Reuters (February 15)
“Brexit-supporting City figures hoping for a regulatory bonfire seem likely to be disappointed…. The BoE’s first deviation from EU law was to make the rules tighter, not looser. The supervisor also recently ruled out a big capital reduction for insurers. London may end up being smaller, but at least it will be safer.”
Tags: BOE, Brexit, Capital reduction, Deviation, Disappointed, EU law, Insurers, London, Looser, Regulatory, Rules, Safer, Smaller, Supervisor, Tighter
The Independent (November 26)
“Brexit has been a long, slow process in accepting the reality that should have been better understood before the referendum. In the next three weeks, some things will become brutally clear that should have been obvious long ago.” Theresa May’s path to the next EU Council on December 14 will be “strewn with unpalatable truths.” The £40bn exit bill and continuing sovereignty of EU law during the transition are just the beginning. “As it turns out, it may be that the more difficult intrusion of reality into the Brexit negotiations is the question of the Irish border.”
Tags: Brexit, EU Council, EU law, Irish border, May, Reality, Referendum, Sovereignty, Transition, Unpalatable
Wall Street Journal (January 17)
Over the past 5 years, the EU has been suffering from “a kind of schizophrenia about the role that credit-rating agencies such as Moody’s, Standard & Poor’s and Fitch should play in the markets.” Some of the reforms have been hare-brained, like trying to silence downgrades, but the latest package is on target with a proposal to write the agencies out of EU law. “Denying ratings any sort of official status is the best reform for a business that has long dined out on the privileged position that regulators granted them. It should also really be the only reform you need.”
Tags: Credit-rating agencis, EU law, Fitch, Moody's, Official status, Regulators, S&P
