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Has the relaxation of capital and liquidity buffers worked in practice?

29-10-2020

We analyse the recent policy decisions made by the ECB and the national authorities related to capital, liquidity, and shareholders’ remuneration aimed at promoting credit supply from the banking sector to the coronavirus-afflicted economy. We forecast the impact of the regulatory decisions based on the empirical literature, discuss the factors that reduce the banks’ incentives to expand loan portfolios and develop policy suggestions intended to mitigate the effect of these factors.

We analyse the recent policy decisions made by the ECB and the national authorities related to capital, liquidity, and shareholders’ remuneration aimed at promoting credit supply from the banking sector to the coronavirus-afflicted economy. We forecast the impact of the regulatory decisions based on the empirical literature, discuss the factors that reduce the banks’ incentives to expand loan portfolios and develop policy suggestions intended to mitigate the effect of these factors.

Externí autor

Alexandra MATYUNINA, Steven ONGENA

European Parliament’s Banking Union reports in 2015 - 2019

21-10-2020

This briefing provides an overview of the European Parliament’s expectations and priorities for the Banking Union as set out in its annual Banking Union reports. The first section of this briefing provides a short overview of the 2019 Banking Union report, the ECB Banking Supervisor’s response, as well as concrete actions expected from the Single Resolution Board, who as yet have not provided a formal response to any of Parliament’s Banking Union reports. In order to better contextualise the themes ...

This briefing provides an overview of the European Parliament’s expectations and priorities for the Banking Union as set out in its annual Banking Union reports. The first section of this briefing provides a short overview of the 2019 Banking Union report, the ECB Banking Supervisor’s response, as well as concrete actions expected from the Single Resolution Board, who as yet have not provided a formal response to any of Parliament’s Banking Union reports. In order to better contextualise the themes of latest Banking Union report, the subsequent section addresses the main themes raised in previous Banking Union reports (2015-2018). The annex of the briefing includes a comparison of the positions taken by the European Parliament in its Banking Union reports in the following policy areas: banking developments and structures; institutional and organisational issues; regulatory issues; completing the banking union; risk assessment; supervisory issues and priorities; crisis management; policies related to anti-money-laundering; and climate and sustainability issues.

Theory, Evidence, and Risks of the ECB’s Asset Purchase Programme

30-09-2020

In response to the COVID-19 crisis, the ECB has relaunched a massive asset purchase programme within its combined-arms monetary strategy. This paper presents and discusses the theory and the evidence of the central bank’s asset purchases, mainly in the euro area. It analyses the role of asset purchase programmes in the ECB’s toolkit and the potential associated risks, focusing specifically on the problems of the programmes’ unwinding. Finally, the paper offers some possible alternatives to the asset ...

In response to the COVID-19 crisis, the ECB has relaunched a massive asset purchase programme within its combined-arms monetary strategy. This paper presents and discusses the theory and the evidence of the central bank’s asset purchases, mainly in the euro area. It analyses the role of asset purchase programmes in the ECB’s toolkit and the potential associated risks, focusing specifically on the problems of the programmes’ unwinding. Finally, the paper offers some possible alternatives to the asset purchase programmes. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Externí autor

Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI

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

Options for the ECB’s Monetary Policy Strategy Review

25-09-2020

The ECB is the most important institution for the success of the EMU. It started successfully but the crisis revealed weaknesses related to the incomplete nature of the EMU. The ECB was too timid in using its power, which deepened the euro crisis and led to divergences that threaten the viability of the EMU. With suitable modifications of its monetary policy strategy, and better use of the authority delegated to it, the ECB could greatly improve its success in fulfilling its mandate. This document ...

The ECB is the most important institution for the success of the EMU. It started successfully but the crisis revealed weaknesses related to the incomplete nature of the EMU. The ECB was too timid in using its power, which deepened the euro crisis and led to divergences that threaten the viability of the EMU. With suitable modifications of its monetary policy strategy, and better use of the authority delegated to it, the ECB could greatly improve its success in fulfilling its mandate. This document was provided by Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).

Externí autor

Yvan LENGWILER, Athanasios ORPHANIDES

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.

