This Country Focus shows that some simple reserve adequacy measures (particularly based on external debt indices) – although suffering from a number of drawbacks – seem to be sound indicators of the largest vulnerabilities within the CEE8 region. Nevertheless, the analysis of...

With very low unemployment, a large and stable current account surplus, low government debt and a budget in surplus, the Dutch economy was assessed initially to be relatively well prepared to weather the financial and economic crisis. In 2008, however, the negative effects of the financial...

Socially irresponsible behaviour by financial institutions played a major part in causing the financial crisis, which has developed into a serious economic, social and political crisis. Financial innovation and a general lack of transparency in the system have made it hard for the people of...

With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework.ESMA defined the IRS classes to...

With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework.Following a first consultation...

This document was commissioned by the European Parliament’s Committee on Economic and Monetary Affairs (ECON). It is a quick critique, conducted over a four week period, of those sections of the European Commission’s Impact Assessment (hereafter “the IA”) on the revisions to the Capital...

The financial crisis that began in 2007 as a liquidity crisis for banks has transformed itself into a sovereign debt crisis that threatens the viability of the eurozone and the foundations of the European Union. In this study, we analyse some of the recent regulatory initiatives in response to...

We have reviewed the financial rescue and economic recovery measures taken in the EU at the end of 2008 and during 2009. Many member states have undertaken recapitalization efforts and provided debt guarantees to help systemically important institutions and restore confidence in financial...