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The financial crisis has led to a far-reaching redesign of the European regulatory and supervisory framework. Following the commitments made in the context of the G-20, but also reacting to internal shortcomings, the EU engaged in a massive program to re-regulate financial markets. The EU furthermore redesigned the structure for supervisory cooperation, initially through the European Supervisory Authorities, and later in its ambition to form the Banking Union. In The Great Financial Plumbing, Karel Lannoo systematically assesses the new regulatory and supervisory framework. The book’s structure follows the big questions on the agenda: 1) What is Banking Union? 2) How have the concerns of t...
Looking back over the last decade it can be said with some justification that sig nificant progress has been achieved on the way towards fully integrated financial markets in Europe. The 1993 Internal Market initiative and the Euro introduction in 1999/2002 constitute important milestones. The integration process has further been intensified by market developments like the surge in mergers and acquisi tions and by technological innovations like internet based distribution. As a result, some market segments today do no longer have a national character. Nevertheless, this success should not obscure the fact that integration of financial services markets is still a long way from the level of integration that exists within national markets. Particularly for retail financial services national borders still constitute a considerable de facto barrier. The absence of frequent direct cross border links between financial service providers and retail consumers holds true despite the fact that the Euro has made product comparisons easier and that the internet has reduced information costs to a considerable extent.
With publication of the results of its Comprehensive Assessment at the end of October 2014, the European Central Bank has set the standard for its new mandate as supervisor. But this was only the beginning. The heavy work started in early November, with the day-to-day supervision of the 120 most significant banks in the eurozone under the Single Supervisory Mechanism. The centralisation of the supervision in the eurozone will pose a number of challenges for the ECB in the coming months and years ahead. This report analyses these challenges in detail, drawing on the discussions and presentations in the CEPS Task Force on ECB Banking Supervision, and reinforced by extensive research undertaken by the rapporteur. José María Roldán, Presidente, Asociación Española de Banca, served as Chairman of the Task Force. The rapporteur of the Task Force is Karel Lannoo, Chief Executive and Senior Research Fellow at CEPS.
It has now been almost two years since the Treaty of Lisbon took effect. The time was characterized by an intensive and controversial discussion between the European Union (EU) institutions and member states on the setup of arguably the most important institutional innovation besides the new post of the High Representative of the Union for Foreign Affairs and Security Policy (HR): the European External Action Service (EEAS).The EEAS has the purpose of serving its head, HR Ashton, in fulfilling her tasks of, inter alia, conducting the EU’s Common Foreign and Security Policy (CFSP) and increasing the efficiency and coherence of EU external relations. Regarding hither to the execution of EU f...
During the current economic crisis recurring questions on the validity of the liberal economic system have resurfaced concerning the role of the state and the free market, the proactive use of fiscal policies, economic nationalism, and environmental sustainablity. This volume covers this subject.
This study examines the economic and policy context for environmental investments in the candidates countries from Central and East Europe. This context is created by macroeconomic constraints, the unfinished process of transition and the requirements of membership. The task of this new CEPS paperback book is to identify these constraints and point to policy options for decision-makers on both sides of the enlargement process.
This edited volume takes a closer look at various European pension-plan models and the recent challenges, trends and predictions related to the design of such schemes. The contributors analyse new ideas, both from national governments and European institutions, and consider current debates on topics such as the Capital Markets Union (CMU) and the so-called ‘European Pillar of Social Rights’ – calling for a new approach to social policy at the European level in response to common challenges, such as ageing and the digital revolution.This interdisciplinary work embraces economic, financial and legal perspectives, while focusing on previously selected coherence aspects in order to ensure that the analyses are comprehensive and globally consistent.
Think tank traditions is a follow up to the critically acclaimed monograph Think Tanks across Nations (Manchester University Press, 1998), edited by the same authors, which was widely acknowledged as a ground-breaking work in the comparative study of think tanks. The book looks at the historical role and contemporary significance of think tanks in the West, including Europe, the United States and Canada, as well as considering their activities in China, Eastern Europe and Argentina. In so doing, the book provides a broad-based and in-depth analysis of the role of think tanks in the processes of economic liberalization and democratization.
Written by experts in the field, this volume offers an in-depth and forward-looking legal, economic, and political science analysis of the rationale, main features, as well as the shortcomings of European economic, monetary, and financial integration. It is primarily intended for an academic audience and policymakers.