Centre for European Policy Studies

Displaying 1-38 of 38 results

  • White Papers // May 2011

    Innovative Approaches To EU Blending Mechanisms For Development Finance

    The European Union is strongly committed to fulfilling the Aid Effectiveness goals of the Paris Declaration and the Accra Agenda for Action, as well as the European Code of Conduct on Division of Labour in Development Policy. Towards this end, the European Commission, with the participation of many EU member...

    Provided By Centre for European Policy Studies

  • White Papers // Apr 2011

    The EU's Response To The Financial Crisis: A Mid-Term Review

    Two years after the London G-20, the EU is making good progress in delivering upon the commitments undertaken to be implemented by the 2013 target date. Important steps have been taken on the institutional side, and regulatory changes are moving ahead. On some issues, such as remuneration, the EU has...

    Provided By Centre for European Policy Studies

  • White Papers // Mar 2011

    Financial Stability: 'Collective Responsibility' Will Not Work

    Is the 'Euro crisis' closer to a resolution? Europe's leaders have promised to find by the end of this month a comprehensive package, not only to end this crisis, but also to preserve the stability of the euro for the future. Unfortunately they are unlikely to succeed because most of...

    Provided By Centre for European Policy Studies

  • White Papers // Feb 2011

    Debt Reduction Without Default?

    The EU resembles a group of highly interdependent companies with large cross-holdings of equity stakes. However, the formal structure of the group is very light. There is no central authority that can give orders to individual members of the group. When a subgroup of the EU member countries decided about...

    Provided By Centre for European Policy Studies

  • White Papers // Feb 2011

    Has The Financial Crisis Shattered Citizens' Trust In National And European Governmental Institutions?

    The financial crisis has differently affected trust in national and European governmental institutions. The authors' paper analyzes the determinants of trust in national and European institutions over the last decade - with particular focus on the 2007-09 period - and comes to the conclusion that citizens' declining trust in national...

    Provided By Centre for European Policy Studies

  • White Papers // Jan 2011

    Market Dynamics In Supply Chains: The Impact Of Globalization And Consolidation On Food Companies~ Mark-Ups

    This paper examines whether ownership and increased competitive pressure affect food retailers' market power, analysing whether all actors involved in the food supply chain deviate from the pricing behaviour that exists under perfect competition. A method proposed by Roeger (1995) is used to estimate price-cost margins, relaxing the assumptions of...

    Provided By Centre for European Policy Studies

  • White Papers // Dec 2010

    Third Country Rules For Alternative Investments: Passport Flexibility Comes At A Price

    On November 11th, the European Parliament approved the Alternative Investment Fund Managers (AIFM) Directive, which will enter into force next year.1 Among the more controversial aspects of this piece of legislation are the rules applicable to third country managers and funds. Now more than 50 pages in length, the rules...

    Provided By Centre for European Policy Studies

  • White Papers // Dec 2010

    The Seniority Conundrum: Bail Out Countries But Bail In Private, Short-Term Creditors?

    Despite its large size relative to the small Irish economy, last weekend's bailout is not working. Risk premiums continue to rise. This paper argues that part of the problem lies in a seemingly innocuous provision in the rescue facility that is to replace the current European Financial Stability Facility in...

    Provided By Centre for European Policy Studies

  • White Papers // Dec 2010

    Negotiating Around Tradeoffs: Alternative Institutional Designs For Climate Finance

    Securing a credible pool of climate finance is one of the lynchpins for successful negotiations in the climate regime. Several initiatives are already underway and more are being planned. However, existing mechanisms have failed to deliver the level of funding required for the task, even as developing countries have clearly...

    Provided By Centre for European Policy Studies

  • White Papers // Dec 2010

    The Transformational Impact Of EMU And The Global Financial Crisis

    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, the authors argue that these challenges must also be met...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2010

    Bank State Aid In The Financial Crisis: Fragmentation Or Level Playing Field?

    The financial crisis has posed an enormous challenge for the EU's state aid regime. Conceived to ensure a level playing field in the single market, the scheme also had to show that it could be adapted to exceptional circumstances. The size and nature of the aid, the number of the...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2010

    What Reforms For The Credit Rating Industry? A European Perspective

    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...

    Provided By Centre for European Policy Studies

  • White Papers // Sep 2010

    Where Does Europe Stand On The Regulation Of Alternative Investments? Dispelling Myths And Challenging Realities

    EU co-legislators are having a hard time agreeing on regulation for Alternative Investment Funds (AIFs). Following-up the G-20 commitments, the Commission's proposal - published in April last year - did not manage to convince Member States and Parliament. After long negotiations - chaired by two different presidencies - the compromise...

