European Capital Market Institute – Definition

Cite this article as:"European Capital Market Institute – Definition," in The Business Professor, updated November 30, 2018, last accessed October 28, 2020, https://thebusinessprofessor.com/lesson/european-capital-market-institute-explained/.

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European Capital Markets Institute (ECMI)

The European Capital Markets Institute (ECMI) is an autonomous research institute that performs research and studies on European capital markets and related issues. The ECMI was established in 1993. It is overseen by the Center for European Policy Studies (CEPS).

A Little More on What is the European Capital Markets Institute

The European Capital Markets Institute (ECMI) states its central goal advising on European capital markets. Pursuant to this objective, it conducts autonomous research and educates people and policymakers on important issues relevant to EU capital markets. Its primary research areas are:

  • money supply issues,
  • capital markets effectiveness,
  • exchanging and post-exchanging market frameworks,
  • corporate financing,
  • retail and institutional ventures,
  • resource administration, and
  • monetary innovation (fintech).

ECMI creates working papers, research reports, and books. Moreover, it updates factual databases on European and worldwide capital markets. It intends to encourage communication among market members, policymakers and scholars. Towards this objective, it frequently conducts workshops and courses focusing on issues facing European capital markets. It holds its annual conference each year in in Brussels, Belgium, uniting more than 30 state speakers and in excess of 300 members.

ECMI membership is extended to privately owned businesses/associations, scholars, financial institutions, credit rating agencies, banks, member of stock exchanges, ISDA and the ECB. It has more than 50 members which include members from central banks, academic and research institutes, financial firms, commerce industry, regulatory bodies, commercial banks and more.

References for European Capital Market Institute

Academic Research on European Capital Markets Institute (ECMI)

‚󏬆¬†¬†¬†¬† Crisis in the eurozone and how to deal with it, De Grauwe, P. (2010). In this paper, Paul De Grauwe, Professor of Economics at Leuven University and Senior Associate Research Fellow at CEPS, explains in concise, non-technical terms, how the current financial crisis in the eurozone developed, distinguishing in turn the three main actors that have played a major role: Greece, the financial markets (including the rating agencies) and the eurozone authorities.

‚󏬆¬†¬†¬†¬† External versus domestic debt in the euro crisis, Gros, D. (2011). As EU leaders muddle through the Eurozone crisis, the debate about its root causes continues. CEPS Director Daniel Gros argues in this Policy Brief that the debate is important if we are to understand how to prevent future crises. In his view, external debt is the key to the turmoil in European economies and that the focus on total public debt is therefore misleading.

‚󏬆¬†¬†¬†¬† Global¬†imbalances and the accumulation of risk, Gros, D. (2009). This paper explores the latest Policy Brief of Daniel Gros in which he gives a new angle on why the existence of current account ‚Äėimbalances‚Äô should provoke the greatest financial crisis in living history if the raison d‚Äô√™tre of a financial system is to deal with imbalances (between savers and investors).

‚󏬆¬†¬†¬†¬† Only a more active ECB can solve the euro crisis, De Grauwe, P. (2011). This paper asserts that the contagion currently afflicting sovereign bond markets in the eurozone can only be stopped if there is a central bank willing to be lender of last resort. The author argues that this reluctance of the ECB to take up its responsibility as a lender of last resort is the single most important factor explaining why the forces of contagion in the eurozone‚Äôs sovereign bond markets have not been stopped.

‚󏬆¬†¬†¬†¬† A Mechanism of Self-destruction of the Eurozone, De Grauwe, P. (2010). CEPS commentary,¬†9(9), 2010. Drawing an analogy with the ill-fated Exchange Rate Mechanism (ERM) of the pre-eurozone era, Paul De Grauwe argues in a new CEPS Commentary that the creation of a sovereign debt default mechanism is a very bad decision that will make the eurozone more fragile by making financial crises an endemic feature.

‚󏬆¬†¬†¬†¬† Is social¬†Europe¬†fit for globalisation?, Begg, I., Draxler, J., & Mortensen, J. (2008). ¬†This paper analyses the concept of globalization, and presents a study on possible effect of globalisation on European nations.

‚󏬆¬†¬†¬†¬† The seniority conundrum: Bail out countries but bail in private, short-term creditors?, Gros, D. (2010).¬†CEPS Commentary,¬†6. In this paper, CEPS Director Daniel Gros argues i that part of the reason for the failure of the bailout in the Irish market lies in a seemingly innocuous provision in the proposed permanent successor to the current European Financial Stability Facility in 2013.

‚󏬆¬†¬†¬†¬† A new budget for the¬†European¬†Union?, Iozzo, A., Micossi, S., & Salvemini, M. T. (2008). This paper analyses then present budget of the European Union, and suggests that the value is outdated, as it was inaugurated decades ago. This paper proposes that the European budget could be reorganised in a tripartite form, with separate Chapters for its redistributive tasks, the production of European public goods and the use of financial resources raised in capital markets for large projects of European interest.

‚󏬆¬†¬†¬†¬† Which Union for¬†Europe’s Capital Markets?, Lannoo, K. (2015). This paper analyses the importance of a Capital Market in Europe. This Policy Brief calls for targeted measures to overcome fragmentation, through enhanced enforcement, strengthening of the European supervisory authorities, enhanced disclosure and comparability of financial information and the mobilisation savings in EU-wide investment funds.

‚󏬆¬†¬†¬†¬† What kind of governance for the eurozone?, De Grauwe, P. (2010). Much of the discussion about how to impose more convergence among member states of the eurozone has focused on what national governments should do to avoid divergent developments in a number of macroeconomic variables. Without denying that national governments bear part of the responsibility, this paper finds that the role of governments has been overemphasized and that conversely the role of the monetary authorities, in particular the European Central Bank, has been under-emphasised.

‚󏬆¬†¬†¬†¬† The Future of¬†Europe’s Financial¬†Centres, Lannoo, K. (2007). The Economist.

 

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