Publication Archive

This archive contains all documents published by cep over the last few years:

cepAdhoc: Incisive comment on current EU policy issues.

cepPolicyBrief: Concise 4-page reviews of EU proposals (Regulations, Directives, Green Papers, White Papers, Communications) – including a brief summary and economic and legal assessments.

cepInput: Impulse to current discussions of EU policies.

cepStudy: Comprehensive examination of EU policy proposals affecting the economy.

 

 

2014

The Commission intends to restrict the maximum repayable amount of EU deposit guarantee schemes to € 100,000 in future. Deposit guarantee schemes are being obliged to mutually grant loans.

In the middle of the financial crisis the Council and the European Parliament decided to increase the minimum coverage level to Euro 50,000 and – by the end of 2010 – up to 100,000. Issues such as the EU-wide harmonisation of the financing of deposit guarantee schemes and the establishment of a European deposit guarantee scheme were postponed to 2010.

The latest plans face substantial opposition. Several national parliaments intend to file a subsidiarity complaint, a procedure newly introduced by the Lisbon Treaty, in order to force the Commission to reassess the Proposal.

2014

Since 2009, the Rating-CR regulates the registration and supervision of credit rating agencies at an EU-wide level. National supervisory authorities are key to this procedure. Now, the Commission wishes to change this: In September 2009, the Commission proposed to establish the European Securities and Markets Authority (ESMA) which is to be responsible for the supervision of credit rating agencies in future.

2014

The amendment of the Prospectus Directive is part of a simplification programme by the Commission to cut administrative burdens. Against this background, the Commission wants to make it easier to issue securities in the EU. Also, it aims at increasing legal certainty and lowering costs.

2014

Since the onset of the financial crisis the EU Financial Market Supervision, which is still very nationally-oriented, is up for discussion. Now, the Commission proposes the establishment of three European supervisory authorities (ESA) which are to ensure an improved prudential supervision of banks, insurances and investment firms.

2014

Since the onset of the financial crisis the EU Financial Market Supervision, which is still very nationally-oriented, is up for discussion. Now, the Commission proposes that the ESRB is to monitor the stability of the entire European financial system. Moreover, three European Supervisory Authorities are to ensure an improved prudential supervision of single financial institutions.

2014

Both the EU and the USA are currently debating how to design derivatives markets in a more transparent and panic-proof manner. Similar to the USA the EU Commission proposes to improve the collateralisation of derivatives transactions and to standardise the OTC trading through central counter party (CCP) clearing to be located in the EU.

2014

When Euro notes and coins were introduced on January 1st 2002, this created a single payments area for cash transactions. For cashless payments like credit transfers, direct debits and card payments a Single Euro Payments Area (SEPA) is currently being developed. In its communication the Commission presents the next measures that have to be taken by market participants in the period from 2009-2012 in order to ensure successful implementation of the SEPA-project. The Commission hints that by this amongst others it understands the full replacement of all established national payment schemes with SEPA-Schemes.

2014

Following the October 2008 amendments of the Capital Requirements Directive a new amendment has been proposed once again. This time the capital requirements for the trading book and for re-securitisations are raised and the remuneration models of banks are reviewed.

2014

The Commission criticizes the fact that – depending on their legal form and distribution channel – similar  retail investment products are subject to different rules. It wants to introduce the concept of “standard investment products”, to which identical selling rules and requirements on key investor information apply.

2014

The EU Commission is of the opinion that EU financial supervision needs to be adjusted. According to the Commission, particularly the system of national supervisory models is no longer capable of keeping pace with the challenges emerging from financial firms operating across borders. To this end, the Commission wishes to establish a European system of financial supervisors (ESFS) and a European systemic risk council (ESRC).

2014

The financial crisis has led to a controversial public debate about bonus payments to staff members of the financial industry. The EU-Commission is responding by submitting a Recommendation which has public appeal but is legally non-binding and which is to be regarded above all as a political signal. However, for the banking sector the Commission announced that it would be proposing in June 2009 amendments to the Directive on capital requirements for banks (“Basel II”), which should allow the inclusion of remuneration practices into capital requirements for financial service providers.

2014

In the end there seemed to be too much political pressure. Shortly before the EU-Elections the Commissioner for the Single Market McCreevy presented a proposal for the regulation of alternative investment funds (AIF), in particular of hedge funds and private equity funds.

2014

In response to the financial crisis the EU-Commission strengthens CEBS-, CESR- and CEIOPS-Committees and provides to them additional funding. The Committees are to enhance closer cooperation between national supervisory authorities and to strengthen the stability of the financial system.

2014

According to the EU Commission, all credit rating agencies in the EU should be registered and should fulfil certain requirements on their independence and transparency. Banks and other regulated financial service providers should be allowed to use ratings from such agencies only, when calculated the own funds they must retain.

2014

The Capital Requirement Directive (“Basel II“), which is mainly based on negotiations held by the international Basel II Committee of the Bank for International Settlements, constitutes the core of banking regulation. The Commission's new proposals aim at improving the effectiveness of the existing Directive and at increasing the stability of financial markets. The Commission's proposal focusses on inter-bank credits, securitisation and the restructuring of supervision. With its Proposal the Commission expedites the process: It is no longer willing to await the results of the Basel II Committee. The amended Directive is scheduled for adoption for early June.

2014

On 7 October 2008 the Council called for an increase of the coverage level for deposit guarantee schemes. Depositor confidence which was severely damaged through the bank crisis should be restored by such measures. The proposal submitted by the Commission first provides for an increase in the coverage level of EUR 20,000 to EUR 50,000 retroactively as of 15 October 2008 and then for an increase to EUR 100,000 effective as of 1 January 2010.

2014

The EU Commission wishes to promote the circulation of electronic money by simplifying the legal requirements for the institutions concerned. The issuance of money is to be supervised according to its actual economic risk potential. Hence, the Directive treats institutions licensed to issue e-money different from credit institutions. Moreover, e-money institutions will be entitled to engage in further business activities.