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In fact, opinion polls before and after the vote concurred that the main issue for Leavers was democracy. An exit poll of 12,369 people, for example, found that 49 percent of Leavers had been motivated by the desire to bring decision making back to Britain, and only 33 percent by wanting more control of immigration.

Ive learned in politics that almost no one listens to the other side. Rather than going to the source, people read allies reports of what the other side is supposed to have said. If a British person tells you that the vote was all about immigration, I can almost guarantee that you are talking to a Remainer. Those among my friends who voted to stay in the European Union didnt weigh and then dismiss the economic and democratic cases against membership; they never heard them.

The same confirmation bias can be seen in their determination to find bad economic news. Here is a selection of British reports from the past two weeks: Unemployment fell again, as every month since the vote, to 1.49 million (from 1.67 million in June of last year); manufacturing orders are at their highest level since August 1988; retail sales, official figures show, are up 2.9 percent on this time last year.

Exports were up 10 percent year-on-year in May, helped by the long-overdue correction of the exchange rate. Remainers like to point to the fall in sterling, but rarely mention that, before the vote, the International Monetary Fund and the Bank of England agreed that Britains currency, seen as a haven from the travails of the euro, was artificially expensive.

Continental Europeans evidently still regard the British economy as attractive; more of them are working in Britain than ever before. As for the supposed decline of London, a number of European banks, including Deutsche Bank and ING, have grown their operations here since the referendum. Last year, Wells Fargo spent 300 million (about $392 million) on its new European headquarters in London. The latest survey from the Robert Walters City Jobs Index, for July, reported that hiring in financial services was up 13 percent year-on-year.

You may think Im prone to a confirmation bias of my own. But its only fair to contrast what has happened since the Brexit vote with what was predicted during the campaign. Remain campaigners told us to expect a recession in 2016; in fact, Britain grew faster in the six months after the referendum than in the six months before. They told us that the FTSE 100 index of leading companies share prices would collapse; in fact, British stocks performed strongly after the Brexit vote. They told us that Scotland would leave Britain; in fact, support for separatism has collapsed, and the Scottish first minister, Nicola Sturgeon, has shelved her planned independence referendum.

Most people, whichever way they voted, are celebrating the good news. But a few Euro-fanatics, disproportionately prominent on the BBC and at The Financial Times, are acting like doomsday cultists, constantly postponing the date of their promised apocalypse. First, a Leave vote was supposed to wreck the economy. Then, it became wait until we begin the disengagement. Now its wait until you see what a bad deal we get from the European Union.

Its odd. The people who are the most pro-union are generally the most convinced that the union will act in a self-harming way out of spite. I have a higher opinion of our European allies. But even if I didnt, Id still expect a deal. Adam Smith observed that it is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. It is not from the benevolence of the European Union that we expect a free-trade agreement: Exchange makes everyone richer.

If you want a picture of Britains future relationship with the European Union, think of Canadas with the United States. Canadians have a type of federation on their doorstep that they decline to join, but with which they enjoy the closest possible diplomatic, military and economic ties. Two years from now, in a similar vein, the European Union will have lost a bad tenant and gained a good neighbor.

Daniel Hannan (@DanielJHannan), Conservative of South East England, is a member of the European Parliament and the author, most recently, of What Next: How to Get the Best from Brexit.

Follow The New York Times Opinion section on Facebook and Twitter (@NYTopinion), and sign up for the Opinion Today newsletter.

A version of this op-ed appears in print on August 1, 2017, in The International New York Times.

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The Good News on Brexit They're Not Telling You - New York Times

In July 2017, the European Union announced two new measures to address the problem of NPLs in Europe. On 10 July 2017, the European Commission launched a public consultation, and one day later, on 11 July 2017, the Council of the European Union laid out an action plan. The two initiatives serve the common goal of reducing the high levels of NPLs held by European banks.

