U.K investment banks pay attention: The E.U. parliament could be set to make post-Brexit life even more difficult as Eurozone policy makers try to amend the ways in which financial services can be offered to European clients by providers from outside the economic bloc.
The proposed changes will be voted on later this afternoon, but will still require further discussion between governments of member states (including France which is an advocate of even tighter restrictions).
Salzburg Summit Meeting
As the ramifications of the Salzburg summit continue to rumble through U.K. politics, Erik Nielsen, an economist at Unicredit, holds an out-of-the-box view of Theresa May’s position.
“The Salzburg disaster and her performance on Friday will probably help her get through the Conservative party conference,” but adds that the U.K. PM should “expect further concessions at the last minute, and, again, mostly from the U.K.”
The Italian Budget
Italian Deputy PM Matteo Salvini has urged foreign investors to stop worrying about “extra decimal points” in Italy’s deficit, and urged them to move forward with an “expansionary” budget.
Speaking to Italian newspaper Corriere della Sera, Salvini’s remarks are in start contrast to Bank of Italy Governor Ignazio Visco’s warnings that a widening deficit would prompt a negative market reaction and create “unsustainable” amounts of risk for Italian debt.
Danish Money Laundering
The Danish parliament is working frantically in a bid to tighten the nation’s anti-money-laundering laws after the Danske Bank scandal prompted S&P Global Ratings to state that the Nordic country’s AAA credit status is now at risk.
Danske Bank has revealed that a “large” share of the approximately 234 billion U.S. dollars that flowed out of the country through Estonia between 2007 and 2015 are regarded as “suspicious” transactions.
ECB President Draghi Speaks
The European Parliament Economic and Monetary Affairs Committee will hold talks with ECB President Mario Draghi later today to discuss “euro-area economic and monetary prospects”, with a focus on the central bank head’s plans to roll back quantitative easing.
European Commissioner for Trade, Cecilia Malmstrom, has flown to New York ahead of talks with the U.S. and Japan in an attempt to rein in U.S. President Trump’s continuing assault on the WTO, and stem China’s “non market-oriented policies”.
This article is for educational and informative purposes only and should not be considered as investment or trading advice.