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03/02/2015 - Baseline report on solutions for the posting of non-cash collateral to central counterparties by pension scheme arrangements - A report for DG Market

Europe Economics developed a study (executive summary only) for DG MARKT (now DG FISMA) on the potential impact of pension funds having to post cash collateral in clearing their OTC derivatives. This work models the effect of ending the current temporary exemption to the application of some of EMIR’s requirements. We worked with Bourse Consult on this project, which also considered the feasibility of various alternative solutions to posting cash, and the ability of the market to deliver these. Our work was an input into the European Commission's own report recommending a two year extension of the exemption. EU Commissioner for Financial Stability, Financial Services and Capital Markets Union, Jonathan Hill said: “Today's report sets out a number of potential ways to facilitate central clearing for pension funds. But none of them is straightforward and it is sensible to take more time to develop a solution which is proportionate.”  

09/01/2015 - How EU Wholesale Financial Regulation Differs from what the UK would Choose for Itself - A report for Business for Britain

This Europe Economics report for Business for Britain focuses on EU regulation and tax measures affecting wholesale financial services — of vital interest to the City — and considers which, of such regulation introduced at EU level, the UK would have introduced itself, acting alone, and which it would not.

16/12/2014 - Retail Distribution Review: Post Implementation Review - A report for the Financial Conduct Authority

Europe Economics was commissioned by the FCA to undertake the post-implementation review of its Retail Distribution Review (RDR) of the financial advice market.  Our report was published on 16th December 2014.  We found early indications that the RDR is working as intended, although we also identified issues where further attention may be required.  Further details are available here and our report can be downloaded directly here.

30/10/2014 - The Economic Impact of the Work Programme - A report for the Employment Related Services Association

To coincide with the third anniversary of the Work Programme’s introduction, the Employment Related Services Association (ERSA), the representative body for the employment support sector, commissioned Europe Economics to model the economic impact of the Work Programme.  Europe Economics constructed and calibrated a time series model of the rate at which long-term claimants leave benefits.  We then included the Work Programme in order to estimate its effects. The Work Programme was found to have a positive impact on the number of long-term claimants leaving benefits.   In order to understand the wider economic impacts of the programme we then constructed three representative profiles of jobseekers: a single, over 25, jobseeker living in Glasgow; a single, under 25, jobseeker living in London; and a family living in Birmingham – and estimated the economic benefits of the labour market impact found for the workers themselves, for the exchequer and for business. Our results suggest that of the 1.5 million net attachments there have been under the Work Programme, around 100,000 more people, unemployed for 52 weeks or more, found work between June 2011 and April 2014 than would have without the Work Programme.

14/10/2014 - The Economic Impact of Palm Oil Imports in the EU - A report for the Malaysian Palm Oil Council

The European Union (EU) imported over 9 million tonnes of palm oil and palm kernel meal in 2012. Europe Economics was asked by the Malaysian Palm Oil Council to estimate the scale of the downstream economic activity in the EU and its Member States associated with those imports and the impact of any resulting increase in demand.