    Provided By Centre for European Policy Studies

  • White Papers // Sep 2010

    Has The Financial Crisis Spurred Demand For Stronger State Regulation?

    This paper analyses whether the financial crisis has affected citizens' confidence in the free market economy and whether it has triggered citizens' demand for a free market economy with stronger state regulations. Using panel data, the paper confirms that citizens' confidence levels in the free market economy have decreased in...

    Provided By Centre for European Policy Studies

  • White Papers // Jul 2010

    The Financial Crisis And Citizen Trust In The European Central Bank

    Trust in the ECB, as measured by the standard Eurobarometer (and other) surveys has fallen to an unprecedented low - especially in the larger euro area countries. The authors find that up to the start of the recession in 2008, trust in the ECB was little affected by business cycle...

    Provided By Centre for European Policy Studies

  • White Papers // Jul 2010

    Do The European Union's Bilateral Investment Treaties Matter? The Way Forward After Lisbon

    Several policy-relevant issues regarding the EU's Bilateral Investment Treaties (BITs) are addressed in this paper. First and foremost, the authors explore the question of whether EU's BITs have a significantly positive impact on outflows or not. Second, they ask the question which member states and which BIT partners have had...

    Provided By Centre for European Policy Studies

  • White Papers // Jul 2010

    Europe 2020 And The Financial System: Smaller Is Beautiful

    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...

    Provided By Centre for European Policy Studies

  • White Papers // May 2010

    Is Financial Failure An Option In The EU?

    The euro area confronts a fundamental crisis. The European Council of Ministers had to promise hundreds of billions of euros to its financially imperiled member countries, even though the European economy as a whole is not really in crisis. On the contrary, most surveys and hard economic indicators point to...

    Provided By Centre for European Policy Studies

  • White Papers // May 2010

    Financial Stability Beyond Greece: Making The Most Of The European Stabilisation Mechanism

    In his seminal work on international financial crises, Larry Summers wrote that policy-makers facing a crisis tend to go through a process reminiscent of the five stages of grief. The process starts with denial that a crisis could be taking place. This is followed by anger, with a tendency to...

    Provided By Centre for European Policy Studies

  • White Papers // May 2010

    When Financial Markets Force Too Much Austerity

    After the eruption of the financial crisis, there was a general consensus that financial markets and rating agencies had singularly failed in giving the right incentives to investors and borrowers. Prior to the crisis, financial markets created a belief that asset prices would grow indefinitely and that risks were low....

    Provided By Centre for European Policy Studies

  • White Papers // May 2010

    From National To European Regulation: Towards European Financial Supervisory Authorities

    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...

    Provided By Centre for European Policy Studies

  • White Papers // Mar 2010

    Overcoming Too-Big-To-Fail A Regulatory Framework To Limit Moral Hazard And Free Riding In The Financial Sector

    As the financial crisis subsides, the new regulatory structure for the financial system is starting to take shape, with a number of legislative proposals already tabled, and even approved, in the United States, the European Union and the United Kingdom - the latter of which is once again showing its...

    Provided By Centre for European Policy Studies

  • White Papers // Jan 2010

    Comparing EU And US Responses To The Financial Crisis

    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...

    Provided By Centre for European Policy Studies

  • White Papers // Nov 2009

    Who Can Be Trusted After The Financial Crisis?

    The financial crisis has severely damaged citizens' trust in public institutions, especially the confidence that European citizens invest in the European institutions. Eurobarometer surveys show, for example, that confidence in the European Central Bank reached an historical low at the peak of the crisis during the first months of 2009....

    Provided By Centre for European Policy Studies

  • White Papers // Sep 2009

    Concrete Steps Towards More Integrated Financial Oversight: The EU's Policy Response To The Crisis

    Aquantum step needs to be taken to upgrade and adapt the structure of financial oversight in the EU. The financial crisis exposed dangerous weaknesses in the regulatory and oversight structure that need to be urgently corrected to restore confidence in the financial system and to keep the single market alive....

    Provided By Centre for European Policy Studies

  • White Papers // Jul 2009

    The Effects Of The Financial Crisis On Systemic Trust

    The financial crisis had a significant impact on the levels of trust that citizens place in the system and its institutions. Recent data from Eurobarometer show a significant fall in confidence on the part of European citizens in the EU's institutions. For the first time since its creation, a majority...

