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Informing policy on European capital markets
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.
CEPS-ECMI Task Force Report, September 2013: The Final Report of the CEPS-ECMI Task Force on 'Long-term Investing and Retirement Savings' considers the potential to steer household financial wealth – accounting for over 60% of total financial wealth in Europe – towards long-term investing, which would achieve two goals at once: higher growth and higher pensions. It urges policy-makers to act aggressively to deliver more inclusive, efficient and resilient retail investment markets that are better equipped and more committed to deliver value over the long-term for beneficiaries. In addition to proposing a blueprint for pan-European personal pensions, the report also considers prudential rules for insurers and pension funds and the potential to build a single market for less-liquid funds and occupational pensions, with improved investor protection.More
CEPS-ECMI Task Force Report, July 2013: The Final Report of the CEPS-ECMI Task Force on 'Price Formation in Commodities Spot and Derivatives Markets' reviews the interaction between physical and futures commodities markets and the price formation mechanisms in eleven different commodities markets - crude oil, natural gas, iron ore, aluminium, copper, wheat, corn, soybean oil, sugar, cocoa and coffee. After more than one year of data gathering and qualitative research, over and beyond the information collected through Task Force meetings, the Report sheds light on a broad set of policy concerns by looking at the long-term drivers of price formation in futures and physical commodities markets.More