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This briefing paper describes and evaluates the law and economics of institution(al) protection schemes. Throughout our analysis, we use Europe’s largest such scheme, that of German savings banks, as paradigm. We find strengths and weaknesses: Strong network-internal monitoring and early warning seems to be an important contributor to IPS network success. Similarly, the geographical quasi-cartel encourages banks to build a strong client base, including SME, in all regions. Third, the growth of ...

Understanding inflation dynamics requires an understanding of the underlying concept and how it is measured. Inflation is defined as a process of continuously rising prices and falling purchasing power. In other words, a general and broad-based increase in the price of goods and services over an extended period. The main objective of central banks is to keep prices stable, to preserve the integrity and purchasing power of people's money. The most common inflation indicator measures the average change ...

AAG of the study identifies the fundamental rationale for a possible issuance of a digital euro: to preserve the role of public money in a digital economy. It outlines the policy options, trade-offs as well as design issues that its creation would raise. 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)

This study aims to assess how major economies were affected by the Covid-19 pandemic, in particular with respect to economic growth and public debt sustainability. It reviews the heterogeneity of policy measures taken, and aims to identify best practices. A special focus is placed on the euro area and its largest Member States. Principles and practices for ensuring sustained growth and sustainable public finances are discussed.

This paper examines the importance of communication of monetary policy in the light of the complex challenges central banks face post GFC in their role as ‘crisis managers’, confronting financial stability concerns, the economic consequences of the COVID pandemic and the risks arising from climate change and unsustainable activities. Effective central bank communication becomes ever more critical in order to preserve credibility and legitimacy. Such communication is an important component of accountability ...

Central banks attach great importance to inflation expectations. Households’ and firms’ expectations about the future path of inflation affect wage and price setting as well as consumption and investment decisions. Financial market participants’ expectations are relevant because they influence financial prices and financing conditions. Inflation expectations “anchored” around the inflation target are seen as a pre-condition for maintaining price stability and credibility of the central bank. Starting ...

With growing complexity of monetary policy following the global financial crisis, communication gradually became mission-critical for central banks in order to preserve legitimacy and credibility. The public, legislators and financial market participants each require a different type and channel of communication. Looking forward, the aftermath of the COVID-19 crisis will bring considerable challenges for the European Central Bank (ECB)’s communication and accountability in the context of the complex ...

The study identifies the fundamental rationale for a possible issuance of a digital euro: to preserve the role of public money in a digital economy. It outlines the policy options, trade-offs as well as design issues that its creation would raise. 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).

Payment systems are of vital importance for today's economies and are the core activity of central banks. To adapt to recent trends – including the decline in cash usage, the surge in online commerce and contactless forms of payment, and the creation of cryptocurrencies – central banks have, in recent years, explored the possibility of issuing digital currencies themselves. Proponents of central bank digital currencies (CBDCs) note that, among other things, they can: alleviate the problem of concentration ...

This document provides an overview of public hearings and exchange of views with the Chair of the European Central Bank (ECB) Supervisory Board in the ECON Committee since July 2019. It also provides an overview of all external papers requested by the ECON Committee by a standing panel of banking experts. Lastly, the annex contains an overview of the respective legal bases for these hearings as part of the accountability framework of the Single Supervisory Mechanism (SSM). For an overview of public ...