Withdrawal from the European Union

Philip R. Lane: Interview with La Repubblica

Friday, November 22, 2019 - 12:08am

INTERVIEWInterview with La RepubblicaInterview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Tonia Mastrobuoni on 14 November 2019In Germany, even though manufacturing is taking a hit, the wider economy, the consumption-driven part of it, is still in good shape.

Key Points: 


INTERVIEW

Interview with La Repubblica

    Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Tonia Mastrobuoni on 14 November 2019

      • In Germany, even though manufacturing is taking a hit, the wider economy, the consumption-driven part of it, is still in good shape.
      • Theres no doubt that, compared with 2017, theres been a sustained slowdown, but in the euro area we dont see a recession.
      • Our baseline scenario is a recovery in economic performance, but we have been consistent in highlighting that theres also downside risk.
      • The OECD said recently that Donald Trumps erratic trade wars might be the main reason for the global downturn, because they discourage investments.
      • In recent weeks, compared with the worst-case scenario, theres been some optimism on the US-China trade relationship.
      • A deal has been agreed between the UK Government and the European Union, which of course will be tested in the next election.
      • The worst-case scenario of a no-deal Brexit in the short term has been eliminated and the uncertainty over it is fading.
      • But even under the deal there is going to be a more challenging economic relationship between the United Kingdom and the EU27.
      • There is a big discussion about the risk of a secular stagnation in Europe.
      • You rule out a recession in the short term, but do you see this risk of a Japanese scenario in the long term?
      • It remains a relevant discussion because the big question is: are we going to grow at a low rate of maybe 1% a year?
      • Essentially, if the policy choices by governments are more favourable to economic performance, then some of this stagnation fear may fade.
      • Do you mean countries that have a fiscal margin to use investments to boost growth, like Germany, should act?
      • This is one of the potential gains from being a member of the European Union.
      • We have seen many examples where, in a given country, there might have been an intense debate about a particular policy.
      • But then a number of years later we see that a country which adopted a particular policy is succeeding.
      • Once youre in the safe zone I think that fiscal policy can be conducted differently.
      • For a long time the overwhelming focus was on how to make sure the high debt levels came down.
      • But at some point that gear shift has to happen for those countries which have been successful.
      • And many highly qualified young people choose France or Sweden or Germany because they earn much more.

    Western Europe Outlook, 2020: A No-Deal Brexit will Continue to Inhibit a Eurozone Recovery - ResearchAndMarkets.com

    Monday, November 18, 2019 - 7:34pm

    The "2020 Western Europe Outlook" country profile has been added to ResearchAndMarkets.com's offering.

    Key Points: 
    • The "2020 Western Europe Outlook" country profile has been added to ResearchAndMarkets.com's offering.
    • Recent figures reaffirm that eurozone economic weakness deepened in mid-2019, notably in the industrial sector.
    • The protracted US-China trade war and possible escalation in the US-EU trade war, a sharper slowdown in China, Italian political uncertainty, and a No-Deal Brexit event will continue to inhibit a eurozone recovery in 2020.
    • On a brighter note, the consumer, services, and construction sectors are sources of economic resilience.

    CUI Global Reports Third Quarter 2019 Financial Results

    Tuesday, November 12, 2019 - 9:05pm

    TUALATIN, Ore., Nov.12, 2019 /PRNewswire/ --CUI Global, Inc. (NASDAQ: CUI), (the "Company") today reported unaudited financial results for the three and nine months ended September 30, 2019.

    Key Points: 
    • TUALATIN, Ore., Nov.12, 2019 /PRNewswire/ --CUI Global, Inc. (NASDAQ: CUI), (the "Company") today reported unaudited financial results for the three and nine months ended September 30, 2019.
    • As a result, the review of the third quarter results presented here focuses on the Company's continuing operations, which consists of its Energy segment.
    • "Ourthird quarter results reflect continued strength in our engineering and integration services in North America that offset lower revenue from our U.K. operations due to the continued headwinds associated with Brexit," said William Clough, executive chairman of CUI Global.
    • Management will host a conference call today, November 12, 2019 at 5:00 PM ET to discuss these results as well as recent corporate developments.

    E2open Announces “Brexit-Ready in 24 Hours” Solution for Rapid Trade Compliance and Regulatory Assessment

    Tuesday, November 12, 2019 - 1:15pm

    E2open , the one place in the cloud to run your supply chain, today announced a solution for companies to assess compliance and exposure with Brexit customs and trade regulations.

