Tel. +44 (0)20 7287 4414
Email. info@brugesgroup.com
Tel. +44 (0)20 7287 4414
Email. info@brugesgroup.com
The Bruges Group spearheaded the intellectual battle to win a vote to leave the European Union and, above all, against the emergence of a centralised EU state.
The Bruges Group spearheaded the intellectual battle to win a vote to leave the European Union and, above all, against the emergence of a centralised EU state.
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Bruges Group Blog

Spearheading the intellectual battle against the EU. And for new thinking in international affairs.

Bob Lyddon is an experienced management consultant both privately and with PwC. His speciality isBob Lyddon is an experienced management consultant both privately and with PwC. His speciality iscash and liquidity management in which he recently structured online tuition for a major Asian bankand designed a series of online courses for the...

Bob Lyddon is an experienced management consultant both privately and with PwC. His speciality isBob Lyddon is an experienced management consultant both privately and with PwC. His speciality iscash and liquidity management in which he recently structured online tuition for a major Asian bankand designed a series of online courses for the accountancy profession.Bob has had three previous papers published by The Bruges Group and these have proven influentialin the Brexit debate:• “The UK’s risks and exposure to the European Investment Bank and other European financialmechanisms: amounts, safeguards and breaches in the dyke” in 2012• “The UK’s liabilities to the financial mechanisms of the European Union” in 2016• “The Euro’s Battle for Survival – Entering the Red Zone” in 2018These papers brought the well-concealed issue of the UK’s dealings with the European InvestmentBank to the fore, and ensured that that UK’s residual liabilities under the Brexit Withdrawal Agreementdid not remain buried in the fine print.Bob co-authored “Managing Euro Risk” with Barnabas Reynolds and Professor David Blake, whichwas published in February 2020 by Politeia.Bob authored the Brexit Papers between 2016 and 2017, issued through Global Britain and availableat http://brexitpapers.uk/. These include:• Our liabilities to the EU: the biggest risk of all - why leaving the Single Market is the only wayto avoid the huge risk from financial gambling by EU institutions• The Single Market’s Dutch auction: how the EU’s Single Market fosters corporate taxavoidance schemes that costs the UK billions• The UK’s lost GDP and tax revenues: how Single Market tax dodges cost the UK £10bn ayear and make us all the poorerRecent consulting engagements include running an international banking alliance, advising smallpayment providers how to access UK payment systems, and advising a major player in globalpayments as to the opportunities and threats arising from the establishment the UK’s PaymentSystems Regulator.With PwC Bob managed several Euro implementation programmes, including that of the EuropeanInvestment Bank. Prior to that, he had a diverse 17-year career in international banking,encompassing Transaction Banking, syndicated loans, export finance and derivatives.Bob holds a First Class Bachelors degree in Modern Languages from the University of Cambridge, isstudying for a Masters degree in Local History at the Open University, and is a Fellow of the Centre for Brexit Policy.

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euro-714947_1920 Euro - An Unhealthy Currency

Britain's debt pile is NOT higher than the EU's

Contrary to the Daily Telegraph's story today claiming that Britain's debt pile does not outstrip the EU's, Britain's is far lower, because the EU's is masked by creative accounting. The full extent of the EU's debts and other financial liabilities is detailed in my book recent book 'The shadow liabilities of EU Member States, and the threat they p...

  1415 Hits
Piggy-Bank Breaking the Bank

Eurozone’s ‘shadow debts’ start to become real ones, and threaten the Bundesbank with bankruptcy

The German Federal Audit Office ('Bundesrechnungshof') has warned that the Bundesbank may need a bailout due to losses on the EUR650 billion of bonds it bought as part of the Eurozone's equivalent of Quantitative Easing. The Daily Telegraph reported on this on 26 June. Of course the risk is not for the entire EUR650 billion but for the fraction by ...

  1651 Hits
cloaked-liabilities Hidden Debts

Totality of on- and off-balance sheet liabilities of the EU public sector is cloaked in obscurity

The totality of the public sector liabilities of EU and Eurozone member states is clouded in obscurity. The key measure tracked by Eurostat - 'General government gross debt' – is circumvented to such an extent that, based on year-end 2021 figures, debts of around €6.4 trillion failed to be registered, and contingent liabilities of around €3.8 trill...

