Restarting European Long-Term Investment Finance: A Green Paper Discussion Document

Alberto Giovannini, Colin Mayer, Stefano Micossi, Carmine Di Noia, Marco Onado, Marco Pagano, Andrea Polo 29 January 2015



Executive Summary


Part 1: Changing financing patterns

1 Small and medium-sized enterprises
2 Long-term versus short-term debt finance
3 Bonds versus bank finance
4 Debt and equity

Part 2: Causes

5 Supply versus demand
6 Intermediation
7 Information
8 Financial regulation
9 Corporate governance


Research Questions

Chief Executive Officer, Unifortune SGR SpA and Principal Policy Advisor of the European Commission’s Clearing and Settlement Advisory and Monitoring Group (CESAME)

Peter Moores Professor of Management, Saïd Business School; Professorial Fellow of Wadham College, Oxford; CEPR Research Fellow

Director General, ASSONIME; Honorary Professor College of Europe; Member of the Board of Directors of Unicredit and chairman of the Board Committee for Corporate Governance, Nomination and Sustainability; Chairman of the School of European Political Economy, LUISS

Deputy Director General and Head of Capital Markets and Listed Companies at Assonime

Professor at Bocconi University, Milan and former Commissioner of the Italian public authority responsible for regulating the Italian securities market (CONSOB).

Professor of Finance, University of Naples Federico II, Director of the Centre for Studies in Economics and Finance (CSEF) and CEPR Research Fellow

Assistant Professor, Universitat Pompeu Fabra; Associate Research Professor, Barcelona Graduate School of Economics; CEPR Research Affiliate; ECGI Research Member


CEPR Policy Research