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Two Bank of England deputy governors give evidence to Lords Committee exploring economic and monetary union within the EU


This week, on Wednesday 10 February and Thursday 11 February, the House of Lords EU Committee will hear from two Bank of England Deputy Governors, as well as economics experts, for its inquiry into economic and monetary union.

Sir Jon Cunliffe, Deputy Governor for Financial Stability at the Bank of England and Andrew Bailey, Chief Executive of the PRA and Deputy Governor for Prudential Regulation at the Bank of England, will give evidence to the House of Lords EU Financial Affairs Sub-Committee on Thursday 11 February.

  • Areas which the Committee will want to cover with the Deputy Governors include:
  • Long-term risks to the euro
  • Banking sector risks and the European Deposit Insurance Scheme
  • Potential problems for the UK in bank supervision
  • The benefits for the UK and Europe of a capital markets union

On the day before, on Wednesday 10 February, the Committee will take evidence from Paul De Grauwe, the John Paulson Chair in European Political Economy at the London School of Economics and Alex White Director, Country Analysis, The Economist Intelligence Unit.

  • Areas on which the witnesses will be quizzed in this session will include:
  • Banking Union as outlined in the Five Presidents' Report
  • The potential need for treaty change to accommodate the Report's proposals
  • Risk sharing over the short to medium term
  • The role of the European Central Bank

The House of Lords EU Financial Affairs Sub-Committee is currently holding an inquiry into EMU, as outlined in the Five Presidents' Report and the European Commission Communication of 21 October.

The evidence sessions will start at 11.00am on Wednesday 10 February and 11.30am on Thursday 11 February. Both will be in Committee Room 4 of the House of Lords.

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