  1545 Hits
eu-liabilities-behemoth Hidden EU Debts

The archipelago of EU public sector entities with borrowing powers has created a behemoth of liabilities

The EU member states contain numerous public sector entities with borrowing powers, and whose debts fall outside the definition of member state debt as reported by Eurostat. The responsibility for the debts tracks back, one way or another, to the member state but the amounts involved are opaque. All that can be said with complete certainty is that ...

  1674 Hits
eu-banking-sysyem-falsification EU Banking System Smoke and Mirrors

The EU banking system has falsified the amount of its cushion against losses

EU authorities have permitted commercial banks to implement a particularly aggressive form of risk-evaluation methodology, the result of which is the ability to claim a thick loss-absorption cushion and to attest that the EU banking system is stable and resilient. It isn't: cushions are as thin as before the Eurozone financial crisis. This is laid ...

  1264 Hits
eurosystem-commercial-bank Eurosystem is an unregulated Commercial Bank

The Eurosystem has become a commercial bank, except one without a credit assessment department or loss-absorption cushion

The Eurosystem has expanded its operations well beyond what a central bank would have traditionally undertaken. It now owns assets that are not 'central bank money' definitionally. Assets have credit ratings as low as BB in the Standard and Poor's system, which means they are 'Speculative Grade' and involve 'Substantial credit risk'. It does not ev...

  1422 Hits
target-2-risks Target 2 - Enormous Hidden Risk

TARGET2 harbours risks even greater than the enormous ones acknowledged by the European Central Bank

There has been long and ongoing debate about the nature of the sizable loans and deposits that the Eurozone national central banks (NCBs) run with one another within the TARGET2 payment system. The debate has overlooked that the balances are nearly double what the European Central Bank (ECB) reports, and that the report only shows the amounts at th...

  1560 Hits
ecb-major-funding-risk Major funding risk for Eurozone member states

The European Central Bank's programmes have created a major funding risk for Eurozone member states

The programmes of the European Central Bank (ECB) are extensive, and involve greater risks than the ECB can bear, it being very thinly capitalised. Even modest losses on its programmes would require it to be recapitalised by its Eurozone shareholders – the national central banks (NCBs) of the Eurozone member states. This is laid out in the newly-re...

  1241 Hits
netzero-eib-liabilities Net Zero Liabilities

Net Zero is the Rationale for the European Investment Bank to Help Manufacture Enormous Public Sector Liabilities

Net Zero is proving to be a good cover story for the European Investment Bank Group to create huge financial liabilities for the EU taxpayer. The amount looks set to exceed €1.2 trillion by the end of the current EU budget period in 2027. This is laid out in the newly-released book 'The shadow liabilities of EU Member States, and the threat they po...

  1417 Hits
misleading-accounting It is all smoke-and-mirrors.

Misleading Accounting Lends Undeserved Credibility to the European Stability Mechanism

The European Stability Mechanism is the main bailout mechanism behind the Euro. Croatia recently joined it upon adopting the Euro. The ESM uses two accounting tricks to make it appear larger and more robust than it actually is, disguising that it lacks the firepower to deal with a major incident. This is laid out in the newly-released book 'The sha...

  1569 Hits
eu-supranational-liabilities EU Debts

EU supranational entities harbour major unacknowledged liabilities for member states

The structures of the EU and Eurozone have allowed the creation of a series of supranational entities that have taken on debts whilst having little financial strength of their own: their creditworthiness depends on guarantees or capital calls from member states, without the extent of the member states' liabilities being transparent and being added ...

  1374 Hits
creditrating-discrimination Discrimination against UK

Public credit rating agencies discriminate against the UK and in favour of EU/Eurozone member states

Public credit rating agencies have not been even-handed in their treatment of the UK compared to EU member states, given the large shadow debts and contingent liabilities that weigh on the latter. This is explained in the newly-released book 'The shadow liabilities of EU Member States, and the threat they pose to global financial stability', writte...

