An incomplete step toward a banking union. CEPS Commentary, 5 July 2012

In this Commentary, Daniel Gros applauds the decision taken by Europe’s leaders at the eurozone summit at the end of June to transfer responsibility for banking supervision in the eurozone to the European Central Bank. It represents explicit recognition of the important fact that problems might originate at the national level, but, owing to monetary union, they can quickly threaten the stability of the entire eurozone banking system. In his view, the next small, incremental step, although one not yet officially acknowledged, will necessarily be the creation of a common bank rescue fund.

Backloading: A necessary, but not sufficient first step. CEPS Special Report No. 72, 20 November 2012

In July 2012, the European Commission issued an invitation for public consultation to review the ‘auctioning time profile’ for the EU Emissions Trading Scheme” in order to collect views from stakeholders and experts in the field of the EU carbon market on a draft for a future amendment of the Commission Regulation on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances. In this submission, the CEPS Carbon Market Forum addresses the following questions and offers its views on the Commission’s proposed amendments: Is back loading a good idea? Is there a need for following up the back loading with structural measures? What should the number be? If this cannot be addressed, what are the considerations for deciding upon that number? What price expectations are linked to the number? On what basis are they construed?