The paper describes the activities of central counterparties (CCPs) and the international framework for those activities. It also provides an overview of the activities of the CCPs in the EU. Against this background, an initial assessment is performed of the possibilities of introducing a CCP in...

Twenty years ago, in the pages of the Journal of Common Market Studies, Hedley Bull launched a searing critique of the European Community's 'civilian power' in international affairs. Since that time the increasing role of the European Union (EU) in areas of security and defence policy has led to...

The pandemic has accelerated the digital transition in many countries. This Economic Memo finds that the degree of digitalisation has had an impact on the magnitude of economic losses during the pandemic. Differences in the EU countries' objectives for digital transition can imply greater...

This Working Paper compares the Danish financial system with that of the Euro area countries using three different analytical approaches. The structure of the financial system is analyzed showing who saves, how the savings are processed to the users, and who the users of capital are. The...

Several countries at the core of the Euro area have experienced coincident business cycles during the most recent decades, while the Danish economy seemed detached from these cycles during the 1980's and part of the 1990's. To a large degree, the decoupling of the Danish economy reflects...