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The Europe Economics research paper on The Cost of Non-Schengen has been published. The study has been written at the request of the European Added Value Unit of the Directorate for Impact Assessment and European Added Value, within the Directorate General for Parliamentary Research Services (DG EPRS) for the European Parliament’s Internal Market and Consumer Protection Committee. This paper considers the costs of four scenarios for the reintroduction of border controls within the Schengen area: for two years for seven countries; for two years across the Schengen area; indefinitely for seven countries; and indefinitely across the Schengen area. It identifies how a reintroduction of borders would create costs of \'non-Schengen\' and estimates that cost quantitatively. For the highest-cost scenario — indefinite suspension of the whole Schengen area – the cost is 0.06-0.14 per cent of EU GDP, or some €100 billion to €230 billion over ten years.

Europe Economics’ study on the state of the credit rating market has been published by DG FISMA. The report describes the current extent of competition and of competitiveness in the different segments of the credit rating market (such as sovereigns, corporate and covered bonds, structured finance instruments). We also assessed the current and anticipated impact of the Regulation on credit rating agencies (CRAR3) on competition. We identified and assessed the feasibility of potential additional measures to further promote competition and quality in credit rating. We worked with three academic collaborators: Dr Dion Bongaerts, Dr Nelson Camanho and Dr Sandra Einig. The project was led by Ross Dawkins.

Europe Economics was commissioned by Scotland in Union to perform an analysis of Scotland's expenditure and revenue compared to the rest of the UK. Our research showed that Scotland enjoys higher spending on public services, more capital investment and lower taxes as a result of being in the UK. Analysis of the latest GERS figures showed that being part of the UK is worth around £8.8bn to Scotland.

Our report on “The uses (and abuses) of Modelling Adjustments in Internal-Ratings Based Models” has been published by the Association for Financial Markets in Europe.

Europe Economics was commissioned by the Brewers of Europe to update and extend their analysis of the direct, indirect and induced economic impact of the European beer industry, both across the EU as a whole and in individual Member States.