Research

Projects lead

• A digital euro beyond impulse – think twice, act once, CEPS-ECMI-ECRI Round Table Chaired by Jose Antonio Alvarez (April - September 2023). (with Karel Lannoo and Farzaneh Shamsfakhr) NEW!

• EU Corporate taxation in the digital era - The road to a new international order, CEPS-ECMI Task Force Chaired by Vieri Ceriani (February 2022 - August 2023).

• Time to re-energise the EU's capital markets: Building investable and competitive ecosystems, CEPS-ECMI Round Table Chaired by Lieve Mostrey (April - September 2022). (with Karel Lannoo and Niamh Moloney)

• Setting EU CCP policy - much more than meets the eye, (October 2021). (with Karel Lannoo)

• Derivatives in Sustainable Finance, (July 2020). (with Karel Lannoo)

• Completing Capital Markets Union: Enabling EU-27 markets to play a bigger role in the financing of the Union's economy, (June 2020). (with Karel Lannoo)

• Rebranding Capital Markets Union: A market finance action plan, CEPS-ECMI Task Force Chaired by Vítor Constâncio (December 2018 - June 2019). (with Karel Lannoo)

Commentaries

• EMIR 3.0 – an unfortunate case of the national interest outshining the European interest, ECMI Commentary No. 88/7 March 2024, European Capital Markets Institute. NEW!

• SVB and Credit Suisse: When rules yield, it is time to change the system, ECMI Commentary No. 83/1 June 2023, European Capital Markets Institute.

• The collapse of SVB: A mix of poor risk management and regulatory failure, ECMI Commentary No. 81/27 March 2023, European Capital Markets Institute.

• Shortening the settlement cycle: Why Europe should not wait too long to introduce T+1, ECMI Commentary No. 77/26 January 2022, European Capital Markets Institute.

• The Green transition, finance and biodiversity: Aim high, shoot higher, ECMI Commentary No. 75/14 September 2021, European Capital Markets Institute. (with René Karsenti)

• UK financial services should shift focus away from equivalence, ECMI Commentary No. 74/7 April 2021, European Capital Markets Institute.

• Are European listed corporations short-termist?, ECMI Commentary No. 71/7 January 2021, European Capital Markets Institute. (with Karel Lannoo and Jesper Lau Hansen)

• A common euro-bond market in sight, ECMI Commentary No. 65/17 June 2020, European Capital Markets Institute. (with Vítor Constâncio and Karel Lannoo)

• The European ETF Market: What can be done better?, ECMI Commentary No. 52/24 April 2018, European Capital Markets Institute.

• Developing EU Capital Markets for SMEs: Mission impossible?, ECMI Commentary No. 46/4 September 2017, European Capital Markets Institute.

• How close are we to a Capital Markets Union?, ECMI Commentary No. 44/17 March 2017, European Capital Markets Institute.

• Towards a better European securitisation market, ECMI Commentary No. 42/3 November 2016, European Capital Markets Institute.

Policy Briefs

• The future of derivatives clearing – finding the right balance between efficiency and resilience?, ECMI Policy Brief No. 40/May 2024, European Capital Markets Institute. (with Bas Zebregs) NEW!

• Ten years of the SSM: The past, present and future of banking supervision in the Banking Union, CEPS Policy Brief No. 02/April 2024, Centre for European Policy Studies. (with Judith Arnal) NEW!

• Tackling offshore tax evasion and avoidance: Progress has been made, but this is not enough, ECMI Policy Brief No. 37/May 2023, European Capital Markets Institute.

• Why harmonising multiple voting rights for SMEs may be a bad idea, ECMI Policy Brief No. 36/April 2023, European Capital Markets Institute. (with Jesper Lau Hansen)

• Unleashing retail investors' potential - the key ingredient for enhancing the EU's investment funds and capital markets, ECMI Policy Brief No. 34/March 2023, European Capital Markets Institute. (with Karel Lannoo)

• From NGEU to a Green Capital Markets Union, ECMI Policy Brief No. 32/March 2022, European Capital Markets Institute. (with Karel Lannoo)

• Creating a common safe asset without eurobonds, ECMI Policy Brief No. 29/December 2020, European Capital Markets Institute. (with Wim Boonstra)

• Europe's Capital Markets puzzle, ECMI Policy Brief No. 28/November 2020, European Capital Markets Institute. (with Karel Lannoo)

Research Reports

• Digital-savvy retail investors – How can the financial industry and regulation help them to prosper?, ECMI Research Report No. 21/February, European Capital Markets Institute. (with Marie Brière) NEW!

• Over-the-counter interest rate derivatives: The clock is ticking for the UK and the EU, ECMI Research Report No. 13/March 2018, European Capital Markets Institute.

• Nothing ventured, nothing gained: How EU can boost growth in small businesses and start-ups, ECMI Research Report No. 10/November 2016, European Capital Markets Institute.

Studies contributed

• Study on the effectiveness of corporate governance underpinning the quality of corporate reporting, (DG FISMA - ongoing)

• Behavioural Research on demand side issues contributing to a protection gap as regards natural catastrophe insurance protection products, (EIOPA - ongoing)

• Study on disclosure, inducements, and suitability rules for retail investors, (DG FISMA - 2022) 

• How can Covid-19-influenced CMU initiatives help diversify SME access to finance while promoting a greener economy?, (ECON Committee - 2022).

• Provision of actions to extend the availability and improve the quality of debt-advice services for European households, (EISMEA - 2021).