    Key Points: 
    • E2open , the one place in the cloud to run your supply chain, today announced a solution for companies to assess compliance and exposure with Brexit customs and trade regulations.
    • This ensures regulatory compliance, avoids financial uncertainty by calculating accurate total landed costs and identifies money-saving opportunities to take full advantage of post-Brexit UK trade agreements.
    • We are pleased to offer a solution that gets businesses up and going within 24 hours, ensuring Brexit readiness when it happens.
    • E2open, the E2open logo and Harmony are registered trademarks of E2open, LLC.

    Parliament and the three extensions of Article 50

    Friday, November 1, 2019 - 12:05am

    House of Commons Library

    Key Points: 
    • House of Commons Library

      This paper explains the legal and political background to the three extensions of the UKs EU-exit process under Article 50 of the Treaty on European Union (TEU).

    • Overview

      When a Member State seeks to leave the EU, a process is initiated under Article 50 TEU.

    • Previous extensions of Article 50

      Since then, three extension decisions have been taken by the European Council (on all three occasions with the agreement of the UK Government).

    • The third extension of Article 50

      On 19 October 2019 the current Prime Minister, Boris Johnson, sent a letter to the President of the European Council requesting an extension of Article 50 until 31 January 2020.

    Sabine Lautenschläger: A Call for Europe

    Thursday, October 31, 2019 - 12:07am

    A Call for EuropeSpeech by Sabine Lautenschläger, Member of the Executive Board of the ECB, at lecture series “Mein Europa”, Heinrich-Heine University These are the words spoken by Konrad Adenauer in 1946, when reconciling Europe and securing peace were paramount.

    Key Points: 

    A Call for Europe

      Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB, at lecture series “Mein Europa”, Heinrich-Heine University

        • These are the words spoken by Konrad Adenauer in 1946, when reconciling Europe and securing peace were paramount.
        • National arrogance and isolationism had culminated in two world wars two world wars which had wreaked death, misery and chaos on Europe.
        • For those who lived through the Second World War, a strong Europe, a united Europe, represented the future and the path to lasting peace.
        • A united Europe has bestowed peace and prosperty to each Member State and its people the German people included.
        • And the future challenges facing each and every one of us can only be met by working together in Europe.

      1. Sceptisism towards the advantages of Europe

        • Public scepticism towards Europe has grown: in 2007 some 57% of the EU population said they trusted the EU, but this share has now fallen to 44%.
        • [1] At the same time, Eurosceptic parties have almost doubled their share of votes over the past ten years.
        • [2] One explanation is that people feel unsettled, not only in the face of advancing globalisation and structural changes but also because of increasing migration.
        • Far-reaching changes, fear and a sense of disorientation often cause people to reject whats new and retreat to what is familiar.
        • Some Eurosceptic parties are pushing for a retreat from Europe, a withdrawal behind national borders.
        • Because it fails to recognise the many benefits that Europe has brought us.

      Europe has brought peace.


        With the European Union we have found a way of resolving conflict that has ushered in the longest period of continuous peace in the history of Europe. The EU has transformed a continent of war into a continent of peace. We should not take this for granted – and the award of the Nobel Peace Prize to the EU reminds us not to do so.

      Europa has brought freedom.

        • Lets not forget that in 1957, only 12 of the current Member States were democracies, compared with 28 now.
        • Europe has provided an unprecedented degree of freedom of movement.
        • Thanks to the EU, European citizens enjoy border-free travel and are free to study and work within the EU, creating inestimable development opportunities for everyone.
        • And every year we cross one of the internal borders within the Schengen area an almost inconceivable 1.27 billion times.

      Europe has brought prosperity.

        • This last point, more prosperity across Europe, is one I must adress separately.
        • Because the economic benefits of Europe are often a point of contention in Germany.
        • Hardly any other economy has profited from the Single Market as much as Germany.
        • Were it not for an open Europe and the creation of the Single Market, the robust economic growth of the post-war era would have levelled off over time.
        • Free movement of goods, capital and payments and freedom of services have allowed Europe to grow more closely together, have advanced the German economy and have brought prosperity to us all.
        • Without the euro, open markets in Europe would not have lasted long.
        • I have now spoken about the past advantages of a united Europe.
        • Here, too, I am convinced that all of us, Germany too, will be able to master the challenges of the future in a united Europe.

