Finance & Trade

German Court Refers Asset-Purchase Challenge to ECJ

August 16, 2017

Reuters reports that the German Federal Constitutional Court has referred a legal challenge of the European Central Bank's (ECB) $2.7 trillion asset-purchase scheme to the Court of Justice of the EU (ECJ), expressing doubt that the policy, commonly known as quantitative easing, is within the ECB's mandate under EU law.
UK Plans "Invisible" Post-Brexit Border with Ireland

August 16, 2017

The Guardian reports that the UK Government is publishing a paper setting out its plans to negotiate an open border with Ireland that requires no new border posts and allows goods and people to move freely into Northern Ireland.
Spain Announces Support for EU Finance Minister, Budget

August 15, 2017

Spanish President Mariano Rajoy has announced that his government will support French President Emmanuel Macron’s call for greater economic and monetary integration of the EU through the creation of an EU finance minister and EU budget.
Moody's: "No Deal" Brexit Risks UK Credit Rating

August 14, 2017

Business Insider reports that Moody's has published a report warning that if the UK and EU do not reach an agreement on a future trade deal prior to the UK's exit from the bloc, the credit-rating agency could downgrade Britain's sovereign credit rating.
EU Negotiators Agree to "Sustainability" Fund

August 10, 2017

The Council of the EU announced in June an agreement between negotiators of EU member states and institutions on the establishment of a fund of 3.35 billion euros to help finance the global "sustainable development" agenda in developing countries outside the EU and fulfill the bloc's commitments under the UN's Paris climate deal agreed in 2015.
ECB Seeks More Control over Euro Clearing

August 10, 2017

The Irish Independent reports that the European Central Bank (ECB) has pushed the European Commission to grant it more authority over the clearing of euro-denominated transactions, an activity with a large market in London, including the power to demand that euro-clearing firms deemed "systemically important" to EU financial markets move inside the bloc.
Merkel Offers Tentative Support to EU Finance Integration

August 09, 2017

Politico reports that, in a June speech to German business leaders, German Chancellor Angela Merkel offered her support to proposals from her counterpart in France on the creation of a eurozone finance minister and pooled budget, so long as "the framework conditions are right."
Steel CEOs Warn of Impacts of EU Emissions Shift

August 07, 2017

Reuters reports that a letter from CEOs of 76 steel-producing companies to officials of EU institutions and member states warns that sharp changes to the bloc's Emissions Trading System after the year 2020 will increase steel imports and lead to widespread closure of steel factories in Europe.
EU Introduces Measures to Advance Capital Markets Union

August 04, 2017

In June, the European Commission unveiled plans to further the completion of the EU Capital Markets Union through such measures as a "pan-European personal pension product" and further expansion of the framework for supervising capital markets in the European Securities and Markets Authority.
Germany, France Support Bulgarian Euro Accession

August 04, 2017

Bloomberg reports that President Emmanuel Macron of France and Chancellor Angela Merkel of Germany have expressed their support for permitting EU member Bulgaria to enter the ERM-2 exchange-rate mechanism, the precursor group to adopting the euro currency.