Vos interlocuteurs

Marchés financiers

Victor Warhem

Économiste

+33 1 45 54 91 53

warhem(at)cep.eu

Marchés financiers

Consécutivement à la crise financière et de la crise de la zone euro, l'Union européenne est en train de revoir en profondeur sa réglementation des marchés financiers. Cela s'applique de la même manière aux banques, aux compagnies d'assurance et aux autres acteurs, confrontés à une réglementation plus étendue et la communautarisation partielle des risques. L'accent est mis sur la gestion des risques par les acteurs des marchés financiers, la coopération et l'intégration entre les autorités de surveillance et la protection des investisseurs. Le cep suit ces projets de manière permanente.

Gérer la crise du coronavirus

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Les conséquences économiques de la crise du coronavirus ont fait naître des doutes sur la solvabilité de certains pays de la zone euro. Le présent cepInput commente les derniers achats d’obligations d’État de la BCE et donne des recommandations sur la manière de faire face à la crise dans la zone euro.

La monnaie de demain ? (cepInput)

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À notre époque, la monnaie prend principalement la forme d’espèces, de dépôts bancaires et de réserves des banques commerciales auprès des banques centrales. La monnaie est d’ailleurs généralement émise à un niveau central par ces dernières. Cependant, ces dernières années, de nouvelles formes de monnaie sont apparues, remettant en cause l’ordre monétaire.

La taxonomie de l’Union européenne pour la durabilité (cepAdhoc)

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Après d’âpres négociations, le Parlement européen et les États membres se sont mis d’accord sur une taxonomie européenne qui prévoit une définition contraignante pour les activités et investissements durables sur le plan environnemental.

What Role is left for National Authorities within the Single Supervisory Mechanism?

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On 30 July 2019, the German Federal Constitutional Court will decide whether the single supervisory mechanism (SSM) of the euro zone complies with the German constitution. The question of whether the ECB’s banking supervision is covered by the European Treaties is especially relevant. In an Adhoc, the cep assesses a recent ruling of the European Court of Justice (ECJ) on this issue.

Disclosures on Sustainability

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In March 2019, the EU Regulation on sustainability-related disclosures in the financial services sector was politically agreed. This cepAdhoc gives an overview of its main elements and assesses them.

The EU Green Bond Standard (GBS)

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An expert group of the EU Commission plans to present recommendations on an EU standard for green bonds in mid-June. In a cepInput, the cep gives an overview of the market for green bonds in the EU and analyses the initial proposals of the expert group for the development of the standard.

EU-Guidelines on Non-Financial Disclosure

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In June 2019, the EU-Commission will publish final guidelines regarding the disclosure of climate related, non-financial information by large public interest companies. This cepAdhoc gives an overview of a draft version of the guidelines and analyses their legal value.

Assignments of Claims (Regulation)

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The Commission wants to foster cross-border investment by improving legal certainty in cross-border transactions of claims.

EMIR-REFIT

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In February 2019, the European Parliament and the Council agreed on amendments to the rules on derivatives clearing. A cepAdhoc explains the changes and assess them.

Investment Stabilisation Function (Regulation)

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With a “European Investment Stabilisation Function” eurozone countries experiencing an economic shock are to receive loans and interest subsidies to finance public investment. That, at least, is the Commission’s proposal to further stabilise the eurozone.

Crowdfunding (Regulation)

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The Commission wants to facilitate the scaling up of crowdfunding services in the European internal market. This will be based on a Regulation submitted by the Commission. It forms part of the Commission’s agenda to establish a Capital Markets Union.

20 Years of the Euro: Winners and Losers

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20 years after the introduction of the euro, cep has analysed which countries have gained from the euro and which ones have lost out. This involved an analysis of how high the per-capita GDP of a specific eurozone country would have been if the euro had not been introduced.

The Sustainability Disclosure Regulation

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The Commission proposes to force financial market participants and financial advisors to disclose to what extent they take environmental, social and governance (ESG) factors into account when making investment decisions or providing financial advice. We analyse the Commission‘s proposal and present the negotiating positions of the Council and the European Parliament.

Credit servicers, credit purchasers and the recovery of collateral (Directive)

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The EU Commission wants to achieve a reduction in the high stocks of non-performing loans. A Directive on credit servicers, credit purchasers and the recovery of collateral aims to prevent a future increase.

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