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Informing policy on European capital markets
ECMI Policy Brief, December 2013: In a new ECMI Policy Brief, Christian Kopf and Miranda Xafa propose three measures to enhance the functioning of the Greek government debt market, enabling it to reduce the face value and the net present value of its debt stock and facilitating the resumption of market access, which is a necessary condition for continuous multilateral disbursements to Greece.More
ECMI Commentary, November 2013: As part of the European Union’s commitment to deliver greater access to finance for small- and medium-sized enterprises (SMEs), EU policy-makers will have to deal with a fragmented market landscape and responses by individual member states to address failures. On the basis of some early evidence, this Commentary calls for a rethinking on the part of the EU of its definition of an SME, which currently does not take into account the internal market dimension. A more accurate definition, reflecting the internal market and the stages of evolution of a firm and its financing needs, would allow better benchmarking and a comparison of policy responses that often claim to address market failures in SME finance.