EU-flash: Article 50, Treaty of Rome, Capital Markets Union, Co-operative Banks Declaration & Monetary Policy ECB

31/03/2017

A historical week for the EU. On Wednesday, March 29, 2017, British Prime Minister Theresa May signed Article 50, formally starting the process of Britain’s exit from the European Union. Earlier that week, the EU leaders came together in Rome to celebrate the 60th anniversary of the Treaty of Rome. Donald Tusk, president of the European Council, gave a speech on this occasion. In addition to these historical events, On March 25, 2017, the Commission published a Report on accelerating the capital markets union. On March 28, 2017, the European Association of Co-operative Banks listed several recommendations in its “Co-operative Banks Declaration: the way forward”. On the same day, Benoît Cœuré, Member of the Executive Board of the ECB, gave a speech about the monetary policy of the ECB.

Below you can find a brief summary of these topics. 

Article 50

On March 29th, UK Prime Minister Theresa May signed Article 50, formally starting the process of Britain’s exit from the European Union. In response to the official triggering of the article, the 27 remaining members of the EU have offered to approach the Brexit negotiations “constructively”. Moreover, the Union has declared that it will “act as one” and that its priority is to minimize uncertainty for citizens.

Next steps:

The European Council will hold a summit on April 29 to finalize guidelines for the EU’s Brexit negotiation position. The European Commission will draw up more detailed plans in the form of “Council directives,” which will be confirmed by another meeting of the Council, predicted by EU diplomats to take place in either May or June, after which the main negotiations can begin.

Full details.

Treaty of Rome

On 25 March, the EU leaders came together in Rome to celebrate the 60th anniversary of the Treaty of Rome. Donald Tusk, President of the European Council gave a speech on this occasion. On the same day, Commission President Jean-Claude Juncker, participated in the Rome Summit, where a number of events were organised to mark the occasion and to reflect on Europe's common future.

Click here to read the full speech by Donald Tusk.

Click here to read the full press release by the European Commission.

Capital Markets Union

On March 24th, the European Commission published its Report on accelerating the capital markets union - addressing national barriers to capital flows.

Click here to read the full report.

Co-operative Banks Declaration

On March 28th, the European Association of Co-operative Banks gathered at a convention in Brussels. Focussing on the theme, "Co-operative banks: looking ahead to drive societal and economic growth", the event has illustrated the strategies of co-operative banks adapting to regulatory and technological developments with a keen proposition to remain key actors in their local communities. To that purpose, 10 recommendations were listed by the EACB in the "Co-operative Banks Declaration: the way forward".

Full details

Monetary Policy European Central Bank

On March 28th, 2017, Benoît Cœuré, Member of the Executive Board of the ECB, gave a speech about the monetary policy of the ECB at the Transparency International EU Event “Two sides of the same coin? Independence and accountability of the European Central Bank”.

Click here to read the full speech.

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