Financial Markets


91 - 120 of 410
24 June 2011

With substantial contributions from ECRI Managing Director Karel Lannoo and Research Fellow Diego Valiante, a new report addresses the question of stewardship (or thoughtful ownership) in the UK and the European Union, after the financial crisis. Sponsored by the CFA Institute and the FGRE Foundation for Governance Research and Education and written in cooperation with ECMI, this report considers the potential inadequacy of stewardship by the investment industry and the degree of integration of corporate governance analysis in the investment process.

01 June 2011

The sharp and widespread increase in most commodity prices has alarmed the world and raised questions around the sustainability of our economies. As shown in this ECMI Commentary, the reasons for this dramatic rise are multiple, and engaging in a witch-hunt benefits neither the market as a whole nor our economies. Solutions need to be more differentiated and oriented towards two factors: preventing price manipulation (through controls on net positions and on anti-competitive market structures) and fostering sustainability.

31 May 2011

This ECRI Commentary takes a closer look at the mortgage situation of households in Portugal, Italy, Ireland, Greece and Spain – countries whose economic condition have been under the magnifying glass throughout the eurozone debt crisis. The credit markets in these countries have witnessed fast-paced development, with the credit extended to households having increased considerably during recent decades. What will be the impact on average citizens when they start to feel their belts tightened as a result of their government’s insolvency or liquidity problems?

20 April 2011

Two years after the London G-20, CEPS Chief Executive Karel Lannoo finds that the EU is well advanced in delivering on the commitments made for the 2013 target date. Important steps have been taken on the institutional side, and regulatory changes are moving ahead. On some issues, in fact, such as remuneration, the EU has made even greater headway than the US. But certain key sensitive matters remain, such as bank resolution or structural changes.

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.

10 March 2011

The financial crisis has damaged consumer confidence in the financial services market. Trillions of euro in losses and government bail-outs have partially been borne by taxpayers, small investors and retail customers in several member states. Against this background, this new book by CEPS Senior Fellow Rym Ayadi argues that European policy-makers ought to rethink their approach to financial market integration in order to continue the construction of the internal market for retail financial services.

18 February 2011

In a context of growing uncertainty about the future of Europe's capital markets, the review of a fundamental piece of legislation such as the Markets in Financial Instruments Directive (MiFID) offers a significant opportunity to strengthen the role of the internal market and to regain investors' confidence, which has been so badly shaken by the financial crisis. MiFID has unquestionably changed the landscape of European (secondary) capital markets: leading to a more competitive environment, huge investments in technologies and greater investor protection.

10 February 2011

In this new Commentary, CEPS Chief Executive Karel Lannoo surveys the radical shift in bank capital requirements confirmed by the new Basel III Accord, with its focus on more and better quality capital, especially for the large banks. He finds, however, that the new framework is becoming very complex, and asks the big question that emerges: how does one determine when a bank is effectively Basel III-compliant, as some will soon start to claim.

04 February 2011

This report summarises the main results of a survey conducted by the European Capital Markets Institute (ECMI) during the period December 2009 - July 2010. The survey aims to investigate the actual implementation of the Markets in Financial Instruments Directive (MiFID), two years after it came into force. A general finding of this survey is that MiFID rules have had a positive impact, in particular, through fostering a more competitive environment, which has promoted, inter alia, cuts in trading fees and massive investment in technologies and infrastructure.

14 January 2011

Credit referencing occurs in many countries of the world with a primary purpose of collecting and providing information to help lenders make better decisions. However, there are many different models ranging from highly comprehensive databases of wide ranging information in the most advanced markets; to more basic registers of unpaid debts in more recently created registers.

16 December 2010

On 11 November 2010, the European Parliament approved the Alternative Investment Fund Managers (AIFM) Directive, which enters into force next year. Among the more controversial aspects of this piece of legislation are the rules applicable to third country managers and funds. This Commentary attempts to present the third country rules in an accessible manner for non-specialists and to critically discuss these rules. An Annex is provided to guide the reader through the numerous provisions and the different phases that will follow after the Directive enters into force.

01 November 2010

This article explores the limitations of the provision of deposit insurance in the European Union and assesses the revisions to the Directive on deposit guarantee schemes, as well as the need for further reform in the light of the financial crisis. The authors endorse a move towards a more effective European-wide institutional arrangement in line with a move towards a greater degree of pan-European supervision.

