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.

Changing Banking Supervision in the Eurozone: the ECB as a Policy Entrepreneur. Bruges Political Research Paper No. 38, December 2014

In 2012, the European Union adopted a transformational change to its banking policy for the Eurozone. It dropped the model of decentralized supervision and regulatory competition between countries, and replaced it with a single supervisor and harmonization. Transferring banking supervision to the ECB also alters the existing constitutional order. The policy process leading to this transformational change was rapid and highly political, which was different compared to earlier incremental changes to banking policy. Kingdon's model, whereby policy entrepreneurs seize opportunities at times when the independent streams of solutions, problems and politics converge, partly explains this transformation. The study of EU banking policy suggests, however, that the multiple streams framework should pay more attention to the way in which entrepreneurs engineer fluctuations within the streams and thereby contribute to creating opportunities for change. This paper identifies the ECB as an effective entrepreneur which also played an active role in political bargaining.

Did Egypt's Parliamentary Election just trump citizens’ rights? Arab Citizenship Review No. 12, 19 November 2015

Since the Muslim Brotherhood rule was toppled in July 2013, the regime of President Abd al-Fattah al-Sisi has strived to consolidate his one-man rule; he painted the political opposition and civil society as traitors and foreign agents and exploited the fight against terrorism to suppress freedom of expression, justify a crackdown on the press, eclipse justice in courtrooms, throw thousands in prison, and tighten his grip on police forces. The regime has postponed parliamentary elections for some time, while it marginalised and weakened the non-Islamist political parties that helped Sisi take power. He did so by promoting electoral lists with candidates who are loyal to the president, to ensure control over the new assembly and by obstructing any political alliance that could form an opposition. At the same time, the security apparatus has been given free rein to control the public sphere and engineer the electoral process. This may ultimately lead to a parliament that includes no advocates for rights and liberties, which is particularly significant since the incoming assembly will review the huge amount of legislation that President Sisi has issued in the absence of a parliament. In addition, shortly before elections, President Sisi raised questions about the constitution, calling for it to be amended to reduce the powers of the parliament and increase those of the president. It is thus clear that Sisi seeks not only to consolidate his regime, without political opposition, but to free his rule of any effective oversight from society or parliament.