Staying ahead of the curve
A comprehensive review of the financial services landscape is necessary for the EU to address structural inefficiencies, ensure market dynamism and support long-term economic growth. The report emphasises that while Europe’s financial system has expanded in size and complexity, and there have been efforts to diversify and integrate financial markets, progress remains uneven, with fragmented […]
Why we need to rewire Europe’s financial sector – to end fragmentation and bolster integration
If Europe wants to stay ahead of the curve and be able to follow – and eventually lead – its international counterparts, the new European Commission should have a focused agenda that balances regulatory simplicity with forward-looking strategies. This is particularly the case in capital market integration, bank competitiveness, digital finance and sustainability. Over the […]
The future of derivatives clearing – finding the right balance between efficiency and resilience?
Whereas EMIR 3.0’s main focus was geared towards the Active Account Requirement and whether or not to centralise the supervision of EU CCPs with the European Securities and Markets Authority (ESMA), regulators and market participants would be ill-advised to let discussions over third-country CCP equivalence issues and supervision of CCPs distract them from other important […]
Disclosure, inducements, and suitability rules for retail investors study
Financial markets, within and beyond the EU internal market, are characterised by their complexity. Consequently, the risk is that consumers make decisions that go against their interests as (potential) private buyers. Instead, their decisions could benefit the suppliers or intermediaries involved in the sale of financial products. Product diversity and how products are presented make […]
Economic Governance Review: What rules for the post-pandemic environment?
The European Commission has re-launched the Review of the EU Economic Governance Framework, which was suspended after the outbreak of Covid-19. There are major questions to be answered about the future of the fiscal rules and wider governance. Many proposals to revamp the EU Fiscal Governance Framework have been put forward. Many of them […]
How crisis-proof are financial market infrastructures?
The pandemic has caused unprecedented volatility in the financial markets. The corporate sector has been hit by supply disruptions and weak demand. Amid such turbulence, providers of infrastructure services for financial markets, such as exchanges, clearinghouses, trade depositories and custodians, financial data, and technology providers, are vital to providing robust and stable platforms and operations […]
The New Industrial Strategy for Europe
Faced with the prospect of a long-lasting and traumatic Covid-19 pandemic, we at CEPS decided to step up our efforts to support the work of EU institutions in the development of an industrial strategy fit for a brighter future. We started to advertise an ambitious work programme in early summer 2020, and officially launched the Task […]