24

Riżultat(i)

Kelma (kelmiet)
Tip ta' pubblikazzjoni
Qasam tematiku
Awtur
Kelma għat-tiftix
Data

The Next Generation of Digital Currencies: In Search of Stability

15-11-2019

Recent innovations have re-opened the debate on the forms that money will take in the future. This paper discusses two aspects of the debate on the future of money: the implications of the rise of global private stablecoins, and the role that public central bank digital currencies (CBDCs) could play in the future. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs (ECON) Committee.

Recent innovations have re-opened the debate on the forms that money will take in the future. This paper discusses two aspects of the debate on the future of money: the implications of the rise of global private stablecoins, and the role that public central bank digital currencies (CBDCs) could play in the future. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs (ECON) Committee.

Awtur estern

Grégory CLAEYS, Maria DEMERTZIS

Virtual Money: How Much do Cryptocurrencies Alter the Fundamental Functions of Money?

15-11-2019

Advanced economies are moving towards a cashless system, with a recent surge in cryptocurrencies, issued by private entities. Although digital currencies may increase welfare, due to a reduction in transaction costs, they introduce risks to monetary and financial stability. Furthermore, they barely serve as money due to their large volatility. To partly overcome these problems, the issuance of a stablecoin would be an intermediate solution between private and central bank issued digital currency. ...

Advanced economies are moving towards a cashless system, with a recent surge in cryptocurrencies, issued by private entities. Although digital currencies may increase welfare, due to a reduction in transaction costs, they introduce risks to monetary and financial stability. Furthermore, they barely serve as money due to their large volatility. To partly overcome these problems, the issuance of a stablecoin would be an intermediate solution between private and central bank issued digital currency. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs (ECON) Committee.

Awtur estern

Eddie GERBA and Margarita RUBIO

The Future of Money

15-11-2019

Cryptocurrencies, Libra, central bank digital currencies (CBDCs)... What will be the future of money? What are the implications for monetary policy? ECON’s Monetary Expert Panel has produced 4 papers which try to help answer these questions ahead of the Monetary Dialogue on 2 December, the first one with the new ECB President, Ms Christine Lagarde. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Cryptocurrencies, Libra, central bank digital currencies (CBDCs)... What will be the future of money? What are the implications for monetary policy? ECON’s Monetary Expert Panel has produced 4 papers which try to help answer these questions ahead of the Monetary Dialogue on 2 December, the first one with the new ECB President, Ms Christine Lagarde. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Awtur estern

Salomon FIEDLER, Klaus-Jürgen GERN, Ulrich STOLZENBURG, Eddie GERBA, Margarita RUBIO, Alexander KRIWOLUZKY, Chi Hyun KIM, Grégory CLAEYS, Maria DEMERTZIS

Special purpose vehicle for trade with Iran

13-11-2018

Following the May 2018 announcement of the United States' withdrawal from the 2015 Iran nuclear deal and of the re-imposition of US sanctions on Iran, the EU is continuing to endorse implementation of the agreement, providing Iran fulfils its nuclear-related obligations. The EU is also committed to ensuring that EU-Iran trade and economic relations continue to benefit from the positive impact of lifting the sanctions. The EU has already introduced measures to alleviate the effects of US sanctions ...

Following the May 2018 announcement of the United States' withdrawal from the 2015 Iran nuclear deal and of the re-imposition of US sanctions on Iran, the EU is continuing to endorse implementation of the agreement, providing Iran fulfils its nuclear-related obligations. The EU is also committed to ensuring that EU-Iran trade and economic relations continue to benefit from the positive impact of lifting the sanctions. The EU has already introduced measures to alleviate the effects of US sanctions on European firms, and has announced the creation of a new mechanism, a special purpose vehicle (SPV), to facilitate financial transactions with Iran.

Virtual currencies and terrorist financing: assessing the risks and evaluating responses

04-06-2018

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the TERR Committee, explores the terrorist financing (TF) risks of virtual currencies (VCs), including cryptocurrencies such as Bitcoin. It describes the features of VCs that present TF risks, and reviews the open source literature on terrorist use of virtual currencies to understand the current state and likely future manifestation of the risk. It then reviews ...

