While ESG data has come a long way, investors acknowledge multiple challenges related to materiality, reliability, and comparability. This policy brief focuses on the role of credit rating agencies (CRAs) and sustainability ratings providers (SRPs) as an essential part of the financial...

BackgroundThe Capital Markets Union (CMU) initiative has set out important priorities in the area of asset allocation, such as increasing retail participation, promoting sustainable investment, and removing barriers to cross-border activities. Capital markets are expected to enhance long-term...

The rapid integration of capital markets under EMU has triggered a debate on the remaining barriers to a true single market. Some have argued the need for a 'European SEC' to help overcome these barriers. This would be a step too far, however. Not only is there first a need for more regulatory...