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Issue 24 - May 2014
This newsletter is published by SOMO and WEED.

You can download this newsletter as a PDF (278KB) here.

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Summary: The new European Parliament: what’s left to be done?
By Myriam Vander Stichele, SOMO, and Markus Henn, WEED

The new European Parliament (EP) and European Commission (EC) will have some important open financial reform issues on its agenda, including restructuring mega-banks to avoid bail-outs, long term financing, shadow banking, anti-money laundering, and manipulation of benchmarks.

In this newsletter:

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At the same time, the issues which were finalized during the final months of the EP’s 2009-2014 legislature, such as the banking union or the Markets in Financial Instruments Directive (MIFID-II-MiFIR), still require extensive work on many technical details which will be decisive for the final impact and effectiveness. Overall, the EU decision-making in which the EP was co-legislator with the Council of Ministers has not proven to be quick about financial reforms compared to the US. Given that the pressing issues of the financial crisis seem to be fading, it is not certain how much of the remaining important issues will be properly addressed by the incoming Parliament and Commission. Developments of the Euro crisis and potential future problems with European banks, which are still far from safe and sustainable, will also determine the agenda of the new 2014-2019 legislature. Since the financial reforms, that were already decided, and the planned initiatives for new financial laws do not tackle major structural problems, such as the size of mega banks or of derivative markets, many risks remain, that can lead to another crisis.

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Calendar

For background to the official agenda of European institutions, see the following websites: 

 

The links below give the website with updates and overviews of documents and dates related to the EU decision making process

May

  • 19-23, TTIP (Arlington): 5th round of negotiations
  • 15-25, Blockupy (Frankfurt): Solidarity Beyond Borders – Building Democracy From Below
  • 22-25, EP (Europe): Elections

June

July

  • 1-3, EP (Strasbourg): First plenary session, election of the President of EP
  • 6, Commission (Brussels): Deadline Consultation on Investor-State Dispute Settlement in the TTIP
  • 7 Eurogroup (Brussels): Meeting
  • 7/8, ESMA (Paris): Hearing on MiFIDII and MiFIR (tbc)
  • 8 ECOFIN (Brussels): Meeting
  • 14, ESA (Brussels): Deadline Consultation on Risks from non-cleared OTC derivatives contracts
  • 14-16, EP (Strasbourg): Plenary, vote on the Councils candidate for president of the Commission
  • 22, ECON (Brussels): Meeting

August

  • 19-23, Attac (Paris): Summer Academy

September

  • 3-4, ECON (Brussels): Meeting
  • 15-17, EP (Strasbourg): Plenary
  • 18 Eurogroup (Brussels): Meeting
  • 18-21, G20 (Cairns, Australia): Finance and Central Bank Deputies meeting
  • 19 ECOFIN (Brussels): Informal Meeting
  • 22-23, ECON (Brussels): Meeting
  • 30, ECON (Brussels): Meeting

October

  • ?, EBA (London): Stress test results for 124 major EU banks will be released
  • 7, ECON (Brussels): Meeting
  • 9-10, G8 (Washington): Finance Deputies, Ministers meetings
  • 13, ECON (Brussels): Meeting
  • 13, Eurogroup (Brussels): Meeting (tbc)
  • 14, ECOFIN (Brussels): Meeting (tbc)
  • 21-23, EP (Strasbourg): Plenary 
  • 23-24, European Council (Brussels): Meeting

November

December

  • 1-2, ECON (Brussels): Meeting
  • 8, ECON (Brussels): Meeting
  • 13, Eurogroup (Brussels): Meeting 
  • 14, ECOFIN (Brussels): Meeting 
  • 15-18, EP (Strasbourg): Plenary 
  • 18-19, European Council (Brussels): Meeting