High Levels of Non-Performing Loans in Europe

Since the financial crisis, European banks have accumulated significantly high levels of nonperforming loans (NPL). The European Banking Authority defines NPLs as loans that are at least 90 days past due or unlikely to be repaid without recourse to collateral. At the end of 2016, NPLs in the European Unions banking system amounted to almost 1 trillion, equivalent to 5.1% of total outstanding loans or 6.7% of Europes compound gross domestic product. While individual levels vary across the European Union, ratios of NPLs in some Member States in southern Europe even exceed 40%. Europes NPL ratios are considerably higher than in other economies. In the United States or Japan, for example, where the issue of NPLs has been more effectively resolved, NPLs constitute only 1.5% of total outstanding loans.

It is generally understood that high levels of NPLs can cause real threats to individual banks, the financial system and the overall economy. NPLs tie up bank capital, cause higher funding rates, pose risks to a banks going concern, shorten credit supply, and drag economic growth. Starting in 2016, task forces within the European Union have been working on strategies to reduce the high levels of NPLs held by European banks. In March 2017, the European Central Bank published new guidance, requiring banks to implement specific strategies and improved risk management techniques for NPL portfolios. Furthermore, the actions now taken by the European Commission and the Council show that NPLs have also become subject to potential legislative measures.

The Action Plan by the Council of the European Union

On 11 July 2017, the Council of the European Union set up an action plan for NPLs, allocating a wide range of policy actions and timelines to the competent European institutions. The plan is designed to establish a comprehensive European strategy to lower the high levels of NPLs in Europe. Underlying the plan, the Council has identified four main policy areas: (i) bank supervision, (ii) insolvency and debt recovery laws, (iii) secondary markets for distressed assets, and (iv) restructuring of the banking system.

Within these areas, there is some focus on the development of strong secondary markets for NPLs. While these markets, until now, have remained relatively small and undeveloped in the European Union, stronger secondary markets would enable effective transfer of NPLs from banks to non-bank investors. Actions mentioned in the plan that could strengthen the secondary markets are, inter alia, streamlined data infrastructure in the form of standardised data production and templates, NPL transaction platforms which serve as data hubs or clearing houses, national asset management companies which acquire NPL portfolios from banks and manage them over a longer time frame, and simplified licensing requirements for third-party loan servicers.

For more information about the action plan, please visit the Councils website:

http://www.consilium.europa.eu/en/press/press-releases/2017/07/11-conclusions-nonperforming-loans/

The Consultation by the European Commission

On 10 July 2017, the European Commission launched a public consultation on the development of secondary markets for NPLs and distressed assets and protection of secured creditors from borrowers default. In accordance with the Councils action plan, the main focus of the new consultation is to receive information on the current state of secondary markets for NPLs in the European Union. The consultation is intended to inform the European Commissions work on potential legislative measures. Market participants are invited to contribute through an online questionnaire by 20 October 2017.

The consultation mainly concerns current impediments to the transfer of NPLs from banks to non-bank investors, loan servicing activities by third parties, and cross-border activities. In addition to that, the consultation also discusses the potential introduction of a new accelerated loan security". According to the Commission, this could be a new type of security right, in addition to the spectrum of existing national security rights. Its core feature could be faster out-ofcourt enforcement, as time-consuming court proceedings in some Member States have deterred some investors from buying NPL portfolios.

For more information about the consultation, please visit the European Commissions website:

https://ec.europa.eu/info/consultations/finance-2017-non-performing-loans_en

Impacts on the Market for Non-Performing Loans

The action plan by the Council and the consultation by the European Commission are initiatives at an early stage of what promises to become a complex legislative process. While the outcome of this process remains uncertain, expert reports on NPLs shed more light on what future policy options in the European Union might look like:

http://data.consilium.europa.eu/doc/document/ST-9854-2017-INIT/en/pdf

https://www.esrb.europa.eu/news/pr/date/2017/html/esrb.pr170711.en.html

With stronger secondary markets as a primary goal of the European Unions latest plan for action, and with increasing regulatory pressure on banks to sell off NPLs, it seems safe to predict that the number and value of NPL transactions are likely to rise in the future.

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European Union Takes New Steps to Reduce High Level of Non-Performing Loans in Europe - Lexology (registration)

The latest on Venezuela's political crisis and the vote for a constitutional assembly (all times local):

7 a.m.

