES, Tuesday, 8 December 2016 from 13:00 to 14:30 hrs
Room: Members Restaurant – Salon privé
European Parliament, Rue Wiertz 60, Brussels
“Completing the reform of the EU banking regulatory space”
Moderator: David DOYLE, Member of the Board, The Kangaroo Group
Speakers:
-
Klaus WIEDNER, Head of Banking Regulation & Supervision Unit, DG FISMA,
European Commission -
Emiliano TORNESE, Deputy Head of Resolution and crisis management unit, DG FISMA, European Commission
-
Francesca CARLESI Global Head of Group Regulatory Affairs Deutsche Bank AG London
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Johanneke WEITJENS, Manager, Public and government affairs, ING Group, Amsterdam
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Benjamin QUATRE, Head of Office, Fédération Bancaire Française (FBF), Brussels
WG Financial Services, Tuesday, 6 September 2016 from 13:00 to 14:30 hrs
“Reinforcing the stability of EU banks – Revisions to CRD IV/CRR”
Speakers:
Klaus WIEDNER, Head of Banking Regulation & Supervision Unit, DG FISMA, European Commission
Othmar KARAS MEP, Rapporteur, CRD IV/CRR, Econ Committee, European Parliament
Sylvie GOULARD MEP, ECON Committee, European Parliament
Søren DAHLGAARD, Head of Regulation and Group Systemic Risk., Nordea Bank, Copenhangen
Francesca CARLESI, Global Head of Regulatory Affairs, Deutsche Bank, Frankfurt
Benjamin QUATRE, Head of Office, Fédération bancaire française (FBF), Brussels
Working Group FINANCIAL SERVICES, Thursday, 16 June 2016 from 13:00 to 14:30 hrs
“ESG and Sustainability Disclosure - a role for financial services?”
Speakers:
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Zsofia KERECSEN, Policy Officer, Company Law, DG Justice, European Commission
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Bettina KRETSCHMER, Socio-Economic Analyst, Resource Efficiency & Economic Analysis, DG Environment, European Commission
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Mike EVERETT, Governance & Stewardship Director, Standard Life Investments
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Carey EVANS, Director, Government Relations & Public Policy, Blackrock Asset Management
Working Group FINANCIAL SERVICES, Wednesday, 20 April 2016 from 13:00 to 14:30 hrs
“European Deposit Insurance Scheme (EDIS) - Sharing the risks of EU citizens deposits”
Speakers:
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Esther de LANGE MEP, EPP/NL, Member of the Committee on Economic and Monetary Affairs
-
Patrick Pearson, Head of Unit DG Fisma
-
Diederik van WASSENAER - Head Regulatory and International Affairs, ING
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Georg Huber, Head of Representation, Deutscher Sparkassen- und Giroverband, Brussels
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Benjamin Quatre, Director in charge of European and International Public Affairs and Export Finance, French Banking Federation
Working Group FINANCIAL SERVICES, Wednesday, 1 March 2016 from 12:30 to 14:30 hrs
"The Netherlands EU Presidency - priorities and progress”
Speaker:
H.E. Ambassador Pieter de Gooijer, Permanent Representative of the Kingdom of the Netherlands to the European Union, Brussels
Events 2015 - Working Group on Financial Services
LUNCH DEBATE
Working Group FINANCIAL SERVICES
Wednesday, 15 July 2015 from 13:00 to 14:30 hrs
Room: Restaurant des Députés, Salon Privé
European Parliament, Rue Wiertz 60, Brussels
"Capital Markets Union – the quest for deeper and more integrated capital markets in Europe"
Speaker:
-
Matthew BALDWIN, Head of Cabinet of Jonathan Hill, Commissioner for Financial Stability, Financial Services and Capital Markets Union
Working Group Financial Services
Wednesday, 6 May 2015 from 13:00 until 14.30 hrs
„EU Bank Structural Reform – a risk or size-based approach to separation?“
Speaker:
Gunnar HÖKMARK MEP, Rapporteur, Member of the Committee on Economic and Monetary Affairs
Statements:
Martin SPOLC, Deputy Head of Banking Unit, DG FISMA
Anna DRAVNIECE, Director of Financial Markets Policy Department, Ministry of Finance, Latvia
Hans-Dieter HOLTZMANN, Head of EU Representation, Deutsche Bank AG, Brussels
Pablo PORTUGAL, Director, Advocacy, at Association for Financial Markets in Europe (AFME), Brussels
Paulina PRZEWOSKA, Senior Policy Analyst, Finance Watch, Brussels
Working Group Financial Services + Working Group Taxation
Wednesday, 25 March 2015 from 13:00 until 14.30 hrs
"New Commission - New initiatives: Tax Coordination and Tax Cooperation - new perspectives or new barriers?"
