Simple, Transparent and Standardised: Business as usual?

Narratives, law and the interest coalitions behind the European Commission's capital markets union

Policy Study

15/09/2016

In this paper we take a closer look at those parts of the European Commission’s Capital Market Union (CMU) that bear upon the attempt to set up a new market for securitised mortgages, called “simple, transparent, standardised”, or STS-securitisation. The “puzzle” at the heart of the paper is the discrepancy between the “frontstage” narratives told by the Commission and the actual content of law making taking place “backstage”. The paper comes in four sections. After the Introduction there are two sections, which look at the construction of what is meant to become a “new” European market in securitised assets which is distinguished from pre-crisis securitisation by the markers “simple”, “transparent” and “standardised”. The second section looks at the narratives, the third at the legal details. The fourth section discusses the interest coalition behind it.

Read the study

Find all related publications
Publications
22/11/2023

The macro-economic impact of the cost crisis

Lessons for Europe
18/09/2023

Making trade work for prosperity, people and planet

FEPS Primers series - Arancha González and Yanis Bourgeois
01/09/2023

Bidding farewell to workfare?

Recovery Watch series
09/06/2023

Governing the RRF

Recovery Watch series
Find all related events
Events
Upcoming
07/12/2023
European Parliament (Hybrid)

A blueprint for a Social and Green Deal

Follow-up Event of the Beyond Growth Conference
Past
06/11/2023
FEPS HQ

The future of work in Europe

Implications for equity and growth in Europe
08/11/2023
Brussels, Belgium

Social investments for resilient economies and societies

EU fiscal rules fit for future
Find all related news
News
29/11/2023

Boosting Economic Democracy

The current economic system has concentrated power in the hands of the few and created […]
09/10/2023

Tax the rich

A European Citizens' Initiative
14/09/2023

Call for tender – Researcher on inflation

This call for tender closed on 03/10/23
20/02/2023

Let’s end involuntary unemployment!

European survey on the perception of unemployment and publicly funded jobs
Find all related in the media
In the media

“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.