“As the howls of anguish at negative interest rates reach a crescendo, central bankers and prominent economists are still convinced that Europe’s financial sector would be even worse off were base rates above zero.” – by Dominic O’Neill
Best Reads
Brexit is arriving at the beginning of the end (Washington Post)
“At midnight Friday Brussels time, Britain, after 47 years of being part of shaping the process of European integration, formally leaves the European Union. The Union Jack disappears from the flagpoles in Brussels, and all British representatives leave the meetings, committees and institutions of the E.U.” by Carl Bildt ex-PM of Sweden
Greece gathers record orders for first 15-year bond since crisis (Reuters)
“Greece attracted record orders for its first 15-year bond sale since the financial crisis, a crucial step in furthering the thrice bailed-out country’s capital markets comeback.” – by Yoruk Bahceli
Brexit Britain faces the gunboats (Politico)
US-UK Trade Deal: “Securing a trade deal with the US could require foreign policy concessions.” by Emilio Casalicchio
Di Maio Quits as Five Star Leader in Italy, Deepening Party’s Disarray (NYT)
“He was once the fresh face of a new political force. Now, his exit could signal yet another government crisis.” – by Jason Horowitz
Banking after Brexit (Bruegel)
“Will Brexit damage Britain’s financial services industry? Or is talk of its diminished status just a storm in a teacup? The City of London could move closer to Wall Street or it might become ‘Singapore-on-Thames’.” – Nicholas Barrett talks to Rebecca Christie
Largest US banks double profits in past decade (FT)
“The past decade has been kind to America’s biggest banks.” – Rob Armstrong and Laura Noonan
Private Equity Funds Raise Nearly $600 Billion in 2019 (Chief Investment Officer)
“Private equity funds that closed in 2019 raised almost $595 billion, the fourth straight year it surpassed half a trillion dollars, and the third-highest total on record, according to Preqin.” – by Michael Katz
Spain’s new government could play an outsized European role (NewStatesman)
“If it overcomes domestic instability, the Socialist-Podemos coalition can reshape the EU.” – by Jeremy Cliffe
Italian politics: Matteo Salvini’s comeback bid (Financial Times)
“Victory in the leftwing region of Emilia-Romagna, could propel the League leader to prime minister.” – by Miles Johnson