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  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 1

    SAVING FOR RETIREMENT AND

    INVESTING FOR GROWTH Report of the CEPS ECMI Task Force on long-term investing and retirement savings

    L A U N C H O F T H E R E P O R T

    B R U S S E L S , 1 8 S E P T E M B E R 2 0 1 3

    D o w n l o a d a t w w w . e u r o c a p i t a l m a r k e t s . o r g / S F R o r w w w . c e p s . e u / b o o k / S F R C o n t a c t u s a t e c m i @ c e p s . e u

    Centre fo r European Po l i c y S tud ies European Cap i ta l Marke ts Ins t i tu te For the Report , Mi rz ha de Manue l Aramenda Al l R ights Reserved

    Karel Lannoo CEO of CEPS, General Manager of ECMI

    Senior Rapporteur to the Task Force

    Welcome

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 2

    1. Welcome remarks Karel Lannoo, CEO of CEPS

    2. Key recommendations Allan Polack, Task Force Chairman

    3. Presentation of the report Mirzha de Manuel, CEPS ECMI

    4. Expert comments and reactions

    Nadia Calvio, Deputy Director General, DG Markt

    Patrick Hoedjes, Director of Operations, EIOPA

    Paul Woolley, London School of Economics

    5. Debate and questions

    Agenda

    In-house expertise

    2003

    .... an incipient

    single market

    2008

    .... MiFID and

    UCITS effects

    2012

    .... the future

    after the crisis

    2013

    .... long-term

    and pensions

    A v a i l a b l e f o r f r e e d o w n l o a d a t w w w . c e p s . e u a n d w w w . e u r o c a p i t a l m a r k e t s . o r g

    http://www.eurocapitalmarkets.org/rethinkingamhttp://www.eurocapitalmarkets.org/rethinkingam

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 3

    We wish to thank

    Carmignac Gestion

    Who provided seed sponsoring for this research project

    Task Force Observers

    European Commission, EIOPA, EIB, OECD, French Ministry of Ecology and Energy, Danish

    FSA, Caisse des Dpts, EurofinUse

    Numerous academics and experts who contributed to the meetings

    Task Force Members

    61 individuals, 31 companies and organisations (full list in annex to the final report)

    Task Force Chairman

    Allan Polack (CEO of Nordea Asset Management) on a personal capacity

    DISCLAIMER: Only the policy recommendations presented at the beginning of the report reflect the general

    consensus reached by task force members (although not every member may agree with every aspect of each

    recommendation). The members were given the opportunity to comment on the draft final report, but its

    contents were drafted independently by CEPS ECMI and may only be attributed to the rapporteurs.

    Allan Polack Chairman of the CEPS ECMI Task Force

    CEO of Nordea Asset Management

    Recommendations

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 4

    Setting the scene

    A double challenge but common solutions? need for long-term investments, crucial levers for growth

    and a growing pension gap, threatening inter-generational balance

    A focus on beneficiaries retail investment products: solution design (geared towards long-term investing)

    accessibility: market structure (address financial exclusion in long-term savings)

    Against a complex background public finances: fiscal crisis, high long-term liabilities

    prudential regulation: Solvency II and IORP II, among others

    monetary policy: low interest rates

    business models and product mixes: move from DB to DC

    single market: remains largely unexploited

    Need for industry innovation and public steering goal of delivering concrete proposals

    1. Place households at heart of long-term investing (LTI) debate

    2. Foster access to LTI solutions, including for retirement

    3. Strengthen solution quality and deliver accessible market setting

    4. Strengthen investor protection and optimise it for LTI

    5. Continue to modernise regulation for provision of guarantees

    And additional recommendations on

    Key recommendations (1/3)

    E L T I F S S O L V E N C Y I I

    I O R P I I P E R S O N A L P E N S I O N S

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 5

    1. Place households at heart of long-term investing (LTI) debate Households are owners or beneficiaries of 60% of financial assets in Europe

    And they face growing need to save more and more efficiently

    2. Foster access to LTI solutions, including for retirement Households need easily accessible, high-quality and cost-efficient long-term solutions

    More standardisation to raise visibility, mitigate complexity and burden of choice

    3. Strengthen solution quality and deliver accessible market setting Not only volatile market returns, poor solution design and poorly organised markets

    Single market potential should be fully exploited (processing, taxation)

    4. Strengthen investor protection and optimise it for LTI Advice can be too onerous, need for simple standardised defaults (under execution-only)

    Suitability should consider costs for long-term solutions, given effect of compounding

    5. Continue to modernise regulation for provision of guarantees But reconcile with long-term investing and economic reality (illiquid assets, sovereign bonds)

    Cautious approximation of capital requirements for IORPs, full account taken of diversity

    Key recommendations (2/3)

    Key recommendations (3/3)

    E L T I F S S O L V E N C Y I I

    I O R P I I P E R S O N A L P E N S I O N S

    Commission ELTIF proposal valuable

    But will it work for retail investors?

