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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 ...

This study discusses recent and current conditions relating to financial stability in the euro area, develops, in particular, on the impact of the current ‘inflation crisis’ on financial stability vulnerabilities, and addresses two related priorities for the Single Resolution Board (SRB).

Global factors and ECB monetary policy

Analiżi fil-Fond 28-11-2022

The euro area’s current high inflation rate is due to both internally generated demand pressures and external shocks that have raised food and energy prices. This paper argues that the latter element is more important than the former. Central banks need to tighten monetary policy to address high inflation but, with central banks around the world under pressure to restore their anti-inflationary credentials, it is possible that there is going to be too much tightening of global financial conditions ...

This document presents selected indicators on public finance for the Euro Area Member States and the Euro Area as a whole. For each indicator, it provides a short explanation and the data sources. The final section presents a short overview of the main indicators used by the European and other international institutions to assess debt sustainability.

We document different measures of inflation heterogeneity in the euro area. We ask what mostly drives this heterogeneity and whether there is cause for concern. Heterogeneity in headline inflation has increased substantially, and way more than heterogeneity in core inflation. We argue that core inflation dispersion is largely driven by small countries, where inflation reversion is the most likely. We then discuss about monetary policy as a limiting or aggravating factor of inflation heterogeneity ...

Not only has inflation in the euro area accelerated to historical levels in 2022, but also the dispersion of inflation across Member States has risen strongly. We investigate the nature of this dispersion and find that it is driven by energy and food prices, whereas differences in core inflation are not unusually high, except for the Baltic countries. While large differences in inflation can lead to an undesirable divergence in growth trajectories, this cannot be addressed by the common monetary ...

European banks have substantial investments in assets that are measured without directly observable market prices (mark-to-model). Financial disclosures of these value estimates lack standardization and are hard to compare across banks. These comparability concerns are concentrated in large European banks that extensively rely on level 3 estimates with the most unobservable inputs. Although the relevant balance sheet positions only represent a small fraction of these large banks’ total assets (2.9% ...

This papers reflects on recent turmoil created by derivatives used by energy companies and by UK pension funds, assessing some recent work of the European Supervisory Authorities, reports on EIOPA’s review of Credit Protection Insurance that unveiled poor underwriting and sales practices, as well as poor value for money from a consumer perspective, and contains a section on cyber risk, subject to increased warnings by supervisory authorities.

The annual meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) are an opportunity for stakeholders to discuss issues of global concern, including the world economic outlook, financial stability, poverty eradication, economic development, and aid effectiveness. During this year's meeting, from 10 to 16 October in Washington DC, discussions will revolve around climate change and Russia's war on Ukraine.

Insurance companies are important investors in EU capital markets. Most of their investments are in debt instruments, while equity investments can contribute to higher returns for policyholders and overall EU economic growth. This study analyses the treatment of equity investments by insurance companies in (proposed) EU legislation; it is considered that this legislation will have limited impact on equity investments. To enhance equity investment significantly drivers other than prudential ones would ...