At the joint conference of the European Commission and the European Central Bank on European financial integration and stability, Luis de Guindos, Vice-President of the ECB held a speech about the choice of the international role of the euro as the guiding theme represents a change in focus in the discussions on Economic and Monetary Union (EMU) reforms, from a post-crisis response to a broader agenda. At the same time, Europe is facing new challenges, not least a return to fragmentation at the global level and the United Kingdom’s departure from the EU, amid heightened political uncertainty. In this context, I would like to give an overview of where we are in terms of European financial integration and draw lessons for the concrete policy actions that would promote integration.
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The Council of the EU adopted the ambitious measures proposed by the Commission to tackle marine litter coming from the 10 single-use plastic products most often found on European beaches, as well as abandoned fishing gear and oxo-degradable plastics. The rules on Single-Use Plastics items and fishing gear envisage different measures to apply to different product and place the EU at the forefront of the global fight against marine litter. Where alternatives are easily available and affordable, single-use plastic products will be banned from the market, such as cutlery, plates and straws. For other products, the focus is on limiting their use through a national reduction in consumption; on design and labelling requirements; and waste management/clean-up obligations for producers.
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The working group on euro risk-free rates has launched a public consultation on its draft recommendations to address the legal implications for new and legacy contracts referencing the euro overnight index average (EONIA) as a result of the proposed transition from EONIA to the euro short-term rate (€STR). The EONIA legal action plan addresses two events: (i) the proposed change to the methodology for computing EONIA on 2 October, whereby it will become €STR plus a spread; and (ii) the discontinuation of EONIA at the end of 2021.
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The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Americas met in Buenos Aires at a meeting hosted by the Central Bank of Argentina. FSB Chair Randal K. Quarles joined RCG members for the meeting. The group received an update on the FSB’s work programme and the deliverables to the June G20 meetings in Japan. The FSB’s work programme in 2019 is focused on new and emerging vulnerabilities and how they may be addressed; finalising and operationalising post-crisis reforms; evaluating the effects of the reforms; and enhancing the FSB’s transparency and external outreach.
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The European Union outlined its vision for a renewed partnership with Central Asia, updating its strategy on relations with the region first set out in 2007. The new Joint Communication adopted by the European Commission and the High Representative of the Union for Foreign Affairs and Security Policy Federica Mogherini sets out a fresh vision for a stronger partnership with the five countries of Central Asia: Kazakhstan; the Kyrgyz Republic; Tajikistan; Turkmenistan; and Uzbekistan. It comes at a key moment of fast-developing Euro-Asian connectivity, reform and opening up in some of the countries of the region, and new momentum for regional cooperation.
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The European Commission fined Citigroup, Barclays, JPMorgan Chase, Mitsubishi UFJ Financial Group and the Royal Bank of Scotland a combined 1.07 billion euro’s ($1.2 billion), for their roles in foreign exchange trading cartels. Individual traders at the five banks involved formed two cartels, said the European Commision and these traders manipulate the spot foreign exchange market for 11 currencies, including the dollar, the euro and the pound.
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A multi-million-pound support package to deliver thousands of discounted homes was launched by Housing Minister Kit Malthouse MP. Volunteer groups will be able to apply from Monday for between £10,000 and £50,000 to help identify suitable sites for discounted homes, get planning permission for them and to provide other technical support. Further free specialist advice and guidance will also be made available for those who participate in the pilot.
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The European Commission has opened an in-depth investigation to assess the proposed acquisition of Bonnier Broadcasting by Telia Company under the EU Merger Regulation. The Commission is concerned that the merged entity may shut out competitors from the audio-visual sector in Finland and Sweden. Commissioner Margrethe Vestager, in charge of competition policy, said: “The in-depth investigation we are opening today aims to ensure that Telia’s proposed acquisition of Bonnier Broadcasting will not lead to higher prices for or less choice of TV channels for consumers in Finland and Sweden.”
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The Financial Conduct Authority (FCA) has published Decision Notices in respect of three firms (Financial Page Ltd, Henderson Carter Associates Limited and Bank House Investment Management Limited) and five individuals (Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward and Tristan Freer). Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward, Tristan Freer and BHIM have referred their Decision Notices to the Upper Tribunal where the parties will present their respective cases. Any findings in the Decision Notices are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers their behaviour should be characterised.
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