The Gloomy Scenario of Italy’s Default

ECMI Commentary 31, December 2011:  This Commentary explores what will happen if Italy is not able to implement structural reforms and if international institutions, such as the EFSF and the IMF, do not intervene with sufficient resources to prevent Europe’s second-largest economy from defaulting on its debt. It warns that the Italian economic system would certainly embark on a perverse path that would follow three phases: liquidity crisis and insolvency; deflationary pressures; and finally inflationary pressures and economic and political instability.

MiFID 2.0 Unveiled

ECMI Commentary 30, November 2011: Although the drafts of MiFID 2.0, published on October 20th, follow largely what had been proposed by the CESR (Committee of European Securities Regulators) and the European Commission, the documents took observers by surprise in both their approach and length. This CEPS Commentary explains how the original legislation has been amended with the principal aim of levelling the playing field and examines its novel features.

The Eurozone Debt Crisis

CEPS Policy Brief 251, August 2011: As the Eurozone debt crisis reaches a turning point, ECMI Research Fellow Diego Valiante argues for a more organised intervention by the ECB to stop contagion through the creation of a quantitative easing programme, coupled with a political agreement among member states on a more federalist budget for the Eurozone. The roots of this crisis and how institutions have repeated some of the mistakes of the Argentine crisis, both in 1998 and 2010, are considered in this paper.

Commodity Prices in Boom-and-Bust Cycles

ECMI Commentary 29, June 2011: The sharp and widespread increase in most commodity prices has alarmed the world and raised questions around the sustainability of our economies. As shown in this ECMI Commentary, the reasons for this dramatic rise are multiple, and engaging in a witch-hunt benefits neither the market as a whole nor our economies. Solutions need to be more differentiated and oriented towards two factors: preventing price manipulation (through controls on net positions and on anti-competitive market structures) and fostering sustainability.

An Investigation into Stewardship

ECMI Book #, June 2011: 'Engagement between investors and public companies: Impediments and their resolution' addresses the question of stewardship (thoughtful ownership) in the UK and the European Union, after the financial crisis. Sponsored by the CFA Institute and the FGRE and written in cooperation with ECMI, this report considers the potential inadequacy of stewardship by the investment industry and the degree of integration of corporate governance analysis in the investment process.

The forest of Basel III has too many trees

ECMI Commentary 28, February 2011: Senior Research Fellow Karel Lannoo surveys the radical shift in bank capital requirements confirmed by the new Basel III Accord, with its focus on more and better quality capital, especially for the large banks. He finds, however, that the new framework is becoming very complex, and asks the big question that emerges: how does one determine when a bank is effectively Basel III-compliant, as some will soon start to claim.
 

MiFID Implementation in the midst of the crisis

ECMI Research Report 6, February 2011: This report summarises the main results of a survey conducted by the European Capital Markets Institute (ECMI) during the period December 2009 - July 2010. The survey aims at investigating the actual implementation of the Markets in Financial Instruments Directive (MiFID), two years after it came into force.

The Year Ahead for Europe's Capital Markets

ECMI Director and CEPS Senior Research Fellow, Karel Lannoo foresees a year full of developments in terms of regulation and supervision in Europe and worldwide: "A long agenda of financial re-regulation is being completed in response to the crisis. From design, the priority is gradually moving to implementation and assessment of the potential market reaction."

Third Country Rules for Alternative Investments: Passport flexibility comes at a price

ECMI Commentary 27, December 2010: In critically examining the rules applicable to third country managers and funds contained in the new EU Directive on Alternative Investment Fund Managers (AIFM), Mirzha de Manuel finds in an ECMI Commentary that the rules have gained in flexibility but that regulatory certainty and efficiency have suffered. A preview of this commentary was published by the Financial Times on 13 December 2010.

2011 ECMI Statistical Package

 

  

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