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Last year’s backlash against Facebook Inc.’s planned digital currency Libra would have been most CEOs’ worst nightmare. Governments and regulators linked arms to repel a perceived threat to monetary sovereignty, financial stability, and data privacy. The more Mark Zuckerberg tried to reassure politicians by talking up financial inclusion and innovation, the more he came across like a tobacco boss denying cigarettes are addictive. He even acknowledged the problem: “I get that I’m not the ideal messenger for this.”
That hasn’t deterred him. Given Zuckerberg’s tendency to issue half-hearted apologies before going back to breaking things, it’s not surprising that he’s gearing up for a second attempt to launch Libra next year.
Mark Zuckerberg Has Another Answer to Bitcoin - The Washington Post
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Markus K Brunnermeier, Sam Langfield, Marco Pagano, Ricardo Reis, Stijn Van Nieuwerburgh, Dimitri Vayanos
A few days ago, the Eurogroup agreed to a reform of the European Stability Mechanism (ESM) and to accelerate the establishment of the ESM as backstop to the Single Resolution Fund. This is excellent news for Europe, as these reforms are essential to ensure a credible crisis management framework, particularly given the enormous economic impact of the Covid-19 pandemic and the likelihood of a banking crises once the unprecedented support measures are withdrawn.
But these measures are not sufficient. The Banking Union is incomplete – its second ‘pillar (resolution) does not really work, and the third ‘pillar’ (deposit insurance) does not exist. As a result, the banking market is more fragmented now than at the inception of the Banking Union. Mergers only seem to happen within member states, and home and host regulators continue to fight to ensure sufficient capital and
ECB Move to Lift Ban on Bank Dividends Fails to Cheer Investors
Bloomberg 12/16/2020 Nicholas Comfort and Steven Arons © Photographer: Alex Kraus/Bloomberg EDITORS NOTE: Multiple exposures were combined in camera to produce this image. An image of clouds at sunset overlays the skyscraper skyline of the financial district in Frankfurt, Germany, on Monday, July 1, 2019. Following the collapse of merger talks between Deutsche Bank and Commerzbank, German Finance Minister Olaf Scholz changed his message from supporting a national champion to backing a cross-border merger.
(Bloomberg) European bank regulators put strict limits on payouts to shareholders in a long-awaited decision to lift a de-facto ban on dividends, underscoring the challenges for lenders as the region enters a second wave of lockdowns.
| UPDATED: 10:22, Tue, Dec 15, 2020
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France and Germany are considered key decision-makers in the Brexit process and have recently been at odds over what concessions the EU s chief negotiator Michel Barnier should be allowed to offer Britain. This month, France’s Europe minister Clement Beaune warned Paris will veto a bad post-Brexit trade deal. Mr Beaune said: I want to tell our fishermen, our producers, the citizens who are listening that we will not accept a deal with bad terms.
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