The European Union says it is concerned about the future of democracy in Venezuela after the widely-criticized vote to elect a powerful constitutional assembly.

European Commission spokeswoman Mina Andreeva said Monday that such an assembly "elected under doubtful and often violent circumstances cannot be part of the solution."

Andreeva said the weekend poll, held amid protests in which 10 people were killed, "has increased division and will further de-legitimize Venezuela's democratically elected institutions."

She said EU foreign policy chief Federica Mogherini is working on a "joint response" to developments from the 28-nation bloc but would not be drawn on whether that might involve sanctions.

12:05 a.m.

Venezuela's National Electoral Council says more than 8 million people voted to grant President Nicolas Maduro's ruling socialist party virtually unlimited powers with a constitutional assembly a turnout more than double the estimates of both the government's political opponents and independent experts.

Council president Tibisay Lucena announced just before midnight that turnout in Sunday's vote was 41.53 percent, or 8,089,320 people.

The count was met with mockery and anger from members of the opposition, who said they believed between 2 million and 3 million people voted. One well-respected independent analysis said 3.6 million appeared to have voted.

The electoral council's vote counts in the past have traditionally been seen as reliable and generally accurate, but Sunday's announcement appeared certain to escalate the polarization and political conflict paralyzing the country.

10:30 p.m.

The U.S. State Department is officially condemning Venezuela government for holding a vote to elect a powerful National Constituent Assembly, calling it a step toward authoritarian rule.

The new assembly would concentrate near-total power in the hands of socialist President Nicolas Maduro and his supporters. In a statement released Sunday night, the State Department says the new body seems designed to "undermine the Venezuelan people's right to self-determination."

The U.S. had already joined Argentina, Peru, Colombia and Panama in saying it would not recognize the vote results. U.S. Ambassador to the United Nations Nikki Haley tweeted that earlier that the vote was a "sham election" which takes Venezuela "another step toward dictatorship."

The State Department says Washington will "continue to take strong and swift actions against the architects of authoritarianism in Venezuela."

9:45 p.m.

Venezuelan opposition leaders are urging their countrymen to protest Monday in the capital against the constituent assembly expected to take power and in homage to those killed in demonstrations against the government.

Opposition leader Henrique Capriles says the political foes of socialist President Nicolas Maduro also plan to mount a protest on the day that the new assembly takes office. That is supposed to take place within 72 hours of the final results being announced from Sunday's election.

Organizers with Venezuela's opposition say 15 people were killed across the nation Sunday while the vote was underway. The office of Venezuela's chief prosecutor has confirmed on Twitter that it is investigating at least seven deaths.

Opposition leaders are blaming state authorities for the violence.

In a briefing on state-run television, Defense Minister Vladimir Padrino Lopez said the military was not responsible for any deaths.

More than 120 people have died during four months of protests.

9:20 p.m.

A key ally of Venezuelan President Nicolas Maduro says there was "record" participation in Sunday's election for a constitutional assembly that he says will surprise the opposition, whose leaders contend turnout was exceptionally low.

Ruling socialist party leader Diosdado Cabello says that while the official National Electoral Council results are still being counted, "I can assure you there was record participation."

Across Venezuela's capital, dozens of polling centers were virtually empty Sunday, including at many that saw hours-long lines of thousands voting in previous elections over the last two decades.

Organizers with Venezuela's opposition say they stationed observers at every polling site and the preliminary results show Sunday had a small fraction of the turnout seen in previous elections voted.

They say that any official numbers showing high participation are invalid.

8:55 p.m.

The leader of Venezuela's ruling socialist party is brushing off criticisms from foreign governments that say they won't recognize Sunday's vote for a special assembly that will rule with nearly unlimited powers.

Party leader Diosdado Cabello says Venezuela has decided to be free from foreign meddling. In his words: "What do we care what the world thinks?"

He called Sunday's election "an ethical and moral victory over Venezuela's right."

