Financial Markets and Institutions
The unit focuses on the regulation and supervision of financial institutions and financial stability; the size, diversity, corporate governance and innovation of the financial sector in Europe; the internal market for financial services; and the position of small/regional/international financial centres in a global world. We aim at analyzing European financial market integration and at recommending steps to be taken to overcome hurdles to more integration, which is a key in the Europe 2020 Agenda. Since August 2007, the unit has been active in exploring the causes, the consequences and the remedies of the financial crisis.
In the area of financial markets and institutions, CEPS also runs two independent research institutes:
- European Capital Markets Institute - ECMI conducts original research informing policy on European capital markets. Through its various activities, events and task forces, ECMI acts as a focal point for interaction between market participants, policy-makers and academics. Publications include regular commentary, policy briefs, statistics and in-depth reports, supported by an excellent academic committee.
- European Credit Research Institute - ECRI provides in-depth analysis and insight into the structure, evolution and regulation of retail financial services markets in Europe. Through its research activities, publications and conferences, ECRI keeps its members and the wider public up-to-date on topics such as retail financial services regulation, credit reporting and consumer protection at the European level.
- CEPS Finance Round Tables 2015: The Financial Institutions Unit of CEPS will organise a series of high-level roundtable meetings among researchers, industry experts, and key policy-makers to debate the future design and potential consequences of forthcoming financial regulatory frameworks (Contact Willem Pieter de Groen at email@example.com.)
- ECMEG (European Capital Markets Expert Group) and Task Force: Shaping Union in Europe's Capital Markets
This Group is chaired by Francesco Papadia, Chairman of the Board, Prime Collateralised Securities (PCS). The ECMEG aims at making a long-term contribution to EU policy-making in the area of capital markets. The Group does not aim to conduct a review of current legislative dossiers but rather to look at the evolution of financial markets in Europe and around the world to suggest how can Europe improve its competitive position. (Contact Diego Valiante at firstname.lastname@example.org.) A final report will be published after May 2015.
- ECRI Task Force - Future of Credit and Retail Financial Services in the EU. The ECRI Task Force (TF) aims to help pave the way in setting the 2014-19 European Commission’s agenda for retail financial services, in particular consumer credit (contact Sylvain Bouyon at email@example.com ). During the second meeting, the macroeconomic approach of consumer credit (in terms of quantitative and qualitative economic growth) and the microeconomic approach (essentially consumer protection and rationality of households) were better defined. Some emphasis was also put on the role of banking union and integrated retail credit market regarding consumer protection and dynamic retail activities.
To learn more about our current and recent research projects, task forces, events and publications, please download our latest 'update' (click the following link to download PDF): Update May 2015
The CEPS Financial Institutions Unit’s Research Programme strives to examine:
- The regulation, supervision and taxation of financial institutions and financial stability and its potential macro and micro economic consequences. The 2007/08 financial crisis provided an exceptional context in which to study the future of financial regulation, supervision and crisis management for European and non-European countries;
- The size, diversity, corporate governance and innovation in the financial sector in Europe, in particular how size, diversity and innovation are to be assessed, how they are determined and what are the relationships between performance, competition, financial stability and social cohesion in the context of European financial integration and the future for corporate governance;
- The internal market for financial services, with a particular focus on the role of financial institutions and policy-makers to achieve a single, secure, competitive, stable and inclusive market for retail and wholesale financial services;
- The evolving position of small/regional/international financial centres in a global context by assessing the strengths, weaknesses, opportunities and challenges of European and non-European financial centres in light of new regulatory, tax and financial developments worldwide.
The priority of the unit is to continue to contribute to the policy debate post-financial crisis, particularly by:
- Monitoring market developments, regulatory and institutional trends and their consequences for the EU economy and its competitive position in the world;
- Identifying challenges to an integrated European financial market and recommending steps to overcome these hurdles;
- Assessing the evolving role of financial systems to better serve economic, social and environmental objectives, with particular focus on inclusion, diversity and sustainable finance;
- Exploring regional linkages and interactions with non-EU financial markets and investigating current challenges and future opportunities.
Recent CEPS publications
- The ECB’s QE: Time to break the doom loop between banks and their governments (Willem Pieter De Groen, 13 March 2015)
- Closing financial institutions on both sides of the Atlantic: Are there differences in approach? (Michael Krimminger, María J. Nieto, 25 February 2015)
- Corporate Taxation in Europe: Let's get it together! (Willem Pieter De Groen, 16 February 2015)
- Which Union for Europe’s Capital Markets? (Karel Lannoo, 13 February 2015)
- ECB Banking Supervision and beyond (Karel Lannoo, 11 December 2014)
- Diego Valiante, Research Fellow, Head of Unit
- Karel Lannoo, Senior Research Fellow, CEO of CEPS
- Sylvain Bouyon, Research Fellow
- Willem Pieter de Groen, Research Fellow
- Jan-Martin Frie, Research Assistant
- Cosmina Amariei, Research Assistant
External Advisory Roles
- ESMA: Dr. Diego Valiante has been nominated to serve as a member of the Group of Economic Advisers (GEA) in 2014.