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This note is prepared in view of an ordinary public hearing with the Chair of the Single Resolution Board (SRB), Elke König, which will take place on 1 December 2021. This briefing addresses the following topics: (i) cooperation with other authorities, (ii) home/host authorities and the issue of internal MREL, (iii) evolution of MREL stock and shortfalls, (iv) contributions to the Single Resolution Fund, and (v) summaries of external papers on the status quo of impediments to resolvability.

This study develops on the status quo in relation to the assessment of resolvability of credit institutions and banking groups in the Banking Union and the removal of substantive impediments to their resolvability under the EU legal framework governing banking resolution, as in force, taking due account of the policies developed in that respect by the Single Resolution Board within the Single Resolution Mechanism.

The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

The new definition of price stability is a step in the right direction, even though the ECB could have gone further toward the Fed's average inflation targeting. This definition can become most helpful as the central bank navigates new uncertainties. Yet, the review does not deal with some daunting challenges that are already visible. It will need more than a few principles about price stability to deal with such issues as high and rising public debts, financial stability, or climate change. This ...

In July 2021, the ECB's target was revised, specifying that the 2 % inflation rate threshold should be applied symmetrically and with a medium-term orientation. We argue that a symmetric inflation target can significantly contribute to anchoring inflation expectations and to limiting the risks due to the zero- and/or effective-lower bound constraints. The monetary policy strategy revision will play a key role in the policy mix between fiscal and monetary policies for the post-pandemic recovery. ...

A Welcome Revision Rather Than a Revolution

Eingehende Analyse 03-11-2021

This contribution is a preliminary analysis of the effect of the ECB's new strategy, notably the revised inflation target, on inflation expectations. We show that the announcement of the new strategy, although necessary for several reasons, had a minor effect on inflation expectations. This reveals that the reform was either already partially anticipated by the market or too timid. Therefore, we present alternative outcomes of the strategy review. This paper was provided by the Policy Department ...

This paper clarifies the main features of the European Central Bank's revised inflation target in light of international practices, discusses the role of financial stability in the medium-term orientation of monetary policy decisions, and quantifies the possible impacts of the inclusion of the costs related to owner-occupied housing on the inflation indicator which is subject to the inflation target. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life ...

In July 2021, the European Central Bank (ECB)’s Governing Council concluded the review of its monetary policy strategy. One of the main outcomes of the review was the revised price stability target. The ECB is now committed to “an inflation rate of 2% over the medium term”. The new target is symmetric, which means that negative and positive deviations from the target are considered as equally undesirable. Four papers were prepared by the ECON Committee’s Monetary Expert Panel, explaining the main ...

The original full study presents data from 27 banking groups in 10 EU Member States, where it is found that banks have used COVID-19 relief measures extensively, with some cross-country differences as for the intensity of use. Flexibility in risk classification does not seem to have impaired banks’ ability to report and recognise risk properly, even for loans under moratoria. The findings suggest that the impact of the measures on banks’ credit supply has been overall positive and mainly driven ...

This briefing has been prepared to support ECON’s work on scrutiny of the Delegated Regulation amending the RTS laid down in Commission Delegated Regulation (EU) 2017/653 on Key Information Documents (KIDs) as foreseen by Regulation (EU) No 1286/2014 on Packaged Retail and Insurance-based Investment Products (PRIIPs Regulation) . The Delegated Regulation was adopted by the Commission on 7 September 2021 together with two quick fix amendments of the PRIIPs Regulation and the Directive 2009/65/EC on ...