Accountability Mechanisms of Major Central Banks and Possible Avenues to Improve the ECB's Accountability

15-09-2020

Independece of monetary authorities is a key tenet of modern central banking. Indepedence, however, must go hand in hand with accountability towards the public and its elected representatives. Four studies were prepared for the ECON Committee by the Monetary Expert Panel, comparing the accountability practices of major central banks in other juristictions (the Bank of England, the Swiss National Bank, the Bank of Japan and the Federal Reserve) with those of the European Central Bank (ECB) and offering ...

Independece of monetary authorities is a key tenet of modern central banking. Indepedence, however, must go hand in hand with accountability towards the public and its elected representatives. Four studies were prepared for the ECON Committee by the Monetary Expert Panel, comparing the accountability practices of major central banks in other juristictions (the Bank of England, the Swiss National Bank, the Bank of Japan and the Federal Reserve) with those of the European Central Bank (ECB) and offering recommendations on how to improve the ECB's accoutability framework.

Externí autor

Rosa M. LASTRA, Charles WYPLOSZ, Grégory CLAEYS, Marta DOMÍNGUEZ-JIMÉNEZ, Karl WHELAN

The ECB's Mandate: Perspectives on General Economic Policies

15-05-2020

The ECB has a clear primary objective to maintain price stability. The Treaty is less clear on how the ECB is required to fulfil its so-called secondary objective of “supporting general economic policies of the Union”. Just as the ECB was about to start its monetary policy strategy review which also provided an opportunity to clarify these elements of the mandate, the COVID-19 crisis brought the toughest test yet for its ability to deliver on the objectives. In addition, the German constitutional ...

The ECB has a clear primary objective to maintain price stability. The Treaty is less clear on how the ECB is required to fulfil its so-called secondary objective of “supporting general economic policies of the Union”. Just as the ECB was about to start its monetary policy strategy review which also provided an opportunity to clarify these elements of the mandate, the COVID-19 crisis brought the toughest test yet for its ability to deliver on the objectives. In addition, the German constitutional court delivered a judgement on the ECB’s public sector purchase programme (PSPP) which might bring further legal and economic consequences. In advance of the Monetary Dialogue with ECB President Christine Lagarde on 8 June 2020, the ECON Committee’s Monetary Expert Panel has prepared a set of five papers on this topic. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Externí autor

Rosa M. LASTRA, Kern ALEXANDER, Karl WHELAN, Joseph E. GAGNON, Jacob F. KIRKEGAARD, David W. WILCOX, Christopher G. COLLINS, Christophe BLOT, Jérôme CREEL, Emmanuelle FAURE, Paul HUBERT, Grégory CLAEYS

The economy and coronavirus - Weekly Picks 04/05/2020

04-05-2020

This paper provides a summary of some recent analyses of the macroeconomic effects of the coronavirus and some policy recommendations made in the public domain to mitigate these negative effects.

This paper provides a summary of some recent analyses of the macroeconomic effects of the coronavirus and some policy recommendations made in the public domain to mitigate these negative effects.

Banking Union: Corona crisis effects - Briefing for the BUWG - Calendar week 17 / 2020

23-04-2020

The corona crisis has significant effects on many banks in the Banking Union. To support the Members of the Banking Union Working Group, the following briefing reports on observations made and actions taken by supervisory authorities, credit rating agencies, banking federations, and other industry experts, in order to point to relevant developments in the banking sector. The briefing will be updated on a bi-weekly basis, unless relevant developments require otherwise.

The corona crisis has significant effects on many banks in the Banking Union. To support the Members of the Banking Union Working Group, the following briefing reports on observations made and actions taken by supervisory authorities, credit rating agencies, banking federations, and other industry experts, in order to point to relevant developments in the banking sector. The briefing will be updated on a bi-weekly basis, unless relevant developments require otherwise.

Chystané akce

01-03-2021
Decarbonising European industry: hydrogen and other solutions (online event)
Seminář -
STOA
01-03-2021
Hearing on Transport of live animals in third countries
Slyšení -
ANIT
01-03-2021
Exchange of views with HR/VP Josep Borrell
Slyšení -
INGE

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