    Provided By Centre for European Policy Studies

  • White Papers // Jul 2009

    Consumer Bankruptcy Regimes And Credit Default In The US And Europe: A Comparative Study

    This CEPS Working Document explains the consumer bankruptcy procedures in the US and the five largest European countries: the UK, Germany, France and Spain, plus Italy (which has no special legal provisions for consumer insolvency). All these countries have quite different approaches; the paper therefore presents a short overview of...

    Provided By Centre for European Policy Studies

  • White Papers // Jun 2009

    The Financing Of The Global Energy Efficiency And Renewable Energy Fund (GEEREF)

    In an effort to address the financing gap for clean energy projects in developing countries, the Global Energy Efficiency and Renewable Energy Fund (GEEREF) was set up in late 2008 as an innovative financing instrument aimed at leveraging private investments with public funds. The purpose of this CEPS Policy Brief...

    Provided By Centre for European Policy Studies

  • White Papers // Mar 2009

    The Strategic Consequences Of The Global Financial And Economic Crisis

    This 31st session of the European Security Forum on the strategic consequences of the global economic and financial crisis took place on 20 February 2009, at a time when the crisis seemed still to be deepening. The graphs of industrial production and global trade looked as if the world economy...

    Provided By Centre for European Policy Studies

  • White Papers // Feb 2009

    Collapse In Eastern Europe? The Rationale For A European Financial Stability Fund

    As if core Europe did not have enough problems of its own, a new threat has arisen: the collapse of the European periphery. The deteriorating foreign exchange and financial conditions of satellite countries in the euro area - from the Baltic region, to Eastern Europe, Turkey and Ukraine, not to...

    Provided By Centre for European Policy Studies

  • White Papers // Jan 2009

    Warning: Rating Agencies May Be Harmful To Your (Financial) Health

    Standard & Poor's has downgraded Greece, Portugal and Spain and has warned Ireland that it might suffer a similar fate. Do I hear this right? Is S&P still in the business of producing risk analyses? Should the rating agencies not have gone out of business after they told us for...

    Provided By Centre for European Policy Studies

  • White Papers // Dec 2008

    Financing Mitigation And Adaptation: Where Should The Funds Come From And How Should They Be Delivered?

    The additional funding for mitigation and adaptation will most likely come from private investments on the condition that domestic policies and policies succeed in shifting investment flows. A robust global carbon price signal is a necessary condition but not sufficient, however. Sufficient conditions include efficient and liquid global capital markets...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2008

    A Call For A European Financial Stability Fund

    Why is the euro plunging against the dollar and the yen? Why are European banks coming under renewed pressure? Should the emerging financial and foreign exchange crisis of countries gravitating around the euro lead to new EU policy instrument? The euro is plunging against the dollar because investors, in their...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2008

    Climate Change Policy After The Financial Crisis: The Latest Excuse For A New Round Of State Aid?

    The financial crisis has called into question the basic assumptions on the future course of many policies. This is no different for climate change. Increasingly people ask how the financial crisis will impact future climate change policy. While intuitively many assume that a recession will reduce the ambition of EU...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2008

    What Next For Europe's Financial Markets?

    What began as a 'Subprime' crisis in the US has clearly mutated into a crisis of financial markets around the globe. Why did this happen? The answer lies in the evolution of the European banking market since the introduction of the euro. A small number of banks grew into large,...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2008

    Financing Climate Change Bailing Out The Environment In The Long-Term May Be Just As Important As Bailing Out Financial Markets Now

    In response to the current financial crisis, the US Congress reached agreement last week over a $700 billion (?492 billion) state fund to buy 'Bad' banking debts - so-called 'Toxic assets' - with the aim of restoring the strength of the financial system. In total, US government support to the...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2008

    Financing Adaptation To Climate Change: Issues And Priorities

    The Bali Action Plan, agreed in December 2007, launched a comprehensive process to enable the full, effective and sustained implementation of the United Nations Framework Convention on Climate Change (UNFCCC) through long-term cooperative action, now, up to and beyond 2012, in order to reach an agreed outcome and adopt a...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2008

    Financial Impacts Of Climate Change: What Scale Of Resources Is Required?

