Saving for Retirement and Investing for Growth. Report of the CEPS-RCMI Task Force on Long-term Investing and Retirement Savings. CEPS Task Force Report, September 2013

Europe is facing a double challenge: a significant need for long-term investments – crucial levers for economic growth – and a growing pension gap, both of which call for resolute action. Crucially, at a time when low interest rates and revised prudential standards strain the ability of life insurers and pension funds to offer guaranteed returns, Europe lacks a framework ensuring the quality and accessibility of long-term investment solutions for small retail investors and defined contribution pension plans. This report considers the potential to steer household financial wealth – accounting for over 60% of total financial wealth in Europe – towards long-term investing, which would achieve two goals at once: higher growth and higher pensions. It follows a holistic approach that considers both solution design – how to gear product structuring towards long-term investing – and market structure – how to engineer a competitive market setting that is able to deliver high-quality and cost-efficient solutions. The report also considers prudential rules for insurers and pension funds and the potential to build a single market for less-liquid funds, occupational and personal pensions, with improved investor protection. It urges policy-makers to act aggressively to deliver more inclusive, efficient and resilient retail investment markets that are better equipped and more committed to deliver value over the long-term for beneficiaries.

The Crowding-out Effect of Mandatory Labour Market Pension Schemes on Private Savings. Evidence from renters in Denmark. CEPS Working Document No. 389, February 2014

This paper aims to estimate the crowding-out effect of the Danish mandatory labour market pension reforms begun in 1993 on the level of total household savings for renters. The effect is identified via a large panel of individual administrative records utilising the differences in speed, timing and sectoral coverage of the implementation of the reform in the period 1997 to 2005. Little substitutability was found between current mandatory labour market pension savings and private voluntary savings. Each euro paid into mandatory labour market pension accounts results in a reduction in private savings of approximately 0 to 30 cents, depending on age. This low rate of substitution is only, to a minor extent, explained by liquidity constraints. The results point to mandatory pension savings having a large effect on total household savings. Thus, pension reforms that introduce mandatory savings have macroeconomic implications.

Turkey after the start of negotiations with the European Union - foreign relations and the domestic situation, Part II. OSW Report, July 2008

The Centre for Eastern Studies has decided to embark on the project entitled 'Turkey after the start of negotiations with the European Union - foreign relations and the domestic situation' for two major reasons: the start of the accession negotiations between Ankara and the European Union in October 2005, and the significant part which Turkey plays in western Eurasia (the Caucasus, the countries in the basins of the Black and Caspian Seas, the Middle East and the Balkans) which We wish to present our readers our second report discussing Turkey's relations with Central Asia, the Caucasus and Russia, the aspect of Turkish foreign policy regarding the Black Sea, and the role of Turkey as a transit country for oil and gas from the Middle East and the Caspian regions. The evaluation of Turkey's standpoint and potential regarding the aforementioned issues is especially important, considering the tensions existing in Turkey's relations with the EU and the USA, as well as the West's increasing engagement in the Caucasus, Central Asia and Black Sea regions. In this process, Ankara may play the role of a significant ally for the West. However, it may just as readily play the role of its rival, who could co-operate with other countries and may seriously frustrate the implementation of the EU and US' goals. The Report was developed between autumn 2006 and autumn 2007, over which time the project participants searched for publicly available documents in Poland, Turkey, EU countries and the USA, and went on five research trips to Central Asia, Russia, Turkey and Caucasus, where they met local analysts, officials and researchers.

Turkey after the start of negotiations with the European Union - foreign relations and the domestic situation, Part I. OSW Report, June 2007

The start of accession negotiations between Ankara and the EU is vital for the future of both Turkey and the Union, including Poland as its member state, as well as for the geopolitical situation in Eurasia (the Black Sea region, Caucasus, Central Asia and the Middle East). Appreciating the significance of these issues, the Centre for Eastern Studies in early 2005 decided to launch a project entitled "Turkey after the start of negotiations with the European Union - foreign relations and the domestic situation". The goal of this project is to present, within the context of accession negotiations, Turkey's greatest internal challenges as well as Ankara's relations with its neighbour regions, the EU and the USA. This Report is the first of three which will be published as part of the project. The Report includes texts on Turkish-US relations since 2003, major political and social challenges on Turkey's path towards the EU and the current condition of the Turkish economy. The Report was developed between July 2005 and November 2006, over which time CES workers and associates searched for publicly available materials in Poland, Turkey and EU countries, and went on three research trips to Turkey, where they met local researchers, analysts, politicians and officials. The authors of the Report would like to express their gratitude to everyone who have shared their opinions with them, and to the Polish Embassy in Ankara, especially to Ambassador Grzegorz Michalski and Minister Andrzej Ananicz for their expert support and assistance in the authors' work on this Report. This Report does not present the official stance of the Polish government on the issues discussed therein; instead it reflects the personal views of its authors, who have made their best efforts to ensure that their work is reliable.

Constitution for a new Hungary - the domestic and regional implications. OSW Commentary No. 60, 2011-07-29

The new constitution will come into force in Hungary on 1 January 20121. Its adoption is part of the state reform which the Fidesz party led by Prime Minister Viktor Orbán has been implementing since it won the election in April 2010. Fidesz, along with the Christian Democrats which support it, has a qualified majority of two-thirds of the votes in parliament and may introduce solutions to facilitate its rule without support from other groupings and it is taking advantage of this opportunity. One example of this has been the amendment of the constitution ten times followed by a speedy adoption of a new constitution. The next step will be passing dozens of constitutional laws which regulate essential areas of the functioning of the state over the next few months. Both the way and the scope in which the changes have been made have raised controversies both at home and abroad. The regulations reinforce the position of the ruling camp on the Hungarian political scene, assisting it in passing the test of the next elections. Slovakia, which has criticised the practice of granting Hungarian citizenship to ethnic Hungarians living in other countries, is opposing the promise of also granting them electoral rights. The constitutional reinforcement of the state’s ‘responsibility’ for the diaspora linked with the collective concept of national minority rights fostered by Hungary has already led to tensions in the region.

Does Mandatory IFRS Adoption in the EU Level the International Playing Field Between Foreign and Domestic Analysts? ACES Working Papers, October 2011

International Financial Reporting Standards (IFRS) have been promoted as a global set of financial reporting standards that will help integrate global capital markets. We examine whether the mandatory European-wide adoption of IFRS in 2005 improved the forecast accuracy for foreign analysts relative to that of domestic analysts. We find that, on average, foreign analysts experience no incremental improvement in forecast accuracy relative to domestic analysts. However, we find that those foreign analysts who are familiar with IFRS do experience an incremental improvement in forecast accuracy relative to domestic analysts. We also find that this incremental improvement in forecast accuracy relative to domestic analysts is concentrated among firms domiciled in countries with both strong enforcement regimes and domestic accounting standards that differ significantly from IFRS. Our results highlight that both familiarity with IFRS and the quality of countries' enforcement environments play key roles in determining the extent to which IFRS adoption can reduce information asymmetry between foreign and domestic analysts.

‘Bibi strikes back’. Israeli elections in a transforming domestic and international landscape. EPC Commentary, 26 March 2015

On 17 March 2015 Israeli citizens massively headed to the polls to renew the composition of the Knesset, the country’s legislative body, thereby also electing a new government after the early termination of the ruling coalition elected in 2013.