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The Highlights of CEPS’ activities in 2014-15 include messages from the Chairman and the Executive Committee, the financial report, a selection of our activities and – new this year – a succinct look at the Challenges Ahead for the European Union. Experts from our six research streams in the areas of Economy & Finance, Energy & Climate Change, Regulation, Rights, Europe in the World, and Institutions set out what they see as ‘the hard problems’ facing policy-makers in the months and years to come – problems that our research teams are seeking to tackle in lively debates and various policy-relevant publications.