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ECMI is an independent entity which undertakes and disseminates research on European capital markets and seeks to contribute in­ a substantial manner to ongoing policy debates. ECMI is also meant to act as a focal point for academics, market participants and policymakers to interact and exchange ideas on the efficiency, stability, liquidity, integrity, competitiveness and ongoing transformation of European capital markets. These exchanges are fuelled by the various outputs ECMI produces for its members: bi-monthly newsletters, annual reports, a statistical package, regular commentary, policy briefs and research ­papers, as well as occasional workshops and conferences.