Paris attacks crystallise Britain’s EU choices 16 Nov 2015 The tragedy will harden attitudes in some quarters towards all migrants ahead of a UK referendum. It also highlights ties that bind Britain to the bloc: common security concerns, economic links and shared values. EU membership hinges on which case is made most strongly.
Cameron will struggle to find EU game-changers 9 Nov 2015 The UK prime minister is engaged in a largely one-sided renegotiation of European rules. The domestic politics are tough, as the likely gains will sway few voters in the upcoming membership referendum. The economics are simpler. Britain is already fairly well placed in the EU.
Dixon: Brexit debate should start with trade 9 Nov 2015 The chances of the UK voting to quit the European Union are high. The damage to business if it does leave would be high too. Trade ties, and the difficulty of replacing them from outside the EU, should be front and centre of the debate.
Dixon: EU membership can help UK stability 26 Oct 2015 Bank of England Governor Mark Carney has argued that EU membership is good for Britain’s dynamism but creates challenges for financial stability. While he is right, it also presents opportunities to make the economy steadier. If the UK grasps these, the EU can act as a shock absorber.
Carney signals British establishment’s pro-EU view 22 Oct 2015 The central bank governor thinks Europe has been a good thing for the UK. Mark Carney’s Oxford speech focused on monetary and financial stability. But he set the tone for what is fast becoming Britain’s official, pro-European stance.
Starbucks and Fiat dragged along in fair tax tide 21 Oct 2015 The European Commission’s classification of corporate tax favours as unfair state aid makes sense, even if the two companies broke no laws. Corporate treasurers should note the trend. Following bank tax secrecy, corporate tax havens are very gradually heading for extinction.
Dixon: EU needs to up its game on Turkey 19 Oct 2015 The bloc has benefited for years from a stable country on its southeast border insulating it from mayhem in the Middle East. But Turkey is an increasingly leaky and troubled buffer state. This has economic as well as political repercussions. The EU needs to get its act together.
EU needs better capitalised banks, not bigger ones 12 Oct 2015 SocGen and Barclays warn big European broker-dealers are being outmuscled by U.S. rivals. That’s true, but American superiority is partly due to better capital positions. Sorting this out, even at the expense of short-term competitiveness, makes more sense than easing regulation.
Madrid could go from star pupil to class dunce 9 Oct 2015 Spain is likely to miss its EU-agreed budget deficit targets this year and the next. Arguably, the bar was set too high and economic growth is quite promising. Even so, Spain can do more to put its finances on a more sustainable path.
EU data ruling could stunt single digital market 6 Oct 2015 Europe’s top court has called an agreement over data transfer between the euro zone and America “invalid”. Legal alternatives exist, but will be costly for smaller companies. It will make it harder for Europe’s tech industry - and a single, regional internet market - to blossom.
How capital union can ease EU banks’ great divide 6 Oct 2015 Europe’s proposals for a capital markets union are a boon for Spanish and Italian lenders. Banks investing in asset-backed debt needn’t use penal rating agency grades to measure capital. That should mean more equal funding for banks across Europe.
Hugo Dixon: Greek bank recap is race against time 5 Oct 2015 Capital must be injected by year-end to avoid a disastrous bail-in of uninsured depositors. To meet the deadline, Europe’s central bank must finish its stress test and decide how much capital is required. The banks then need time to see if private investors will take part.
EU establishes bridgehead in capital markets push 30 Sep 2015 Brussels is to unpick self-defeatingly high capital charges against infrastructure and asset-backed bonds. It is capital markets union’s first tangible win. Yet other barriers like diverging insolvency regimes have been shelved, and tighter regulation is making trading harder.
Corbyn’s good idea on EU outweighs the bad 18 Sep 2015 The new opposition leader will campaign to stay in the European Union in the UK’s forthcoming referendum. Less smart is Jeremy Corbyn’s vocal support for a financial transactions tax, which could hit growth. Still, investors will take a duff levy over EU isolation.
Case for German immigration remains strong 14 Sep 2015 Berlin’s temporary suspension of passport-free travel is a worrying step. But it’s also unsurprising, given Angela Merkel’s need to wrestle with the politics of her stance at home. Germany still has a pragmatic interest in solving its poor demographics and its labour shortages.
Hugo Dixon: Refugee and euro crises share features 14 Sep 2015 Europe set about creating borderless travel and monetary union before it was ready. Now it is struggling to solve cross-border problems without a full set of tools, triggering bickering between nations. In each case, the outcome is likely to be a messy compromise.
Corbyn’s rise may help Britain stay in EU 14 Sep 2015 The UK’s opposition Labour party has chosen the hard-left London MP as its leader. Jeremy Corbyn is no fan of the European Union, and could conceivably vote to leave. But the incumbent Tories could equally try to head him off via concessions that gee voters to stay in.
Cameron’s EU bind has a Marxist tinge 11 Sep 2015 A European court ruling on what qualifies as working time has irked employers and delighted unions. Prime Minister David Cameron faces a dilemma as he tries to renegotiate Britain’s ties with the EU before a planned referendum. Satisfying one camp risks alienating the other.
Thwarted Danish deal dials up risk for EU telcos 11 Sep 2015 Heat from Europe’s competition czar has scuppered a merger between TeliaSonera and Telenor. Unlike the commission’s attack on Google, the logic here looks sound. Yet with telecoms valuations high this year, a rebuff like this could dampen the buzz.
Osborne finds right outlet for political ambition 10 Sep 2015 The UK chancellor and perhaps future leader is proposing European treaty change to protect the UK financial sector. Of late, George Osborne policy pronouncements like a UK minimum wage have been political stunts. Protecting the City combines political appeal with practical necessity.