Europe
EU negotiator questions UK’s approach to post-Brexit regulation
Chief negotiator Michel Barnier said to express strong doubts over UK approach in private meeting
Post-Brexit regulation must avoid ‘race to the bottom’ - FCA official
UK and EU negotiators must aim for customer protection and open markets, says Delfas
Branching out: foreign banks seek shelter from Fed rules
Foreign banks stashing repo businesses within their branches, outside Fed’s full gaze
Book notes: American default, by Sebastian Edwards
Edwards’ book is fascinating, well written and enjoyable, and provides an account of one of the US’s forgotten chapters of history
NPLs hindered financing for eurozone banks - Boston Fed paper
But Draghi’s August 2012 speech eased problems caused by sovereign debt holdings - researchers
ECB’s easing policies reduced inequality, paper says
Overall effects of monetary policy on income inequality are modest, paper finds
Carney: Brexit could trigger ‘extreme fragmentation’ of EU markets
Lack of agreement on derivatives likely to be more costly for European markets than UK ones, BoE governor says; stance contrasts sharply with European Commission
ECB approves of proposed NPL backstop
European Commission’s proposed law change will not prevent supervisors from ordering banks to increase coverage – ECB
Cyprus bail-ins were justified, ECJ rules
Court rejects claims of unfair treatment from bondholders, shareholders and large depositors
European Court of Justice overrules ECB on French banks’ leverage
ECB’s reasoning on treatment of French savings accounts was “manifestly incorrect”, court rules
EBA demands rapid reform at Maltese AML agency
Bank owner arrested in US and charged with financial crime on behalf of Iran
ECB needed better data in 2008 crisis, says Lautenschläger
Money market data was “limited” and published too infrequently, says senior ECB official
GDP growth only raises profits for some banks – Bank of Italy paper
Banks with large loan portfolios benefit from GDP growth – researchers
ECB expresses doubts over Irish draft law on consumer credit
Proposed law could create legal uncertainty over Irish central bank’s powers, ECB says
ECB’s next president should not be part of G30 – EU ombudsman
Watchdog says central bank is “in denial” over Draghi’s membership
Book notes: Unfinished business, by Tamim Bayoumi
Anand Sinha praises Bayoumi’s analysis of how the euro crisis and US housing crash were, in fact, intertwined
Praet gives upbeat assessment of eurozone outlook
Strength of the eurozone economy gives “grounds to be confident” on inflation, chief economist says
ECB’s QE has dampened volatility in Eastern Europe – BoI paper
End to ECB asset purchases might increase volatility in EU-6, researchers say
European banking union insufficient to withstand next crisis – Portuguese governor
Common supervisory and resolution tools are in place, but Europe lacks a deposit insurance scheme
Bank of Lithuania lures fintech firms with e-licensing tool
Portal promises to streamline approval process as country seeks to become fintech hub
ECB warns EU may be making wrong assumptions on ageing
Eurostat projections more favourable than those of other agencies – ECB bulletin
People: new RBI deputy; Ingves to chair Toronto Centre
ECB appoints director general of micro-prudential supervision; HKMA has new executive director of financial infrastructure; Liberia appoints new board
European regulator says insurers must prepare for Brexit risks
Firms must put measures in place to ensure continuity for cross-border contracts – Eiopa
Eurozone requires both banking and capital markets union – panellists
Status quo is highly procyclical and hampers risk sharing, IMF conference hears