38

výsledky

Slovo (slova)
Druh publikace
Oblast
Autor
Klíčové slovo
Datum

Accountability Mechanisms of the Bank of England and of the European Central Bank

30-09-2020

This paper analyses the accountability mechanisms of the European Central Bank and of the Bank of England and focuses on parliamentary accountability for the monetary policy functions. The paper suggests ways to improve the Monetary Dialogue between the ECB and the Committee on Economic and Monetary Affairs (European Parliament). This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

This paper analyses the accountability mechanisms of the European Central Bank and of the Bank of England and focuses on parliamentary accountability for the monetary policy functions. The paper suggests ways to improve the Monetary Dialogue between the ECB and the Committee on Economic and Monetary Affairs (European Parliament). This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Externí autor

Rosa M. LASTRA

Institutional set up of macroprudential policy in the European Union

18-09-2020

This briefing provides an overview of the institutional macroprudential framework in the European Union (EU), distribution of powers and responsibilities and interactions between different institutions.

This briefing provides an overview of the institutional macroprudential framework in the European Union (EU), distribution of powers and responsibilities and interactions between different institutions.

Crypto-assets - Key developments, regulatory concerns and responses

07-04-2020

This study, prepared by Policy Department A, sets out recent developments regarding crypto-assets. These relate mainly to the continuing use of crypto-assets for money laundering and terrorist financing, the massive growth of private “tokens” used to raise funds, and to the emergence of stablecoins and central bank digital currencies. The study, furthermore, addresses key regulatory concerns, taking into account these recent developments, and suggests regulatory responses.

This study, prepared by Policy Department A, sets out recent developments regarding crypto-assets. These relate mainly to the continuing use of crypto-assets for money laundering and terrorist financing, the massive growth of private “tokens” used to raise funds, and to the emergence of stablecoins and central bank digital currencies. The study, furthermore, addresses key regulatory concerns, taking into account these recent developments, and suggests regulatory responses.

Externí autor

Prof. Dr. Robby HOUBEN and Alexander SNYERS

Public or Private? The Future of Money

15-11-2019

Stablecoins issued by large tech companies pose a significant challenge for traditional fiat money. In this study, we highlight the importance of a public-private-cooperation in dealing with this topic, where central banks closely work with stablecoin issuers in issuing synthetic central bank digital currency (sCBDC). This framework minimizes the risks of private money and utilises the technological advantages of stablecoin issuers. This document was provided by Policy Department A at the request ...

Stablecoins issued by large tech companies pose a significant challenge for traditional fiat money. In this study, we highlight the importance of a public-private-cooperation in dealing with this topic, where central banks closely work with stablecoin issuers in issuing synthetic central bank digital currency (sCBDC). This framework minimizes the risks of private money and utilises the technological advantages of stablecoin issuers. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Externí autor

Alexander KRIWOLUZKY, Chi Hyun KIM

Global Trends in Inflation: Are Central Banks Barking up the Wrong Tree?

16-09-2019

The ECB will not be able to achieve its inflation target over the foreseeable future. Further expansionary measures will have at most a modest impact on financial market conditions and even less on overall demand. Moreover, the impact of any demand stimulus on inflation is highly uncertain. The reasons for low inflation persistence despite tight labour markets almost everywhere are not fully understood. It is a global phenomenon, but not necessarily due to globalisation. One global factor seems ...

The ECB will not be able to achieve its inflation target over the foreseeable future. Further expansionary measures will have at most a modest impact on financial market conditions and even less on overall demand. Moreover, the impact of any demand stimulus on inflation is highly uncertain. The reasons for low inflation persistence despite tight labour markets almost everywhere are not fully understood. It is a global phenomenon, but not necessarily due to globalisation. One global factor seems beyond dispute, namely a fall in global equilibrium real interests. However, different views of how the economy operates lead to very different views how central banks should react to this phenomenon. There is little evidence that cooperation between central banks would have a significant impact on their (limited) ability to achieve their inflation targets.

Externí autor

Daniel Gros

Fighting the Previous War: Does the World Economy Face a Deflationary Threat?

16-09-2019

Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the reputation of central banks. Thus, central banks should not try to bring inflation back to the targeted level of 2%. Rather, they should revise the inflation target downwards and publicly explain the rationale for such a move. Risks to the independence of central banks ...

Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the reputation of central banks. Thus, central banks should not try to bring inflation back to the targeted level of 2%. Rather, they should revise the inflation target downwards and publicly explain the rationale for such a move. Risks to the independence of central banks come from their additional mandates (beyond price stability) and populist politics.

