Finance & Trade

ECB Official Seeks Deeper EU Financial Integration

December 07, 2016

In remarks to the Economic and Monetary Union (EMU) Forum 2016, Peter Praet, a Member of the Executive Board of the European Central Bank, called for safeguarding the EMU by expanding financial integration in the eurozone, centralizing cross-border bank supervision and risk sharing, and centralizing the development of fiscal rules throughout the bloc.
UK Announces Pre-Brexit Talks on Trade with Norway

December 07, 2016

British Ambassador to Norway Sarah Gillett has announced that the two countries will engage in a "trade policy dialogue" beginning in December 2016 to discuss their trade relations following the UK's exit from the EU.
EU Resolution Calls for Court Ruling on CETA

December 05, 2016

The Independent reports that the European Parliament will vote on a resolution proposing to require the Court of Justice of the EU to rule on the compatibility of the Canada-EU Comprehensive Economic and Trade Agreement (CETA) with existing EU treaties prior to the implementation of the agreement.
EU Commits Funding Toward "Sustainability" Agenda

December 02, 2016

In remarks on the adoption of an EU package implementing the UN's Sustainable Development Goals, the EU's High Representative for Foreign Affairs and Security Policy Federica Mogherini praised EU institutions for committing funding to non-EU countries to fulfill the global "sustainability" agenda.
EU Proposes Centralized Business Restructuring System

December 01, 2016

As part of its Capital Markets Union Action Plan and Single Market Strategy, the European Commission has proposed a centralized EU framework, replacing "inefficient" and divergent rules in member states, under which businesses will restructure their operations prior to insolvency and the debt of failed entrepreneurs will be discharged after three years.
Auditors Seek More Centralized EU Bank Supervision

December 01, 2016

The European Court of Auditors has published a press release on the progress of the EU's Single Supervisory Mechanism, a supranational bank oversight system run by the European Central Bank (ECB), asserting that the ECB relies too much on cooperation with national bank supervisory authorities to effectively complete its mission.
EU Makes Broad Pledge to Global "Climate Finance"

November 30, 2016

The European Commission recently released a "fact sheet" indicating that it is on track to dedicate at least €14 billion, as part of its pledge to allocate 20 percent of its budget to climate actions, between 2014 and 2020 to finance development initiatives in poor countries to combat or adapt to the impacts of global warming.
Banks Are Unprepared for EU Loan Rules

November 11, 2016

Reuters reports that the European Banking Authority has warned European banks are not prepared for significant changes to EU accounting rules, set to enter force in 2018, that will require them to keep more capital on hand in case of bad loans, as international banking regulators recommend that the EU push back entry into force of the new rules.
Observers Dispute Inviolability of EU Market Rules

November 07, 2016

Reuters reports that, as the UK prepares to negotiate a new relationship with the EU that retains trade but reduces immigration, legal and business observers are dismissing the response of EU leaders that continued access to the bloc's single market requires the acceptance of unlimited movement of people.
MEP: UK Cannot Negotiate EU Trade Deal Before Brexit

November 03, 2016

Danuta Hübner, head of the European Parliament’s constitutional affairs committee, which will draft the body's position on a post-Brexit relationship with the UK, has asserted that Britain cannot begin negotiating a new trade deal with the EU until the country's exit from the bloc is complete.