    Need to cope with financial exclusion

    Proposal on long-term balanced funds

    Matching adjustment essential

    Could comprise expected cash flows?

    Could be reflected on capital charges?

    Issue of zero charges for sovereigns

    Great diversity in Europe

    Security and steering mechanisms

    Support qualitative approximation

    Cautious quantitative approximation

    Blueprint for pan-European solutions

    Regulated defaults

    Principles for solution design

    Attention to processing and taxation

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 6

    Mirzha de Manuel Research Fellow , CEPS ECMI

    Rapporteur to the Task Force

    Presentation

    SAVING FOR RETIREMENT AND

    INVESTING FOR GROWTH

    Mirzha de Manuel Aramenda

    CEPS ECMI Research Fellow

    R a p p o r t e u r t o t h e T a s k F o r c e

    A u t h o r o f t h e R e p o r t

    D o w n l o a d a t w w w . e u r o c a p i t a l m a r k e t s . o r g / S F R o r w w w . c e p s . e u / b o o k / S F R

    Mirz ha de Manue l Aramenda Al l R ights Reserved Contac t ec [email protected] c eps .eu

    PRESENTATION OF THE REPORT

    Brussels, 18 September 2013

    http://www.eurocapitalmarkets.org/rethinkingam

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 7

    1. The issues as we see them - At macro level: need for long-term financing

    - At micro-level: need for long-term investing solutions

    - Ultimately, money from beneficiaries towards pensions

    2. Mobilising household savings in solutions that deliver

    3. Guarantees play a role but are challenged

    4. DC offers opportunities but are not immediate - Need for industry drive and regulatory intervention

    5. Opportunities maximised within a single market - For investors to benefit from best practices and lower costs

    - For efficient allocation of resources and macro-economic convergence

    Index

    DISCLAIMER: The content of this presentation is only attributable to the author and not to Task Force members.

    1 . T H E I S S U E S A S W E S E E T H E M ( 1 / 2 )

    Households are the biggest holders of financial assets

    in Europe, mostly l iquid (with virtuous exceptions)

    Europe needs more long-term financing and wishes to

    mitigate bespoke short -termism in financial markets

    Households 23 (43%)

    Institutional investors

    14.9 (28%)

    Banks 11.9 (22%)

    Others 4 (7%)

    37% 21%

    22% 45%

    41% 21%

    0%

    20%

    40%

    60%

    80%

    100%

    Liquidity Intermediation

    (+) (+) (+) () () () * tn, McKinsey * BCG

    58%

    20%

    64%

    17% 27%

    46%

    0%

    20%

    40%

    60%

    80%

    100%

    UK Spain Holand Italy Germany France

    Illiquid (private pensions and life insurance) * BCG

    Share of household financial assets.... Household financial assets....

    * EC

    INVESTMENT

    UNIVERSE

    RISK

    APPETITE

    INVESTMENT

    BELIEFS

    LIABILITY

    PROFILE

    DECISION

    MAKING

    LONG-TERM

    INVESTMENT

    * WEF

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 8

    1 . T H E I S S U E S A S W E S E E T H E M ( 2 / 2 )

    Risk aversion is on the rise due only to macro

    fundamentals or also to inadequate intermediation?

    Yet, cit izens need returns to fi l l a growing pension gap

    (while fiscal capacity remains l imited)

    35% 37% 32% 26% 22%

    28%

    0%

    10%

    20%

    30%

    40%

    50%

    2000 2010 2000 2010 2000 2010

    Currency and deposits

    Shares and other equity

    Insurance technical reserves

    35% 38% 41%

    20%

    32% 36%

    44%

    20%

    42% 43% 49%

    27%

    10%

    20%

    30%

    40%

    50%

    plan to favour stable deposits

    are interest in a guaranteed return

    product

    perceive funds bear too much risk

    plan to move money from stocks and mutual

    funds to bonds

    Share of retail investors who... Year 2010 Year 2011 Year 2012

    * BCG

    Share of household financial assets....

