The new Basel Capital Accord and the EU’s Capital Adequacy Directive have sparked concerns that higher capital charges will further curb lending to SMEs. In this respect, the new regulatory banking framework could also worsen the effects of the long payment delays which typically undermine SMEs’ commercial transactions. In fact, cash imbalances due to late payments might cast additional doubt on small firms’ creditiworthiness and, as a consequence, hamper their access to credit.

The portability of pension rights across EU member states remains subject to a number of administrative, social and financial barriers. Incompatibility of pension schemes is a major headache for human resource managers throughout Europe and affects the mobility of the labour force. With financial support from the European Commission, CEPS organised an exploratory workshop in 2003 to stimulate discussion among experts, formulate proposals for legislative action and establish a research agenda to influence progress on this important issue.

Proceedings of a CEPS-Sitra Network Meeting, CEPS, Brussels, 7-8 December 2001