3 More recently, Finn Kydland and Ed Prescott in their Nobel Prize-winning work showed that a credible commitment by policymakers to behave in a systematic rule-like manner leads to better outcomes than discretion. 4 Since then, numerous papers using a variety of models have investigated the benefits of rule-like behavior in monetary policy and found that there are indeed significant benefits.
How to implement a capital markets union? So what measures do we need to take to achieve these objectives? To my mind, a comprehensive capital markets union requires thinking along three dimensions. The first is the opening of the market itself: in this regard, we have already achieved a great deal within the EU. The second is the introduction of common regulatory standards.