Finance & Trade

EU Governments Object to Money Laundering “Blacklist”

March 07, 2019

Politico reports that EU member states are set to block a “blacklist” requiring European banks to perform “enhanced due diligence” of their transactions in identified countries with allegedly lax treatment of money laundering, as the EU governments question the efficacy of the process through which the countries on the blacklist were chosen.
BoE Chief Revises Forecast of No-Deal Brexit Impacts

March 07, 2019

Bank of England (BoE) Governor Mark Carney has announced that the BoE has revised its forecasts of the negative economic impacts of a no-deal Brexit, testifying before a House of Lords committee that UK and EU preparations for such a scenario have likely reduced the severity of its influence on economic growth.
News Report Suggests Massive Tariff Reduction in No-Deal Brexit

March 07, 2019

Sky News reports that the UK Department for International Trade is prepared to roll back tariffs on 80 to 90 percent of goods imported to Britain in the case of a no-deal Brexit, leaving in place duties only on a narrow set of goods such as cars and various kinds of agricultural and textile products.
EC Launches €10-Billion Climate Innovation Fund

March 05, 2019

The European Commission (EC) has launched an Innovation Fund worth over €10 billion to improve the competitiveness of renewable energy projects in line with the EU’s pledges under the UN’s Paris climate deal.
Lawyer: UK’s Brexit Strategy Is Stymying Trade Talks

March 04, 2019

Trade lawyer Shanker Singham writes that the UK Department for International Trade has made more progress than recently reported in improving British trade prospects in case of a no-deal Brexit despite the UK’s inconsistent negotiating strategy with the EU hindering the ability of the agency to strike meaningful deals with other countries.
EU Officials Plan Extension of Airline Permissions in Case of No-Deal Brexit

February 22, 2019

Showing the ongoing efforts of EU and UK authorities to manage fallout from a no-deal Brexit, EU Reporter describes an agreement between the Presidency of the EU Council and the European Parliament on extending the permission of British airlines to provide service to the EU in case no withdrawal deal is agreed.
Germany, France Propose Reform of EU Competition Rules

February 22, 2019

Reuters reports that the German and French economy ministers have backed proposals to overhaul EU foreign investment rules and to give the Council of the EU the authority in some cases to override European Commission antitrust decisions.
EC Targets Billions in Funding for Environmental Projects

February 21, 2019

The European Commission (EC) has announced that it will provide €116.1 million as part of its “LIFE programme for the Environment and Climate Action” to fund projects across the EU aimed at promoting biodiversity and combating the impacts of global warming, potentially leading to €3.2 billion in environmental funding from the EU budget.
EU Institutions Agree to Bloc-Wide Pension Product

February 14, 2019

The European Parliament and diplomats from EU member states have reached a deal to advance legislation creating a “pan-European personal pension product” as another step toward the EU’s ongoing centralization of financial regulation in a Capital Markets Union.
EU Plans Transport Links with Ireland in Case of No-Deal Brexit

February 14, 2019

As EU institutions ramp up preparations to manage a no-deal Brexit, the rotating presidency of the Council of the EU, currently held by Romania, has agreed with the European Parliament to a set of contingency plans to establish transport links between Ireland and other EU members in case the UK and EU do not reach a withdrawal deal.