    * OECD

    5 9.5 20.2 25.3 40.2

    68.8 97.6

    170.5

    243.5

    379

    468.8

    374

    0

    100

    200

    300

    400

    500

    LT HU IE CZ RO PL IT ES FR UK DE Other

    EU pension gap ( billions per annum, retiring 2011-2051)...

    * AVIVA * SG

    2 . M O B I L I S I N G H O U S E H O L D S A V I N G S I N S O L U T I O N S T H A T D E L I V E R ( 1 / 1 )

    Funded pensions and other solutions do not always

    deliver low market returns but also high costs

    1.83%

    -1.11%

    -5%

    -3%

    -1%

    1%

    3%

    5% Dec 2001 - Dec 2010

    Dec 2007 - Jun 2011

    * OECD

    Average annual real net investment return of pension funds....

    Great diversity in Europe unexploited single market potential

    1.4% 1.3%

    1.0% 0.9%

    0.5% 0.5% 0.4% 0.4% 0.4% 0.3% 0.2%

    0.1%

    0.0%

    0.4%

    0.8%

    1.2%

    1.6%

    Czech Rep Spain Hungary Slovenia Slovak Rep Greece Poland Netherlands Finland Norway Belgium Denmark * OECD

    Operating costs as a share of total assets for pension funds....

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 9

    3 . G U A R A N T E E S P L A Y A R O L E B U T A R E C H A L L E N G E D ( 1 / 2 )

    The provision of guarantees necessitates long-term

    investing (ALM) but is challenged by low rates

    Fwd 23-04-13

    Fwd 06-09-04

    Spot 23-04-13

    Spot 06-09-04

    0

    1

    2

    3

    4

    5

    6

    3

    9

    2

    4

    6

    8

    10

    12

    14

    16

    18

    20

    22

    24

    26

    28

    30

    Yie

    ld in

    %

    Residual maturity in years

    4.5% 4.4%

    3.8%

    2.3% 2.6%

    2.2%

    3.1% 3.6%

    2.7%

    0.4%

    1.7%

    0.7%

    0%

    1%

    2%

    3%

    4%

    5%

    Generali Allianz Axa

    Running yield Average guarantee in force

    New money yield Average new guarantee

    Euro-area yield curve, illustrative spread 2004-2013.... Average and new yield vs. guarantees in life insurance....

    * ECB * Morgan

    Stanley

    and the uncertain impact of revised prudential standards

    100%

    Covered bonds (AAA, 1 year)

    20%

    Covered bonds (AAA, 5 years)

    EEA government bonds

    13%

    Corporate bonds (AAA, 5 years)

    EEA government bonds

    1.6%

    Corporate bonds (B, 5 years)

    EEA government bonds

    1.5%

    EEA & OECD equities

    EEA government bonds

    * CGFS

    Stylised illustration of trade-offs between asset classes, based on Solvency II standard formula under QIS 5 (charges for spread risk and equity risk only)...

    3 . G U A R A N T E E S P L A Y A R O L E B U T A R E C H A L L E N G E D ( 2 / 2 )

    Contentious issues, operational constraints and

    potential solutions within Solvency I I

    CONTENTIOUS ISSUES

    Assets held to maturity versus

    available for trading

    adjustment on the liability

    side of the balance sheet

    discount rate for liabilities:

    matching adjustment (MA)

    Calibration of capital charges

    steepness: duration & rating

    arguably inaccurate reflection

    of risks in less liquid assets

    Zero risk-weights for EAA

    sovereign debt

    distortion to asset allocation

    OPERATIONAL CONSTRAINTS

    In applying the MA

    separate default & spread risk

    eligible liabilities and assets

    reinvestment & other risks

    rebalancing of portfolios

    best reporting format

    Calculating standard charges

    availability & quality of data

    limitations embedded in

    methodologies & risk metrics

    Political and economic risks

    calculation of charges

    euro-area crisis & institutions

    POTENTIAL SOLUTIONS

    Broader and more flexible

    application of MA could

    foster long-term investment

    (LTI) in assets different to bonds

    but is difficult to supervise,

    given discretion left to insurers

    To avoid discouraging LTI

    extended MA

    interim arrangements

    pending new calculations?

