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Graham Bishop is a one-man think tank with the vision and courage to propose radical ideas, yet ground them in a mastery of the technical details of the financial system. His influence at the meeting point of politics, economics and finance has built up particularly since the early 1990s, when he pointed out to the Maastricht Treaty negotiators that government debt would have a fundamentally different quality in a common currency. Today, following the EU Referendum and Article 50, Graham is in demand for his unparalleled expertise and knowledge on the implications for financial service in London and issues such as passporting and cross-border banking.
In July 2013 President Barroso selected Graham Bishop as a member of the European Commission’s Expert Group looking into the merits and risks, legal requirements and financial consequences of initiatives for the joint issuance of debt in the form of a redemption fund and eurobills. Graham proposed and crafted the ‘Temporary Eurobill Fund’ and has steered the proposal through negotiations in Berlin, Brussels, Frankfurt, London and Paris.
Graham played a key role in designing the changeover to the euro, both of national currencies and of Europe’s capital markets. His influence continues to this day – as the Rapporteur of ELEC’s insightful plan for a Euro-T-bill Fund, which would have profound political implications for the euro area, and for Britain, if implemented.
Graham has given over 80 ’Brussels for Breakfast’ meetings in the City of London – attended by a wide array of senior officials and government affairs specialists from major financial institutions. (To attend, please contact us).
He is a well-known speaker, writes books and articles, provides consultancy, thought leadership and (from 2012) education and learning services (see a PreviEU of these). His deep knowledge of Europe’s financial system reflects the insights provided by the firm’s monitoring, research and e-mail services.
He was a member of the European Commission’s: Maas Committee in 1994-1995 (preparing the changeover to the single currency); 1998-1999 Financial Services Strategy Group (creating the Financial Services Action Plan) and Giovannini Group. The European Parliament nominated him as one of its two members of the first Inter-Institutional Monitoring Group and he is a Board member of the Kangaroo Group. He has been a Special Advisor to the House of Commons Treasury Select Committee and to the House of Lords European Committee.
The deregulation of Europe’s financial markets due to the Single Market programme and EMU create business and investment opportunities. So his publications, articles and speeches provide an informed commentary from the practical perspective of a market participant, but with a political grounding. So he has worked extensively with both European and UK political authorities.
Several continuing themes have dominated his work on monetary union at Salomon Brothers/Citigroup (and subsequently) once the “1992” Single Market programme began to achieve political and commercial momentum. They cover the technical nature of the financial system and then build up to the political impact of modern financial markets: the impact on financial institutions and the structure of financial markets; the role of financial markets in the original drive towards the Single Currency and now maintaining it; the role of market discipline in maintaining fiscal sovereignty; as well as interaction of monetary union and political sovereignty.
European Commission: Graham was a member of the Commission’s Consultative Group on the Impact of the Euro on Capital Markets (the Giovannini Group) and a Member of the Commission’s Strategy Group on Financial Services (1998 – creating the Financial Services Action Plan) and the Committee of Independent Experts on the preparation of the changeover to the single currency (1994/5).
European Parliament: He was nominated by the European Parliament to be one of its two members of the first Inter-Institutional Monitoring Group, as foreseen by the Lamfalussy Report, and was Rapporteur for the spring 2003 and November 2004 Reports.
In 2005, 2007, 2009 and 2011, Graham was elected to the Board of The Kangaroo Group, a forum in which politicians and officials exchange information and views regarding key European economic issues; and devise initiatives for the development of the European Union.
House of Commons: Special Advisor to the Treasury Select Committee in its examination in 2003 of the implications for UK membership of the Single Currency. He advised the Treasury Committee on the corresponding reports in 1996 and 1998.
House of Lords: Specialist Adviser to the House of Lords Select Committee on the EU in its 2003 inquiry into The Barriers to Competition in the Internal Market for Financial Services.
City of London: Freeman of the City and was Master of the Worshipful Company of World Traders for 2010-2011.
He is a Council Member, Federal Trust; a member of the European League for Economic Co-operation (ELEC) – British Section
During the debates on UK membership of EMU, he was a Council Member of both Britain in Europe and City in Europe
Chairman, London Investment Banking Association (LIBA) Committee on converting London’s capital markets to the single currency
Deputy Chairman of the Kingsdown Enquiry of the Action Centre for Europe (ACE) on the implications of EMU for Britain (1995 and 1997 update)
He participates in studies and meetings of research institutes such as Centre for the Study of Financial Innovation (CSFI); SUERF and ELEC.
Graham Bishop graduated from Sheffield University in 1972 with a degree in Jurisprudence and worked for UK stockbrokers, Phillips & Drew, as an international economist with particular reference to equity markets. In 1979, he joined S G Warburg to manage pension fund portfolios. His emphasis moved from European equity markets to bonds and currencies, culminating in a move to Salomon Brothers/Citigroup in 1983. Initially, his economic commentaries covered the bond and currency markets of Europe. He authored Citigroup research on the issues surrounding monetary union after it became a serious possibility in 1988. As Adviser on European Financial Affairs at Citigroup in London, he reported to the Co-Chief Executives in Europe.
In this book Graham explains the interactions of financial markets, economics and politics that are forcing the creation of a genuine Eurozone political union. He argues that if the eurozone acts to ensure its stability, then it will survive. Commitment to fiscal probity may make it attractive relative to alternative investments around the world.
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