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The Bank of England Predicts the Worst Recession–in 300 Years
Professor of Law : Georgetown University, and Director, Institute of International Economic Law
The Bank of England Predicts the Worst Recession--in 300 Years
In a new report from the Financial Times, The Bank of England has forecast that the coronavirus crisis will push the UK economy into its deepest recession in 300 years, with output plunging almost 30 per cent in the first half of the year, but it decided not to launch a new stimulus.
According to the FT, the BoE presented in its latest monetary policy report a series of predictions for the economy, suggesting that the country’s output would slip 3 per cent in the first quarter followed by a further 25 per cent fall in the second. This would mean an almost 30 per cent drop overall in the first half of 2020, the fastest and deepest recession since the “great frost” in 1709.
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Treasury Seeks Pre-Crisis Financial Powers
Professor of Law : Georgetown University, and Director, Institute of International Economic Law
Treasury Seeks Pre-Crisis Financial Powers
With the past as prologue, U.S. Treasury Secretary Steven Mnuchin announced that he would ask Congress to reinstate powers that were used during the 2008 financial crisis to support the economy as the coronavirus threatens to grind business activity in the United States to a halt. The powers would impact not only the domestic authority of financial authorities like the Treasury Department and the Federal Reserve, but also the ability to push internationally for coordinated policies.
The story can be found here.
Copyright 2020, Chris Brummer, All Rights Reserved. Privacy Policy | Contact Us
G2 Conference to Showcase EU Trade Chief Paul Hogan
Professor of Law : Georgetown University, and Director, Institute of International Economic Law
G2 Conference to Showcase EU Trade Chief Phil Hogan
For this year’s “G2” program—spearheaded by Georgetown Law and the Graduate Institute, Geneva—Phil Hogan, the EU Commissioner for Trade, will deliver a landmark address outlining the European Union’s key transatlantic trade priorities.
The keynote, scheduled for March 17, will bolster an all star lineup during the Global Trade Series, organized by Georgetown’s IIEL and AIG, which brings together policy-makers, business leaders, and experts from think tanks and academia to debate the complex interplay of factors shaping the global trade system.
The aim of this year’s program is to address the challenges and opportunities which these developments present to government and business, and to articulate approaches and solutions which strengthen the commitment to global trade.
Copyright 2020, Chris Brummer, All Rights Reserved. Privacy Policy | Contact Us
JIEL/SIEL/Oxford University Press Essay Deadline is February 14
Professor of Law : Georgetown University, and Director, Institute of International Economic Law
JIEL/SIEL/Oxford University Press Essay Deadline is February 14
The deadline for the 2019-2020 Essay Prize is 14 February 2020 – please click here for the submission form and further details.
The Society of International Economic Law, the Journal of International Economic Law, and Oxford University Press have jointly established the SIEL/JIEL/OUP Essay Prize to award the best essay submitted on any topic in any field of international economic law.
The competition is open annually to all current undergraduate and graduate students of any university or other tertiary education institution, and those who have graduated from a university or other tertiary education institution no earlier than five years before the submission deadline (this can include five years from PhD graduation). Co-authorship is permitted provided all authors meet the stated conditions. Members of the SIEL Executive Council may not submit entries. The essay must not have been previously published. Submissions shall not exceed 10,000 words and shall follow the JIEL style sheet.
Copyright 2020, Chris Brummer, All Rights Reserved. Privacy Policy | Contact Us
Changes quietly made to Libra Whitepaper
Professor of Law : Georgetown University, and Director, Institute of International Economic Law
Changes quietly made to Libra Whitepaper
The white paper for Facebook’s proposed Libra currency has been quietly updated, according to a Dec. 10 article written by Georgetown University law professor, Chris Brummer. Aside from expected amendments reflecting the revised Libra Association members, the biggest change is the removal of dividends payable to those early investors. The story can be found here.
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Fed Governor Offers thoughts on Stablecoins at European Central Bank
Professor of Law : Georgetown University, and Director, Institute of International Economic Law
Fed Governor Offers thoughts on Stablecoins at European Central Bank
Ms Lael Brainard, Member of the Board of Governors of the Federal Reserve System, offered her thoughts on stable coins on the Monetary Policy, Technology, and Globalisation Panel, at an ECB colloquium on December 18, 2019. Among her observations: “Without requisite safeguards, stablecoin networks at global scale may put consumers at risk.” The full speech can be found here.
Copyright 2020, Chris Brummer, All Rights Reserved. Privacy Policy | Contact Us
US, China reach partial agreement on trade
Professor of Law : Georgetown University, and Director, Institute of International Economic Law
US, China reach partial agreement on trade
President Trump has agreed to a limited trade agreement with Beijing that will roll back existing tariff rates on Chinese goods and cancel new levies set to take effect Sunday as part of a deal to boost Chinese purchases of U.S. farm goods and obtain other concessions. (WSJ story is here).
Former USTR Mike Froman, has, however, offered some criticism, characterizing it as a purchase and sale agreement failing to address America’s substantive concerns with China’s trade practices.
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Basel Committee Tackles Open Banking
Professor of Law : Georgetown University, and Director, Institute of International Economic Law
Basel Committee Tackles Open Banking
On 19 November 2019, the Basel Committee on Banking Supervision (Basel Committee) released a cutting edge report on open banking and application programming interfaces (APIs). In the report, the international standard-setting body focuses on aspects of open banking related to customer-permissioned data sharing where the customer initially grants permission to a third party to access their data, either directly, or through the customer’s bank. You can find the report here.
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