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UK Declines to Apply EU Bonus Cap to Smaller Lenders
March 02, 2016
Reuters reports that UK regulators have explained to the EU that they will not apply European legislation placing caps on the bonuses granted to employees to smaller lenders because these institutions pose a less significant risk to the British banking system.
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Former BoE Governor Calls for Dissolution of Eurozone
March 02, 2016
Warning that the alternative would be "economic and political crisis" throughout the EU due to the continuous obligation to subsidize poorer countries in the bloc, former Governor of the Bank of England ("BOE") Mervyn King has called for eurozone countries to call "a halt to the monetary union project."
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UK Minister: Brexit Does Not Entail Ireland Border Checks
February 26, 2016
Arguing that a "common travel area" between the UK and Ireland had existed long before the UK's EU membership, UK Secretary of State for Northern Ireland Theresa Villiers has said that the reintroduction of border controls between the UK and Ireland is not "inevitable" if Britain votes to leave the EU.
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CoR Officials Push for Social Indicators in EU Spending
February 22, 2016
Officials from the EU Committee of the Regions ("CoR") have called on the EU to expand the development indicators it uses to decide where certain funds are spent to go beyond the economic performance of the member states and regions by including "environmental quality" and "social inclusion."
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Italian Minister Calls for Eurozone Finance Ministry
February 12, 2016
Echoing recent calls from other national finance ministers in the EU, Italian Finance Minister Pier Carlo Padoan has called for the EU to respond to the current market turmoil by creating a eurozone finance ministry that would coordinate economic and fiscal policy throughout the monetary bloc.
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National Bank Officials Call for Euro Finance Ministry
February 10, 2016
Reuters reports that Jens Weidmann of the German Central Bank and Francois Villeroy de Galhau of the French Central Bank recently co-wrote an article proposing a eurozone finance ministry that would formulate fiscal policy within the bloc.
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EU Plans Legislation on Corporate Tax Reporting
February 10, 2016
According to The Guardian, the European Commission is planning to propose legislation requiring corporations from around the world operating within the EU to disclose the amount of tax they pay to each EU country and may seek to skirt rules requiring a unanimous vote on tax laws by adopting the proposals as amendments to existing legislation.
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EU Businesses Push for Preservation of Open Borders
February 09, 2016
Citing data indicating that reimposing border controls could involve high economic costs, European businesses are seeking to persuade EU and national officials to avoid a long-term suspension of the Schengen Agreement, which provides for passport-free travel across many European countries.
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EU Considers Sovereign Debt Limitations for Banks
February 04, 2016
As it seeks measures that will aid the eurozone on the path to an official banking union, EU officials are considering imposing limits on the amount of government debt European banks can hold in response to German concerns that such debt entails significant risk to the bloc's financial system.
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Bank Analysis: UK Would Be "Safe Haven" After EU Exit
February 03, 2016
Countering warnings from some politicians and business leaders that a British exit from the EU would lead to the flight of corporations and finance from the UK, analysis from the bank Barclays argues that such an exit could eventually trigger the disintegration of the EU and ramp up investment in relatively safe Britain.