155th Brussels for Breakfast – CPD Notes

Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by CISI and with co-presenter Jacques Lafitte (Avisa). 

Brexit

Clearly Brexit was the elephant in the room and, as the meeting finished, the news came through that Chancellor Merkel had declined to accept the UK Government’s proposals so negotiations were effectively over.

Commissioner hearings by the European Parliament

For financial services, the key hearing is that of Commissioner Dombrovskis and that was taking place as we talked. No-one expected he would have any problems – unlike Commissioner Goulard where there were concerns that – despite her undoubted expertise – she might fall victim to political payback for France vetoing the EPP’s Spitzenkandidat. The voting down of the Hungarian and Romanian candidates was felt to be an appropriate use of Parliament’s safeguard role.

The Green Deal

The UVL Commission will bring forward a `green deal’ within 100 days with a view to achieving a 50-55% reduction in EU emissions by 2030 and net zero by 2050. The Commission’s communication reported a Eurobarometer survey showing more than 90% of EU citizens in favour of such goals. The European Parliament elections results also illustrated a strong swing in views – even of not quite that magnitude!

As a concrete step, the Council greenlighted the passage of its position on the taxonomy regulation. As the Parliament had given it a first reading in March, trialogue may now begin on what is certain to be a hugely complex piece of legislation. This will include a border `carbon tax’ and some Central and Eastern states may oppose the whole process as they seek energy independence from Russia. [...]

Full notes available for Graham Bishop website's Friends