Opinion polls support a more European approach to the crisis. CEPS Commentary, 11 August 2011

In his latest Commentary, Karel Lannoo expresses frustration over the inconsistency between the latest Eurobarometer survey indicating is a clear indication of public support for EU institutions to more aggressively take the lead in resolving the economic crisis and the timidity of those institutions, with the possible exception of the ECB, to do so

What an infra-nilmanifold endomorphism really should be

Infra-nilmanifold endomorphisms were introduced in the late sixties. They play a very crucial role in dynamics, especially when studying expanding maps and Anosov diffeomorphisms. However, in this note we will explain that the two main results in this area are based on a false result and that although we can repair one of these two theorems, there remains doubt on the correctness of the other one. Moreover, we will also show that the notion of an infra-nilmanifold endomorphism itself has not always been interpreted in the same way. Finally, we define a slightly more general concept of the notion of an infra-nilmanifold endomorphism and explain why this is really the right concept to work with

Financial Market Data and MiFID. ECMI Policy Briefs No. 6, 30 March 2007

The opening-up of the market for equity market data raises the question of whether data will be sufficiently consolidated and of high enough quality post-MiFID, or whether it will become too fragmented, thereby hindering price transparency and the implementation of best execution policies. This policy brief outlines the market for financial market data, the provisions of MiFID and the implementing measures regarding financial data and data consolidation. It also looks at the approaches taken by CESR, the FSA and the US authorities. It concludes that markets should be capable of adapting and that additional licensing requirements, such as those proposed by the FSA, are in fact premature and act as a barrier to the single market. Nor would a US-style monopoly consolidator be needed in this case

Credit Rating Agencies: Scapegoat or free-riders? CEPS ECMI Commentaries No. 20, 9 October 2008

This Commentary by CEPS Chief Executive Karel Lannoo examines the draft directive issued for consultation by Commissioner Charlie McCreevy in July 2008, which proposes very detailed and prescriptive regulation of the activities of rating agencies in the EU. While acknowledging that policy-makers had no choice but to take action, Lannoo asserts that the draft raises fundamental questions about the form of the regulation and its impact on the industry and the markets. Namely: 1) Confronted with a globally concentrated industry, can the EU act alone? 2) Considering the fragmentation of the EU market, how will the regulation be applied? 3) Is functional regulation, as proposed by the European Commission, appropriate, or is more objective-based regulation needed? 4) What side effects may be caused by statutory regulation of CRAs

MiFID 2.0 unveiled. ECMI Commentary No. 30, 4 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 ECMI Commentary explains how the original legislation has been amended with the principal aim of levelling the playing field and examines its novel features. Coming together at the same time as several other pieces of draft financial regulation that have recently been proposed or announced, the author finds that they portend a very heavy workload for the European Parliament and the EU Council in the coming year