Speaker:
Thomas NEALE, Head of Unit, Company Taxation Initiatives, DG TAXUD
Statements:
Alain LAMASSOURE, MEP, Member of the Committee on Economic and Monetary Affairs
Anneliese DODDS, MEP, Member of the Committee on Economic and Monetary Affairs
Working Group Financial Services
Wednesday, 25 February 2015 from 13:00 until 14.30 hrs
"IMD II - Regulation all Insurance Distribution Channels"
Speakers:
David HARRISON, Chief Marketing Officer, Genworth Financial, London
Kenneth UNDERHILL, EU Group General Counsel, ACE, London
Edouard DE LAMARZELLE, CEO, PSA Insurance, Malta
Anna KADAR, The Latvian EU Presidency, Brussels
Nico SPIEGEL, Policy Officer, Insurance, DG for Financial Stability, Financial Services and Capital Markets Union
Statement by David Harrison:
On behalf of Genworth Financial, a global provider of Lifestyle Protectioninsurance, Chief Marketing Officer David Harrison made the following observations: Genworth has policyholders in 27 countries around the globe, with 9 million customers and about 120 distribution partners - mainly Banks - in Europe (and increasingly also in Asia and Latin America). Genworth provides policyholders with income protection in case of redundancy, accident or sickness, as well as mortgage and rent insurance, living expense insurance, critical illness, life cover, auto GAP, hospital cover and family income plans across Europe. Our main concern ahead of the trilogue negotiations on IMD II are the rules on cross-selling, which continue to be confusing. They are also somewhat different in various pieces of legislation: IMD II, Mortgage Credit Directive, MIFID II, Payment Accounts Directive. From a practitioner's point of view, the definition adopted by the Council of Ministers is preferable to the version adopted by the European Parliament. We hope that multi-risk policies can continue to be sold as they currently are and do not have to be 'unpicked'. A ban on tying, which some MEPs want, would lead to many products currently sold together having to be taken off the market for little if any justifiable reason. Overall, the revised Directive is going in the right direction, and hopefully the final compromise text will be proportionate and workable in practice.
Events 2014 - Working Group on Financial Services
WG Financial Services
Wednesday, 10 December 2014 from 13:00 until 14:30 hrs
"Money-Market Funds Regulation - preventing runs or boosting liquidity?"
Statements:
Neena GILL, MEP, Member of the Committee on Economic and Monetary Affairs
Tilman LUEDER, Head of Unit, Asset Management, DG Internal Market and Services
Working Group Financial Services
Wednesday, 12 November 2014 from 13:00 until 14:30 hrs.
"EMIR: Progress and Future Developments"
Speakers:
Kay SWINBURNE, MEP, tbc
Patrick PEARSON, Head of Unit, DG Internal Market and Sevices
Godfried DE VIDTS, ICAP
Anthony KIRBY, Ernst&Young, tbc
Rafael PLATA, Secretary General, European Association of CCP Clearing House
Working Group Financial Services
Wednesday, 11 November 2014 from 19:00 until 20:30 hrs.
"Encouraging more Shareholder Engagement"
Speakers:
Jeroen HOOIJER, Head of Unit, Corporate Governance and Social Responsibility, DG Markt
MEP, tbc
Marco BECHT, Executive Director, European Institute of Corporate Governance
Guy JUBB, Standard Life Investments ??
Martin PARKES, Director, Government Affairs and Public Policy, Blackrock
Peter DE PROFT, Director General, European Fund and Asset Management (EFAMA)
Working Group Financial Services
Wednesday, 19 March 2014 from 13:00 until 14:30 hrs.
