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.

Reforming the Market Design of EU Electricity Markets: Addressing the Challenges of a Low-Carbon Power Sector. CEPS Task Force Report, 27 July 2015

This CEPS Task Force Report focuses on whether there is a need to adapt the EU’s electricity market design and if so, the options for doing so. In a first step, it analyses the current market trends by distinguishing between their causes and their consequences. Then, the current blueprint of EU power market design – the target model – is briefly introduced, followed by a discussion of the shortcomings of the current approach and the challenges in finding suitable solutions. The final chapter offers an inventory of solutions differentiating between recommendations shared among Task Force members and non-consensual options.

Addressing fragmentation in EU mobile telecom markets. Bruegel Policy Contribution ISSUE 2015/13, July 2015

- Mobile telecommunications markets are an important part of the European Commission’s strategy for the completion of the European Union Digital Single. The use of mobile telecommunications – particularly mobile data access – is growing and becoming an increasingly important input for the economy. - The EU currently does not have a unified mobile telecommunications market. The EU compares favourably to the United States in terms of prices and connection speed, but lags behind in terms of coverage of high-speed 4G wireless connections. -Europe’s long-term goal should be to make data access easier by increasing highspeed wireless coverage while keeping prices down for users. An increase in cross-border competition could help to achieve that goal. - The Commission has two important levers to help stimulate cross-border supply:(a) ensuring competition in intra-country mobile markets in order to provide an incentive for operators to expand into other jurisdictions, and (b) reducing mobile operators’ costs of expansion into multiple EU countries. The further development of policies on international roaming and radio spectrum management will be central to this effort.