Search

You searched for: Content Type Policy Brief Remove constraint Content Type: Policy Brief Publishing Institution Centre for European Policy Studies Remove constraint Publishing Institution: Centre for European Policy Studies Political Geography Europe Remove constraint Political Geography: Europe Topic Financial Crisis Remove constraint Topic: Financial Crisis
Number of results to display per page

Search Results

  • Author: Karel Lannoo
  • Publication Date: 01-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Since 2003, the EU and the US have conducted a vibrant regulatory dialogue on financial regulation, but domestic priorities seem to have taken precedence in response to the financial crisis. This paper compares the institutional and regulatory changes occurring on both sides of the Atlantic. On the institutional side, it compares macro- and micro-prudential reforms. On the regulatory side, it compares four key areas: bank capital requirements, reform of the OTC derivative markets, and the regulation of credit ratings agencies and hedge funds. It concludes by highlighting certain implications for the regulatory dialogue.
  • Topic: Economics, Monetary Policy, Financial Crisis
  • Political Geography: United States, Europe
  • Author: Karel Lannoo
  • Publication Date: 07-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Meeting Europe's 2020 objectives of smart, sustainable and inclusive growth is even more of a challenge for the financial sector than for the EU as a whole. Smart, sustainable and inclusive growth is just the opposite of what the financial sector stood for, and how it continues to be perceived by the public. The huge regulatory agenda that is on the table should tame the financial sector, but whether it will help it to meet the Europe 2020 objectives is an open question (see European Commission, 2010a).
  • Topic: International Trade and Finance, Markets, Regional Cooperation, Financial Crisis
  • Political Geography: Europe
  • Author: H. Onno Ruding
  • Publication Date: 05-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Financial reform is needed now in the EU not only to reduce the likelihood of another financial crisis in the coming years but also to reinforce the internal market. A primary financial as well as political goal should be to create a truly single market in Europe for financial services and institutions. The current state of affairs is, however, still too far removed from this goal.
  • Topic: Economics, Markets, Financial Crisis
  • Political Geography: Europe
  • Author: Daniel Gros, Thomas Mayer
  • Publication Date: 05-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The case of Greece has ushered in the second phase of the financial crisis, namely that of sovereign default. Members of the euro area were supposed to be shielded from a financial market meltdown. But, after excess spending during the period of easy credit, several euro area members are now grappling with the implosion of credit-financed construction and consumption booms. Greece is the weakest of the weak links, given its high public debt (around 120% of GDP), compounded by a government budget deficit of almost 13% of GDP, a huge external deficit of 11% of GDP and the loss of credibility from its repeated cheating on budget reports.
  • Topic: Economics, Monetary Policy, Financial Crisis
  • Political Geography: Europe
  • Author: Karel Lannoo
  • Publication Date: 04-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The European asset management industry is feeling squeezed from all sides, as a result of growing prudential, product and conduct regulation. A new Directive, UCITS IV, has only just been enacted, and already new challenges are emerging in the regulation of hedge and venture capital funds, the review of the regulatory regime for depositaries (or financial custodians) and amendments to the MiFID Directive.2 In addition, a new European supervisory framework is in the making, which implies much stricter controls on enforcement. These changes are taking place in the context of one of the largest declines suffered by the industry in the last two decades, from which many fund managers have not yet recovered. The era of light regulation is thus definitely over.
  • Topic: Markets, Monetary Policy, Financial Crisis
  • Political Geography: Europe
  • Author: Karel Lannoo
  • Publication Date: 10-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Credit rating agencies (CRAs) continue to find themselves in the eye of the storm. Despite having singled out the industry early on in the financial crisis as needing more regulation, policy-makers seem not to be reassured by the measures that have been adopted in the meantime, and want to go further. Faced with a rapid downgrading in ratings in the context of the sovereign debt crisis, European Commissioner Michel Barnier raised the possibility last May of creating a new EU-level rating agency that would specialise in sovereign debt.
  • Topic: Global Recession, Monetary Policy, Financial Crisis
  • Political Geography: Europe
  • Author: Daniel Gros, Cinzia Alcidi
  • Publication Date: 09-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: In June 2010, both the European Commission and the European Central Bank published documents containing ideas for enhancing European economic governance. Both proposals stress the need for stronger surveillance on a country-by-country basis and the effective enforcement of surveillance through incentives and a wider spectrum of sanctions.
  • Topic: Economics, Monetary Policy, Financial Crisis
  • Political Geography: Europe
  • Author: Francesco Paolo Mongelli
  • Publication Date: 12-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The headwinds facing the euro area are many and substantial: there is no pretence of denial. While most attention is correctly devoted to the size of rescue packages for some countries and the terms of crisis management and resolution mechanisms, we argue that these challenges must also be met from within the euro area. We are aided by a simple framework illustrating how the benefits the euro can generate depend on the degree of openness, flexibility and income correlation among euro area countries. Sharing the euro has steadily transformed euro area economies that are now deeply interconnected. This is generating largely benign effects that represent the intrinsic value of the euro area: it is a shared asset. Yet, such integration has provided the ground for the transmission of the sovereign crisis: through financial exposure, trade linkages and cross-country asset ownership.
  • Topic: Economics, Global Recession, Monetary Policy, Financial Crisis
  • Political Geography: Europe
  • Author: Christian Fahrholz, Cezary W√≥jcik
  • Publication Date: 11-2010
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Roger Ailes, a former advisor to Ronald Reagan, recalls in his book an intriguing practice of the ancient Romans: when they finished building a bridge or an arch, they enforced accountability by placing the engineer in charge beneath the construction when the scaffolding was removed. If the edifice did not hold, he was the first to know. We do not follow such drastic practices these days in Europe, but with some European economies shaking and the Greek sovereign debt crisis still not over, the architecture of the euro area has been certainly come under severe stress. Unfortunately, the 28-29 October 2010 European Council Summit has not made this architecture much safer.
  • Topic: Economics, Regional Cooperation, Monetary Policy, Financial Crisis
  • Political Geography: Europe
  • Author: Daniel Gros
  • Publication Date: 04-2008
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: For small financially active countries the exchange rate assumes particular importance, not only as a shock absorber, but potentially also as a source of shocks during financial market crises. This is very much in evidence today in the case of Iceland which is being hit hard by the recent turbulence in financial markets.
  • Topic: Economics, Financial Crisis
  • Political Geography: Europe