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Anti-money laundering - reinforcing the supervisory and regulatory framework

02-09-2019

On the back of a number of high profile cases and alleged cases of money laundering, this briefing presents current initiatives and actions aiming at reinforcing the anti-money laundering supervisory and regulatory framework in the EU. This briefing first outlines (1) the EU supervisory architecture and the respective roles of European and national authorities in applying anti-money laundering legislation that have been further specified in the 5th AML Directive and (2) ways that have been proposed ...

On the back of a number of high profile cases and alleged cases of money laundering, this briefing presents current initiatives and actions aiming at reinforcing the anti-money laundering supervisory and regulatory framework in the EU. This briefing first outlines (1) the EU supervisory architecture and the respective roles of European and national authorities in applying anti-money laundering legislation that have been further specified in the 5th AML Directive and (2) ways that have been proposed to further improve the anti-money laundering supervisory and regulatory frameworks, including the 12 September 2018 Commission’s communication, the changes to the European Supervisory Authority (ESA) Regulation adopted by the co-legislators on the basis of a Commission proposal and the most recent Commission’s state of play of supervisory and regulatory landscapes on anti-money laundering. Some previous AML cases are presented in Annex. This briefing updates an EGOV briefing originally drafted in April 2018. On a more prospective note, this briefing also presents (3) some possible additional reforms to bring about a more integrated AML supervisory architecture in the EU. In that respect, President-elect U. von der Leyen’s political declaration stresses the need for further action without specifying at this stage possible additional supervisory and regulatory developments: “The complexity and sophistication of our financial system has opened the door to new risks of money laundering and terrorist financing. We need better supervision and a comprehensive policy to prevent loopholes.”

Single Supervisroy Mechanism (SSM) – Accountability arrangements and legal base for hearings in the European Parliament - State of Play - August 2019

29-08-2019

This note prepared by the Economic Governance Support Unit provides an overview of the EP’s accountability hearings in the context of the Single Supervisory Mechanism.

This note prepared by the Economic Governance Support Unit provides an overview of the EP’s accountability hearings in the context of the Single Supervisory Mechanism.

Single Supervisory Mechanism – Main Features, Oversight and Accountability

16-07-2019

The Single Supervisory Mechanism (SSM) is, along with the Single Resolution Mechanism, one of the pillars or the Banking Union (the third pillar, the common deposit guarantee scheme, still pending completion). It comprises the European Central Bank, in its supervisory capacity, and the national supervisory authorities (NCAs) of participating Member States.

The Single Supervisory Mechanism (SSM) is, along with the Single Resolution Mechanism, one of the pillars or the Banking Union (the third pillar, the common deposit guarantee scheme, still pending completion). It comprises the European Central Bank, in its supervisory capacity, and the national supervisory authorities (NCAs) of participating Member States.

Banking Union: Towards new arrangements for the provision of liquidity in resolution?

16-07-2019

The recent case of Banco Popular has shown the importance of liquidity funding in the context of bank resolution. The Eurogroup report endorsed by the December 2018 Euro Summit noted the “broad support for the assessment of the institutions [i.e. ECB, SRB and Commission] that there are limitations in the current framework [for liquidity provision in resolution] which may hamper its effectiveness. The June 2019 Euro summit has not yet reached any conclusions on the design of that liquidity facility ...

The recent case of Banco Popular has shown the importance of liquidity funding in the context of bank resolution. The Eurogroup report endorsed by the December 2018 Euro Summit noted the “broad support for the assessment of the institutions [i.e. ECB, SRB and Commission] that there are limitations in the current framework [for liquidity provision in resolution] which may hamper its effectiveness. The June 2019 Euro summit has not yet reached any conclusions on the design of that liquidity facility, as planned. The Eurogroup is expected to report back to the Euro-Summit in December 2019. This briefing (1) describes the existing arrangements in the Banking Union, (2) compares those arrangements with the US and the UK regimes and (3) echoes ongoing reflections on possible new arrangements with a view to completing the Banking Union. This briefing is an updated version of a briefing initially drafted in July 2018.

Growth prospects, the natural interest rate, and monetary policy

03-12-2018

The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion. Ten years after the Global Financial Crisis, GDP remains below its pre-crisis trend in many economies and interest rates continue to be very low worldwide. This raises the question of whether low GDP growth and low interest rates are a temporary phenomenon ...

The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion. Ten years after the Global Financial Crisis, GDP remains below its pre-crisis trend in many economies and interest rates continue to be very low worldwide. This raises the question of whether low GDP growth and low interest rates are a temporary phenomenon or are due to a decline in long-run growth prospects (potential output growth) and equilibrium real interest rates (natural interest rate). In this paper, we address this for central banks very important question and discuss implications for monetary policy. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Ulkopuolinen laatija

S. FIEDLER, K.-J. GERN, N. JANNSEN (Kiel Institute for the World Economy), M. WOLTERS (Friedrich Schiller University Jena)

A monetary policy framework for the European Central Bank to deal with uncertainty

03-12-2018

We argue that monetary policy faces different challenges to those faced during the period of the great moderation. Greater uncertainties over the ability of monetary policy to control inflation, the instruments that should be used and their effects on financial stability imply that we need to rethink whether the current framework is appropriate. We recommend a few adaptions to the current framework that would provide greater flexibility to the European Central Bank without departing very far from ...