  1547 Hits
unrecognised-debt EU and EZ Debts ignored

Scope of EU and Eurozone Debts is Unrecognised by Public Credit Rating Agencies

The public credit ratings of EU/Eurozone member states are inflated, because the credit rating agencies have not factored in the significant shadow debts and other financial liabilities bearing down on the respective member state's debt service capacity. Total financial liabilities are much higher than these agencies appear to recognise. This is th...

  1846 Hits
germany-cannot-pay False assumptions of global debt markets.

Germany Cannot Pay Totality of EU/Eurozone Debts

Global debt markets appear comfortable to absorb all of the bonds issued by the European Union for its €750 billion Coronavirus Recovery Fund on the basis that 'it all tracks back onto Germany'. This is true: the guarantee structure behind the EU's debts makes each member state liable for the entirety of them. The same debt markets do not seem to h...

  1172 Hits
breaking-debt-rules_1 EZ break Spirit and Letter of Global Debt Rules

EU and Eurozone break both spirit and letter of global debt rules

The EU and its member states position themselves as a cornerstone of the rules-based international order, but they break its financial rules in both letter and spirit by failing to fully report their financial liabilities. The key measure tracked by Eurostat - 'General government gross debt' – is circumvented to such an extent that, based on year-e...

  1236 Hits
obscuring-over-indebtedness EU Obscure over indebtedness

EU and Eurozone are massively over-indebted - but official figures obscure it

EU and Eurozone member states fail to fully report their financial liabilities. The key measure tracked by Eurostat - 'General government gross debt' – is circumvented to such an extent that, based on year-end 2021 figures, debts of around €6.4 trillion failed to be registered, and contingent liabilities of around €3.8 trillion. This discrepancy is...

  1466 Hits
Burn The Euro Zone is a Threat to Financial Stability

EU and Eurozone are Massively Over-Indebted - but official figures obscure it

 EU and Eurozone member states fail to fully report their financial liabilities. The key measure tracked by Eurostat - 'General government gross debt' – is circumvented to such an extent that, based on year-end 2021 figures, debts of around €6.4 trillion failed to be registered, and contingent liabilities of around €3.8 trillion. This discrepa...

  1452 Hits
Shadow The Shadow Liabilities Of EU Member States

The Shadow Liabilities Of EU Member States And The Threat They Pose To Global Financial Stability

BUY THIS BOOK                                                                                                &...

  1562 Hits
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credit-squeeze-g5fcb1491d_1920

Mr Sunak’s ‘Spring Statement’ – a man without a fallback

Download PDF File Here Mr Sunak's Spring Statement was far less impressive than his rhetoric has made it appear. Once again a senior member of this administration reaches a Gold Standard in rhetoric, but at best a Bronze one in achievement. The claim does not stand up to examination that these were the largest reductions in personal taxation for th...

  1439 Hits
ecblitzkrieg

The ECB’s Pandemic Emergency Purchase Programme – the undermining of the Eurozone as a free financial market, the epitome of the failure of the Euro project, and a coup d’état by the European Central Bank

This new study, issued through The Bruges Group, dissects a main response of the European Central Bank to the pandemic: another programme of bond buying, taking up hundreds of billions of euros of Eurozone member state government bonds into the ECB's Pandemic Emergency Purchase Programme, the "PEPP". The PEPP bought the majority of new debt issued ...

  2337 Hits

Contact us

Director : Robert Oulds
Tel: 020 7287 4414
Chairman: Barry Legg
 
The Bruges Group
246 Linen Hall, 162-168 Regent Street
London W1B 5TB
United Kingdom
KEY PERSONNEL
 
Founder President :
The Rt Hon. the Baroness Thatcher of Kesteven LG, OM, FRS 
Vice-President : The Rt Hon. the Lord Lamont of Lerwick,
Chairman: Barry Legg
Director : Robert Oulds MA, FRSA
Washington D.C. Representative : John O'Sullivan CBE
Founder Chairman : Lord Harris of High Cross
Head of Media: Jack Soames