"The Greek EU Presidency - priorities on Financial Services Agenda"
Speaker:
H.E. Ambassador Théodoros SOTIROPOULOS, Permanent Representaion of Greece to the EU
Working Group Financial Services
Wednesday, 22 January 2014 from 13:00 until 14:30 hrs.
"Inter Change Transaction Fees - will a cap protect consumers or hurt business?"
Speakers:
Pablo ZALBA BIDEGAIN, MEP, Member of the Committee on Economic and Monetary Affairs
Norbert BIELEFELD, Deputy Director ESBG
Rita WEZEMBEEK, Head of Unit Antitrust Payment systems - DG Competition
Kasper ERNST, Head of the Brussels Office of the Danish Chamber of Commerce
Events 2013 - Working Group on Financial Services
Working Group Financial Services
Wednesday, 4 December 2013 from 13:00 until 14:30 hrs.
"Challenges for SME´s financing under the new Regulatory framework"
Speakers:
Olivier GUERSENT, Head of Cabinet, Commissioner Michel Barnier
Jordi GUAL, Chief Economist La Caixa
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VIRTUAL – DEBATE
Tuesday, 8 December 2020 a Debate from 13:00 to 14:30 hrs
“Disaster preparedness – is “rescEU” up to the challenge?”
Welcome and Chair: Michael GAHLER MEP, President of the Kangaroo Group
Speakers:
Nicolae STEFANUTA MEP, Renew/Romania, Vice-Chair of the Delegation for relations with the US, Member of the Committee on Budgets and Member of the Committee on the Environment, Public Health and Food Safety
Hans DAS, Director, DG ECHO Dr.
Steve CHATFIELD, Independent Consultant on Infectious Disease and Emergency Preparedness and Response; Author of the European Parliament Expert Report on “Member States’ Preparedness for CBRN Threats”
Dr. Karsten FALK, Johanniter International
Next Events
SAVE-the-DATE
VIRTUAL-DEBATE
Tuesday, 1 December 2020, from 13:00 to 14:30 hrs
“Plastics as an enabler for the Green Deal – The role of recycling technologies in a circular economy“
Welcome: Michael GAHLER MEP, President of the Kangaroo Group, tbc
Opening Statement: Philippe DUCOM, President of ExxonMobil Europe
Other Speakers to be announced
VIRTUAL-DEBATE
Working Group FINANCIAL SERVICES
Tuesday, 24 November 2020 from 13:00 to 14:30 hrs
A briefing by the European Central Bank
Welcome:
Michael GAHLER MEP, President of the Kangaroo Group
Moderator:
David DOYLE, Member of the Board, Kangaroo Group
Speakers:
Edouard FERNANDEZ-BOLLO, Member of the Supervisory Board, The European Central Bank
Fiona van ECHELPOEL, Deputy Director, General Market Infrastructure and Payments, The European Central Bank
Sven GIEGOLD MEP, Group of the Greens-European Free Alliance/Germany, Member of the Committee on Economic and Monetary Affairs
Frances FITZGERALD MEP, European Peoples Party, Member of the Committee on Economic and Monetary Affairs
Recent Publications
The City could find it cold in “Canada”
Discussion paper from Kangaroo Group Member Graham Bishop
New Year media reports suggest the UK Government thinks the EU27 is bluffing when chief negotiator Barnier states that UK-based banks will lose their “passports” to do business in the EU27. Instead, DexEU Secretary Davis has called for a “Canada plus plus plus” trade deal – implying that financial services will not find themselves at a disadvantage.
Euro “clearing”: Liability and Location
Discussion paper from Kangaroo Group Member Graham Bishop
"The key interest rate contracts cleared in the UK are more than 50 times UK GDP, and 10 times the Eurozone’s GDP. Put starkly: €117 trillion of euro derivatives may have to be supported by liquidity based on the ECB’s €0.011 trillion capital and that of National Central Banks."
read whole artice below
Euro “clearing”: Liability and Location
16 January 2017
This issue of `clearing’ is likely to come to a head quickly once Article 50 Notice of `intention to leave’ is served by the UK - as a direct consequence of the G20 commitment to ensure there are no more taxpayer-funded bailouts of EU financial institutions. Post Brexit, Eurozone Member States are likely to be very concerned about capital market activities denominated in euro that – in a crisis – could create liabilities for their taxpayers. At that stage, UK-based financial firms will not be subject to EU law and therefore outside the ECB’s ability to enforce any necessary managerial change – unless the UK agrees to surrender control to EU institutions.