We argue that monetary policy faces different challenges to those faced during the period of the great moderation. Greater uncertainties over the ability of monetary policy to control inflation, the instruments that should be used and their effects on financial stability imply that we need to rethink whether the current framework is appropriate. We recommend a few adaptions to the current framework that would provide greater flexibility to the European Central Bank without departing very far from current practices (to avoid risking the credibility that the ECB has acquired since its inception). This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Ulkopuolinen laatija

Grégory Claeys, Maria Demertzis, Jan Mazza

EMU Reform and the New Normal for Monetary Policy: Challenges and Perspectives

29-11-2018

This paper assesses the scope for monetary policy in the euro area as it returns to normal financial conditions without support from easy money but with a financial stability objective (whether legislated or not). We find that both financial stability and traditional monetary objectives can be achieved without one limiting the achievement of the other because, in the new normal, the ECB can use new policy tools derived from the regulatory metrics required under the post-crisis macro-prudential framework ...

This paper assesses the scope for monetary policy in the euro area as it returns to normal financial conditions without support from easy money but with a financial stability objective (whether legislated or not). We find that both financial stability and traditional monetary objectives can be achieved without one limiting the achievement of the other because, in the new normal, the ECB can use new policy tools derived from the regulatory metrics required under the post-crisis macro-prudential framework. Whether they offer large improvements depends on how a clear mandate for financial stability is defined and whether coordination with traditional monetary or fiscal policies is needed. Risks to monetary policy in the new normal are mainly external and depend on the transmission of monetary policies not aligned with ECB policies. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Ulkopuolinen laatija

Andrew HUGHES HALLETT

Does a single monetary policy need a single fiscal counterpart?

29-11-2018

The absence of a single fiscal policy in the euro area does not necessarily constitute a problem for the ECB. In a deep financial crisis poorly coordinated national fiscal policies are likely to be insufficient. But outside crisis periods spill-over effects of fiscal policy are likely to be small and of uncertain sign. Moreover, fiscal policy is always subject to policy errors and other shocks. With many different national policies, individual errors and shocks would tend to cancel out each other ...

The absence of a single fiscal policy in the euro area does not necessarily constitute a problem for the ECB. In a deep financial crisis poorly coordinated national fiscal policies are likely to be insufficient. But outside crisis periods spill-over effects of fiscal policy are likely to be small and of uncertain sign. Moreover, fiscal policy is always subject to policy errors and other shocks. With many different national policies, individual errors and shocks would tend to cancel out each other, at least partially, thus delivering a more stable policy in the aggregate, which should facilitate the task of the ECB to maintain price stability. EMU reform efforts should thus not aim at creating a unified fiscal policy. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Ulkopuolinen laatija

Daniel Gros, CEPS

Monetary policy with transitory vs. permanently low growth

29-11-2018

The recent economic slowdown in the euro area depends on supply-side and demand-side factors with different conse-quences on potential output. On the one hand, it may grow at a low pace for a long time; on the other hand, it may soon grow a bit faster. The ECB strategy has to adapt to these different possible outcomes. Anyway, we argue that the ECB has rooms for manoeuvre whatever the trend in output. This document was provided by Policy Department A at the request of the Committee on Economic and ...

The recent economic slowdown in the euro area depends on supply-side and demand-side factors with different conse-quences on potential output. On the one hand, it may grow at a low pace for a long time; on the other hand, it may soon grow a bit faster. The ECB strategy has to adapt to these different possible outcomes. Anyway, we argue that the ECB has rooms for manoeuvre whatever the trend in output. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Ulkopuolinen laatija

Christophe BLOT, Jérôme CREEL and Paul HUBERT

EMU reform and the ‘new normal’ for monetary policy

29-11-2018

The European Central Bank may already be facing the next crisis in the euro area but is still deploying the tools of unconventional monetary policy from the last crisis. This brief looks at the ECB as an institution amongst institutions and shows how even more unconventional approaches will not help the euro area economy. Additionally, given the complexity of money and the effects of expectations, expanding the ECB’s unconventional arsenal is likely to have deleterious consequences across Europe. ...

The European Central Bank may already be facing the next crisis in the euro area but is still deploying the tools of unconventional monetary policy from the last crisis. This brief looks at the ECB as an institution amongst institutions and shows how even more unconventional approaches will not help the euro area economy. Additionally, given the complexity of money and the effects of expectations, expanding the ECB’s unconventional arsenal is likely to have deleterious consequences across Europe. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Ulkopuolinen laatija

Christopher A. Hartwell, CASE

Tulevat tapahtumat

01-10-2019
Health threats from climate change: Scientific evidence for policy-making
Muu tapahtuma -
EPRS

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