    Introduce macro-economic &

    institutional aspects

    in the debate on LTI

    In conclusion: standard capital charges and solvency ratios

    are needed but emphasis should be on supervision

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 10

    4 . D C O F F E R S O P P O R T U N I T I E S B U T A R E N O T I M M E D I A T E ( 1 / 1 )

    DC offers more leeway in asset al location but

    incentives need to be al igned with long -term investing

    Issues identified in solution design and market structure

    highlight difficulties in al igning incentives

    13%

    52%

    2% 6% 6%

    15%

    7% 11%

    47%

    1%

    12%

    24%

    1% 4%

    0%

    10%

    20%

    30%

    40%

    50%

    Cash and deposits

    Sovereign bonds

    Loans Equity UCITS / mutual f.

    Unallocated insurance

    Other investments

    Protected DC schemes Unprotected DC schemes

    * OECD

    Asset allocation

    0%

    20%

    40%

    60%

    80%

    100%

    Defined benefit Defined contribution Hybrid

    Occupational pension funds in 2011

    * EIOPA

    M A R K E T S T R U C T U R E :

    Product proliferation and consumer segmentation

    Difficulties for individuals to approach the market

    Widespread financial exclusion

    Potential for abuse due to consumer captivity

    Inefficient processing architecture

    Lack of standardisation

    S O L U T I O N D E S I G N :

    Unclear retirement purpose and governance

    Liquidity profile inconsistent with pension objective

    Asset allocation skewed towards short-term assets

    Inadequate or simplistic investment practices

    Unsophisticated or poor risk management

    Communications lacking behavioural purpose

    5 . O P P O R T U N I T I E S M A X I M I S E D W I T H I N A S I N G L E M A R K E T ( 1 / 2 )

    Single market holds potential for efficiencies, both

    for headline costs and long-term investing

    R = 0.6471

    0.0%

    0.4%

    0.8%

    1.2%

    1.6%

    0 100,000 200,000 300,000

    Ad

    min

    istr

    ati

    on

    exp

    en

    ses

    / to

    tal a

    sse

    ts

    Total assets (GBP millions)

    R = 0.4255

    0.0%

    0.4%

    0.8%

    1.2%

    1.6%

    0 1,000 2,000

    Total assets (EUR millions)

    Scale and costs

    UK DC schemes

    Scale and costs

    German DC schemes

    * BCG

    Single market is also an opportunity to deliver greater

    accessibility and long-term investment focus

    Addressing both solution design and market structure :

    tackling financial exclusion as regards long-term savings / investments

    ensuring industry delivers primarily to end investors

    Delivering easily accessible default solution (s):

    no perfect solution exists, instead need to balance trade-offs

    customisation vs. cost sophistication vs. cost LTI vs. size transferability vs. LTI

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 11

    5 . O P P O R T U N I T I E S M A X I M I S E D W I T H I N A S I N G L E M A R K E T ( 2 / 2 )

    A blueprint for pan-European personal pensions

    in six building blocks

    S O L U T I O N D E S I G N D E F A U L T S O L U T I O N ( S )

    Principle-based rules for non-default solution (s)

    Explicit consideration of retirement purpose and long-term

    investment horizons and practices

    Long-term absolute-return objectives (replacement rates)

    Link to de-accumulation phase (annuities, draw-downs)

    Product regulation of default solution (s)

    Life-cycling and life-styling features or options (limited or

    restricted range)

    Eligible assets and permissible investment practices

    Allocation range per asset class, including less-liquid assets

    S O L U T I O N P R O V I D E R S I N F R A S T R U C T U R E

    Resources and expertise

    Alignment of incentives with l-t investment horizon

    Conflicts of interest in asset management value chain

    Industrial organisation and market structure policy (volume,

    access to less-liquid assets classes, cost)

    Pan-European processing architecture

    Pan-European clearing house for default options

    Administration of contributions

    Unbundling of services with lower efficient scale

    Uniform regulation of holding rights and transfers

    C O M M U N I C A T I O N D I S T R I B U T I O N

    Full fee transparency, based on harmonised fee structures

    Standardised pre-contractual disclosure, supported by a

    single pan-European online information point

    Annual statements focused on replacement rates and

    follow-up actions by members

    Special suitability requirements, with broad market

    coverage and explicit consideration of costs

    Professional standards for sales staff

    Execution-only access for default solution (s) supported by

    publicly-provisioned information

    In sum

    At micro-economic level, LTI depends on retail solutions focus should be on beneficiaries and end investors

