In all likelihood, the European Commission’s proposed tax on financial services, the financial transaction tax (FTT), will raise sizeable tax revenues, which explains its political appeal in the current context. However, the tax fails to address the key factors that contributed to the global...

This paper proposes a two-step, market-based approach to debt reduction: · Step 1. The European Financial Stability Facility (EFSF) would offer holders of debt of the countries with an EFSF programme (probably Greece, Ireland and Portugal = GIP) an exchange into EFSF paper at the market price...

Ahead of the European Council meeting on 23 October, the author outlines how EU Heads of States should focus on restoring confidence in euro-area policymakers’ ability and determination to put the euro area on a sound footing and restore market credibility. Stress in the interbank market has...

At the extraordinary EU Council of 21 July European leaders have to accomplish a triple-mission. First, they should pave the way to restoring solvency in Greece by initiating debt reduction. Softening the Greek debt burden implies i) reducing the interest rate on official lending, ii) requesting...

This paper proposes a two-step, market-based approach to debt reduction: · Step 1. The European Financial Stability Facility (EFSF) would offer holders of debt of the countries with an EFSF programme (probably Greece, Ireland and Portugal = GIP) an exchange into EFSF paper at the market price...

The pricing of sovereign credit risk is a necessary component of the financial architecture of the European Monetary Union. However, unnecessarily high and volatile risk premia on government bonds are currently preventing effective financial intermediation within the euro area, thereby...

Executive summary. The financial crisis underscored both the importance of financial supervision, as well as its pre-crisis malfunctioning. In response, substantive reforms have been carried out in Europe and elsewhere. This paper discusses the renewed financial supervision system in Europe,...

Reform of the international monetary system is under discussion after three decades of apathy. Tectonic shifts in the balance of international power have made reform more urgent. However, in the short term, there is little chance of a grand redesign of the international monetary...

The financial crisis has damaged consumer confidence in the financial services market. Trillions of euro in losses and government bail-outs have partially been borne by taxpayers, small investors and retail customers in several member states. Against this background, this new book by CEPS Senior...

This research output confirms the strength of the approach underpinning the EFIGE project, which is based on the recognition that firms are heterogeneous in the extent and the pattern of their internationalisation, as they are in many other respects. The project provides more, and more precise,...