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   The Next Generation EU (NGEU) as a catalyst for the promotion of the international role of the euroMachura-Urbaniak, Anna  ; E-print/Working paper (2023) Recent developments in the global arena such as the COVID-19 pandemic and stresses in energy markets, made it clear that it is critical for the EU to ensure its strategic autonomy in the macroeconomic ... [more ▼] Recent developments in the global arena such as the COVID-19 pandemic and stresses in energy markets, made it clear that it is critical for the EU to ensure its strategic autonomy in the macroeconomic field. Strengthening the international role of the euro is one of the key elements in this regard. Through timely analysis of the changes stemming from the establishment of the Next Generation EU (NGEU), we seek to understand to what extent the NGEU can serve as a catalyst for the promotion of the international role of the euro. While it is implausible that the euro will overcome the primacy of the US dollar, we center our analysis around the transformation of the EU’s presence in capital markets. Following massive issuances of green bonds under the NGEU, the EU became the largest issuer of green bonds and has the potential to progress from a small supranational issuer to a sovereign size issuer. This means that the pool of highly rated euro-denominated safe assets will expand significantly. That is where we focus our analysis and where we see the opportunity of the NGEU for unlashing the potential of the euro and boosting its international role. [less ▲] Detailed reference viewed: 174 (3 UL)Incorporation of behavioural sciences into financial regulation - a better way to protect investorsMachura-Urbaniak, Anna in Bulletin Droit et Banque (2021), 69 Current financial regulation is based on neoclassical economics. Its core assumption is that well-informed investors make rational and wealth-maximisation decisions. This approach is strongly reflected in ... [more ▼] Current financial regulation is based on neoclassical economics. Its core assumption is that well-informed investors make rational and wealth-maximisation decisions. This approach is strongly reflected in EU financial legislation, which focuses on information disclosure. However, evidence provided by behavioural sciences reveals that investors fail to make optimal decisions because they are prone to biases and framing effects. Studies show that people may be subject to bounded rationality and bounded self-control. Despite growing interest in behavioural sciences, its explicit applications in financial regulation are still rare and the use of measures countering the negative impact of the biases is rather exceptional. This article provides a number of examples of the incorporation of behavioural economics into different legal areas and considers what lessons can be drawn therefrom. The objective is to provide a review, which will help to see whether behavioural sciences could be used to fine-tune policy design in financial regulation and/or enhance its enforcement in order to better protect investors. This paper further discusses what could be the best way to incorporate psychological aspects into financial regulation. [less ▲] Detailed reference viewed: 128 (2 UL) |
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