Financial Markets


61 - 90 of 442
26 February 2013

Casual observation shows that that the financial systems in the southern and eastern Mediterranean are unable (or unwilling) to divert the financial resources that are available to them as funding opportunities to private enterprises. Using a sample of northern and southern Mediterranean countries for the years 1985 to 2009, this study empirically assesses the reasons underlying such conditions.

11 December 2012

Takeovers are one-off events, altering control and strategy within an organisation. But the chances of becoming the target of a bid, even where remote, daily influence corporate decision-making. Takeover rules are therefore central to company law and the balance of power among managers, shareholders and stakeholders alike. This study analyses the corporate governance drivers underpinning takeover bid regulations and assesses the implementation of the EU Directive on takeover bids and compares it with the legal framework of nine other major jurisdictions, including the US.

30 November 2012

Although views differ on the precise contents and timing of a genuine banking union, there is wide political agreement in principle on the need for three basic and vital elements: European bank supervision, a European deposit guarantee scheme (DGS) and a European bank resolution mechanism. In this CEPS Essay, H. Onno Ruding offers his personal views on the progress achieved to date, the outstanding issues that will prove the most difficult to resolve and recommendations on the way forward.

29 November 2012

CEPS Senior Fellow Rym Ayadi contributed a chapter entitled “On the Role of the Basel Committee, the Basel Rules, and Banks’ Incentives” in the comprehensive Handbook of Safeguarding Global Financial Stability, edited by Gerard Caprio. The book explores the many forms of political and social forces exerting pressure on the globalised economy, from formal and informal policies to financial theories and technical models.

22 November 2012

The second-dip recession in Europe’s periphery has created a poisonous mix, which risks threatening further the financial system and the economy. Against this background, this ECRI Commentary argues that time matters in the household deleveraging cycle and that a swift recovery is one of its most vital parts. The paper also assesses the extent to which self-feeding phenomena related to household debt have already materialised and evaluates the risks for countries that have so far been spared their full effects.

16 November 2012

The Data Protection Regulation proposed by the European Commission contains important elements to facilitate and secure personal data flows within the Single Market. A harmonised level of protection of individual data is an important objective and all stakeholders have generally welcomed this basic principle. However, when putting the regulation proposal in the complex context in which it is to be implemented, some important issues are revealed. The proposal dictates how data is to be used, regardless of the operational context.

08 November 2012

After more than a decade of indecision, the EU is finally now set to implement a consistent regulatory architecture for clearing and settlement. Following the agreement on a European market infrastructure Regulation (EMIR), the European Commission has proposed harmonised rules for centralised settlement depositaries (CSDs), while the European Central Bank is moving forward with its plans for a central eurozone settlement engine.

04 October 2012

The ECMI Statistical Package represents a comprehensive collection of relevant data on the dynamics of various segments of the European capital markets, complete with graphical representations and explanatory commentary. It enables users to trace trends in European and global capital markets, so as to highlight their ongoing transformation through structural changes brought about by competitive forces, innovation, regulation or broader policy initiatives.

04 October 2012

The ECMI Statistical Package represents a comprehensive collection of relevant data on the dynamics of various segments of the European capital markets, complete with graphical representations and explanatory commentary. It enables users to trace trends in European and global capital markets, so as to highlight their ongoing transformation through structural changes brought about by competitive forces, innovation, regulation or broader policy initiatives.

04 October 2012

The ECMI Statistical Package represents a comprehensive collection of relevant data on the dynamics of various segments of the European capital markets, complete with graphical representations and explanatory commentary. It enables users to trace trends in European and global capital markets, so as to highlight their ongoing transformation through structural changes brought about by competitive forces, innovation, regulation or broader policy initiatives.

13 August 2012

The ECRI Statistical Package on Lending to Households in Europe is a collection of data on lending to households, including consumer credit, housing and other loans, in Europe, covering 38 countries: the 27 EU member states, three EU candidate countries (Croatia, Turkey and the Former Yugoslav Republic of Macedonia), the EFTA countries (Iceland, Liechtenstein, Norway and Switzerland) as well as four additional key global economies (the United States, Australia, Canada and Japan).

13 August 2012

The ECRI Statistical Package on Consumer Credit in Europe is a collection of data on consumer credit, covering 38 countries: the 27 EU member states, three EU candidate countries (Croatia, Turkey and the Former Yugoslav Republic of Macedonia), the EFTA countries (Iceland, Liechtenstein, Norway and Switzerland) as well as four additional key global economies (the United States, Australia, Canada and Japan). Its purpose is to provide reliable statistical information allowing users to make meaningful comparisons between these countries.

07 August 2012

These Key Findings from the ECRI 2012 Statistical Package reveal that after a slender recovery of retail credit in 2010, European households registered a downward adjustment of their stock of loans in 2011. The deleveraging remains uneven and is only loosely related to the overall indebtedness of households to GDP. Moreover, the Euro Area and the EU appear to be decoupling into two groups in this regard: the geographic core and the periphery. Peripheral countries generally shared a period of fast credit expansion during the pre-crisis period, followed by record levels of deleveraging.

