Finance & Trade

French Regulator: EU Must Maintain Ties to UK Finance

March 30, 2017

At a recent conference, Gerard Rameix, the chairman of a French financial regulatory agency, called for the EU to assess the prospect of establishing a special financial "equivalence" regime for the UK market to maintain close ties after Brexit and asserted that the EU should maintain supervision over the clearing of euro-denominated transactions in London.
ESAs Welcome Push Toward EU Financial Union

March 30, 2017

A press release from the European Supervisory Authorities (ESAs), which help oversee the harmonization of European financial regulations, welcomes the European Commission's planned review of their frameworks in an effort, in part, to strengthen their authority to contribute to the establishment of a full-fledged EU Capital Markets Union.
Dutch Report Calls for Special UK-EU Trade Deal upon Brexit

March 30, 2017

Reuters reports that an analysis commissioned by the Dutch Parliament calls on negotiators of the post-Brexit EU-UK relationship to maintain strong economic ties between the EU and Britain in the form of a special free trade deal that would take effect upon the UK leaving the bloc.
Hungary Warns EU to Maintain Trade with UK

March 21, 2017

In a recent interview, Hungarian Foreign Minister Peter Szijjarto cautioned the EU against "alienating" the UK through an unfavorable post-Brexit trade deal, arguing that a low-tariff agreement keeping the UK in the European orbit would be much preferred to a situation where the UK finds better deals elsewhere.
Banking Initiative Pushes for CEE Finance Union

March 17, 2017

The Vienna Initiative, a framework developed by European bank authorities to maintain financial stability in Central and Eastern Europe (CEE), has announced the establishment of a working group to investigate obstacles, including domestic regulation, to the development of a cross-border capital markets union in the CEE region.
UK Official Pledges to "Fight Back" If EU Refuses Deal

March 17, 2017

In a recent interview, UK Chancellor of the Exchequer Philip Hammond asserted that he expects to negotiate a comprehensive free trade deal with the EU during Brexit talks but warned that his government will take any steps necessary to "fight back," including with trade deals and potentially other measures, if the bloc refuses such a deal.
Shipping Industry Prefers UN to EU Emissions Solution

March 16, 2017

The website Climate Home reports that the maritime industry is criticizing the European Parliament's call to include ships in the EU's regional Emissions Trading System beginning in 2023 to reduce emissions from the shipping sector, advocating instead for a global solution regulating emissions from the UN's International Maritime Organization.
EU Parliament Calls for Entry Barriers for Americans

March 16, 2017

The European Parliament has adopted a non-binding resolution calling on the European Commission to respond to US visa requirements on nationals traveling from Bulgaria, Croatia, Cyprus, Poland, and Romania by imposing visa requirements on Americans and threatening to take the Commission to court if it fails to act.
UK Prepares for Possibility of No Brexit Deal

March 15, 2017

Reuters reports that, according to the UK's Brexit Secretary David Davis, British Government ministers must prepare not only to implement the terms of a deal forming a new relationship with the EU following the UK's exit from the bloc, but must also make provisions for the "unlikely scenario" in which the EU and UK do not reach such a deal.
EU Considers Tougher Financial Equivalence Standards

March 15, 2017

According to a Financial Times report citing a European Commission document, the EU is planning to toughen its standards for confirming that European nations outside of the bloc have sufficiently rigorous financial rules, which would make it more difficult for British banks to interact with EU financial markets after Brexit.