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In its first ten years (2014-2023), the banking union was successful in its prudential agenda but failed spectacularly in its underlying objective: establishing a single banking market in the euro area. This goal is now more important than ever, and easier to attain than at any time in the last decade. To make progress, cross-border banks should receive a specific treatment within general banking union legislation. Suggestions are made on how to make such regulatory carve-out effective and legally ...

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 Thursday, 15 February. It provides a summary of key monetary policy developments and decisions taken by the ECB’s Governing Council. This is the last Monetary Dialogue of the 9th legislative term.

The ECB in the age of turbulence

In-Depth Analysis 14-02-2024

This study discusses the ECB’s response to the recent crises, detailing interventions, new tools, and strategy shifts. It evaluates the effects of such crises on inflation expectations and financial stability across major European economies, offering insights into the euro area’s policy dynamics and challenges. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ...

‘Bigtech finance’ – i.e. the provision of financial services by large digital conglomerates - has considerable implications for the EU’s growth model and raises multiple regulatory concerns about financial stability; competition and market concentration; data protection; cybersecurity and operational resilience. Bigtechs also have potential geostrategic implications because the largest digital platforms are headquartered outside the EU. To address these global challenges, this study makes recommendations ...

Over the past 25 years, the euro faced various crises, prompting a reassessment of its governance. Concerns arise regarding the ECB's exposure to risk and the necessity of deep reforms for managing growing ecological, financial, and geo-economic risks. Despite initial achievements like the banking union, challenges persist, such as financial instability and economic fragmentation. Policymakers must address these risks through enhanced monetary and macroprudential policies, fiscal coordination, and ...

The euro area has been subject to a series of very different shocks, some of which, such as the COVID-19 pandemic, were unprecedented. While the ECB’s reaction to these deflationary shocks was vigorous, it persisted too long with its expansionary measures and failed to see their inflationary impact when energy prices shot up. The future is likely to bring new challenges, but climate change might not be the most important threat to price and financial stability. This document was provided by the ...

ECB monetary policy: Past, present and future

In-Depth Analysis 09-02-2024

This paper considers the past, present, and future of the ECB monetary policy. Looking backwards, the ECB has succeeded in navigating through several crises. Looking forward, the paper examines some of the main challenges confronting the ECB in the years ahead with climate change, digitalisation, inequality, sovereign indebtedness, and the completion of Banking Union complicating the pursuit of the price stability primary objective. This document was provided by the Economic Governance and EMU ...

This briefing provides a summary of the recent economic developments in the EU Member States and gives an overview of relevant economic projections forecasted by major international and EU institutions. Annex 1 includes latest GDP data and forecasts for all EU Member States and Annex 2 the latest inflation data and developments.

The capital markets union (CMU) is an EU political project aimed at 'de-fragmenting' the markets for corporate financing. The primary objective is to ensure that firms with comparable characteristics obtain comparable financing conditions – especially as regards costs and volumes – regardless of the Member State in which they are located. The objective to de-fragment capital markets is influenced by the context of European monetary union and the single market for goods and services; fragmented financial ...

New economic governance rules

Briefing 07-02-2024

On 26 April 2023, the European Commission published a package of three proposals to revise the EU's economic governance framework: a regulation to replace the current preventive arm of the stability and growth pact (SGP), an amending Council regulation on the corrective arm of the SGP, and an amending Council directive to strengthen the role of independent fiscal institutions. The main proposal on the preventive arm is to be adopted through the ordinary legislative procedure with the European Parliament ...