17

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Virtual currencies and central banks monetary policy: challenges ahead

02-07-2018

Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant position of sovereign currencies and central banks, especially those in major currency areas. As with other innovations, virtual currencies pose a challenge to financial regulators, in particular because of their ...

Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant position of sovereign currencies and central banks, especially those in major currency areas. As with other innovations, virtual currencies pose a challenge to financial regulators, in particular because of their anonymity and trans-border character. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Extern avdelning

Marek Dabrowski, Lukasz Janikowski

The political crisis in Venezuela

07-12-2017

In December 2015, the results of elections to the Venezuelan National Assembly saw the Democratic Unity Roundtable coalition (MUD) prevail by a wide majority over the ruling Socialist Unified Party of Venezuela (PSUV) of President Nicolás Maduro. Since then, Venezuela has faced increasing political crisis. Initiatives by the duly elected Parliament have been systematically blocked, first by the Supreme Court of Justice (TSJ) and the National Electoral Council, and since August 2017 by the new National ...

In December 2015, the results of elections to the Venezuelan National Assembly saw the Democratic Unity Roundtable coalition (MUD) prevail by a wide majority over the ruling Socialist Unified Party of Venezuela (PSUV) of President Nicolás Maduro. Since then, Venezuela has faced increasing political crisis. Initiatives by the duly elected Parliament have been systematically blocked, first by the Supreme Court of Justice (TSJ) and the National Electoral Council, and since August 2017 by the new National Constituent Assembly, which has taken over most of the Parliament's legislative powers. Two attempts at dialogue between the Venezuelan government and the opposition, promoted by international mediators, have so far failed to break the deadlock. The economic and social situation in the country is far from improving, and the number of Venezuelan asylum-seekers abroad has risen exponentially. Nevertheless, regional elections were finally held on 15 October 2017 – with a PSUV victory in 17 of the 23 Venezuelan states, amid accusations of fraud from the opposition – and the government has promised to go ahead with the presidential elections due in 2018. This is an update of a briefing published in October 2017.

What should the ECB “new normal” look like?

15-11-2017

We review the set of arguments in favour of adding permanently balance sheet policies to the central bank toolkit. Balance sheet policies could support financial stability and complement the role of the standard – pre-crisis – policy to enhance macroeconomic stability. There are two major challenges though. The first one refers to the trade-off between effectiveness and distortions. Conventional interest rate policy aims at market neutrality whereas balance sheet policies target specific securities ...

We review the set of arguments in favour of adding permanently balance sheet policies to the central bank toolkit. Balance sheet policies could support financial stability and complement the role of the standard – pre-crisis – policy to enhance macroeconomic stability. There are two major challenges though. The first one refers to the trade-off between effectiveness and distortions. Conventional interest rate policy aims at market neutrality whereas balance sheet policies target specific securities or markets by construction. We argue however that under inefficient financial markets, balance sheet policies would be helpful at mitigating market imperfections. The second challenge relates to communication. If central banks have two instruments at hands – interest rate and balance sheet policies – they must make clear how they use them and for what purpose in order to avoid sending a confusing signal on the monetary policy stance.

Extern avdelning

Christophe BLOT, Jérôme CREEL, Paul HUBERT (Sciences Po, OFCE)

Effectiveness of the ECB Programme of Asset Purchases: Where Do We Stand?

15-06-2016

In this compilation of notes - requested by the Committee on Economic and Monetary Affairs (ECON) for the June 2016 Monetary Dialogue - a number of monetary experts (members of the monetary expert panel) review the ECB programme of asset purchases and make an assessment one year after its first implementation assess the effectiveness make an assessment of.

In this compilation of notes - requested by the Committee on Economic and Monetary Affairs (ECON) for the June 2016 Monetary Dialogue - a number of monetary experts (members of the monetary expert panel) review the ECB programme of asset purchases and make an assessment one year after its first implementation assess the effectiveness make an assessment of.

Extern avdelning

Kerstin BERNOTH, Michael HACHULA, Michele PIFFER and Malte RIETH (DIW, Deutsches Institut für Wirtschaftsforschung, Germany) ; Maria DEMERTZIS and Guntram B. WOLFF (Bruegel) ; Eddie GERBA and Corrado MACCHIARELLI (LSE, London School of Economics, the UK) ; Daniel GROS (CEPS, Centre for European Policy Studies) ; Andrew HUGHES HALLETT (School of Economics and Finance, University of St Andrews, the UK)

How Relevant Are the New Elements in the 2016 Stress Test Design?

08-06-2016

The 2016 EU-wide stress test requires banks to assess the impact of exchange rate movements on the quality of their foreign exchange lending. This is useful but not sufficient information for supervisors to be able to assess the implications of exchange rate risk for bank solvency. The 2016 stress test further asks banks to report in detail the expected future costs associated with already known misconduct cases. Information of this kind enables supervisors to ascertain whether banks’ current levels ...

The 2016 EU-wide stress test requires banks to assess the impact of exchange rate movements on the quality of their foreign exchange lending. This is useful but not sufficient information for supervisors to be able to assess the implications of exchange rate risk for bank solvency. The 2016 stress test further asks banks to report in detail the expected future costs associated with already known misconduct cases. Information of this kind enables supervisors to ascertain whether banks’ current levels of provisioning for such costs are adequate. If not, supervisors should follow up by requiring banks to increase their provisioning levels to reflect projected future costs.