Externí autor

Marek Dabrowski

Monetary Policy in an Era of Low Average Growth Rates

29-11-2018

Economic growth in the euro area has been sluggish since the onset of the global financial crisis of 2008. While some of this sluggishness reflected cyclical patterns, ongoing weak productivity growth and demographic factors point to slow average growth rates for the euro area in the coming decades. This will most likely translate into a lower equilibrium real interest rate. The ECB should follow the Federal Reserve in providing estimates to the public of average nominal interest rate it expects ...

Economic growth in the euro area has been sluggish since the onset of the global financial crisis of 2008. While some of this sluggishness reflected cyclical patterns, ongoing weak productivity growth and demographic factors point to slow average growth rates for the euro area in the coming decades. This will most likely translate into a lower equilibrium real interest rate. The ECB should follow the Federal Reserve in providing estimates to the public of average nominal interest rate it expects to set over the long term and that this is likely lower than average rates during the pre-crisis era. The ECB should continue advocating for growth-boosting structural reforms but should also consider advocating for higher immigration levels to improve Europe’s demographic profile and growth potential.

Externí autor

Professor Karl Whelan

Financing bank resolution: An alternative solution for arranging the liquidity required

21-11-2018

Liquidity in resolution is one of the unresolved elements of the Single Resolution Mechanism. Currently, with the Single Resolution Fund (SRF) and the Eurosystem, there are two potential sources of liquidity in resolution, which both have clear limitations in use and amounts. Straightforward solutions to give the SRF and/or Eurosystem more firepower in resolution go against the main objectives of the resolution mechanism (i.e. breaking the sovereign-bank nexus and avoiding use of taxpayers’ money ...

Liquidity in resolution is one of the unresolved elements of the Single Resolution Mechanism. Currently, with the Single Resolution Fund (SRF) and the Eurosystem, there are two potential sources of liquidity in resolution, which both have clear limitations in use and amounts. Straightforward solutions to give the SRF and/or Eurosystem more firepower in resolution go against the main objectives of the resolution mechanism (i.e. breaking the sovereign-bank nexus and avoiding use of taxpayers’ money). This paper proposes an ECB liquidity facility with an SRF-guarantee as an alternative solution for banks in resolution. The funds available should be broadly sufficient to address potential liquidity needs for resolution tools. The proposed solution primarily requires agreement on the ESM-backstop for the SRF, a firmer commitment for (possible) future contributions for the SRF as well as a change to the current emergency liquidity assistance or introduction of a new dedicated Transitional Liquidity Assistance by the Eurosystem.

Externí autor

W.P. De Groen, CEPS

Central bank communication at times of non-standard monetary policies

28-09-2018

For the Monetary Dialogue session which took place on 24 September 2018, monetary experts analysed the issues related to the central bank communication at times of non-standard monetary policy. This note, provided by Policy department A, gives an overview of the in-depth analyses prepared by the experts.

For the Monetary Dialogue session which took place on 24 September 2018, monetary experts analysed the issues related to the central bank communication at times of non-standard monetary policy. This note, provided by Policy department A, gives an overview of the in-depth analyses prepared by the experts.

Abundant Liquidity and Bank Lending Activity: an Assessment of the Risks

14-09-2018

This paper assesses the risks facing the euro area banking system, as it returns to normal financial conditions without ECB support. In the first part we argue that risks to bank lending mainly stem from the transmission of external monetary policy effects that may not be aligned with ECB policies. The second part of the paper therefore offers some ideas on the need to moderate spillover effects from outside monetary policies or events. We also review how far new prudential policies, regulatory measures ...

This paper assesses the risks facing the euro area banking system, as it returns to normal financial conditions without ECB support. In the first part we argue that risks to bank lending mainly stem from the transmission of external monetary policy effects that may not be aligned with ECB policies. The second part of the paper therefore offers some ideas on the need to moderate spillover effects from outside monetary policies or events. We also review how far new prudential policies, regulatory measures and/or policies can be used to mitigate those unfavourable risks. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs.

Externí autor

Andrew HUGHES HALLETT

Chystané akce

04-03-2021
ICM International Women's Day 2021
Další akce -
FEMM
04-03-2021
EPRS online policy roundtable: Unpacking the latest Eurobarometer survey
Další akce -
EPRS
15-03-2021
EPRS online Book Talk with Vivien Schmidt: Legitimacy and power in the EU
Další akce -
EPRS

Partneři