Brexit: Ending The City’s Dominance Of European Finance?
Webinar
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The future of the financial services industry – centred in the City of London – matters enormously to the health of the United Kingdom’s economy. The Trade and Co-operation Agreement (TCA) has few provisions on financial services and the UK now appears set to drive a wedge between EU and British rules so it can “benefit” from its new-found Brexit freedom. In reality, this “wedge” is unlikely to benefit the economic prospects of the City or the United Kingdom.
There can be no doubt that the EU will use the “autonomy of its decision-making process” – as stressed in the TCA. If the UK wishes to row alongside the EU super-tanker and “take” its rules, then the UK will remain “equivalent”. But current UK policy intentions suggest there will be an ever-widening gulf by the end of this Commission’s term in 2024 – as the logical outcome of UK policy. The internationally mobile financial services industry will undoubtedly take account of this probability in planning the location of future business opportunities.
How might this play out by say 2024? Could the divergence cause the end of the City’s dominance of European finance? It might well do.
Speaker:
Graham Bishop is renowned for his vision and the courage to propose radical ideas, yet ground them in a mastery of the technical details of the financial system... to the extent that he has even been referred to as a one-man think tank. He was elected as Chairman of the National Council of the UK branch of the European Movement in 2020, after many years on the National Council, Executive and Vice-Chairman.
Due to his influence at the meeting point of politics, economics and finance, President Barroso appointed him in 2013 to be a member of the European Commission's Expert Group looking into initiatives for the joint issuance of debt in the form of a redemption fund and eurobills (Commission press release; Graham’s press release).
For the past five years, Graham has been developing a proposal for a ‘Temporary Eurobill Fund’. He has already presented the idea to both the European Commission and European Parliament, as well as around the EU. As a result, the concept has evolved substantially. Such a development would change the euro area government debt market dramatically and mark another step towards "Completing the Economic and Monetary Union." Graham Bishop’s Plan for a Temporary Eurobill: 30 FAQs
A dedicated Europhile, Graham offers his experience and insights on a pro bono basis in key fields to EU policy-makers. His influence with them has built up since the early 1990s, when he pointed out to the Maastricht Treaty negotiators that government debt would have a fundamentally different quality in a common currency. He went on to play a key role in designing the changeover to the euro of national currencies, and of Europe’s capital markets.
His monthly ‘Brussels for Breakfast' meetings in the City of London attract a wide array of senior officials and government affairs specialists from major financial institutions. Following the meeting, the Chartered Institute of Securities and Investment (CISI) conducts a live webinar to assist its members' Continuing Professional Development (CPD) - a major activity of Graham Bishop.
Speaker(s):
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Graham Bishop
Consultant
EU Integration
Chairman:
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Michael Mainelli
Executive Chairman
Z/Yen Group