Publications

24Mar
2026

More finance, less friction: how to simplify the EU’s financial regulation and strengthen supervisory structures

Published in: 
Research Reports
Author(s): 
Karel Lannoo, Judith Arnal, Apostolos Thomadakis

Europe’s financial regulatory and supervisory framework has delivered major stability and protection gains over the past two decades but it has become increasingly difficult to o

27Feb
2026

Payment sovereignty without walls: the case for Europe’s multi-rail ecosystem

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

The debate on European payment sovereignty has intensified amid geopolitical tensions and growing concerns about the dominance of non-EU card schemes.

29Jan
2026

The economic costs of restricting global stablecoins – and how to mitigate the risks

Published in: 
Policy Briefs
Author(s): 
Judith Arnal, Dr Matthew Osborne

While the EU has established a comprehensive framework for crypto-assets under the Markets in Crypto-Assets Regulation (MiCA), growing institutional scepticism towards multi-issu

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.

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