A rising number of foreign nations are vowing not to recognize the constituent assembly that President Nicolas Maduro and his allies have promised will remove opponents from power.

On Sunday, Peru, Argentina, Canada, Spain, Costa Rica, the U.S. and Mexico all announced they would not recognize the results. Colombia and Peru earlier said they did not consider the assembly legitimate.

6:50 p.m.

A growing number of countries are vowing not to recognize the results of Venezuela's divisive election of a constituent assembly that could dramatically reshape the South American nation's government.

Officials from Argentina, Peru and the United States said Sunday that their governments would not recognize the vote, following similar statements from Colombia and Panama.

U.S. Ambassador to the United Nations Nikki Haley has tweeted that the vote a "sham election" that takes Venezuela "another step toward dictatorship."

Peru's government says the vote violates the Venezuelan constitution and deepens already significant divides within society.

3:40 p.m.

Venezuela's chief prosecutor's office is reporting three deaths on the day of a controversial vote for a constituent assembly that opposition leaders fear will trigger the end of democracy in Venezuela.

The office tweeted that 28-year-old Angelo Mendez and 39-year-old Eduardo Olave were killed at a protest Sunday in Merida. Thirty-year-old Ricardo Campos was killed in a separate incident in Sucre.

Few details were provided on the deaths.

Leaders with the opposition Democratic Action party on Twitter identified Campos as the group's youth secretary in Sucre, a state in northern Venezuela east of the nation's capital.

The deaths bring to at least 116 those killed in nearly four months of political upheaval.

1:10 p.m.

Venezuelans appear to be abstaining in massive numbers in a show of silent protest against a vote to select a constitutional assembly giving the government virtually unlimited powers. Across the capital on Sunday, dozens of polling places were empty or had a few dozens or hundreds of people outside, orders of magnitude less than the turnout in recent elections.

An Associated Press reporter toured more than two dozen polling places in neighborhoods across the capital, including many traditional strongholds of the ruling socialist party in southern and western Caracas. Virtually all the polling places had seen hours-long lines of thousands of people in the elections of the last two decades of the socialist administration.

One site, a sports and cultural complex known as the Poliedro, had several thousand people waiting about two hours to vote, many having traveled from opposition-dominated neighborhoods where polling places were closed. Of the dozens of others sites seen by the AP, two in the loyalist-heavy neighborhood of El Valle had lines of approximately 200 to 400 people. All the others had at most a couple of dozen voters, and many had less than a half-dozen or were completely empty.

9 a.m.

Dozens of Venezuelans are gathering early at voting centers in Caracas' Petare neighborhood, saying they plan to cast ballots because they hope for improvements in their lives.

Hairdresser Luisa Marquez said she hoped to get a house as she waited with her daughter in a line outside a center to vote Sunday for an all-powerful constitutional assembly that Maduro's opponents fear he'll use to replace Venezuela's democracy with a single-party authoritarian system.

"I hope things get better," said Marquez after acknowledging that Venezuelans are experiencing tough economic times.

The run-up to the vote has been marked by months of clashes between protesters and the government, and the Trump administration has imposed successive rounds of sanctions on high-ranking members of Maduro's administration, with the support of countries including Mexico, Colombia and Panama.

7:50 a.m.

Venezuelan President Nicolas Maduro is asking for global acceptance as he casts an unusual pre-dawn vote for an all-powerful constitutional assembly that his opponents fear he'll use to replace the country's democracy with a single-party authoritarian system.

Accompanied by close advisers and state media, Maduro voted at 6:05 a.m. local time, far earlier and less publicly than in previous elections. The run-up to Sunday's vote has been marked by months of clashes between protesters and the government, including the fatal shooting of a 61-year-old nurse by men accused of being pro-government paramilitaries during a protest this month at a church a few hundred feet from the school where Maduro voted.

"We've stoically withstood the terrorist, criminal violence," Maduro said. "Hopefully the world will respectfully extend its arms toward our country."

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The Latest: EU concerned for future of Venezuelan democracy - ABC News

Summary: The EU sent a letter to Poland that it would start an infringement procedure against the country for its proposed changes to the judicial system.

