ESM staff members' research helps improve our understanding of the euro area economy and particularly the effect of economic policies during crisis episodes.
This work further enhances the competency of the institution. Output from this research activity appears in our publications, such as Working and Discussion Paper Series, the ESM Annual Report, and in internationally recognised peer-reviewed journals. ESM staff interact with the wider academic and policy community via their participation in external seminars and conferences. External experts are invited to give seminars on relevant topics.
ESM hosts workshop "Cross-Border Capital Flows and Capital Markets Union"
Luxembourg, 8 December 2017
Deep and integrated financial markets are key for the smoothing of economic cycles across countries, financial stability and the transmission of monetary policy. Yet, despite some recent improvements, the degree of financial integration in European capital markets remains limited. This is evidenced, for instance, by the large fragmentation of retail credit markets, subdued cross-border private risk sharing, and persistent home bias in portfolio allocations.
This workshop looked at the need and the main challenges ahead to accelerate the integration of European capital markets. This involves understanding recent capital flows dynamics in the region, and discussing how to build more efficient market infrastructures, broaden access to market financing, and unlock idle capital for investment purposes.
ESM co-hosts workshop: Enhanced Fiscal Integration in the EMU?
Jointly organized by the European Commission (DG ECFIN), the German Council of Economic Experts, and the European Stability Mechanism.
Brussels, 19 September 2017
The workshop contributed to the understanding of how fiscal policy can be better conducted in the Member States and integrated within the euro area as a whole, which is one of the main topics associated with the debate on the future of the Economic and Monetary Union. Scholars and experts discussed, at technical level, the European experience with fiscal policy coordination, and the instruments potentially enhancing the European fiscal framework, in particular in the areas of fiscal capacity and fiscal risk sharing.
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Alongside the Working Papers, ESM also produces a series of videos which explain matters in an easy to digest manner.
Videos are attached to the respective publication and can be viewed directly on the website.