Changes are being made to a key piece of European law whose purpose is to protect you when you buy or invest in financial products. The Markets in Financial Instruments Directive (MiFID) is being updated and strengthened in some important areas and will be known as MiFID II.MiFID is central to...

The European Securities and Markets Authority (ESMA) published today an update of its Questions & Answers (Q&A) document on the application of the Alternative Investment Managers Directive (AIFMD).The updated Q&A clarifies: the reporting obligations to national competent authorities; as well as...

This evaluation of blending as an EU aid delivery mechanism aims to: provide an overall and independent assessment of blending. identify key lessons and recommendations to improve and inform future choices on blending. The scope includes EuropeAid support through seven investment facilities over...

This paper examine differences between risk-neutral and objective probability densities of future interest rates. The identification and quantification of these differences are important when risk-neutral densities (RNDs), such as option-implied RNDs, are used as indicators of actual beliefs of...

Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among...

Strukturen der allgemeinen und beruflichen Bildung und der Erwachsenenbildung in Europa Wer die allgemeine Organisation der Bildungssysteme in Europa kennen lernen möchte, findet die entsprechende Basisinformation in den ca. 40-Seiten umfassenden Länderberichten. Diese Monografien werden...