Banks’ Brexit plans still need work if they are going to be ready for the UK leaving the EU, according to a powerful member of the ECB. Sabine Lautenschlaeger, vice-chair of the board of the Single Supervisory Mechanism, said issues remain in preparations for both UK-based banks trying to access the EU and EU-based banks wanting to service clients in the UK. “My message to all affected banks is this: don’t procrastinate,” she said, speaking at a banking forum in Frankfurt. “No one will wait for you. When Brexit happens you will either be prepared, or not. I advise you to be prepared.” Source City AM
The US State Department on Tuesday called on Turkish authorities to cease immediately any “unlawful activities” in Cyprus’ territorial sea and remove its drillship, Yavuz. Source Ekathimerini
Taiwan’s export orders may have fallen 5.9% year on year in July, according to a survey, widening from June’s 4.5% decline. Source: Reuters
The Bundesbank has warned that a slump in the German economy could have continued over the summer. It cited the US-China trade war as one factor weighing on German exports. Source Deutsche Welle
