Brexit: how to trigger article 50 | EU Council Newsroom

The EU Council has made a short video to facilitate the effective triggering of article 50. I am not kidding.

Source: Brexit: how to trigger article 50 | EU Council Newsroom

I have watched the short video and for me there was nothing new.

I must say I’m a bit surprised at the rather simple video. I struggle to understand the justification for its preparation.


Opinion – Brexit Hijacks Draghi Retreat as ECB Faces Crisis Yet Again – Bloomberg

This is deeply worrying report from Bloomberg.

Source: Brexit Hijacks Draghi Retreat as ECB Faces Crisis Yet Again – Bloomberg

Whilst the world’s leading central banks issued a joint statement on Friday stating that they were ready to intervene in the Brexit fallout, limitations as to fire-power are becoming apparent, especially with the ECB.

In the past, the ECB has famously said, ‘that it will do whatever it takes…’. Now it looks like some of the stimulus must revert to fiscal expansion. In recent years, Germany has consistently blocked fiscal expansion to enforce the ‘fiscal compact’ which underpins the Euro.

With elections looming in the US, France and Germany, there will be little appetite for fiscal stimulation to head off deflationary pressures. Also in the UK, Chancellor, George Osborne, has this morning said that there will be no emergency budget until a new prime minister takes office, expected to be in October.

Speculators will progressively increase their risk and invite central banks to ‘play chicken’.

Most leading experts predicted the current melt-down but Farage and Johnson just played populist tunes telling bigger and bigger porkies. Big investors, institutions, savers and ordinary people will all likely suffer economic damage.

Surely, it’s time to start pointing finger at those responsible? This includes the pro-Brexit newspapers like the Telegraph etc. Last week, the Economist talked of post-truth politics – well reality has returned with vengeance. The truth is back and financial markets are hemorrhaging.