29 October 2010

This CEPS Task Force report analyses, from different perspectives, the huge amounts of aid that were given to the financial sector in the EU in response to the financial crisis. It finds that that there are vast differences in the way member states have offered and implemented aid to the financial sector, calling into question the coherence of the single market. It also discusses the approach followed by the European Commission on the basis of the competences foreseen in the EU Treaty and poses some alternative options.

25 October 2010

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18 October 2010

Drawing on the findings of a major research project investigating the relative contribution of ‘stakeholder value’ vs ‘shareholder value’ institutions to the economy, CEPS Senior Fellow Rym Ayadi argues, in a new CEPS Commentary, on behalf of the merits of diversity in banking models.

18 October 2010

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

18 October 2010

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

18 October 2010

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

13 October 2010

Despite having singled out credit rating agencies (CRAs) early on in the financial crisis as needing more regulation, policy-makers in the EU seem not to be reassured by the measures that have been adopted in the meantime, and want to go further. This paper starts with an overview of the credit rating industry today. The second section analyses the use of credit ratings and shows how the authorities have created a captive or artificial market for CRAs. Section 3 reviews the new EU CRA regulation and its possible impact, and the final section compares proposals for regulatory reform.

27 September 2010

This Commentary by two researchers with the European Capital Markets Institute (ECMI) reports on the latest state of play in the negotiations over the Alternative Investment Fund Managers Directive (AIFMD), an important body of EU legislation aimed at ensuring financial stability and greater transparency in areas that have so far mostly gone unregulated.

14 September 2010

This book investigates the merits of a diverse banking system with a special focus on the performance and role of cooperative banks in seven European countries where they are prominent (Austria, Finland, France, Germany, Italy, the Netherlands and Spain). The theoretical and empirical arguments that are developed in this book tend to support the view that it is economically beneficial to have stakeholder-value banks with a dual bottom-line function, such as cooperative banks.

13 August 2010

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 2010

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.

30 July 2010

In this commentary, CEPS CEO Karel Lannoo argues that the stress test recently conducted on 91 European banks had shortcomings with regard to its scope, indicators, and methodology, but he salutes it as the setting of a precedent which will encourage further integration of the European system of financial supervision.

09 July 2010

Europe’s 2020 strategy calls for “smart, sustainable and inclusive growth”, but ironically, these qualities are just the opposite of what the financial sector has stood for in the EU, and how it continues to be perceived by the public. According to CEPS Chief Executive Karel Lannoo, the huge regulatory agenda that is on the table should be able to help tame the financial sector, but whether it will help it to meet the Europe 2020 objectives is an open question.

21 June 2010

While acknowledging that the sustainability of sovereign debt is a serious issue that must be confronted, this EuropEos Commentary finds that financial markets have blown the problem completely out of proportion, leading to a full-scale confidence crisis. The authors present evidence suggesting that politicians’ public disagreements and careless statements at critical junctures may have added oil to incipient fire.

20 May 2010

This book is a Spanish translation of a major study conducted by CEPS in 2008, with the aim of investigating the merits of a diverse banking system with a special focus on the performance and role of savings banks in selected European countries where they are still prominent (Austria, Germany and Spain) and where they have progressively disappeared (Belgium and Italy). The theoretical and empirical arguments that are developed in this book tend to support the view that it is economically and socially beneficial to have ‘dual bottom-line’ institutions, such as savings banks.

17 May 2010

In this EuropEos Commentary, Stefano Micossi reviews recent efforts to build a stronger and more coherent regulatory system for financial markets and finds the idea of a resolution fund at best a distraction, and at worst a harbinger of renewed financial instability.

Stefano Micossi is Director General of Assonime and a member of the CEPS Board of Directors.
 

06 May 2010

This Commentary warns that a self-defeating deflationary dynamics threatens to envelop the whole eurozone, in which the austerity being imposed by financial markets today makes recovery more difficult, thereby also making it harder to correct government deficits and debts. In the author’s view, this process can only be stopped by agreeing quickly on mutual financial support.
Paul De Grauwe is Professor of Economics at the Faculty of Business Economics at the University of Leuven and Senior Associate Research Fellow at CEPS.