      2. The advantages of Europe for future challenges


        All countries in Europe face major, predominantly global, challenges, such as increasing worldwide competition, climate change and technological progress.

      a. Global competition

        • And we need the EU in order to retain our capacity to act and to shape global developments.
        • The economic weight of Europes Member States has drastically declined over the past decades.
        • Looking at the aggregate economic performance of EU countries, the EUs share in global economic output has fallen from around a third in the 1980s to a sixth today.
        • In such an interconnected world, individual countries will therefore find it increasingly difficult to uphold their prosperity and social security provisions.
        • The OECD estimates that the global revenue shortfall owing to tax avoidance amounts to between 4% and 10% of corporate income tax receipts.
        • By pulling together, countries in Europe are in a better position to withstand global developments.
      Power lies in numbers.
        • And around 50% of cross-border financial holdings in the euro area are from other euro area countries.
        • In practical terms, this means, for example, that Germany exports more goods to France than to China.
        • So its not surprising that turning away from Europe could have disasterous consequences for our prosperity.
        • No country has the heft required to make itself heard in international trade talks and signficantly influence trade conditions.
        • Neither is Germany: our share in global trade is only half the size of that of the EU.
        • [9] If we are to profit from this international growth, we need open markets and a strong voice in international trade talks.
        • And with the combined weight of EU Member States in global value chains, European firms can set their standards throughout the world.

      b. Climate change

        • Ladies and gentlemen, joint action in Europe is also needed to overcome a completely different challenge facing all countries, namely climate change.
        • But countries cannot win the struggle against climate change on their own: pollution does not respect borders.
        • Climate change is a global phenomenon that poses complex coordination issues for national governments and affects many areas of life, including the economy.
        • Allow me to concentrate on some of the economic consequences of climate change.
        • For one, climate change affects competitiveness in the Single Market.
        • Even the direct effects of climate change alone may have an enormous impact on the economy.
        • All of this shows the extent to which climate change and environmental measures can affect economic activity, assets and jobs.
        • Europe offers a unique opportunity to combat climate change and so reduce the potential damage to the economy.
        • As one of the three largest economic blocs in the world, Europe can be at the vanguard of the fight against climate change.
        • Third, the ECB together with other leading central banks can examine the potential effects of climate change on the conduct of monetary policy.

      c. Payments

        • Payments are one such example.
        • Safe, reliable and efficient payment systems are a vital part of a well-functioning and integrated economy.
        • Technological progress and changing payment habits have fundamentally altered the payment system and thrown up new challenges.
        • End users now expect to be able to transfer money around the world in real time and at low cost.
        • If they want to make cross-border payments in Europe with ease, they frequently rely on global players such as VISA, Mastercard and PayPal.
        • According to current plans, users across the globe should be able to make payments not in euro or US dollars, but in Libra.
        • Irrespective of how the payments landscape evolves over the coming years, it is essential that users of the various payment systems can be confident that all payment solutions, old and new alike, are safe and efficient.

      3. A plea for more European integration

        • This topic has many different aspects, but I would like to focus today on one key question: how can we advance the banking union project?
        • A robust banking sector is thus vital for a healthy European economy and a stable single currency.
        • And the banking union a single framework for the supervision and resolution of banks in the euro area has already come a long way.
        • But the banking union is still lacking an important component: a European deposit insurance scheme.
        • In the long run this can only be done through a European deposit insurance scheme.
        • These three features of a shared deposit insurance scheme would strengthen the individual responsibility of Member States, banks and shareholders and further incentivise risk-based behaviour.
        • And this would ultimately be to the benefit of the EU and all its member countries.

      4. Finding a common way in Europe

        • Europe is our opportunity to act together where we face global challenges.
        • More Europe is therefore the way forward in such an interconnected world.
        • But dont get me wrong this is not an appeal for Europe to regulate all aspects of our lives.
        • Successful cooperation requires us to work on the basis of shared values, objectives and cooperation principles, of course.
        • And despite all the benefits and the motto united in diversity, there is growing scepticism about Europe.
        • I firmly believe that the time has come for us to redefine the way in which we work and, in particular, the way in which we communicate.
        • Only then will we be able to counter the growing polarisation among the people of Europe.
        • A similar kind of model for exchanging views and participating in political discussions on European matters could also serve Europe well.
        • Citizens assemblies could be a helpful way of bringing together citizens in a given country to talk about European issues.
        • And even if it does take longer, we all stand to gain from closer cooperation within Europe.