    Europe is focusing on prudential rules (and rightly so) low interest rates represent a risk to financial stability

    And there is space to further align those with LTI but supervisors will need more resources and powers

    But the world is moving away from DB into DC need for a pan-European framework for personal pensions

    And pension markets are becoming quasi-markets policy-makers need to ensure they deliver value primarily to investors (not to industry)

    Where the single market potential remains unexploited in addition to efficiencies, need for macro-economic convergence

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 12

    The Report SETTING

    THE SCENE

    - What is long-term

    investing?

    - Investors

    - Asset classes

    - Underlying

    - What is the focus of the

    report?

    - Beneficiaries

    - Retail investment

    products

    - Retail long-term investing

    today

    - Diversity in Europe

    - Intermediation

    - Liquidity

    - Awareness / risk aversion

    - Incomplete single market

    C H APTER 1

    Long-term investing

    and retirement savings

    Guarantees and

    prudential rules

    - Institutional long-term

    investing today

    - Diversity in guarantees

    - Investment practices

    - Prudential safeguards

    - Adapting to low interest

    rates

    - Risks to financial stability

    - In transition to limited

    guarantees

    - Product mixes &

    business models

    - Awaiting regulatory change

    - Solvency II principles

    - Point of contention

    - Potential solutions

    - Lessons for IORP reform

    PERSONAL

    PENSIONS

    C H APTER 3

    Private pensions today

    Market structure

    Solution design

    A blueprint for pan-

    European pensions

    - Diversity in Europe

    - Insufficient coverage and

    low contributions

    - High costs & low returns

    - Demand & supply dynamics

    - Scale & infrastructure

    - Single market potential

    - Shortcomings identified

    - Key trade-offs in design

    SINGLE

    MARKET

    C H APTER 2

    Less liquid funds

    Occupational pensions

    Investor protection

    Direct investments

    - Commission ELTIF proposal

    - Long-term balanced funds

    - Accompanying market

    structure

    - Challenges in IORP reform

    - Potential benefits

    - Recommendations

    - Specifics for long-term

    investment products

    - Disclosure & sale process

    Thank you!

    F r e e f u l l d o w n l o a d a t

    www.eurocapita lmarkets .org/SFR

    o r www.ceps .eu/book/SFR

    ( P r i n t e d c o p i e s a v a i l a b l e f o r p u r c h a s e )

    Mirz ha de Manue l Aramenda Al l R ights Reserved Contac t ec [email protected] c eps .eu

    http://www.eurocapitalmarkets.org/rethinkingam

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 13

    Nadia Calvio Deputy Director General, DG Internal Market and Services

    European Commission

    Comments

    Patrick Hoedjes Director of Operations, EIOPA

    (European Insurance and Occupational Pensions Authority)

    Comments

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 14

    Paul Woolley Senior Fellow and Chairman of the Advisory Board

    Centre for the Study of Capital Market

    Dysfunctionality, London School of Economics

    Comments

    Debate

    Nadia Calvio Deputy Director General DG Internal Market and Services

    European Commission

    Patrick Hoedjes Director of Operations European Insurance and

    Occupational Pensions Authority

    Paul Woolley Research Fellow and Chairman Centre for the Study of Capital

    Market Dysfunctionality, LSE

    Allan Polack CEO Nordea Asset Management

    Chairman of the Task Force

    Karel Lannoo CEO and General Manager CEPS ECMI

    Rapporteur to the Task Force

    Mirzha de Manuel Research Fellow CEPS ECMI

    Author of the Report

  • Saving for Retirement and Investing for Growth

    Report from the CEPS ECMI Task Force on Long-term investing and retirement savings

    Presentation of the Report, Brussels 18 September 2013

    Download at www.ceps.eu/book/SFR or www.eurocapitalmarkets.org/SFR Contact us at [email protected] All Rights Reserved 15

    Good bye!

    Centre fo r European Po l i c y S tud ies European Cap i ta l Marke ts Ins t i tu te For the Report , Mi rz ha de Manue l Aramenda Al l R ights Reserved

    Download at www.ceps.eu/book/SFR

    or www.eurocapitalmarkets.org/SFR

    http://www.eurocapitalmarkets.org/rethinkingam