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Strong markets require strong regulation


In their series on securitization, Ewald Engelen and Anna Glasmacher fear that a revived market for the product would only fuel asset bubbles. Today, Paul Tang, member of the European Parliament for the Dutch Labour Party (PvdA), shares the other side of the story.

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The Trojan Horse of Europe's Capital Markets Union, Part V

Ewald Engelen

The securitizations saga continues. After months of negotiations, the European Union has brought out two compromise proposals, supposedly addressing concerns about public rationale and entry requirements. But do they really? Ewald Engelen and Anna Glasmacher are not impressed.

The Trojan Horse of Europe’s Capital Markets Union, Part IV

Ewald Engelen

Ewald Engelen watched the livestream of last week’s hearing on the European Commision’s Capital Markets Union and concludes that Paul Tang, rapporteur on the proposal to kickstart the European market for repackaged mortages, has upped the ante after his initial response, has thereby seriously annoyed bankers and their political backers, faces an uphill battle in learning the lessons of the crisis seriously and therefore deserves all the support he can get.

The Trojan Horse of Europe’s Capital Markets Union, part III

Ewald Engelen

In addressing the proposals of the European Commission on securitised assets, the European Parliament (EP) is missing the point, argue Ewald Engelen and Anna Glasmacher. In the third part of their series of articles on FTM about this issue, they analyse the working document prepared by Dutch rapporteur Paul Tang which will serve as the basis for the EP’s debate, and address what they see as its flaws.

Kabinet en Europese Commissie opnieuw in de zak van de banken

Ewald Engelen

Vanmiddag buigt de vaste Kamercommissie Financiën zich over de reactie van het kabinet op het plan van de Europese Commissie om een Europese kapitaalmarktunie van de grond te tillen. Columnist Ewald Engelen heeft er alvast een blik op geworpen. Dit zijn zijn bevindingen.


The Trojan Horse of Europe's Capital Markets Union, part II

Ewald Engelen

Ewald Engelen and Anna Glasmacher call upon members of European Parliament to wake up and block the return of bankers' paradise before it is too late. The 'Capital Markets Union' envisioned by the European Commission only reproduces the status-quo of an unsustainable financial oligopoly that sustains the few at the expense of the many.

Biedt kapitaalmarktenunie het mkb meer kans op krediet?

Jean Wanningen

De Europese Commissie wil in het kader van het Plan Juncker een kapitaalmarktenunie optuigen, die het gemakkelijker moet maken voor zowel beleggers en het mkb als consumenten om grensoverschrijdende financieringen te doen. Maar hoe realistisch is die ambitie?

The Trojan Horse of Europe’s Capital Markets Union (CMU)

Ewald Engelen

Today European Commissioner Jonathan Hill presented his long awaited action plan for the creation of a Europe-wide Capital Markets Union in Brussels. A key plank of this Union is the attempt to resuscitate the market for securitized mortgage loans, which, due to its role in igniting the financial crisis, has been moribund since the outbreak of the crisis. The aim of the Commission is to create a new market for safe securitizations based on simple, transparent and standardized products. In the article below Ewald Engelen and Anna Glasmacher, both from the University of Amsterdam, critically discuss a draft proposal to that effect, that they have obtained through wikileaks. The authors argue that the proposal is based on faulty assumptions, is dangerous in that it furthers financialization and that it hence should be stopped.

Het MKB als cover-up voor een nieuwe huizenzeepbel

Ewald Engelen

Het is volgens Ewald Engelen om knettergek van te worden: de oorzaak van de crisis - het verpakken van hypotheken - wordt door de Europese Commissie als oplossing van de crisis gepresenteerd.