Implications of Brexit on EU Financial Services

This study, which is prepared by Policy Department A at the request of the ECON Committee, addresses the implications and economic impact of several scenarios of the UK leaving the EU in relation to financial services, ranging from a ‘hard Brexit’ without any arrangements concerning financial services to the current state of affairs under the terms of a full EU membership. Special focus is put on a peculiar variation of ‘hard Brexit’, which are the third-country regimes in the current EU secondary legal framework that allow partial access to the EU single market based on ‘equivalence’ on the basis of decisions by the European Commission or national authorities. The study presents these regimes and the extent to which they were already used in the past. The economic analysis looks at three variations of ‘hard Brexit’ (one, in which the access to the single market is closed, one with partial access based on equivalence and one, in which the City of London is transformed into an ‘offshore financial centre’) and at the scenario, in which the UK joins the EEA. The economic assessment is based on the current state of affairs in relation to the interwovenness of financial services in the EU28 including a closer look at the importance of UK-based clearing of Euro denominated trades

Recovering three-dimensional shape around a corner using ultrafast time-of-flight imaging

The recovery of objects obscured by scattering is an important goal in imaging and has been approached by exploiting, for example, coherence properties, ballistic photons or penetrating wavelengths. Common methods use scattered light transmitted through an occluding material, although these fail if the occluder is opaque. Light is scattered not only by transmission through objects, but also by multiple reflection from diffuse surfaces in a scene. This reflected light contains information about the scene that becomes mixed by the diffuse reflections before reaching the image sensor. This mixing is difficult to decode using traditional cameras. Here we report the combination of a time-of-flight technique and computational reconstruction algorithms to untangle image information mixed by diffuse reflection. We demonstrate a three-dimensional range camera able to look around a corner using diffusely reflected light that achieves sub-millimetre depth precision and centimetre lateral precision over 40 cm×40 cm×40 cm of hidden space.MIT Media Lab ConsortiumUnited States. Defense Advanced Research Projects Agency. Young Faculty AwardMassachusetts Institute of Technology. Institute for Soldier Nanotechnologies (Contract W911NF-07-D-0004

Is there Life in the Old Dog Yet? Observations on the Political Economy and Constitutional Viability of Common Debt Issuing in the Euro Area

Departing from a political economy analysis of the benefits of common debt issuance by the Eurozone member states, we examine to what extent the various proposals for Eurobonds may be considered admissible under EU law and exemplary national (constitutional) laws, including those of Germany, Estonia, France, Ireland and Poland, from which one can deduce general national constitutional requirements applicable in all Eurozone member states. The medium and long-Term potential gain

Implications of Brexit on EU Financial Services

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