NEWS 2010-2009-2008

November 24, 2010: Savings in France & Europe

Interview by Easybourse with Didier Davydoff on ‘Savings in France & Europe' at the Actionaria fair.

For more information: Watch the interview with Easybourse (French only)

November 9-11, 2010: Economic Days

During "les journées de l'économie" (‘Economic Days') in Lyon, the Institut de l'Epargne Immobilière et Foncière organized a meeting on ‘The protection of consumers of financial services: A real priority?', which included presentations by Ariane Obolensky, Director-General of the French Banking Federation, who discussed the findings of the Pauget-Constans report on the pricing of bank services, and Didier Davydoff, Director of the Observatoire de l'Epargne Européenne (OEE), who presented findings from an OEE report that was done for the European Parliament entitled "An assessment of Ten Years of Financial Services Action Plan". The Action Plan was launched by the European Commission in 1999 in order to establish a unified market of financial services. The protection of savers has been enhanced as a result of this harmonisation of regulations, which included the Markets in Financial Instruments Directive (MiFID) and another concerning consumer credit.

October 19, 2010: IEIF Conference

Presentation by Alain Tourdjman, Director of Economic Studies and Forecasting at BPCE and President of the OEE Etudes, at a conference organised by the Institut de l'Epargne Immobilière & Foncière on "What future for property in times of uncertainty?".

For more information:

Programme (French only)

May 6, 2010: OEE Conference

The theme of this conference, organised by the OEE, was "Investment Advisory and the Implementation of MiFID" (French only) and included the presentation of a study conducted by André de Palma (ENS Cachan) and Nathalie Picard (University of Cergy-Pontoise). The conference was chaired by Didier Davydoff, Director of the OEE, and ended with a discussion led by Wayne Smith, Deputy Head of Regulatory Policy at the AMF.

For more information:

See the presentation in the ‘Conferences' section

January 19, 2010: OEE Conference

Conference organized by the OEE on "Long-term investors: Which portfolio allocation?" (French only), a study Eric Jondeau and Michael Rockinger, professors at the University of Lausanne. The conference was chaired by Jacques de Larosière.

For more information:

See the study in the ‘Studies on Savings' section
See the presentation in the ‘Conferences' section

December 16, 2009: An Assessment of 10 Years Financial Services Action Plan

Didier Davydoff presented the conclusions of the OEE report entitled "An Assessment of 10 Years Financial Services Action plan" to the Economic and Monetary Affairs Committee (ECON) of the European Parliament. It was written by the OEE for the European Parliament and makes an assessment of the Financial Services Action Plan, launched 10 years ago by the European Commission. The report presents its main achievements and limitations in terms of the integration of the European market, the harmonisation of rules, efficiency and consumer protection. It makes a review of the key shortcomings in EU financial regulation and supervision in the light of the financial crisis. In particular, it recommends the rapid implementation of a new set of institutions that would make up a European Systemic Risk Council, which was a recommendation made by the High Level Group chaired by Jacques de Larosière (see the report). It also recommends the harmonisation of European regulation in terms of customer protection.

November 21, 2009: Easybourse Interview with Didier Davydoff

Easybourse interviewed Didier Davydoff about ‘Savings' during the Actionaria fair.

For more information: Watch the interview on the Easybourse website (French only)

November 20, 2009: Seminar on Over-Indebtedness

The Directorate-General ‘Employment, Social Affairs and Equal Opportunities' of the European Commission organised a seminar in Brussels on over-indebtedness. Following an important study on this in 2007 by the OEE in association with the University of Bristol and the CEPS (Brussels), this seminar aimed to update the information available on over-indebtedness in 27 countries of the European Union, to add the recent expansion of access to credit and to treat underlying social issues that are often neglected when such analyses are conducted. Didier Davydoff, Director of the OEE, presented measures of over-indebtedness in Europe. Andréa Finney (University of Bristol), who participated in the study of 2007, listed the causes of over-indebtedness in the context of the financial crisis. Georges Gloukoviezoff (University of Lyon), who also participated in the study of 2007 as the French expert, offered arguments for the use of microcredit in Europe. Other researchers presented the situation in certain countries (such as Germany and the United Kingdom), and the link with poverty.

For more information, see the presentations on the European Commission website European Commission website.

November 17 & 18, 2009: Analysing Savings

Organised by Publi-news, the first day of "Analysing Savings" was dedicated to regulated savings. Marie-Christine Caffet, Director of Development at Crédit Mutuel and representative of Crédit Mutuel at the OEE, introduced this theme with a presentation entitled "The impact of the normalisation of the distribution of the Livret A on leading banks". Didier Davydoff, Director of the OEE, presented "Saving behaviour in Europe: The case for passbooks and bank deposits". Day two, which focused on changes in saving behaviour following the crisis, was introduced by Alain Tourdjman, Director of Economic Studies and Forecasting at BPCE and Managing Director of OEE Etudes.

April 6, 2009: Long-Term Savings: The Truth

FAIDER organised a conference entitled "Long-Term Savings: The Truth". FAIDER, a pension savings federation that was created in 2005, brings together pension associations that are in accordance with strict governance criteria and ethics, and has over 1 million subscribers. The OEE's presence was strongly felt; lectures were given by Didier Davydoff, Director of the OEE, who presented a study highlighting the benefits of long-term savings for households, André Masson, Professor at Paris School of Economics and co-author of an important study on finance partly funded by the OEE, Michel Aglietta, Professor at Paris University 10 - Nanterre and co-author of an OEE study on asset management, Olivier Garnier, Deputy General Manager at SGAM, Patrick Werner, President of the Executive Board at La Banque Postale and Jacques Delmas-Marsalet, Board Member at the AMF. Daniel Haguet, Professor at EDHEC, gave a noteworthy presentation on "Pension saving behaviour in the United States".

For more information:
See Daniel Haguet and Didier Davydoff's presentations in the Conferences section

December 2008: Pension Markets in Focus

Falling stock markets around the world have hit private pension systems hard according to the latest edition of OECD's ‘Pension markets in Focus'. By October 2008, the total assets of private pension plans in OECD countries had declined by about USD 5 trillion, or nearly 20% of their value compared to in December 2007 when their assets stood at USD 28 trillion. Two thirds of the losses (USD 3.3 trillion) are estimated to be in the United States alone, with the United Kingdom, Australia, Canada, the Netherlands and Japan accounting on aggregate for a further USD 1.2 trillion drop in asset values. Pension funds, which account for most private pension assets, have been hit hardest in OECD countries where equities make up over a third of total assets invested. Irish pension funds experienced the worst investment performance, losing just over 30% of their value in nominal terms (33% in real terms). Historical trends are also presented, allowing readers to better understand the impact of the crisis and the responses to it. Some of the material contained will be further developed in the forthcoming edition of the Private Pensions Outlook, a new OECD publication. ‘Pension Markets in Focus' provides major official funded pension indicators for policy-makers and analysts, as well as a resource for those who wish to develop an understanding of funded pension systems. In general, the information in this publication draws on the administrative data acquired within the framework of the OECD Global Pension Statistics project.

For more information, the 5th edition of ‘Pension Market's in Focus' can be downloaded on the OECD website, in addition to all other additions.