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Brexit deal done – now for the hard part

John Springford, (2018), «Brexit deal done – now for the hard part», Centre for European Reform, 15 Νοεμβρίου Theresa May’s Brexit deal offers some crumbs to Tory hardliners, the DUP and soft Brexiteers. But if the deal passes through parliament, a UK-EU customs union is likely. In the knowledge that no deal was not an option, Theresa May has agreed a withdrawal deal that is on the EU’s terms, but gives …Read More

The outlook for the euro area economy

Mario Draghi, (2018), «The outlook for the euro area economy», Speech by Mario Draghi, President of the ECB, Frankfurt European Banking Congress, Frankfurt am Main, 16 Νοεμβρίου The euro area economy has now been growing for five years, and we expect the expansion to continue in the coming years. Yet we have recently seen a loss in growth momentum. In both of the last two quarterly ECB growth projections, our staff …Read More

Sounding the Alarm on Leveraged Lending

Tobias Adrian, Fabio Natalucci, and Thomas Piontek, (2018), «Sounding the Alarm on Leveraged Lending», IMF Blog, 15 Νοεμβρίου Regulators in the United States and Europe have taken steps in recent years to reduce banks’ exposures and to curb market excesses more broadly. The effectiveness of these steps, however, remains an open question. For example, there is evidence that these actions have contributed to a shift of activities from banks to institutional …Read More

What the 2018 EBA stress tests (don’t) tell you about Italy

Ines Gonscalves Raposo, (2018), «What the 2018 EBA stress tests (don’t) tell you about Italy», Bruegel, 15 Νοεμβρίου November has brought with it the results of the European Banking Authority (EBA) 2018 EU-wide stress tests. This exercise, aimed at surveying the resilience of EU banks against adverse market developments, covers 70% of total banking-sector assets across 48 EU banks. The results of the EBA stress tests were anticipated particularly for the …Read More

The Brexit Negotiations and Financial Services: A Two‐Level Game Analysis

Scott James and Lucia Quaglia, (2018), «The Brexit Negotiations and Financial Services: A Two‐Level Game Analysis», The Political Quarterly This paper examines the state of the art of the Brexit negotiations in the area of financial services. It uses a two‐level game model to first explain the positions of UK and EU negotiators on the basis of the domestic constraints they face, and second, to consider the scope for final agreement …Read More

10 things you need to know about the Brexit deal

Charlie Cooper, (2018), «10 things you need to know about the Brexit deal», politico.eu, 15 Νοεμβρίου The 585-page draft agreement between Brussels and London will become the legal basis for Britain’s departure from the European Union — if it is agreed by EU27 leaders, then ratified by the U.K. parliament and the European Parliament. Alongside the Withdrawal Agreement, the U.K. and the EU have also published a non-legally binding outline political …Read More

Fog of Brexit war can’t hide Brussels’ win

Tom Mctague, (2018), «Fog of Brexit war can’t hide Brussels’ win», politico.eu, 15 Νοεμβρίου After 18 months of fractious negotiations, the U.K. prime minister squeaked her Brexit deal through her divided top team Wednesday and now faces yet another struggle to survive, let alone steer the deal through an angry parliament that must sign off the divorce treaty in the coming weeks. Theresa May’s fate now rests on her ability to …Read More

Brexit Negotiations: What is in the Withdrawal Agreement

European Commission, (2018), «Brexit Negotiations: What is in the Withdrawal Agreement», 14 Νοεμβρίου The European Commission and the United Kingdom’s negotiators have reached an agreement on the entirety of the Withdrawal Agreement of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community, as provided for under Article 50 of the Treaty on European Union. The Withdrawal Agreement establishes the terms …Read More

May’s Brexit Deal Is Not the Answer

Editorial Board of Bloomberg, (2018), «May’s Brexit Deal Is Not the Answer», Bloomberg, 15 Νοεμβρίου U.K. Prime Minister Theresa May announced Wednesday that she has secured her cabinet’s support for her plan to leave the European Union. The choice now, she said, is her deal, “or leave with no deal, or no Brexit at all.” Put that way, the right choice — the only sane choice — is more obvious than …Read More

When the Next Recession Hits: A User’s Guide for Future QE

Joseph E. Gagnon, (2018), «When the Next Recession Hits: A User’s Guide for Future QE», Peterson Institute for International Economics, 14 Νοεμβρίου The global financial crisis of a decade ago pushed economies into deep recessions. To prevent these recessions from becoming depressions, several major central banks made large-scale purchases of long-term bonds and other financial assets to ease financial conditions and support spending.[1] These actions, known as quantitative easing (QE), were …Read More