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This document provides an overview of the public hearings of the Chair of the Supervisory Board of the European Central Bank in the ECON Committee during the 9th parliamentary term (since July 2019), and lists all research papers requested by the ECON Committee, which are in general provided by a standing panel of banking experts. The annex gives an overview of the respective legal bases for those hearings, which form part of the accountability framework of the Single Supervisory Mechanism (SSM). ...

Climate Change and Monetary Policy: Risks, instruments, & chances

Задълбочен анализ 17-11-2023

Rising inflation complicates the alignment of the ECB’s policies with the Paris Agreement. This paper provides novel evidence for inflationary pressures arising from natural disasters. We then discuss the effectiveness of monetary instruments to boost a green transition, concluding that the scope of policy measures used thus far is limited. As additional measures, we advise active rebalancing of the ECB’s bond holdings towards greener issuers, enforcing stricter disclosure standards, and differentiating ...

Comparing Fed and ECB monetary policies

Задълбочен анализ 15-11-2023

The European Central Bank and Federal Reserve have taken similar approaches to tightening monetary policy to tackle high inflation. However, relative to the US, euro area inflation has been driven more by supply shocks and less by strong demand. The euro area economy is also weakening while the US economy is still growing solidly. Markets expect the Fed to ease more than the ECB in 2024 but falling inflation and a weak euro area economy may see the opposite occur. This document was provided by ...

Alignment of monetary and fiscal policies has proven to be decisive for the euro area's ability to withstand successive crises over the years. Today, the European Central Bank (ECB) continues its fight against inflation by implementing a monetary policy tightening unprecedented in pace and scale. At the same time, after allowing for some deviations from regular budgetary rules with the activation of the general escape clause in 2020, the EU is set to reapply its fiscal rules fully from 2024. In addition ...

Euro area monetary policy: Quarterly overview, September 2023

Задълбочен анализ 22-09-2023

This briefing paper was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President on Monday, 25 September. It provides a summary of key monetary policy developments and decisions taken by the ECB’s Governing Council.

Monetary-fiscal interaction

Задълбочен анализ 21-09-2023

Achieving a balanced monetary-fiscal policy mix in the euro area is crucial to ensure that monetary policy is able to fulfil its primary price stability objective. This paper outlines, from an economic and legal perspective, the interaction between monetary and fiscal policy in light of the current monetary and fiscal stance and, in particular, the “quasi-fiscal” effects of some unconventional monetary policy measures. Since sustainable public finances are a prerequisite for a price-stability-oriented ...

This paper analyses the operational frameworks adopted by the ECB and the consequences of a shift from the floor to the corridor system. The concept of excess liquidity in the euro area is examined, alongside discussions on market liquidity and funding liquidity. The paper emphasises the need to evaluate the implications for monetary policy effectiveness and financial stability of the different frameworks, shedding light on the role of liquidity in maintaining well-functioning financial markets. ...

The future of ECB liquidity policy

Задълбочен анализ 15-09-2023

The ECB is reducing its sovereign bond holdings and needs to consider the appropriate size of its balance sheet over the longer-term and the best operational framework for supplying liquidity to the banking system. This paper recommends the ECB substantially reduce its balance sheet but should maintain an ample reserves approach by keeping its full allotment policy for refinancing operations. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee ...

Digital Euro: Reviewing the progress to date and some open questions

Задълбочен анализ 29-08-2023

In this in-depth analysis, we summarise and explain the directions that the ECB has in mind for the digital euro, based on the ECB’s progress reports and statements. This substantially revised analysis reflects now also the fourth progress report and selected elements of the Commission’s proposals of 28 June 2023. We also highlight further questions that may deserve the legislators’ attention when they discuss the recent European Commission proposal. The analysis also entails a summary of the external ...

This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix, scheduled for 18 July 2023. This briefing addresses: * the Strategic Review of the SRB; * the SRB’s Annual Report for 2022; * ex-ante contributions to the Single Resolution Fund; * the SRB’s policy for and monitoring of MREL in 2023; * the impact of the CMDI Review; and * follow-up to the 2021 European Court of Auditors report.