256

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The EU’s regulatory and supervisory response to addressing non-performing loans

12-02-2021

Building on earlier EGOV papers, this briefing addresses the evolution of non-performing loans (NPLs) over time, the EU regulatory and supervisory approaches to manage NPLs and highlights areas where gaps may still be observed. Renewed interest in asset management companies as a possible instrument to deal with NPLs is discussed in an annex. Concerns around NPLs are growing, as the impact of COVID-19 crisis related responses on banks’ balance sheets begin to be further scrutinised. This briefing ...

Building on earlier EGOV papers, this briefing addresses the evolution of non-performing loans (NPLs) over time, the EU regulatory and supervisory approaches to manage NPLs and highlights areas where gaps may still be observed. Renewed interest in asset management companies as a possible instrument to deal with NPLs is discussed in an annex. Concerns around NPLs are growing, as the impact of COVID-19 crisis related responses on banks’ balance sheets begin to be further scrutinised. This briefing will be updated in light of relevant developments.

Uncertainty and Monetary Policy in the Euro Area

18-11-2020

The outbreak of the COVID-19 crisis has triggered a new wave of uncertainty, which may amplify the negative effect of the crisis. Based on several uncertainty measures, we show that inflation in the euro area is negatively affected by higher uncertainty. However, uncertainty does not impair the transmission of monetary policy. Consequently, the ECB should consider uncertainty in its reaction function in order to fulfil its mandate. This document was provided by the Policy Department for Economic, ...

The outbreak of the COVID-19 crisis has triggered a new wave of uncertainty, which may amplify the negative effect of the crisis. Based on several uncertainty measures, we show that inflation in the euro area is negatively affected by higher uncertainty. However, uncertainty does not impair the transmission of monetary policy. Consequently, the ECB should consider uncertainty in its reaction function in order to fulfil its mandate. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 19 November 2020.

Autor externo

Christophe BLOT, Paul HUBERT, Fabien LABONDANCE

Monetary Policy in the Time of COVID-19, or How Uncertainty is Here to Stay

18-11-2020

The COVID-19 crisis has compounded the uncertainty that has come to characterise the European economy. We explore how this uncertainty manifests itself in terms of ECB decision-making and the long-run challenges the ECB faces. Confidence in ECB actions will come from the contingency scenarios it considers and communicates on, and from the adoption of potential policies for a wide range of such scenarios. Greater clarity around the ECB’s inflation target and surrounding tolerance bands would also ...

The COVID-19 crisis has compounded the uncertainty that has come to characterise the European economy. We explore how this uncertainty manifests itself in terms of ECB decision-making and the long-run challenges the ECB faces. Confidence in ECB actions will come from the contingency scenarios it considers and communicates on, and from the adoption of potential policies for a wide range of such scenarios. Greater clarity around the ECB’s inflation target and surrounding tolerance bands would also be beneficial. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 19 November 2020.

Autor externo

Maria DEMERTZIS, Marta DOMINGUEZ-JIMENEZ

Monetary-Fiscal Interactions in the Euro Area: Assessing the Risks

16-11-2020

The global pandemic is deepening the linkages between fiscal and monetary policies. While some are concerned that high public debt may pressurise the ECB to pursue overly loose monetary policy, this paper argues there is a greater risk that the Treaty’s rules on monetary financing will constrain the ECB from reacting appropriately to the crisis and that re-imposing the EU’s fiscal rules from 2022 onwards could harm economic recovery. This paper calls for an overhaul of the economic rules in the Treaty ...

The global pandemic is deepening the linkages between fiscal and monetary policies. While some are concerned that high public debt may pressurise the ECB to pursue overly loose monetary policy, this paper argues there is a greater risk that the Treaty’s rules on monetary financing will constrain the ECB from reacting appropriately to the crisis and that re-imposing the EU’s fiscal rules from 2022 onwards could harm economic recovery. This paper calls for an overhaul of the economic rules in the Treaty. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 19 November 2020.

Autor externo

Karl Whelan

Blurred Boundaries Between Monetary and Fiscal Policy

16-11-2020

The paper argues that the monetary policy response to the COVID-19 crisis has been appropriate in terms of the ECB’s primary objective. The concern over fiscal dominance is, however, valid as in a situation of rising inflationary pressure the ECB would have to choose between maintaining price stability on the one hand and public debt sustainability, financial stability and cohesion of the EMU on the other hand. Reform of the euro area institutional framework could mitigate this risk, either in the ...

The paper argues that the monetary policy response to the COVID-19 crisis has been appropriate in terms of the ECB’s primary objective. The concern over fiscal dominance is, however, valid as in a situation of rising inflationary pressure the ECB would have to choose between maintaining price stability on the one hand and public debt sustainability, financial stability and cohesion of the EMU on the other hand. Reform of the euro area institutional framework could mitigate this risk, either in the direction of a fiscal union or in the direction of full fiscal self-responsibility. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 19 November 2020.

Autor externo

Salomon FIEDLER, Klaus-Jürgen GERN, Ulrich STOLZENBURG

COVID-19 and Economic Policy Toward the New Normal: A Monetary-Fiscal Nexus after the Crisis?

12-11-2020

Current developments during the COVID-19 pandemic involve strongly complementary monetary and fiscal policy, but both as responses to COVID-19 and not the outcome of an emergent monetary-fiscal nexus. Therefore, the ECB maintains its independence by using unconventional monetary policy measures to reach price stability, according to its mandate. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and ...

Current developments during the COVID-19 pandemic involve strongly complementary monetary and fiscal policy, but both as responses to COVID-19 and not the outcome of an emergent monetary-fiscal nexus. Therefore, the ECB maintains its independence by using unconventional monetary policy measures to reach price stability, according to its mandate. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 19 November 2020.

Autor externo

Thomas MARMEFELT

Update on recent banking developments

10-11-2020

This briefing gives an update on recent events and developments in the Banking Union, based on publicly available information. The briefing summarises: 1) the main elements of two papers commissioned by ECON on the effectiveness of relaxing capital and liquidity buffers as crisis measures; 2) the most recent ECB Bank Lending Survey; 3) recent EBA publications (on anti-money laundering, sustainability, MREL-TLAC eligible instruments and the prudential treatment of legacy instruments); 4) the recent ...

This briefing gives an update on recent events and developments in the Banking Union, based on publicly available information. The briefing summarises: 1) the main elements of two papers commissioned by ECON on the effectiveness of relaxing capital and liquidity buffers as crisis measures; 2) the most recent ECB Bank Lending Survey; 3) recent EBA publications (on anti-money laundering, sustainability, MREL-TLAC eligible instruments and the prudential treatment of legacy instruments); 4) the recent ESMA Wirecard report and similarities with the case of Commerzialbank Mattersburg; 5) the European Court of Justice’s role in shaping the Banking Union; and 6) the European Court of Auditors report on EU agencies.

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.

Autor externo

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.

Policy Departments’ Monthly Highlights - November 2020

15-10-2020

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 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.

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