European Capital Markets Institute

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ECMI has issued a call for the submission of research papers in the area of capital markets and their functioning. The best paper, selected by a committee of academics and international experts,...

ECMI has issued a call for the submission of research papers in the area of capital markets and their functioning. The best paper, selected by a committee of academics and international experts, will be awarded a prize of €5,000, plus travel (economy) and accommodation expenses for the participation of one author in the ECMI Annual Conference. The research findings will be presented at the ECMI Annual Conference, which is an international event in Brussels, bringing together hundreds of policy-makers, academics and experts.

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February 2016: In the aftermath of the great financial crisis, the lack of risk diversification in the European financial system, i.e. limited cross-border banking and capital markets activities, is the main cause of the fast retrenchment of capital flows within national boundaries. Europe needs private risk sharing mechanisms to withstand asymmetric shocks, such as the recent financial crisis. An EU-wide action to promote competition among national capital markets could free up to €1.8 trillion in cash and deposits to invest cross-border in more profitable and riskier projects to create growth and jobs.

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ECMI Commentary, March 2016. In his assessment of the latest draft prospectus Regulation, Karel Lannoo argues that the text goes somewhat further than the European Commission has previously entertained, but it falls short of creating a European market. In his view, the Commission is hostage to its own (or member states’) unwillingness to expand the powers of the European Securities and Markets Authority (ESMA) to become an EU-wide listing authority.

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