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Unconventional Policy Instruments and Transmission Channels: A State-Contingent Toolbox for the ECB

01-03-2021

We present a general framework apt to explain why central banks care about the co-existence of different transmission channels of monetary policy, and hence they endow themselves with different policy instruments. Within this framework, we then review and examine the key instruments adopted by the ECB to tackle the post-pandemic challenges, with a view to their consistency and efficacy. Finally, we make a few considerations about the future perspectives of monetary policy. This paper was provided ...

We present a general framework apt to explain why central banks care about the co-existence of different transmission channels of monetary policy, and hence they endow themselves with different policy instruments. Within this framework, we then review and examine the key instruments adopted by the ECB to tackle the post-pandemic challenges, with a view to their consistency and efficacy. Finally, we make a few considerations about the future perspectives of monetary policy. This paper 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 18 March 2021.

Külső szerző

Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI

Money Market Funds: Measures to improve stability and liquidity

17-07-2017

Money Market Funds (MMFs) are a type of collective fund that invest in short-term debt and provide financing for financial institutions, corporations and governments. During the financial crisis their liquidity and stability were challenged, which prompted the Commission to propose a regulation on MMFs, in 2013. Its proposal aimed to improve their ability to weather stressed market conditions, mainly through establishing a capital buffer, introducing conditions on portfolio structure, addressing ...

Money Market Funds (MMFs) are a type of collective fund that invest in short-term debt and provide financing for financial institutions, corporations and governments. During the financial crisis their liquidity and stability were challenged, which prompted the Commission to propose a regulation on MMFs, in 2013. Its proposal aimed to improve their ability to weather stressed market conditions, mainly through establishing a capital buffer, introducing conditions on portfolio structure, addressing over-reliance on external credit rating agencies and improving their internal risk management, transparency and reporting. The final text lays down rules and common standards to ensure that MMFs have a stable structure and improved liquidity, that they invest in diversified assets of a sufficiently high credit quality, and are able to deal with unexpected redemption requests. It was approved by the EP in April 2017 and by the Council in May. Third edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure. To view earlier editions of this briefing, please see: PE 589.826, October 2016.

Money Market Funds

27-03-2017

Money Market Funds are collective funds that invest in short-term debt and provide financing for financial institutions, corporations and governments. During the financial crisis, their liquidity and stability were challenged, prompting a legislative proposal to make them more resilient. After long negotiations, the co-legislators reached an agreement in November 2016, now submitted to plenary.

Money Market Funds are collective funds that invest in short-term debt and provide financing for financial institutions, corporations and governments. During the financial crisis, their liquidity and stability were challenged, prompting a legislative proposal to make them more resilient. After long negotiations, the co-legislators reached an agreement in November 2016, now submitted to plenary.

Money market funds

20-04-2015

Money market funds (MMFs) are a type of collective fund that invests in short-term debt. During the financial crisis their liquidity and stability were challenged, which prompted regulators globally to propose rules intended to make MMFs more crisis-resilient. The Parliament is due to vote on the Commission's proposal for a regulation setting rules on MMFs in the Single Market.

Money market funds (MMFs) are a type of collective fund that invests in short-term debt. During the financial crisis their liquidity and stability were challenged, which prompted regulators globally to propose rules intended to make MMFs more crisis-resilient. The Parliament is due to vote on the Commission's proposal for a regulation setting rules on MMFs in the Single Market.

Money Market Funds: Impact Assessment of Substantive EP Amendments

25-03-2015

This study was requested by the European Parliament's Committee on Economic and Monetary Affairs (ECON), as part of Parliament's general commitment to improving the quality of EU legislation, and in particular its undertaking to carry out impact assessments of its own substantive amendments when it considers it appropriate and necessary for the legislative process. The study concludes that the four substantive amendments in question, which are under consideration in the context of the ECON Committee's ...

This study was requested by the European Parliament's Committee on Economic and Monetary Affairs (ECON), as part of Parliament's general commitment to improving the quality of EU legislation, and in particular its undertaking to carry out impact assessments of its own substantive amendments when it considers it appropriate and necessary for the legislative process. The study concludes that the four substantive amendments in question, which are under consideration in the context of the ECON Committee's draft report on the Commission proposal on Money Market Funds (MMFs), would retain the effect of transforming the considerable majority of the Constant Net Asset Value (CNAV) MMF market in Europe. There would be some, but only limited, take-up of the proposed Retail CNAV or EU Public Debt CNAV Money Market Funds. Most of the funds currently invested in Constant Net Asset Value MMFs would move to either Variable Net Asset Value (VNAV) MMFs or short-term bank deposits. To some extent, the features of Constant Net Asset Value MMFs which are attractive to investors would be duplicated in Variable Net Asset Value MMFs, but, equally,  the same concerns over systemic risk might also be replicated.

