Trésor-Economics No. 82 - Convergence and "deconvergence" of living standards in the New Member States of the European Union

Living standards in the New Member States of the European Union (NMSs) converged very rapidly towards the average European standard of living over the first decade of the new century. In many countries in the region, such as the Baltic countries and Bulgaria, GDP per capita adjusted for purchasing power parities (PPP), which is an indicator for comparing living standards between countries, increas... Lire la suite


Trésor-Economics No. 29 - Implementation of the Markets in Financial Instruments Directive: what is at stake?

The Markets in Financial Instruments Directive (the MiFID) came into force on 1 November 2007. Under this directive, States can no longer require investors' orders to be concentrated on the regulated exchanges only. As a result of this rule, applied with variable rigour from one European country to another, the great majority of orders have hitherto been routed through regulated markets, and in pa... Lire la suite


Trésor-Éco n° 29 - Enjeux de l’entrée en vigueur de la directive sur les marchés d’instruments financiers

La directive sur les Marchés d'Instruments Financiers (directive «MIF»), entrée en vigueur au 1er novembre 2007, prévoit la suppression de la possibilité pour les États membres d’adopter une règle de concentration des ordres des investisseurs sur les seuls marchés réglementés. Cette règle, appliquée plus ou moins strictement dans les pays européens, avait pour conséquence la centralisation de la g... Lire la suite