ECRI Policy Briefs

1 - 7 of 7
18 February 2014

European-wide data concerning both companies and households indicate that the credit rationing phenomenon, which has been predicted by theory, does in fact occur to a significant degree in the European credit market. Among SMEs, micro companies are most vulnerable and the current economic crisis has only made these concerns more pressing. Top-down use of the monetary transmission mechanism alone is insufficient to counter the problem. The other solution consists of a bottom-up, microeconomic stimulation of lending transactions, by focusing on collateral and guarantees.

06 December 2013

This paper sketches the main features and issues related to recent market developments in global transaction banking (GTB), particularly in trade finance, cash management and correspondent banking. It describes the basic functioning of the GTB, its interaction with global financial markets and related implications of global regulatory developments such as Basel III.

19 October 2011

The Payment Services Directive was intended to provide more price transparency for users and a level playing field for efficient competition among different payment services by decreasing the inhibiting effects of different legislation, cross-subsidisation and non-cost-based pricing. The European Commission, however, intended most of these effects to come about through market-led initiatives. In the run-up to the review of the Directive, Elina Pyykkö asks in this ECRI Policy Brief whether more could not be done to promote the use of efficient payment methods.

29 March 2011

With the financial crisis, citizens suddenly realized that different levels and forms of depositor protection co-existed in the EU, whereas they had been told for almost 20 years that a single market was in place. Current deposit insurance arrangements in Europe need to be changed, as they match neither market integration nor consumer expectations. But deposit insurance cannot be considered in isolation; it is part of the broader financial safety net and the crisis resolution tools for banks.

03 June 2008

This paper starts with a bird’s eye view of retail financial markets in the EU today and their degree of integration. It reviews the EU measures affecting retail financial markets and how rule-making has evolved over the last 15 years. A third section discusses issues raised by EU rule-making in retail financial markets and concludes with recommendations for policy.

08 June 2007

Two years of intensive negotiations have ended with the adoption of the Payment Services Directive by the European Parliament in the first reading, and the proposed legislation is due to be adopted shortly by the EU Council. Thus, the process to create an integrated single market in financial services is one step closer to implementation. This Policy Brief underlines the importance of this legislation for the efficient functioning of financial services as well as the creation of a level playing field for competitors in the market.