Külső szerző

This study has been written by European Economic Research Ltd. (T/as Europe Economics) at the request of the Ex-Ante Impact Assessment Unit of the Directorate for Impact Assessment and European Added Value, within the Directorate-General for Parliamentary Research Services (DG EPRS) of the European Parliament.

Monetary policy of the European Central Bank: Strategy, conduct and trends

18-02-2015

According to Article 127(1) of the Treaty on the Functioning of the European Union, 'the primary objective of the European System of Central Banks [i.e. the European Central Bank and the national central banks of all EU Member States] shall be to maintain price stability.' To pursue that objective, the European Central Bank follows a monetary policy strategy which is based on a quantitative definition of price stability and a monetary and economic analysis of the developments in the euro area economy ...

According to Article 127(1) of the Treaty on the Functioning of the European Union, 'the primary objective of the European System of Central Banks [i.e. the European Central Bank and the national central banks of all EU Member States] shall be to maintain price stability.' To pursue that objective, the European Central Bank follows a monetary policy strategy which is based on a quantitative definition of price stability and a monetary and economic analysis of the developments in the euro area economy. The policy is then channelled to the real economy via a transmission mechanism which operates mainly through interest rate setting and market expectations. To steer interest rates and signal monetary policy intentions, the Eurosystem [i.e. the European Central Bank and the (currently 19) national central banks of the EU Member States whose currency is the euro] disposes of a set of instruments and procedures (the operational framework), which comprises open market operations, standing facilities and minimum reserve requirements. From its beginnings in 1999 until the global financial crisis, the European Central Bank conducted its monetary policy mainly through the use of 'standard' measures. Since 2008, however, it has faced considerable challenges, which prompted it to adopt various 'non-standard' measures: the Enhanced Credit Support, the Securities Markets Programme, Outright Monetary Transactions, and the Expanded Asset Purchase Programme, to name but a few. Due to their non-standard character, these measures have attracted both praise and criticism. The discussion of their effectiveness, however, points also to the inherent limits of monetary policy. As Mario Draghi, President of the ECB, summed up during a press conference on 22 January: 'What monetary policy can do is to create the basis for growth (...) it’s now up to the governments to implement these structural reforms, and the more they do, the more effective will be our monetary policy'.

Crisis Response of Central Banks

16-07-2012

This compilation of notes requested by the Committee on Economic and Monetary Affairs (ECON) for the Monetary Dialogue in July 2012 deals with crisis response of central banks. The ECB has adopted a number of non-standard measures during the crisis to foster a smooth functioning of the monetary policy transmission throughout the euro area. Also other major central banks, e.g. Federal Reserve and the Bank of England, have reacted with non-standard measures. These non-standard measures are compared ...

This compilation of notes requested by the Committee on Economic and Monetary Affairs (ECON) for the Monetary Dialogue in July 2012 deals with crisis response of central banks. The ECB has adopted a number of non-standard measures during the crisis to foster a smooth functioning of the monetary policy transmission throughout the euro area. Also other major central banks, e.g. Federal Reserve and the Bank of England, have reacted with non-standard measures. These non-standard measures are compared and their effectiveness has been assessed.

Külső szerző

Daniel GROS (Centre for European Policy Studies - CEPS), Cinzia ALCIDI (CEPS), Alessandro GIOVANNI (CEPS), Stefan COLLIGNON (Scuola Superiore Sant'Anna, Pisa and Centro Europa Ricerche - CER, Rome, Italy ; research assistance performed by Piero ESPOSITO and Yuming CUI), Sylvester C.W. EIJFFINGER (CentER and EBC, Tilburg University and CEPR ; research assistance performed by Rob NIJSKENS, Tilburg University), Ansgar BELKE (DIW Berlin and University of Duisburg-Essen), Jens KLOSE (University of Duisburg-Essen ; German Council of Economic Advisors - SVR) and Guillermo DE LA DEHESA (CEPR, OBCE - the Spanish ECB Watcher)

Consumer Protection Aspects of the UCITS Amending Directives of 17 July 1998

01-01-2001

The so-called 'UCITS Directive' of 1998 went some way towards the creation a single market for unit trusts, based on the principle of home-country control. The Commission has recently made proposals to allow a wider choice of investments by funds and further open up the market; and these have given rise to considerable debate not least in the European Parliament on such issues as 'tracker' and 'master feeder' funds. Professor Udo Reifner outlines the main provisions of the proposed legislation, and ...

The so-called 'UCITS Directive' of 1998 went some way towards the creation a single market for unit trusts, based on the principle of home-country control. The Commission has recently made proposals to allow a wider choice of investments by funds and further open up the market; and these have given rise to considerable debate not least in the European Parliament on such issues as 'tracker' and 'master feeder' funds. Professor Udo Reifner outlines the main provisions of the proposed legislation, and analyses them from the perspective of investor protection, which he believes should not be ignored in the search for market liberalisation. The amendments voted by Parliament at first reading are appended in an Annexe.

Külső szerző

Udo Reifner (Institut für Finanzdienstleistungen, Hamburg, Germany)

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