CEPS Reports in Finance and Banking


1 - 15 of 15

Deposit-Protection Schemes: Issues for an EC Directive
08 June 2009
Sydney J. Key

First published in 1992, CEPS has elected to republish this paper some 17 years later in its entirety, given its continued relevance to the EU’s struggle to reform its system of financial supervision in the wake of the financial crisis. A special Foreword by Daniel Gros explains the foresight of Sydney Key and places her analysis in the context of 2009.

Integrating Europe's Retail Banking Market: Where Do We Stand?
15 October 2007

Stefanie Kleimeier, Harald Sander

This report surveys recent empirical research on the state and development of retail banking integration in Europe. It finds a broad consensus that retail banking integration is still limited, although integration seems to have gained momentum more recently. At the same time, the survey finds less agreement about how to measure integration. Evidence from various types of integration measures is discussed in detail and the shortcomings of these measures are highlighted.

Assessing the Performance of Banking M&As in Europe: A New Conceptual Approach
12 September 2007
Rym Ayadi

This book examines the performance of mergers and acquisitions in the banking industry in Europe and introduces a new approach for assessing the phenomenon by considering the various strategies underlying consolidation activity – namely, the initial activities of the banks involved and the geographical dimension of their transactions. The results show that the economic and financial performance of a banking M&A depends on its underlying strategy, which is defined on the basis of the bank’s initial activities and its geographical reach.

From 1992 to EMU: The Implications for Prudential Supervision
15 June 2000
Karel Lannoo

The New Basel Capital Accord and SME Financing: SMEs and the New Rating Culture
01 October 2005
Rym Ayadi

This study discusses the main characteristics of the SME sector in Europe and provides an informative analysis about what Basel II means for SMEs and its impact on their credit financing conditions. It also presents a detailed analysis of how banks formulate an internal rating system and illustrates how this system works in practice. Finally, it concludes with the key measures that should be taken by banks, SMEs and public policy-makers to improve SME financing in the new rating culture.

The Allocation of Power in the Enlarged ECB Governing Council: An Assessment of the ECB Rotation Model
01 November 2004

Ansgar Belke, Barbara Styczynska

This study analyses the allocation of power in the Governing Council of the European Central Bank (ECB) as it enlarges to accommodate new members of the economic and monetary union. For this purpose, classical power indices that have their origin in solutions of cooperative games are applied. First, an assessment is made of the effects of enlargement on the voting power of different subgroups of the Governing Council that arise in the wake of the continuous accession process.

Securities Market Regulation in the EU: Everything You Always Wanted to Know about the Lamfalussy Procedure
01 April 2004

Mattias Levin, Karel Lannoo

Banking Consolidation in the EU: Overview and Prospects
01 May 2004

Georges Pujals, Rym Ayadi

The banking sector in Europe is at a turning point in its history. This research report provides a complete and up-to-date picture of the consolidation process that took place in the European banking industry during the 1990s and offers a structural, economic and strategic analysis of the sector. The authors also identify new challenges facing supervisory authorities and their likely responses to ensure financial stability.

The Economics of the Proposed European Takeover Directive
01 April 2003

Joseph A. McCahery, Luc Renneboog, Peer Ritter, Sascha Haller

This report provides a detailed analysis of the mandatory bid rule. It examines the implications of the rule, taking into account its ex-ante and ex-post trade-offs. The report outlines clearly the valuable features of the mandatory bid rule in safeguarding against value-decreasing takeovers and assesses whether the Commission’s decision to allow member states to define the threshold for the mandatory bid is a sensible approach.

Credit Insurance in Europe - Impact, Measurment & Policy Recommendations
01 February 2003
Amparo San José Riestra

The report provides evidence of low protection of companies against the risks of the lack of payment from their buyers and the impact of bad debts in their financial situation, which is especially harmful for SMEs. While most of commercial trade is carried out on the basis of credit, the research shows that insured credit represents only around 14% of European GDP and 20% of exports, with important differences between the countries studied.

The New Basel Capital Accord: Structure, Possible Changes and Micro- and Macroeconomic Effects
01 September 2002
Andrea Resti

The Prospects for Offshore Financial Centres in Europe
01 August 2002
Mattias Levin

Seigniorage: An argument for a national currency?
01 August 2002
Franziska Schobert

An EU Company without an EU Tax?
01 April 2002

Mattias Levin, Karel Lannoo

Tax harmonisation is one of the main outstanding issues for a well functioning Single Market. If the EU aspires to become the “most competitive economy of the world” by 2010, as agreed by EU leaders in Lisbon in 2000, corporate tax reform must become a priority. The purpose of this paper is to discuss the “ideal” corporate tax scenario for the EU and to calculate its cost and benefits for business and public administrations.

The Securities Settlement Industry in the EU: Structure, Costs and the Way Forward
01 January 2002

Mattias Levin, Karel Lannoo

The current structure of the European securities market is in need of radical change. Developed in such a way that it reflects different national needs and preferences, the securities market seems ill-adapted to face the needs of a truly European capital market. The purpose of the present paper is to provide an overview of the securities settlement industry in Europe, to compare the cost structure of the different bodies and to discuss further liberalisation.