However, it is very disturbing to an outsider that, eight years after the Lehman crash, there are still good grounds for concern in a systemic crisis– especially flowing from the “clearing” of euro:
ESMA 2016 stress test “A CM defaulting in one CCP would also be considered to be in default in all CCPs, in which it is a member, leading to more than 25 CM defaulting EU-wide…”
The Commission’s December 2016 CCP Resolution Proposal “No Member State has yet developed a full national regime for CCP recovery and resolution which fully complies with the G20-endorsed FSB principles, including as regards the need for effective coordination and oversight against cross-border spill-overs.”
The magnitude of the risks are extraordinary: The key interest rate contracts cleared in the UK are more than 50 times UK GDP, and 10 times the Eurozone’s GDP. Put starkly: €117 trillion of euro derivatives may have to be supported by liquidity based on the ECB’s €0.011 trillion capital and that of National Central Banks. Any resultant credit losses would be a major political concern for Eurozone taxpayers, governments and Parliaments.
Does the EU27/ECB need to “do” anything further about Brexit? The ECB’s post-Brexit re-statement of its “oversight policy” provides a powerful analysis – implicitly - of the post-Brexit situation when it would have no powers to “induce change” in critical offshore financial market infrastructures. Once the Article 50 Notice has been served, all UK firms will be fully aware that their “EEA Authorisation” will expire at the moment of Brexit so they will need to make their own plans to continue their EU business.
The working assumption must be that the UK will not be a part of the European Economic Area (EEA) so any bespoke arrangement (normally taking the form of a Treaty) may require significant adjustment to many EU Directives and Regulations. The much-discussed “transitional arrangements” for UK firms might not be “in force” before 2023, given the necessary legislative processes. As risk-averse clients recognise the new risks, they may exercise their freedom to move their derivative positions to CCPs in a market where they can have a high degree of confidence that the ECB would supply liquidity in a crisis.
A major loss of derivatives business could worsen the UK’s balance of payments deficit by a third from its current record deficit - even at modest profitability levels for the derivative book. Parliament should require the BoE to analyse and publish the balance of payments implications in detail.
Eurocorps as a pilot project for the European Defence Union
Discussion Paper on the basis of a meeting of the Kangaroo Group with General Ramirez
The decision of the United Kingdom to leave the European Union makes it necessary to rethink the European Union from the beginning. We have to ask ourselves what the citizens really expect from the European Union. In the past seventy years the European Union has made a major contribution to the security and prosperity of the European nations.
Future of the Eurocorps
At a meeting with members of the Eurocorps in Strasbourg Karl von Wogau, Secretary General of the Kangaroo Group and Honorary Member of the European Parliament, stated that the Eurocorps should be moved into the center of the Common Security and Defence Policy. It should become the Preferred Headquarter of the European Union. Moreover its five framework nations France, Germany, Spain, Belgium and Luxembourg should take the decision to put the Eurocorps at the permanent disposal of the European Union.
...
In the present discussion about Monetary and Political Union the opinion is often heard that a Political Union consists in total harmonization. But this is certainly not what we want to achive. The strength of Europe is its variety and the peaceful competition between its Member States. On the contrary the hard core of a Political Union is a common foreign and defence policy. ...
The Role of the Multinational Corps
The European Council in June has not been very encouraging for those who believe in the necessity of an autonomous Security and Defence Policy of the European Union. Public attention was taken by the problems of Greece and the drama of the refugees in the Mediterranean. The discussion about Security and Defence took only a very short time.
Europe War and Peace
The author looks at general rules for peace preservation from Kant, Fukuyama, Einstein and Freud as well as Henry Kissinger and tries to draw conclusions for the present security situation of Europe. The presentation was in October 2015.
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