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Shadow banking is a form of bank-like intermediation where regulatory standards are looser than for regular banks. It includes money market funds and other funds using leverage, securities and derivatives dealers, securitisations, securities financing transactions and derivatives, as well as new players like digital lenders and stablecoins. We look at theoretical contributions and empirical data and suggest possible policy options. We recommend that rules be unambiguous and apply to all institutions ...

The EU has unveiled an ambitious plan to regulate online platforms, and the European Commission is proposing to introduce ex ante regulation to ensure that markets characterised by large platforms acting as digital gatekeepers remain fair and competitive for innovators, businesses, and new market entrants. The introduction of an ex ante regulatory framework that could limit online platforms' commercial freedom and give wide-ranging enforcement powers to regulators would be a far-reaching step. Against ...

The European Parliament and the Council reached an agreement on the proposed regulation on promoting fairness and transparency for business users of online intermediation services in February 2019. Providers of online intermediation services (e.g. Amazon and eBay) and online search engines (e.g. Google search) will be required to implement a set of measures to ensure transparency and fairness in the contractual relations they have with online businesses (e.g. online retailers, hotels and restaurants ...

How to promote fairness and transparency in the online platform environment? The Commission's answer to this question can be found in its recent legislative proposal. It stipulates that providers of online intermediation services (e.g. Amazon) and online search engines (e.g. Google search) have to implement certain measures to ensure transparency and fairness in the contractual relations they have with online businesses which use such platforms to provide their services to customers in the EU. This ...

In this briefing, we assess the role of intermediaries and wholesalers in international trade based on the existing theory and empirical evidence. In all countries examined, a relevant share of international trade (on average more than 10%) occurs through intermediaries. Especially small and less efficient firms can export thanks to the presence of intermediaries operating on a larger scale and exploiting economies of scale. Intermediaries therefore can increase the amount of exports and the extent ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's Impact Assessment accompanying its proposal for a Directive of the European Parliament and of the Council on package travel and on assisted travel arrangements, amending Regulation (EC) No 2006/2004 of the European Parliament and of the Council and Directive 2011/83/EU and repealing Council Directive 90/314/EEC (COM (2013) 512), submitted on 9 July 2013. It analyses whether the principal ...

This study provides an updated evaluation of the Package Travel Directive. Firstly, the implementation of the Directive – especially though the current state of play in the new Member States – is analysed. Particular aspects of the Directive are treated, such as the problem of the travel provider becoming insolvent, issues relating to intermediaries and travel not regulated by the Directive. Secondly, proposals are treated. The Directive is evaluated from the perspectives of stakeholders and consumers ...