European Commission (EC)
European Commission unveils capital markets union ‘action plan’
European capital markets must be standardised and liberalised, commission says; specific areas of focus include infrastructure funding and securitisation markets
Belgian and French central banks get larger role buying asset-backed securities
The ECB makes the National Bank of Belgium the second central bank authorised to buy bonds under its asset-backed securities purchase programme; Banque de France role expanded
EC urged to exempt insurers from central clearing
The need for cash collateral could encourage pro-cyclical investing, industry representatives say
IMF presses for Greek debt relief as Eurogroup meets
Fund official says decision must be taken on debt relief before IMF will consider providing new funds; leaked document suggests ECB and Commission are concerned about sustainability
Fresh delay will push EU-US CCP row into September
Decision had been expected in July; dealers sceptical new timeline will hold
Varoufakis reveals covert plan for parallel Greek currency
Secret plan to create payment system using accounts attached to Greek tax numbers was designed to be activated if the country came close to exiting the euro
IMF analysis calls for Greek debt relief
Analysis encourages European lenders to double grace and maturity periods on existing loans while providing two-thirds of another €52 billion in financing to keep Greece afloat
Varoufakis to stand down if Greeks vote 'Yes'
Greek finance minister says he will quit if the public votes to accept the latest terms offered to Greece in the July 5 referendum; demands debt restructuring as part of any deal
Greek PM offers concessions but backs referendum
Leaked letter suggests Alex Tsipras is willing to accept many of the latest proposals in exchange for a new bailout programme; European leaders awaiting outcome of July 5 referendum
Juncker tells Greece to vote ‘yes’ in referendum
European Commission head Jean-Claude Juncker calls on Greeks to vote in favour of latest proposals, urging them not to ‘commit suicide because one is afraid of death’
Schäuble says Greek outcome now '50-50'
German finance minister warns against losing the ‘remaining credibility’ of the monetary union in speech in Frankfurt; debt negotiations finely poised with IMF deadline looming
Weidmann leads support for capital markets union
Bundesbank president says bank-based and market-based finance can be ‘complementary’, while Iosco secretary-general urges Europe to move quickly
Eurogroup president looking for Greece deal ‘in next couple of days’
Jeroen Dijsselbloem says new Greek proposals are a ‘positive step in the process’ of the bailout review in a short press conference; government heads next to meet in Brussels
European presidents publish road map to closer union
Mario Draghi among senior officials to contribute to report calling for greater economic convergence, financial integration and ultimately more shared decision-making on fiscal policy
Euroclear and Clearstream granted time to agree joint road map
Both ICSDs intend to start a feasibility assessment for real-time settlement after the completion of Target2-Securities migration in June 2017
ECB looks for ‘quick wins’ to put momentum behind CMU
Eurosystem report on capital markets union emphasises need for the project to deliver early victories if it is to gather enough momentum to be a success
BoE outlines capital markets union proposals
Central bank sets out policy recommendations designed to deliver better functioning capital markets in Europe; argues institutional change, such as greater centralisation, is not necessary
European Commission looks to unshackle big data
In its quest to create a digital single market the commission plans to tackle restrictions on the free movement of data; champions transition to ‘open science’
MAS and Esma ink cross-border CCP clearing deal
MoU paves way for Singapore CCPs providing clearing services to European banks to obtain EU recognition while remaining subject only to MAS regulatory regime
EBA offers advice on determining ‘critical functions’ in resolution
Technical advice seeks to clarify EU resolution directive in setting out exactly which parts of a bank are essential for financial stability; bank resolution plans found to be lacking in some areas
EC vice-president urges ECB to play its part in historic investment push
Jyrki Katainen highlights need for policy co-ordination as public-private EU investment fund is announced; ECB's Constâncio suggests no decision on QE in December
ECB publishes letters between Trichet and Irish government
Letters relate to the period leading up to Ireland’s decision to enter an EU/IMF programme; ECB threatened to withhold access to ELA unless Ireland sought a bailout
European Commission approves Portuguese institution designed to finance SMEs
New development bank to finance SMEs until 2020, at which point the Commission will assess how the market has evolved; will have starting capital of €100 million
European Commission approves central bank’s BES intervention
Bankruptcy would have led to losses up to €28 billion; European Commission says central bank decision is ‘compatible with the internal market for reasons of financial stability’