      Conclusion

        • Never before in the history of our continent have we lived together in such peace for so long, and never before have we enjoyed such freedom.
        • Europe has brought us considerable prosperity, and this has benefited all countries, including Germany.
        • It is then often easier to think in national terms and to ignore the problems to a certain degree.
        • And populists are exploiting this situation to spread a new kind of nationalism a withdrawal from Europe.
        • As Konrad Adenauer once said, No European nation is able to protect itself militarily or develop economically on its own.
        • If one wanted today to uphold the traditional concepts of nationalism, this would be a task for Europe.

      Brexit and the Healthcare Industry: Implications for Pharma, Q2 2019 Report - ResearchAndMarkets.com

      Monday, October 28, 2019 - 11:46am

      The "Brexit and the Healthcare Industry: Implications for Pharma - Q2 2019" report has been added to ResearchAndMarkets.com's offering.

      Key Points: 
      • The "Brexit and the Healthcare Industry: Implications for Pharma - Q2 2019" report has been added to ResearchAndMarkets.com's offering.
      • This report provides an assessment of how the pharmaceutical industry expects Brexit to affect the healthcare sector, both within and outside of Britain.
      • This study will be repeated in autumn this year, to gauge the changing sentiment towards Brexit from within the healthcare industry.
      • Stay up to date on the industry's changing sentiment towards Brexit from within the healthcare industry with quarterly surveys.

      How to Build Your Brexit Plan 2019: A Playbook to Help Multinationals Prepare for Brexit, Even When Resources are Limited

      Friday, October 25, 2019 - 11:15pm

      DUBLIN, Oct. 25, 2019 /PRNewswire/ -- The "How to Build Your Brexit Plan" report has been added to ResearchAndMarkets.com's offering.

      Key Points: 
      • DUBLIN, Oct. 25, 2019 /PRNewswire/ -- The "How to Build Your Brexit Plan" report has been added to ResearchAndMarkets.com's offering.
      • A comprehensive overview of how to prepare for Brexit.
      • Building a Brexit plan that helps them address these challenges doesn't require huge teams or significant resource allocation, however.
      • This report recommends simple, actionable steps companies can take to prepare for Brexit and build Brexit plans quickly and efficiently, even if resources are limited.

      The Future of UK New Car Registrations Beyond Brexit

      Friday, October 25, 2019 - 10:45pm

      DUBLIN, Oct. 25, 2019 /PRNewswire/ -- The "Beyond Brexit: The Future of UK New Car Registrations by Fuel & Segment" report has been added to ResearchAndMarkets.com's offering.

      Key Points: 
      • DUBLIN, Oct. 25, 2019 /PRNewswire/ -- The "Beyond Brexit: The Future of UK New Car Registrations by Fuel & Segment" report has been added to ResearchAndMarkets.com's offering.
      • The New Passenger Vehicle Registrations Market in the United Kingdom is currently gripped in a maelstrom of Political, Economic, Social, Legislative, and Environmental issues.
      • With a best-case view on the economic development of the UK, this figure is forecast to continue contraction at a rate of -1.2% CAGR, resulting in 2,270,000 registrations in 2020.
      • What is the UK car market forecast considering the impact of BREXIT?

      Article - Plenary highlights: EU's 2020 budget, Syria, Sakharov Prize, bees

      Friday, October 25, 2019 - 8:01pm

      Check out what Parliaments Brexit coordinator Guy Verhofstadt had to say about the deal in our Facebook Live .

      Key Points: 
      • Check out what Parliaments Brexit coordinator Guy Verhofstadt had to say about the deal in our Facebook Live .
      • On Wednesday Parliament adopted its position on the EU's budget for next year , ahead of negotiations with the Council.
      • Parliaments Sakharov Prize for Freedom of Thought goes to Ilham Tohti , a jailed economist fighting for the rights of Chinas Uyghur minority.
      • In a debate with Jean-Claude Juncker on Tuesday morning, MEPs took stock of the work and achievements of the outgoing Commission .