| Titre : | A Framework for European Crowfunding | | Type de document : | texte imprimé | | Auteurs : | Kristof De Buysere, Auteur ; Oliver Gajda, Auteur ; Ronald Kleverlaan, Auteur | | Editeur : | Hannover [Germany] : Runtinx | | Année de publication : | 2012 | | Importance : | 40 p | | ISBN/ISSN/EAN : | 978-3-00-040193-0 | | Langues : | Anglais | | Catégories : | Europe ; Financement
| | Index. décimale : | F.02. Le financement des projets | | Note de contenu : | It is more than five years ago now that the first ripples of the current financial crisis started spreading across the globe. What initially looked like a problem largely confined to the North American sub-prime mortgage sector soon affected most advanced economies in the Western hemisphere. In Europe in particular, uncertainties resulting from a general squeeze on retail credit have been acerbated by recurring threats of systemic disruption in the financial and monetary spheres. Virtually overnight, small and medium sized enterprises have thus found themselves at the sharp end of diminished access to credit. They are joined in their plight by all those organisations and initiatives in the cultural sector who experience a period of almost unprecedented financial restraint, while private households even in good financial standing may struggle to gain access to reasonably priced loans. The economist Joseph Schumpeter spoke in a similar context of the “gales of creative destruction“ unleashed during an economic crisis. New forms of economic activity may gain foothold and begin to disrupt established ways of doing business. Crowdfunding is arguably the most visible instance at present of such a reshaping being under way. As a phenomenon, it prompts us to revise our understanding of and approaches to small to medium scale fundraising across most economic activity. This report is thus very timely indeed. As the authors describe in comprehensive detail, crowdfunding may take many forms. But it is clear from their survey that we are witness to the rise of a new kind of investor, a new kind of entrepreneur, and a new kind of intermediary, who are all coming together in novel ways of channelling funds to innovative projects and SMEs. The authors also do not hesitate to point out that crowdfunding, as a disruptive technology of financial intermediation, comes with a set of challenges that policy makers cannot afford to ignore. In its many forms, crowdfunding often straddles boundaries between different regulatory approaches and frameworks to financial intermediation and investing. This is particularly true in a European context where common regulatory approaches to financial intermediation have displayed a marked tendency to lag behind the establishment of the common market itself. Questions have also been raised regarding consumer and investor protection in this context. As we are gaining a deeper conceptual and empirical understanding of the issues involved, the framework presented here not only seeks to move the discussion along with a number of concrete policy proposals, it also seeks deeper engagement with the various stakeholders. A call for further research is thus one of its key pillars, alongside joined up regulatory thinking and targeted educational initiatives. In this light, I commend A Framework for European Crowdfunding to your attention. It deserves the widest possible readership and debate, and should facilitate a step-change in approach and coordinated response to what clearly has the potential of turning into a lasting reconfiguration of an increasingly important dimension of financial intermediation in Europe and beyond. | | En ligne : | http://evpa.eu.com/wp-content/uploads/2010/11/European_Crowdfunding_Framework_Oc [...] |
A Framework for European Crowfunding [texte imprimé] / Kristof De Buysere, Auteur ; Oliver Gajda, Auteur ; Ronald Kleverlaan, Auteur . - Hannover (An der Christuskirche 18, 30167, Germany) : Runtinx, 2012 . - 40 p. ISBN : 978-3-00-040193-0 Langues : Anglais | Catégories : | Europe ; Financement
| | Index. décimale : | F.02. Le financement des projets | | Note de contenu : | It is more than five years ago now that the first ripples of the current financial crisis started spreading across the globe. What initially looked like a problem largely confined to the North American sub-prime mortgage sector soon affected most advanced economies in the Western hemisphere. In Europe in particular, uncertainties resulting from a general squeeze on retail credit have been acerbated by recurring threats of systemic disruption in the financial and monetary spheres. Virtually overnight, small and medium sized enterprises have thus found themselves at the sharp end of diminished access to credit. They are joined in their plight by all those organisations and initiatives in the cultural sector who experience a period of almost unprecedented financial restraint, while private households even in good financial standing may struggle to gain access to reasonably priced loans. The economist Joseph Schumpeter spoke in a similar context of the “gales of creative destruction“ unleashed during an economic crisis. New forms of economic activity may gain foothold and begin to disrupt established ways of doing business. Crowdfunding is arguably the most visible instance at present of such a reshaping being under way. As a phenomenon, it prompts us to revise our understanding of and approaches to small to medium scale fundraising across most economic activity. This report is thus very timely indeed. As the authors describe in comprehensive detail, crowdfunding may take many forms. But it is clear from their survey that we are witness to the rise of a new kind of investor, a new kind of entrepreneur, and a new kind of intermediary, who are all coming together in novel ways of channelling funds to innovative projects and SMEs. The authors also do not hesitate to point out that crowdfunding, as a disruptive technology of financial intermediation, comes with a set of challenges that policy makers cannot afford to ignore. In its many forms, crowdfunding often straddles boundaries between different regulatory approaches and frameworks to financial intermediation and investing. This is particularly true in a European context where common regulatory approaches to financial intermediation have displayed a marked tendency to lag behind the establishment of the common market itself. Questions have also been raised regarding consumer and investor protection in this context. As we are gaining a deeper conceptual and empirical understanding of the issues involved, the framework presented here not only seeks to move the discussion along with a number of concrete policy proposals, it also seeks deeper engagement with the various stakeholders. A call for further research is thus one of its key pillars, alongside joined up regulatory thinking and targeted educational initiatives. In this light, I commend A Framework for European Crowdfunding to your attention. It deserves the widest possible readership and debate, and should facilitate a step-change in approach and coordinated response to what clearly has the potential of turning into a lasting reconfiguration of an increasingly important dimension of financial intermediation in Europe and beyond. | | En ligne : | http://evpa.eu.com/wp-content/uploads/2010/11/European_Crowdfunding_Framework_Oc [...] |
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