19 July 2012

CEPS Senior Fellow Rym Ayadi and CEPS researchers Emrah Arbak and Willem Pieter De Groen contributed chapter 8 on “Executive Compensation and Risk-taking in European Banking” in a comprehensive volume entitled Research Handbook on International Banking and Governance. Edited by James R. Barth, Chen Lin and Clas Wihlborg and published by Edward Elgar Publishing, the book explores how regulation, legislation, politics and other factors influence the governance of financial institutions and their behavior in different dimensions.

06 July 2012

Unveiled by the European Commission on July 3rd, the proposed Regulation on key information documents (KID) for packaged retail investment products (PRIPs) represents a step forward in enhancing the protection of retail investors and advancing the single market for financial services.

02 July 2012

The euro area summit has managed to surprise the markets once again. By moving banking supervision of the eurozone to the European Central Bank, a huge step towards a more federal banking model has been taken, explains CEPS CEO Karel Lannoo in this new Commentary. But will this move be enough to re-establish confidence, bolster the euro interbank market and further financial integration?

Mobi format

26 June 2012

This Policy Brief provides a preliminary diagnosis of the proposed regulatory reforms contained in the Capital Requirements Directive and Regulation (CRD IV-CRR), which translate into EU law the Basel III standards adopted by the Basel Committee for Banking Supervision, and suggests avenues for improvement. The main criticism is that the proposal is not ambitious enough.

26 June 2012

Amidst talks of establishing an EU-wide banking union, the recent changes in the regulatory framework and the rethinking of the future of European banking structure, the future of EU bank regulation is inextricably linked to banks’ business models.

25 June 2012

October 2011 saw the latest draft of Solvency II, the European Union’s code for regulation of the insurance industry. This commentary, a collective effort by a group of academics specializing in financial, banking and insurance institutions, argues that the latest proposals need to be drafted again, urgently.

12 June 2012

In this new CEPS Commentary, Jacopo Carmassi, Carmine Di Noia and Stefano Micossi present a rationale and detailed outline for the creation of a banking union in Europe.

12 June 2012

As the banking crisis in the eurozone becomes even more acute, CEPS Chief Executive Karel Lannoo exhorts the EU to not lose further precious time in creating a fully functional bank union, which would entail three main steps: creating a single supervisory authority, a common deposit protection and a harmonised bank resolution and liquidation system.

24 May 2012

On 11-12 May 2011, SUERF, the Belgian Financial Forum, the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) jointly organised the 29th SUERF Colloquium on New Paradigms in Money and Finance. The papers included in this SUERF study are based on contributions to the Colloquium. The 2008-11 financial crisis has demonstrated unsatisfactory performance in financial institutions and in financial regulation and supervision all over the world.

11 May 2012

A new CEPS Commentary finds that the European Commission's proposals for ensuring prudential supervision of the banking sector in the EU, currently under consideration in the ECFIN Council, leave much to be desired. The author, Karel Lannoo, is CEO of CEPS and head of the Financial Markets research unit.

10 May 2012

One of many uncertainties still hanging over Europe’s economic recovery in the hostile post-crisis economic environment is how the household sector will cope with the debt reduction being sought. As a decade-long trend of generous credit expansion goes into reverse, deleveraging in the household sector moves forward, but the trend is far from homogeneous across nations. It is expected that household deleveraging will take time and that it will require continued policy support to prevent an abrupt retrenchment from debt, which could obstruct countries’ recovery.

19 April 2012

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10 April 2012

This MEDPRO Technical Report shows that the monetary and exchange rate policies conducted by central banks in the south Mediterranean region display apparent homogeneity in their operational frameworks, albeit with some specificities and differing degrees of advancement.

04 April 2012

As discussions around the revision of MiFID are heating up, this paper tries to set a new regulatory and institutional framework for multilateral and bilateral execution mechanisms of complex financial instruments, such as over-the-counter derivatives and fixed income products. The author argues that the current MiFID framework is equipped to capture a great deal of multilateral derivatives and fixed income trading, but the Directive fails to provide a complete definition of bilateral execution mechanisms and has narrowed it to mainly own account trading (e.g. systematic internaliser).

29 March 2012

This MEDPRO Technical Report confirms the importance of commercial openness and macroeconomic performance (i.e. the control of inflation and stability of current account balance and exchange rate) on growth dynamics in the south Mediterranean countries. In particular, the positive impact of capital account liberalisation is conditioned by the imperative reinforcement of institutional quality, country risk reduction, and government stability.

13 March 2012

Credit reporting addresses the fundamental problem of credit markets: information asymmetry between borrowers and lenders. By providing an efficient mechanism for evaluating risk, accurate credit information enables credit markets to function more effectively and at a lower cost than would otherwise be possible. Regulators and financial market actors therefore increasingly recognise the value of credit-reporting systems for the improved management of credit risk and as a tool to enhance access to credit, thereby contributing to sustainable economic growth and financial sector stability.

27 February 2012

Updated May 2012 and reposted: In 2011, an EU legislative package on market abuse was proposed, which comprises two sets of documents: 1) a draft Regulation that will largely replace the existing Market Abuse Directive (MAD) and the level 2 measures; and a new Directive dealing with criminal sanctions. Market abuse rules are needed to ensure market integrity and investor confidence, and to allow companies to raise capital and contribute to economic growth, thereby increasing employment.