On Saturday, the European Unions Commission started an infringement procedure against Poland for the countrys alleged attempts to undermine judges independence. According toReuters,the EU has given Poland one month to respond.

EU commissioners started the legal action after Poland published a law on Friday that affected the organization of its court system. The EU said that the laws were discriminatory to women and gave too much discretionary power to one leader.

The EU voiced concern that Polands minister of justice was allowed to prolong judge mandates and that he could dismiss and appoint court presidents at his discretion. The EU was also concerned that Poland had different retirement ages for men and women60 for female judges and 65 for male judges.

The new rules allow the minister of justice to exert influence on individual ordinary judges through, in particular, the vague criteria for the prolongation of their mandates thereby undermining the principle of irremovability of judges, the EU Commission said in a statement to

In response to the infringement procedure, Polish Deputy Foreign Minister Konrad Szymanski said to state news that Polish court presidents mostly perform administrative duties only. He added that the new laws on the retirement of judges was created to match another law about retirement age that will be implemented in October.

The head of the Polish presidents office,Krzysztof Szczerski, said that the laws the countrys internal organization works there and is misunderstood by the EU.

The way the justice system is organized is an internal matter of every state and that is why it differs so much across the EU, Szczerski said.

Poland said that the EUs objections to their new bill wasblackmail but that Warsaw was open to resolving the dispute with open dialogue. European Commission Vice President Frans Timmermans said on Friday that the organization wanted to invite Poland representatives to Brussels in order to relaunch dialogue.

The European Commissions decision followed a week of street protests in the country against the ruling conservatives decision to change the judicial system. The new government has overall been polarizing to the peoplesome want the country to retain their democratic processes and others want the government to have more control over matters

There was something different about the governments latest moves that stirred Poles to protest, The New York Timessaid. Many here perceived the attempt to undercut the independence of the judiciary as a far broader and more fundamental threat to their freedoms than anything the government had tried before.

In addition to the European Unions objection to the new Polish law,Czech jurists, human rights groups, and the American Bar Association have also been outspoken in their criticism.

Source:Reuters

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European Union Launches Legal Action Against Poland - JDJournal.com

The European Union is considering measures that allow freezing of bank accounts to prevent the institutions from failing. Read more...

Bitcoin emerged as a powerful tool following the economic crisis in 2009, which was driven by poor planning and investment decisions by the US banking sector. There have been numerous instances across the world where economic mismanagement and political apathy towards development have caused hardships to the citizens of various nations.

The excessive reliance on conventional monetary systems has got people to a point where their own money is at the mercy of banking institutions and governments. The European Union is presently deliberating on a policy that could spell further hardships to the people and business entities in the region.

According to reports, the EU is considering certain measures to freeze the accounts held by people, preventing them from withdrawing their own money from ailing banks. The measure, which could potentially recreate a scenario similar to the one faced by the Greeks in the recent years is a cause of concern for the general public.

Given the current health status of many banks in the European Union, there is a high probability of such a measure, if passed will witness implementations much sooner than later.

These measures, proposed by the Estonian presidency of the European Union creates a sense of urgency among the people to find alternative solutions which could save them from the eventual hardships. In the present scenario, people looking for alternative solutions are faced with two options. They have to choose between holding cash reserves or investing money into cryptocurrencies like Bitcoin.

Bitcoin has proven itself to be a disruptive force that is capable of helping people maintain financial independence. The decentralized nature of cryptocurrencies ensures that there is no authority or middlemen who could interfere with an individuals financial decisions or deprive them of hard-earned money.

While there is still no confirmation on whether all the EU nations will agree to such a reform, which could further erode trust in conventional banking, it is definitely a wakeup call for people to start exploring other options.

If the European Union nations decide to go ahead with the adoption of such a policy, the cryptocurrency market could potentially witness an increase in demand for digital currencies.

On the bright side, the value of Bitcoin, Ethereum and other popular cryptocurrencies could soar, making the investors a happy lot.

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European Union's Account Freeze Measure Helps Realize the Importance of Bitcoin - newsBTC