• Study on the drivers of investments in equity by insurers and pension funds, (DG FISMA - 2020).

• Study on the costs of compliance for the financial sector, (DG FISMA - 2019).

• Study on the accounting regime of limited liability micro companies, (DG FISMA - 2019).

• Evaluation of the application of the European Investment Bank’s external lending mandate including impact assessment support, (DG ECFIN - 2018).

• Financial Instruments: defining the rationale for triggering their use, (DG BUDG - 2017).

• Role of advisors and intermediaries in the schemes revealed in the Panama Papers, (PANA - 2017).

ECMI Statistical Package

• 2023 ECMI Statistical Package - key findings, ECMI Research Report No. 20/January 2024, European Capital Markets Institute. NEW!

• 2022 ECMI Statistical Package - key findings, ECMI Research Report No. 19/January 2023, European Capital Markets Institute. (with Danielle Pintacasi)

• 2021 ECMI Statistical Package - key findings, ECMI Research Report No. 18/December 2021, European Capital Markets Institute.

• 2020 ECMI Statistical Package - key findings, ECMI Research Report No. 17/February 2021, European Capital Markets Institute.

• 2019 ECMI Statistical Package - Key findings, ECMI Research Report No. 15/December 2019, European Capital Markets Institute. (with Silvia Tadi)

• Recent Developments in European Capital Markets: Key findings from the 2018 ECMI Statistical Package, ECMI Research Report No. 14/December 2018, European Capital Markets Institute. (with Love Gleisner)

• Recent Developments in European Capital Markets: Key findings from the 2017 ECMI Statistical Package, ECMI Research Report No. 12/December 2017, European Capital Markets Institute. (with Robin Lechtenfeld)

• Recent Developments in European Capital Markets: Key findings from the 2016 ECMI Statistical Package, ECMI Research Report No. 11/February 2017, European Capital Markets Institute. (with Roberto Musmeci)

Event Reports

• 2023 ECMI Annual Conference, ECMI Event Report, 7 November 2023, European Capital Markets Institute. (with Karel Lannoo and Jelmer Nagtegaal)

• 2022 ECMI Annual Conference, ECMI Event Report, 9 November 2022, European Capital Markets Institute. (with Karel Lannoo and Jelmer Nagtegaal)

• 2021 ECMI Annual Conference, ECMI Event Report, 2 December 2021, European Capital Markets Institute. (with Karel Lannoo and Cosmina Amariei)

• How (more) equity financing for SMEs can become reality, ECMI Event Report, 2 February 2021, European Capital Markets Institute. (with Valentina Allotti and Marcello Bianchi)

• How crisis-proof are financial market infrastructures?, ECMI Event Report, 25 January 2021, European Capital Markets Institute.

• Is Europe's Capital Markets Union now in sight?, ECMI Event Report, November 2020, European Capital Markets Institute. (with Cosmina Amariei and Karel Lannoo)

• Opening the MiFID II Pandora's box, ECMI Event Report, 6 October 2020, European Capital Markets Institute. (with Karel Lannoo)

• Capital Markets Union: entering a new phase?, ECMI Event Report, 16 June 2020, European Capital Markets Institute.

• SME market financing: Is there more to it?, ECMI Event Report,  25 February 2020, European Capital Markets Institute.

• Will COVID-19reduce the resistance to Eurobonds?, ECMI Event Report, 2 April 2020, European Capital Markets Institute.

• The cross-border regulation of financial services after Brexit: what role for the EU equivalence regime?, ECMI Event Report, 3 December 2019, European Capital Markets Institute. (with Francesco Pennesi)

• Accounting Standards for Financial Instruments: Is IFRS 9 designed to confuse?, ECMI Event Report, 30 May 2018, European Capital Markets Institute.

• Towards Fairer Corporate Taxation: Is Europe getting the policy mix right?, ECMI Event Report, 23 May 2018, European Capital Markets Institute.

• Unbundling investment research under MiFID II: How to balance price, allocation and quality, ECMI Event, 17 January 2918, European Capital Markets Institute.

• Investor Protection Under MiFID II: A step too far or a golden opportunity?, ECMI Event Report, 26 September 2017, European Capital Markets Institute.

• ECMI Roundtable on the Mid-Term Review of the Capital Markets Union Action Plan, ECMI Event Report, 4 July 2017, European Capital Markets Institute.

• Drowning in MiFID II Data: publication arrangements, consolidation and reporting, ECMI Event Report, 28 June 2017, European Capital Markets Institute.

• Unravelling Ariadne’s MiFID II Thread: Pre- and post-trade transparency for non-equity markets, ECMI Event Report, 6 April 2017, European Capital Markets Institute.

Working Papers

• Do Combination Forecasts Outperform the Historical Average? Economic and Statistical Evidence, MPRA Paper No. 71589, University Library of Munich, Germany.

• Determinants of Credit Constrained Firms: Evidence from Central and Eastern Europe Region, Bank of Lithuania Working Paper Series No. 22/2015, Bank of Lithuania.

                Other version: Determinants of Credit Constrained Firms: Evidence from Central and Eastern Europe Region, OeNB Working Paper Series No. 207, Austrian National Bank.

• Measuring Financial Contagion with Extreme Co-exceedances, School of Economics Discussion Papers, 11/12, University of Surrey.

• Contagion or Flight-to-Quality Phenomena in Stock and Bond Returns, School of Economics Discussion Papers, 06/12, University of Surrey.