In These New Times

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Posts Tagged ‘Cameron’s EU deal’

Cameron’s UK and EU economic governance agreement

Posted by seumasach on March 5, 2016

At the heart of negotiations between Cameron and the EU was the issue of the single rulebook on banking regulation and , more particularly, the rules on bank recovery and resolution, the power of the European Banking Authority to

“apply bail-in measures: i.e. convert debt to shares or write it down – in this way, losses are imposed, according to an established order, on bank shareholders and creditors, not on taxpayers”.

These rules are applicable from 1st January, 2016 and are apply throughout the EU. As this article argues, the concession of “some flexibility” in the application of these rules  gained by Cameron is unlikely to amount to much. So it looks like continued membership of the EU makes a further bail-out of British banks inconceivable. This would explain, perhaps, why so many within British elites are up in arms against the Cameron deal and now support Brexit. It also provides strong motive to support a “Yes” vote.

The UK in a changing Europe

23rd February, 2016

Within the rules of the club, Prime Minister Cameron achieved as much as could be expected on economic governance from the European council negotiations. But the gain in flexibility he obtained may turn out to be rather less significant in practice.

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Johnson adviser: protections for City “unimpressive

Posted by seumasach on February 22, 2016

Boris Pensions Tsar: EU Deal ‘Unimpressive’

Sky News

Protections for the City of London secured by David Cameron as part of his deal to reform Britain’s membership of the European Union (EU) are “unimpressive” and amount to “no more than a whingers’ charter”, one of Boris Johnson’s key advisers has said.

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Cameron spins the City’s demise

Posted by seumasach on February 21, 2016

 

Cailean Bochanan

21st February, 2016

It is unusual for the British establishment to risk a consultation with the people unless major changes are underway- changes which are sufficient to provoke divisions in the establishment itself. It goes without saying that the negotiations with the EU are not essentially about child benefit for Polish families living in the UK. They are about “sovereignty” although in a very limited sense: the “sovereignty” of the City of London. The deal struck triumphantly by Cameron is revelatory. It shows that conflict within the establishment  concerns the least bad option for the City: whether to face exclusion from the EU market and displacement by Paris or Frankfurt as Europe’s leading financial centre or to remain inside Europe and to take up arms against a sea of Eurozone banking regulations and by opposing end them. That is the question!

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Posted in Battle for Europe, UK economy | Tagged: , , , , , | 2 Comments »

Cameron fails to get veto on EU financial regulation

Posted by seumasach on February 20, 2016

David Cameron’s EU deal: what he wanted and what he got

Guardian

19th February, 2016

In a surprising win for Cameron, only one euro ‘out’ will be able to force a debate among EU leaders about ‘problem’ eurozone laws. Other EU leaders agreed to this because neither the UK, nor any other country, would have a veto. The tactic can be used to delay, but not to stop eurozone laws.

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UK-EU deal preserves Britain’s leeway on market regulations

Posted by seumasach on February 20, 2016

Cameron has not achieved a deal that will guarantee immunity for the City of London from EU regulation. In general, we can suppose that this is the least bad option for the City which fears its demise even more outside of the EU altogether. That is why Britain won’t be leaving the EU- the scare stories have already begun, falling house prices, run on the pound etc. and they will only gain in intensity over the coming weeks.

Reuters

19th February, 2016

European Union leaders reached a deal late on Friday that offers leeway to Britain in applying banking and markets’ regulations, but maintains that there will be a single set of rules for the financial sector within the EU.

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