The European Capital Markets Union (CMU) project is a strong political commitment to market-based finance, the new code word for shadow banking. Since securitisation, the financial innovation that triggered the Global Financial Crisis of 2008, is key for market-based credit intermediation, its revitalisation has become of strategic importance. Considering that the CMU is an important pillar of European plans to support growth and to complete the European Monetary Union (EMU), what explains that securitisation (and market-based finance) have become key for achieving these goals? Challenging arguments on regulatory capture, I claim that this outcome can be explained by not only taking the agency of financial market actors seriously, but also the agency of important EU actors, in particular the European Central Bank (ECB). In a nutshell, I argue that the political plans to strengthen securitisation and market-based finance have its roots in the ECB’s efforts to stabilize the euro zone.
“Trade doesn’t work in isolation from good domestic policies” Interview to Arancha González
by Borderlex 19/09/2023
Interview to Arancha González, former Spanish foreign minister, who released together with FEPS the new book entitled 'The Trade Handbook: Making Trade Work for Prosperity, People and Planet'
A szociális unió imperatívusza
by Új Egyenlőség 09/09/2023
'The imperative of Social Union'. Article about FEPS book 'Europe’s Social Integration: Welfare Models and Economic Transformations' by László Andor.
Após 66 anos de adiamentos, a barragem do Pisão entrou em contra-relógio
by Pùblico 19/08/2023
'After 66 years of postponements, the Pisão dam has entered a race against time' Pùblico's article mentions FEPS Policy Study 'Governing the RRF'
Ukrainian economy and society: whither the (postwar) country?
by Commons 16/06/2023
In Commons' article, Yuliya Yurchenko, co-author of FEPS’ book 'Europe and the war in Ukraine', outlines the consequences of the Russian invasion of Ukraine for the Ukrainian population and the plans needed for Ukraine's recovery.
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