Legal notice



The Kangaroo Group aisbl
Rue Wiertz 11

tel:  0032 2 280 60 95

fax: 0032 2 280 07 84





EUPROCONS - EUropean PROjektmanagement and CONSulting

Im Käppelefeld 28

D-79189 Bad Krozingen

tel.: +49 (0)7633 9233383

fax: +49 (0)7633 9233397






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save where otherwise stated.


Privacy Policy

The Kangaroo Group aisbl understands that privacy is an important issue and respects the privacy of those who visit our website. Personal data is compiled on the Kangaroo website from the electronic forms that you fill in when you subscribe to our newsletter or ask for information. The personal data that you fill in on the forms is stored in files held by The Kangaroo Group aisbl, Rue Wiertz 11,  B-1050, Brussels. It is used to provide you with the information that you have requested. You have the right to consult and rectify or delete your personal data. If you wish to do so, please contact the Kangaroo Group aisbl at the address given below. We may use the personal information you provide to us to send you information which we think that you may find of interest. However any personally identifiable information that you submit to us during your visit to our website will not be used in any manner to which you have not consented. The databases in which your data are stored are protected against unauthorized access. Third parties acting on behalf of the Kangaroo Group aisbl may be given access to these files. This access, however, is on a strictly need-to-know basis.  All other data stored by us are not shared or disclosed to third parties.


Use of Cookies

The Kangaroo Group aisbl uses cookies on this website. A cookie is a small file, which is transmitted by the website server to the hard drive of your computer when you access the website. The code contained in the cookie makes it possible to identify your computer the next time you visit the site. The cookie alone contains no information, which can identify you personally, and The Kangaroo Group aisbl does not use cookies to collect additional information about you. The use of cookies enables us to keep data on what pages of this website are consulted. We use this anonymous data generated by these records to enhance the quality of our website. You are however not obliged to accept cookies, and may modify your browser so that it will not accept them.


Web Analytics

We do not use personal data for web analysis.We only use anonymous data.


Privacy Commission

In compliance with legislation we have informed the Commission for the Protection of Private Life ("Commission de Protection de la Vie Privee / Commissie voor de bescherming van de persoonlijke levenssfeer") that we collect personal data. If you wish to access information which has been collected you can contact the Privacy Commission at:


Commission de la Protection de la Vie Privée

Commission for the Protection of Privacy
Rue de la Presse 35, 1000 Brussels

 +32 (0)2 274 48 00
 +32 (0)2 274 48 35


If you have any questions concerning this Privacy Policy, would like us to amend or destroy your details, or unsubscribe from our newsletter, please contact us:


The Kangaroo Group aisbl
c/o The European Parliament
Rue Wiertz 11
BE-1050 Brussels
Telephone: +32 (0)2 2806095
Fax: +32 (0)2 2800784


Our website contains links to third party sites. These links are provided for information only.
We cannot guarantee the information through these links is accurate or up-to-date and take
no responsibility for information found on them.

The Kangaroo Group aisbl
Rue Wiertz 11

tel: 0032 2 280 60 95

fax: 0032 2 280 07 84



Next Events

VIRTUAL– DEBATE Wednesday, 3 February 2021 from 12:30 to 14:00 hrs


“Ensuring a robust and secure supply chain of pharmaceuticals in Europe ”



Welcome and Chair: Michael GAHLER MEP, President of the Kangaroo Group



Jan HUITEMA MEP, Renew Europe Group/Netherlands, Member of the Committee on the Environment, Public Health and Food Safety

Sylvain GIRAUD, Head of Unit, Unit B4-Medical Products, DG Santé

John DRUMMOND, Head of Division, Trade in Services, Directorate for Trade and Agriculture, OECD

Elke GROOTEN, Head EU Relations, Novartis Group

... read more

VIRTUAL– DEBATE Wednesday, 27 January 2021 a Debate from 13:00 to 14:30 hrs


“The European Pharmaceutical Strategy – enabling patient access to gene therapy innovation’?”


Welcome and Chair: Michael GAHLER MEP, President of the Kangaroo Group



Claudia GAMON MEP, Renew Europe/Austria, Member of the Committee on Industry, Research and Energy

Adam HUTCHINGS, Managing Director, DOLON


Other Speakers to be confirmed

... read more

Event Programme 2020
PDF-Dokument [111.3 KB]

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.

... read more

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.

Original Text by Graham Bishop
Euro clearing 550 word article_FINAL.pdf
PDF-Dokument [108.8 KB]

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.

read more ...

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.

read more ...


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.  ...


read more ...



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.

read more ...

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.

more ...