    This paper summarises various estimates of the financial impacts of climate change. It differentiates between studies referring to incremental costs (UNFCCC, World Bank, Oxfam, UNDP, OIES) and those referring to costs expressed as a percentage of global economic output (Stern Review, UNDP, Vattenfall, European Commission, OECD, IPCC). Based on these...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2008

    Financing Adaptation To Climate Change: Issues And Priorities

    The Bali Action Plan, agreed in December 2007, launched a comprehensive process to enable the full, effective and sustained implementation of the United Nations Framework Convention on Climate Change (UNFCCC) through long-term cooperative action, now, up to and beyond 2012, in order to reach an agreed outcome and adopt a...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2008

    Financing Climate Change Bailing Out The Environment In The Long-Term May Be Just As Important As Bailing Out Financial Markets Now

    In response to the current financial crisis, the US Congress reached agreement last week over a $700 billion (?492 billion) state fund to buy 'Bad' banking debts - so-called 'Toxic assets' - with the aim of restoring the strength of the financial system. In total, US government support to the...

    Provided By Centre for European Policy Studies

  • White Papers // Dec 2008

    Financing Mitigation And Adaptation: Where Should The Funds Come From And How Should They Be Delivered?

    The additional funding for mitigation and adaptation will most likely come from private investments on the condition that domestic policies and policies succeed in shifting investment flows. A robust global carbon price signal is a necessary condition but not sufficient, however. Sufficient conditions include efficient and liquid global capital markets...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2008

    What Next For Europe's Financial Markets?

    What began as a 'Subprime' crisis in the US has clearly mutated into a crisis of financial markets around the globe. Why did this happen? The answer lies in the evolution of the European banking market since the introduction of the euro. A small number of banks grew into large,...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2008

    A Call For A European Financial Stability Fund

    Why is the euro plunging against the dollar and the yen? Why are European banks coming under renewed pressure? Should the emerging financial and foreign exchange crisis of countries gravitating around the euro lead to new EU policy instrument? The euro is plunging against the dollar because investors, in their...

    Provided By Centre for European Policy Studies

  • White Papers // Sep 2009

    Concrete Steps Towards More Integrated Financial Oversight: The EU's Policy Response To The Crisis

    Aquantum step needs to be taken to upgrade and adapt the structure of financial oversight in the EU. The financial crisis exposed dangerous weaknesses in the regulatory and oversight structure that need to be urgently corrected to restore confidence in the financial system and to keep the single market alive....

    Provided By Centre for European Policy Studies

  • White Papers // Jul 2010

    The Financial Crisis And Citizen Trust In The European Central Bank

    Trust in the ECB, as measured by the standard Eurobarometer (and other) surveys has fallen to an unprecedented low - especially in the larger euro area countries. The authors find that up to the start of the recession in 2008, trust in the ECB was little affected by business cycle...

    Provided By Centre for European Policy Studies

  • White Papers // Sep 2010

    Has The Financial Crisis Spurred Demand For Stronger State Regulation?

    This paper analyses whether the financial crisis has affected citizens' confidence in the free market economy and whether it has triggered citizens' demand for a free market economy with stronger state regulations. Using panel data, the paper confirms that citizens' confidence levels in the free market economy have decreased in...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2010

    Bank State Aid In The Financial Crisis: Fragmentation Or Level Playing Field?

    The financial crisis has posed an enormous challenge for the EU's state aid regime. Conceived to ensure a level playing field in the single market, the scheme also had to show that it could be adapted to exceptional circumstances. The size and nature of the aid, the number of the...

    Provided By Centre for European Policy Studies

  • White Papers // Dec 2010

    Negotiating Around Tradeoffs: Alternative Institutional Designs For Climate Finance

    Securing a credible pool of climate finance is one of the lynchpins for successful negotiations in the climate regime. Several initiatives are already underway and more are being planned. However, existing mechanisms have failed to deliver the level of funding required for the task, even as developing countries have clearly...

    Provided By Centre for European Policy Studies

  • White Papers // Dec 2010

    The Transformational Impact Of EMU And The Global Financial Crisis

    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, the authors argue that these challenges must also be met...

    Provided By Centre for European Policy Studies

  • White Papers // Jul 2010

    Do The European Union's Bilateral Investment Treaties Matter? The Way Forward After Lisbon

    Several policy-relevant issues regarding the EU's Bilateral Investment Treaties (BITs) are addressed in this paper. First and foremost, the authors explore the question of whether EU's BITs have a significantly positive impact on outflows or not. Second, they ask the question which member states and which BIT partners have had...

    Provided By Centre for European Policy Studies

  • White Papers // Sep 2010

    Where Does Europe Stand On The Regulation Of Alternative Investments? Dispelling Myths And Challenging Realities

    EU co-legislators are having a hard time agreeing on regulation for Alternative Investment Funds (AIFs). Following-up the G-20 commitments, the Commission's proposal - published in April last year - did not manage to convince Member States and Parliament. After long negotiations - chaired by two different presidencies - the compromise...

