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The evolution of European economic institutions during the COVID-19 crisis
November 19, 2020--This article argues that the incomplete economic and institutional integration of the euro area has exposed the monetary union to increasing economic divergence, which could be deepened by the COVID-19 crisis. We discuss how monetary and fiscal measures implemented at the onset of the pandemic have contributed to mitigate the economic consequences of lockdowns, but provided limited insurance to narrow economic gaps across member countries.
However, EU countries agreed on July 21, 2020 to develop, for the first time, countercyclical fiscal transfers financed by common debt issuance. We discuss the potential of this instrument to contribute to improve the resilience of the eurozone.
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Source: bruegel.org
The impact of the new Asian trade mega-deal on the European Union
November 19, 2020--Although the economic implications of the Regional Comprehensive Economic Partnership (RCEP) for the EU are modest, the geopolitical and strategic implications are not. With the arrival of a new US administration and the central role of China in the bloc, the EU needs to outline an Asian commercial strategy that reconciles the importance of China and the transatlantic relationship.
The 15 November agreement to form the Regional Comprehensive Economic Partnership (RCEP) between the 10 members of ASEAN and Australia, China, Japan, Korea and New Zealand has only modest immediate economic effects for the European Union. However, with China playing a central role in the new arrangement, the long-term strategic and geopolitical implications are major. Europeans tend to look inwards and when they look outwards tend to look mainly west, riveted, for example, by the recent US elections. But, increasingly, most economic activity, most economic growth and some of the more significant geopolitical shifts are occurring in the east.
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Source: bruegel.org
Thanks for polluting the planet: emails blamed for climate change
November 18, 2020-UK research suggests 'unnecessary' online small talk is increasing carbon emissions
British Officials focusing on plans to deal with climate modification have actually alighted on a menace to your planet: an incredible number of unnecessary emails delivered every single day, including those that say-nothing more than thanks a lot
The UK, which is hosting the UN COP26 Weather Change Summit in Gglasgow the following year, is looking at revolutionary ways to reduce carbon emissions additionally the impact kept by internet users has attracted its attention.
Officials have now been specially taken by study recommending that more than 64m unnecessary emails are delivered by Britons day-after-day, pumping lots and lots of tonnes of carbon into the environment because of the ability they consume.
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Source: offshorecorporatesource.com
Forecasts for the UK economy: November 2020
November 18, 2020--A comparison of independent forecasts for the UK economy in November 2020.
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Source: gov.uk
ESMA publishes first overview of the size and structure of EU securities markets
November 18, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today published its first statistical report on European Union (EU) securities markets.
The Report uses new regulatory data sources to give, for the first time, a comprehensive overview of European equity and bond markets in 2019, including the number, characteristics, volumes traded and transparency data on the equity and bond instruments subject to MiFID II.
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Source: ESMA
ECB-Euro area financial vehicle corporation statistics: third quarter of 2020
November 17, 2020--In third quarter of 2020 outstanding amount of debt securities issued by euro area FVCs engaged in securitisation decreased to €1,539 billion, from €1,547 billion in previous quarter
Net redemptions of debt securities by FVCs during third quarter of 2020 amounted to €5 billion
Euro area FVCs disposed €18 billion of securitised loans in third quarter of 2020, with outstanding amounts totalling €1,231 billion
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Source: ECB
Deutsche Borse AG: Agreement on acquisition of majority stake in Institutional Shareholder Services Inc. (ISS)
November 17, 2020--Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP- a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Deutsche Börse AG ("Deutsche Börse") has entered into binding agreements on the acquisition of Institutional Shareholder Services Inc. ("ISS"), which is a leading governance, ESG data and analytics provider.
Deutsche Börse will acquire a majority stake of approximately 80% in ISS. Genstar Capital LLC and the current management of ISS will continue to hold approximately 20% in ISS. The transaction is based on an ISS valuation of USD 2,275 million (EUR 1,925 million) cash-and-debt free for 100%. Deutsche Börse plans to finance the acquisition by around EUR 1 billion of debt and the remainder with cash.
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Source: Deutsche Börse Group
ECB-Euro area investment fund statistics: third quarter of 2020
November 17, 2020--In third quarter of 2020, outstanding amount of shares/units issued by investment funds other than money market funds rose to €12,818 billion, up €336 billion on previous quarter
Net issues in quarter amounted to €141 billion, with €965 billion in gross issues and €825 billion in gross redemptions
Outstanding amount of shares/units issued by money market funds rose to €1,391 billion, up €28 billion on previous quarter
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Source: ECB
EU regulators search answer to post-Brexit derivatives rule conflict
November 16, 2020--European regulators are racing to keep away from London branches of EU banks having to route derivatives trades by way of New York, if Brussels fails to deem the Metropolis's regulatory requirements sturdy sufficient after Brexit.
Officers are engaged on emergency tweaks to guidelines within the occasion the UK and the EU don't grant adequate entry rights to one another's monetary companies markets, in a set of so-called equivalence selections, earlier than Britain leaves the bloc on December 31.
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Source: FT.com
EU derivative clearing showed strong growth in 2019
November 16, 2020--The European Securities and Markets Authority (ESMA), the EU''s securities markets regulator, today publishes its third Annual Statistical Report (Report) analysing the European Union's (EU) derivatives markets.
It provides a comprehensive market-level view of the EU's derivatives markets in 2019, which had a total size of €681tn gross notional amount outstanding, a decrease of 5% on 2018. The Report is based on data submitted under the European Markets and Infrastructure Regulation (EMIR).
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Source: ESMA
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