A European perspective

Papers in the ECMI Policy Brief series provide insights into regulatory initiatives that affect the European financial landscape. They are produced by specialists associated with the European Capital Markets Institute, which is managed and staffed by the Centre for European Policy Studies (CEPS) in Brussels. Unless otherwise indicated, the views expressed are attributable only to the author in a personal capacity and not to any institution with which he is associated. Available for free downloading from the CEPS websit