    Provided By Centre for European Policy Studies

  • White Papers // Dec 2010

    Third Country Rules For Alternative Investments: Passport Flexibility Comes At A Price

    On November 11th, the European Parliament approved the Alternative Investment Fund Managers (AIFM) Directive, which will enter into force next year.1 Among the more controversial aspects of this piece of legislation are the rules applicable to third country managers and funds. Now more than 50 pages in length, the rules...

    Provided By Centre for European Policy Studies

  • White Papers // Dec 2010

    The Seniority Conundrum: Bail Out Countries But Bail In Private, Short-Term Creditors?

    Despite its large size relative to the small Irish economy, last weekend's bailout is not working. Risk premiums continue to rise. This paper argues that part of the problem lies in a seemingly innocuous provision in the rescue facility that is to replace the current European Financial Stability Facility in...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2010

    What Reforms For The Credit Rating Industry? A European Perspective

    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...

    Provided By Centre for European Policy Studies

  • White Papers // Jan 2009

    Warning: Rating Agencies May Be Harmful To Your (Financial) Health

    Standard & Poor's has downgraded Greece, Portugal and Spain and has warned Ireland that it might suffer a similar fate. Do I hear this right? Is S&P still in the business of producing risk analyses? Should the rating agencies not have gone out of business after they told us for...

    Provided By Centre for European Policy Studies

  • White Papers // Feb 2009

    Collapse In Eastern Europe? The Rationale For A European Financial Stability Fund

    As if core Europe did not have enough problems of its own, a new threat has arisen: the collapse of the European periphery. The deteriorating foreign exchange and financial conditions of satellite countries in the euro area - from the Baltic region, to Eastern Europe, Turkey and Ukraine, not to...

    Provided By Centre for European Policy Studies

  • White Papers // Mar 2009

    The Strategic Consequences Of The Global Financial And Economic Crisis

    This 31st session of the European Security Forum on the strategic consequences of the global economic and financial crisis took place on 20 February 2009, at a time when the crisis seemed still to be deepening. The graphs of industrial production and global trade looked as if the world economy...

    Provided By Centre for European Policy Studies

  • White Papers // Jun 2009

    The Financing Of The Global Energy Efficiency And Renewable Energy Fund (GEEREF)

    In an effort to address the financing gap for clean energy projects in developing countries, the Global Energy Efficiency and Renewable Energy Fund (GEEREF) was set up in late 2008 as an innovative financing instrument aimed at leveraging private investments with public funds. The purpose of this CEPS Policy Brief...

    Provided By Centre for European Policy Studies

  • White Papers // Jul 2009

    The Effects Of The Financial Crisis On Systemic Trust

    The financial crisis had a significant impact on the levels of trust that citizens place in the system and its institutions. Recent data from Eurobarometer show a significant fall in confidence on the part of European citizens in the EU's institutions. For the first time since its creation, a majority...

    Provided By Centre for European Policy Studies

  • White Papers // Nov 2009

    Who Can Be Trusted After The Financial Crisis?

    The financial crisis has severely damaged citizens' trust in public institutions, especially the confidence that European citizens invest in the European institutions. Eurobarometer surveys show, for example, that confidence in the European Central Bank reached an historical low at the peak of the crisis during the first months of 2009....

    Provided By Centre for European Policy Studies

  • White Papers // Jul 2009

    Consumer Bankruptcy Regimes And Credit Default In The US And Europe: A Comparative Study

    This CEPS Working Document explains the consumer bankruptcy procedures in the US and the five largest European countries: the UK, Germany, France and Spain, plus Italy (which has no special legal provisions for consumer insolvency). All these countries have quite different approaches; the paper therefore presents a short overview of...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2008

    Climate Change Policy After The Financial Crisis: The Latest Excuse For A New Round Of State Aid?

    The financial crisis has called into question the basic assumptions on the future course of many policies. This is no different for climate change. Increasingly people ask how the financial crisis will impact future climate change policy. While intuitively many assume that a recession will reduce the ambition of EU...

    Provided By Centre for European Policy Studies

  • White Papers // Oct 2008

    Financial Impacts Of Climate Change: What Scale Of Resources Is Required?

    This paper summarises various estimates of the financial impacts of climate change. It differentiates between studies referring to incremental costs (UNFCCC, World Bank, Oxfam, UNDP, OIES) and those referring to costs expressed as a percentage of global economic output (Stern Review, UNDP, Vattenfall, European Commission, OECD, IPCC). Based on these...