Extern avdelning

Harry Huizinga

Russia: Economic indicators and trade with EU

19-05-2016

Which economy grew faster over the past 15 years – the EU or Russia? How many Russians are out of work, and how sound are the country's public finances? How much red tape do Russian businesses have to deal with? What kind of products does the EU export to Russia? You can find the answers to these and other questions in our EPRS publication on Russia: economic indicators and trade with EU, the first of a series of infographics produced in collaboration with the European University Institute's GlobalStat ...

Which economy grew faster over the past 15 years – the EU or Russia? How many Russians are out of work, and how sound are the country's public finances? How much red tape do Russian businesses have to deal with? What kind of products does the EU export to Russia? You can find the answers to these and other questions in our EPRS publication on Russia: economic indicators and trade with EU, the first of a series of infographics produced in collaboration with the European University Institute's GlobalStat on the world's main economies.

Switzerland's economy: Clouds on the horizon?

10-12-2015

Switzerland is stable, prosperous, and has the most competitive economy in the world. However, the strong franc and the potential economic repercussions of the February 2014 referendum 'against mass immigration' pose new challenges to Swiss economic competitiveness and growth, which the government elected in October 2015 will have to address in the coming months.

Switzerland is stable, prosperous, and has the most competitive economy in the world. However, the strong franc and the potential economic repercussions of the February 2014 referendum 'against mass immigration' pose new challenges to Swiss economic competitiveness and growth, which the government elected in October 2015 will have to address in the coming months.

The Strength of the Euro, Monetary Dialogue, July 2014

15-07-2014

The notes in this compilation discuss the challenges for ECB monetary policy stemming from the recent appreciation of the Euro in the context of a nascent euro area recovery. The notes have been requested by the Committee on Economic and Monetary Affairs (ECON) as an input for the July 2014 session of the Monetary Dialogue between the Members of ECON and the President of the ECB.

The notes in this compilation discuss the challenges for ECB monetary policy stemming from the recent appreciation of the Euro in the context of a nascent euro area recovery. The notes have been requested by the Committee on Economic and Monetary Affairs (ECON) as an input for the July 2014 session of the Monetary Dialogue between the Members of ECON and the President of the ECB.

Extern avdelning

Daniel GROS, Cinzia ALCIDI and Alessandro GIOVANNINI (Centre for European Policy Studies) ; Stefan COLLIGNON and Sebastian DIESSNER (Scuola Superiore Sant'Anna, London School of Economics) ; Ansgar BELKE (University of Duisburg-Essen) ; Sylvester C.W. EIJFFINGER and Louis RAES (Tilburg University) and Guillermo DE LA DEHESA (Centre for Economic Policy Research)

The threat of 'currency wars': global imbalances and their effect on currencies

15-11-2010

Within the context of persisting international imbalances and a lingering crisis, there has been increased focus on the exchange rates between major economic areas, taking for example the heated debate between the US and China and unilateral action by numerous countries. It currently seems that a quantitative easing boom is back on the agenda globally. Inevitably, such policy actions will have effects on the global flows of capital and trade and have already attracted strong criticism from some emerging ...

Within the context of persisting international imbalances and a lingering crisis, there has been increased focus on the exchange rates between major economic areas, taking for example the heated debate between the US and China and unilateral action by numerous countries. It currently seems that a quantitative easing boom is back on the agenda globally. Inevitably, such policy actions will have effects on the global flows of capital and trade and have already attracted strong criticism from some emerging countries such as Brazil which complain about the loss of competiveness caused by the appreciation of their currency. The Monetary Experts Panel of ECON was asked help the European Parliament's ECON Committee understand the implications of the above mentioned developments. Consequently, in this compilation, the motives and policy options available to major economic actors with regard to their exchange rate and current accounts. Very importantly, the question on the impact on the euro area is raised, i.e. how the euro area can avoid remaining too passive and being the loser in these policy actions of global importance.

Extern avdelning

Anne SIBERT (Birbeck, University of London and CEPR), Zsolt DARVAS (Bruegel), Jean PISANI-FERRY (Bruegel), Charles WYPLOSZ (Graduate Institute of International and Development Studies, Geneva), Stefan COLLIGNON (S. Anna School of Advanced Studies, Pisa) and Guillermo de la DEHESA (Centre for Economic Policy Research - CEPR)

The Future Development of Global Imbalances - Topic 1 - Monetary Dialogue March 2010

15-03-2010

The third Monetary Dialogue of the 7th Parliament is scheduled to take place on 22 March 2010 in Brussels. This compilation of briefing papers is written by members of the Monetary Experts Panel of ECON advising the Committee on monetary policy questions. It includes five contributions in dealing with the role of global imbalances in the crisis. Another compilation on the "Policy Implications of Increased Debt Issuance and Rising Deficits", the other topic of the Monetary Dialogue in March 2010, ...

The third Monetary Dialogue of the 7th Parliament is scheduled to take place on 22 March 2010 in Brussels. This compilation of briefing papers is written by members of the Monetary Experts Panel of ECON advising the Committee on monetary policy questions. It includes five contributions in dealing with the role of global imbalances in the crisis. Another compilation on the "Policy Implications of Increased Debt Issuance and Rising Deficits", the other topic of the Monetary Dialogue in March 2010, is published simultaneously (see the document n° PE 433.446).

Extern avdelning

Stefan Collignon (S. Anna School of Advanced Studies, Pisa) ; Stefan Gerlach (University of Frankfurt) ; Anne Sibert (Birbeck College, University of London) ; Karl Whelan (University College Dublin) ; Jean Pisani-Ferry and Zsolt Darvas (Bruegel)

Kommande evenemang

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