This ECMI Policy Brief attempts to contribute to the ongoing policy debate on MiFID art. 65.1, which tasks the Commission with conducting a study to report on whether the trade transparency requirements that currently apply to share trading ought to be extended to non-equity markets. It presents...

As the European Commission is currently in the process of preparing its White Paper on the enhancement of the EU framework for investment funds (scheduled for November 2006), now is a good time to reflect on whether the UCITS framework needs a radical overhaul if the regulatory landscape is...

The report provides evidence of low protection of companies against the risks of the lack of payment from their buyers and the impact of bad debts in their financial situation, which is especially harmful for SMEs. While most of commercial trade is carried out on the basis of credit, the...

Public authorities overseeing the International Financial Reporting Standards (IFRS) Foundation, through the Monitoring Board in place sinceearly 2009, should encourage the Foundation to make itself more directlyaccountable to the global investment community. The Monitoring Board should...

This paper outlines the changing financial scene in The Czech Republic, which is following the global pattern of institutional investors taking over the role of commercial banks as relationship banking is gradually giving way to transaction-driven banking. Investment-grade companies have become...

This report surveys recent empirical research on the state and development of retail banking integration in Europe. It finds a broad consensus that retail banking integration is still limited, although integration seems to have gained momentum more recently. At the same time, the survey finds...

This paper argues that transparency-boosting measures specifically tailored to commodity and commodity derivatives markets are much needed. In particular, encouraging the creation of a clearing infrastructure for OTC commodity and commodity derivatives markets would be desirable. Moreover, 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. Towards this end, this CEPS Task Force report puts forward three main policy...

Starting in January 2005, all companies located in the European Union (EU) have to use the accounting standards promulgated by the International Accounting Standards Board (IASB). At a stroke, accounting standards for the consolidated accounts of companies whose shares are listed on an EU stock...

This Policy Brief was adapted from a paper written by the three authors and presented by Bruegel Director Jean Pisani-Ferry at the informal ECOFIN Council meetings in Gothenburg, Sweden, on 1 Oct. In the brief, the authors argue that bank recapitalisation and restructuring should be a matter of...