    Provided By Centre for European Policy Studies

  • White Papers // Jan 2011

    Market Dynamics In Supply Chains: The Impact Of Globalization And Consolidation On Food Companies~ Mark-Ups

    This paper examines whether ownership and increased competitive pressure affect food retailers' market power, analysing whether all actors involved in the food supply chain deviate from the pricing behaviour that exists under perfect competition. A method proposed by Roeger (1995) is used to estimate price-cost margins, relaxing the assumptions of...

    Provided By Centre for European Policy Studies

  • White Papers // May 2011

    Innovative Approaches To EU Blending Mechanisms For Development Finance

    The European Union is strongly committed to fulfilling the Aid Effectiveness goals of the Paris Declaration and the Accra Agenda for Action, as well as the European Code of Conduct on Division of Labour in Development Policy. Towards this end, the European Commission, with the participation of many EU member...

    Provided By Centre for European Policy Studies

  • White Papers // Apr 2011

    The EU's Response To The Financial Crisis: A Mid-Term Review

    Two years after the London G-20, the EU is making good progress in delivering upon the commitments undertaken to be implemented by the 2013 target date. Important steps have been taken on the institutional side, and regulatory changes are moving ahead. On some issues, such as remuneration, the EU has...

    Provided By Centre for European Policy Studies

  • White Papers // Mar 2011

    Financial Stability: 'Collective Responsibility' Will Not Work

    Is the 'Euro crisis' closer to a resolution? Europe's leaders have promised to find by the end of this month a comprehensive package, not only to end this crisis, but also to preserve the stability of the euro for the future. Unfortunately they are unlikely to succeed because most of...

    Provided By Centre for European Policy Studies

  • White Papers // Feb 2011

    Debt Reduction Without Default?

    The EU resembles a group of highly interdependent companies with large cross-holdings of equity stakes. However, the formal structure of the group is very light. There is no central authority that can give orders to individual members of the group. When a subgroup of the EU member countries decided about...

    Provided By Centre for European Policy Studies

  • White Papers // Feb 2011

    Has The Financial Crisis Shattered Citizens' Trust In National And European Governmental Institutions?

    The financial crisis has differently affected trust in national and European governmental institutions. The authors' paper analyzes the determinants of trust in national and European institutions over the last decade - with particular focus on the 2007-09 period - and comes to the conclusion that citizens' declining trust in national...

    Provided By Centre for European Policy Studies

  • White Papers // Jan 2010

    Comparing EU And US Responses To The Financial Crisis

    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...

    Provided By Centre for European Policy Studies

  • White Papers // Mar 2010

    Overcoming Too-Big-To-Fail A Regulatory Framework To Limit Moral Hazard And Free Riding In The Financial Sector

    As the financial crisis subsides, the new regulatory structure for the financial system is starting to take shape, with a number of legislative proposals already tabled, and even approved, in the United States, the European Union and the United Kingdom - the latter of which is once again showing its...

    Provided By Centre for European Policy Studies

  • White Papers // May 2010

    Financial Stability Beyond Greece: Making The Most Of The European Stabilisation Mechanism

    In his seminal work on international financial crises, Larry Summers wrote that policy-makers facing a crisis tend to go through a process reminiscent of the five stages of grief. The process starts with denial that a crisis could be taking place. This is followed by anger, with a tendency to...

    Provided By Centre for European Policy Studies

  • White Papers // May 2010

    From National To European Regulation: Towards European Financial Supervisory Authorities

    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...

    Provided By Centre for European Policy Studies

  • White Papers // May 2010

    Is Financial Failure An Option In The EU?

    The euro area confronts a fundamental crisis. The European Council of Ministers had to promise hundreds of billions of euros to its financially imperiled member countries, even though the European economy as a whole is not really in crisis. On the contrary, most surveys and hard economic indicators point to...

    Provided By Centre for European Policy Studies

  • White Papers // May 2010

    When Financial Markets Force Too Much Austerity

    After the eruption of the financial crisis, there was a general consensus that financial markets and rating agencies had singularly failed in giving the right incentives to investors and borrowers. Prior to the crisis, financial markets created a belief that asset prices would grow indefinitely and that risks were low....

    Provided By Centre for European Policy Studies

  • White Papers // Jul 2010

    Europe 2020 And The Financial System: Smaller Is Beautiful

    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...

    Provided By Centre for European Policy Studies