Financial Markets and Institutions




Financial Markets
February 2011 - October 2014


Financial Markets
January 2012 - December 2013


EU Foreign Policy, Financial Markets
November 2009 - September 2013


Economic Policy, Energy, Financial Markets, Justice and Home Affairs
March 2010 - February 2013


Financial Markets
February 2011 - January 2013


Financial Markets and Institutions


In the area of financial markets and institutions, CEPS runs one research unit and two independent research institutes:

  • The Financial Institutions and Prudential Policy Unit (FIPP, since 2006)
  • The European Capital Markets Institute (ECMI, since July 2005)
  • The European Credit Research Institute (ECRI, since 1999)

They aim at analyzing European financial market integration and at recommending steps to be taken to overcome hurdles to more integration, which is a key in the Europe 2020 Agenda. Since August 2007, the unit has been active in exploring the causes, the consequences and the remedies of the financial crisis.

CEPS also participates in the European Shadow Financial Regulatory Committee, a group of  independent experts in banking, finance and the regulation of financial institutions and markets.

Research team

  • Karel Lannoo (Senior Fellow and CEO of CEPS)
  • Dr. Rym Ayadi (Senior Fellow and Head of Unit) and Willem Pieter de Groen (Research Fellow).
  • Dr. Sylvain Bouyon (Fellow and Head) at ECRI.
  • Dr. Diego Valiante (Fellow and Head), Cosmina Amariei (Research Assistant), Jan-Martie Frie (Research Assistant) at ECMI.
Research update

To learn more about our current and recent research projects, task forces, events and publications, please download our latest 'update' (click below to download PDF):

  Access our research

Please click in one of the following categories to access our research (click to follow the links below):

  • Financial Institutions and Prudential Policy - FIPP is the CEPS unit focused on the regulation and supervision of financial institutions and financial stability; the size, diversity, corporate governance and innovation of the financial sector in Europe; the internal market for financial services; and the position of small/regional/international financial centres in a global world. The unit is expanding its outreach to analyze global dimensions including Asia and the Mediterranean region. 
  • European Capital Markets Institute - ECMI conducts original research informing policy on European capital markets. Through its various activities, events and task forces, ECMI acts as a focal point for interaction between market participants, policy-makers and academics. Publications include regular commentary, policy briefs, statistics and in-depth reports, supported by an excellent academic committee.
  • European Credit Research Institute - ECRI provides in-depth analysis and insight into the structure, evolution and regulation of retail financial services markets in Europe. Through its research activities, publications and conferences, ECRI keeps its members and the wider public up-to-date on topics such as retail financial services regulation, credit reporting and consumer protection at the European level. 
  • European Shadow Financial Regulatory Committee - ESFRC is a group of high level experts following and analysing critically the existing and evolving regulatory framework for financial institutions and markets. 
  External advisory roles
  • Insolvency Law Group for Experts (ILEG): Dr. Rym Ayadi has been nominated to serve as an expert member of the ILEG expert group set in April 2010 by the European Commission for advice in the field of re-organisation, resolution and insolvency law of banks.
  • European Insurance and Reinsurance Stakeholders Group: Dr. Rym Ayadi has been nominated to serve as an expert member of the European Insurance and Reinsurance Stakeholders Group set in March 2011 to advise the European Insurance and Reinsurance Supervisory Authority.
  • European Parliament: Dr. Rym Ayadi is advising the European Parliament (S&D group) on the new Basel regulation and crisis management framework since February 2010.
  • European Commission: Dr. Rym Ayadi is expert member of the Working party on Euro-Mediterranean industrial cooperation for advice on the future of SME development in the region.
  • OECD: Dr. Rym Ayadi is expert member of the MENA-OECD working group on SME policy, entrepreneurship and human capital development for advice on access to finance to SMEs.
  • United Nations: Dr. Rym Ayadi is expert member of the Intergovernmental committee of experts (Comité intergouvernemental d’experts-CIE) - United Nations - Economic Commission for Africa - Office North Africa for advice on policies to promote development finance.