Will the PRIPs' KID live up to its promise to protect investors? ECMI Commentary No. 33, 6 July 2012

Unveiled by the European Commission on July 3rd, the proposed Regulation on key information documents (KID) for packaged retail investment products (PRIPs) represents a step forward in enhancing the protection of retail investors and advancing the single market for financial services. While acknowledging in this Commentary that the KID is a commendable effort, ECMI/CEPS researcher Mirzha de Manuel Aramendía observes that pre-contractual disclosure is just one of the pieces in the jigsaw puzzle of investor protection and regrets that other pieces, such as MiFID and the IMD, are not so ambitiously constructed.

Croatia and the EU: the catch-up issue. CEPS Commentary, 28 June 2013

To become a prosperous country devoid of institutional preconditions for corruption, Croatia will have to define its own goals, persevere in reaching them and introduce some sort of internal monitoring. True political will, democratisation, government accountability and appropriate policies are crucial, particularly for the institutions and mechanisms that monitor government accountability and citizen participation. One can only reiterate the European Commission’s hope that membership will prove to be an additional incentive to Croatia’s politicians to change their behaviour and start addressing state capture in the country.

One country, two societies? Germany twenty years after reunification. OSW Study 35/2011

3 October 2010 marked the twentieth anniversary of the reunification of the two German states. This is an occasion for summing up and evaluating the changes which have taken place in Germany since 1990. Germany became reunited through the incorporation of the East German federal states to the then Federal Republic of Germany. The West German point of view is predominant in public discourse regarding this issue, which is manifested through grading the new federal states for their progress in assimilation to the western part of Germany. However, this way the positive changes which have taken place in the social, political and economic areas in the eastern federal states over the past two decades are often disregarded. This paper is an attempt to show the changes which have taken place in Germany, involving areas in which new federal states have outperformed the western part of the country.

The Determinants of Country Risk in Eastern European Countries. Evidence from Sovereign Bond Spreads. Bruges European Economic Research (BEER) Papers 8/November 2006

The paper studies country risk in two Central and Eastern European countries - Bulgaria and Poland. The long run relationship between the yield differential (spread) of Eastern European national bonds (denominated in US dollars) over a US Treasury bond on one the hand and the country’s fundamentals as well as an US interest rate on the other hand, is examined. The cointegrated VAR model is used. First, the yield differentials are analyzed on a country by country basis to extract stochastic trends which are common for all bonds in a given country. Thereafter, the risk is disentangled into country and higher level risk. This paper is among the first ones which use time series data to study the evidence from sovereign bond spreads in Eastern Europe.