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22 Oct 2015
BoE Carney’s speech: Pro EU and Sterling positive - Investec
FXStreet (Delhi) – Research Team at Investec, suggest that yesterday’s BoE Governor Mark Carney’s speech will be taken by the market as a pro EU stance and a Sterling positive.
Key Quotes
“Overnight Bank of England Governor Mark Carney spoke in Oxford about UK membership of the EU, and despite saying he did not want to take sides in the EU debate, or to try to assess the costs or benefits of 'Brexit', his speech tended to focus more on the benefits to the UK.”
“Dr Carney said "In some respects, the UK is the leading beneficiary of the famous Four Freedoms first set out in the 1957 Treaty of Rome... the free movement of goods and services, capital and labour, enhanced over time through a range of measures to reduce impediments across the EU." Dr Carney went on to highlight "Britain's membership of the European Union has made the country more open, more dynamic and stronger."”
“The Bank of England Governor did highlight the risk that Britain's "flexibility may be challenged by how EU financial regulation evolves." He focused on areas where EU rules had limited the Bank's own controls, including its bonus cap, its relatively lenient controls on certain debt instruments and its regulations over the insurance market.”
Key Quotes
“Overnight Bank of England Governor Mark Carney spoke in Oxford about UK membership of the EU, and despite saying he did not want to take sides in the EU debate, or to try to assess the costs or benefits of 'Brexit', his speech tended to focus more on the benefits to the UK.”
“Dr Carney said "In some respects, the UK is the leading beneficiary of the famous Four Freedoms first set out in the 1957 Treaty of Rome... the free movement of goods and services, capital and labour, enhanced over time through a range of measures to reduce impediments across the EU." Dr Carney went on to highlight "Britain's membership of the European Union has made the country more open, more dynamic and stronger."”
“The Bank of England Governor did highlight the risk that Britain's "flexibility may be challenged by how EU financial regulation evolves." He focused on areas where EU rules had limited the Bank's own controls, including its bonus cap, its relatively lenient controls on certain debt instruments and its regulations over the insurance market.”