Publications

10Dec
2025

Unpacking the stack: how layered capital requirements shape European banking capacity

Published in: 
Other publications
Author(s): 
Judith Arnal

The EU’s banking capital framework comprises multiple layers – microprudential requirements, macroprudential buffers and resolution capacity – each calibrated by different author

10Dec
2025

ECRI Statistical Package 2025 - Key findings

Published in: 
Research Reports
Author(s): 
Fredrik Andersson, Gloria Paggiaro

The ECRI Statistical Package 2025 provides data on outstanding credit granted by monetary-financial institutions (MFIs) to households and non-financial corporations (NFCs) for th

26Nov
2025

Tackling the twin paradox of EU financial regulation

Published in: 
Policy Briefs

The Lamfalussy process has generated two opposing distortions.

30Oct
2025

Embedding financial competitiveness as a regulatory objective to boost Europe’s productivity

Published in: 
Policy Briefs
Author(s): 
Judith Arnal, Pablo Zalba, César Gurrea

Competitiveness has become the defining challenge for the European economy, but the EU’s financial system is still constrained by a regulatory framework focusing on stability and

14Oct
2025

Finance Europe is a well-intentioned label but it misses the structural point

Published in: 
Commentaries
Author(s): 
Judith Arnal

In June 2025, seven EU Member States (namely France, Spain, Luxembourg, the Netherlands, Estonia, Germany and Portugal) launched Finance Europe, a voluntary label for re

08Oct
2025

Assessing regulatory approaches to gatekeeper participation in EU open finance

Published in: 
Policy Briefs
Author(s): 
Judith Arnal, Fredrik Andersson

The Financial Data Access Regulation (FIDA) is entering a decisive phase in negotiations. FIDA is the EU’s attempt to expand data portability in financial services.

11Sep
2025

Multi-issuance stablecoins and MiCA’s first real credibility test

Published in: 
Policy Briefs
Author(s): 
Judith Arnal

The EU’s Markets in Crypto-Assets Regulation (MiCA) is now the world’s most comprehensive regulatory framework for digital assets.

28Aug
2025

EU simplification will fail without better governance: Three necessary reforms to make sure it doesn’t fail

Published in: 
Policy Briefs
Author(s): 
Judith Arnal

The EU has long been seen as a global regulatory power, exporting its standards across the world through what’s commonly known as the ‘Brussels Effect.’ However, newer frameworks

18Jun
2025

How to ensure a safer future for retail payments: Aligning fraud prevention and accountability in the EU

Published in: 
Policy Briefs
Author(s): 
Judith Arnal

Retail payment fraud is a structural challenge that no longer falls solely within the remit of payment service providers (PSPs).

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