Bank of America confirms Dublin as location for EU hub

Even if the UK reverses and doesn’t Brexit, the genie is out of the bottle. While London may survive as Europe’s premier financial center in a no-Brexit scenario, it will be by a smaller margin and with more competition.
Frankfurt and Dublin will be more important as financial centers with or without Brexit. Paris will gain – especially as high-speed transportation links advance. Just as Wall Street now stretches coast-to-coast, the European financial industry will spread across Europe. And don’t forget, non-financial institutions are also important and also relocating. For a country with strict gun control, the Tories-led UK has amazingly managed to shoot itself in one foot with no-Brexit and both feet with Brexit.

Wall Street giant Bank of America Merrill Lynch has picked Dublin as the preferred location of its EU hub, joining a growing number of international financial groups to outline initial plans for how they plan to deal with the fallout from Brexit.

Speaking to The Irish Times in Dublin on Friday, group chief executive Brian Moynihan said this will result in the bank’s existing Irish subsidiary merging with its current most important EU banking unit, based in London.

It will also involve the group setting up an EU trading operation, or broker-dealer, in the Republic, which will require separate Central Bank approval, he said.

 

Source: Bank of America confirms Dublin as location for EU hub

The shifting global landscape – The Boston Globe

If my view is broadly correct, the great foreign policy challenge of our age will be to manage cooperation among many competing and technologically advanced regions, and most urgently to face up to our common environmental and health crises. We should move past the age of empires, decolonization, and Cold Wars. The world is arriving at the “equality of courage and force” long ago foreseen by Adam Smith. We should gladly enter the Age of Sustainable Development, in which the preeminent aim of all countries, and especially the great powers, is to work together to protect the environment, end the remnants of extreme poverty, and guard against a senseless descent into violence based on antiquated ideas of the dominance of one place or people over another.

Jeffrey D. Sachs is University Professor and director of the Center for Sustainable Development at Columbia University, and author of “The Age of Sustainable Development.”

Source: The shifting global landscape – The Boston Globe

Elizabeth Warren’s Trade Deal Fears Confirmed: Canada Uses NAFTA to Challenge Volcker Rule | naked capitalism

Elizabeth Warren’s concerns about trade deals undermining financial regulations get an unexpected confirmation from Canada.

Source: Elizabeth Warren’s Trade Deal Fears Confirmed: Canada Uses NAFTA to Challenge Volcker Rule | naked capitalism

In Democrats’ Eyes, Republicans Are Helping Foster Chinese Power – Real Time Economics – WSJ

Are Republicans aiding Chinese efforts to undercut America’s global economic sway?

That’s the case some Democrats are making, complaining that GOP lawmakers are eroding U.S. soft-power overseas by refusing to back the key international institutions where the U.S. has long exercised intellectual, political and economic leverage.

via In Democrats’ Eyes, Republicans Are Helping Foster Chinese Power – Real Time Economics – WSJ.

If You Can’t Beat ‘Em, Join ‘Em?

While Obama is at least attempting to deal with the end of U.S. hegemony, Republicans will promote rhetoric over reality and further weaken the U.S.’s global influence.

Now that Australia, New Zealand, India, and Indonesia are also considering joining the bank, the United States is clearly tempering its opposition. In fact, Washington ultimately may be left out since the Republican-dominated Congress is unlikely to allow the United States to join the new bank.

via If You Can’t Beat ‘Em, Join ‘Em? | Foreign Policy.