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the TERR Committee, explores the terrorist financing (TF) risks of virtual currencies (VCs), including cryptocurrencies such as Bitcoin. It describes the features of VCs that present TF risks, and reviews the open source literature on terrorist use of virtual currencies to understand the current state and likely future manifestation of the risk. It then reviews the regulatory and law enforcement response in the EU and beyond, assessing the effectiveness of measures taken to date. Finally, it provides recommendations for EU policymakers and other relevant stakeholders for ensuring the TF risks of VCs are adequately mitigated.

Awtur estern

Tom KEATINGE, David CARLISLE, Florence KEEN

Interaction between euro-denominated payment systems and ECB monetary policy: challenges for the single currency

28-02-2018

For the Monetary Dialogue of 26 February 2018, the Committee on Economic and Monetary Affairs (ECON) asked monetary experts to analyse the challenges for the single currency stemming from the interactions between euro-denominated payment systems and the ECB monetary policy. This note, prepared by Policy department A, lists references to the relevant in-depth analyses.

For the Monetary Dialogue of 26 February 2018, the Committee on Economic and Monetary Affairs (ECON) asked monetary experts to analyse the challenges for the single currency stemming from the interactions between euro-denominated payment systems and the ECB monetary policy. This note, prepared by Policy department A, lists references to the relevant in-depth analyses.

Brexit, financial stability and the supervision of clearing systems

15-02-2018

This paper examines the evolution of the supervisory framework of third-country CCPs in the EU making special reference to risks associated with the imminent withdrawal of the United Kingdom from the European Union (Brexit). Its key finding is that the proposed reform is in principle in the right direction but there are still challenges ahead and a more comprehensive package of measures will be required to address them.

This paper examines the evolution of the supervisory framework of third-country CCPs in the EU making special reference to risks associated with the imminent withdrawal of the United Kingdom from the European Union (Brexit). Its key finding is that the proposed reform is in principle in the right direction but there are still challenges ahead and a more comprehensive package of measures will be required to address them.

Awtur estern

Andromachi GEORGOSOULI, Centre for Commercial Law Studies, Queen Mary University of London

Note on the interactions between payment systems and monetary policy

15-02-2018

This paper analyses the interactions between, on one hand, monetary policy and financial stability responsibilities of the ECB and, on the other hand, Post-Trading-Financial Market Infrastructures. Its basic conclusion is that Payment Systems are critical for monetary policy while Central Counter Parties (CCPs) are critical for financial stability. However, in stressed conditions CCPs can be the source of risks also for monetary policy.

This paper analyses the interactions between, on one hand, monetary policy and financial stability responsibilities of the ECB and, on the other hand, Post-Trading-Financial Market Infrastructures. Its basic conclusion is that Payment Systems are critical for monetary policy while Central Counter Parties (CCPs) are critical for financial stability. However, in stressed conditions CCPs can be the source of risks also for monetary policy.

Awtur estern

Francesco PAPADIA, Bruegel

The euro-area denominated payment systems and the conduct of monetary policy: Some considerations ahead of Brexit

15-02-2018

The framework for euro-denominated payment systems has undergone significant changes in recent years leading to a concentration of payments performed by Central Counterparty Clearing Houses. As it stands, a large part of euro-denominated transactions, derivatives in particular, are cleared through CCPs located in the UK; which poses challenges to the current supervisory framework because of the UK leaving the EU. Against this background, this note discusses the extent to which the current set-up ...

The framework for euro-denominated payment systems has undergone significant changes in recent years leading to a concentration of payments performed by Central Counterparty Clearing Houses. As it stands, a large part of euro-denominated transactions, derivatives in particular, are cleared through CCPs located in the UK; which poses challenges to the current supervisory framework because of the UK leaving the EU. Against this background, this note discusses the extent to which the current set-up bears risks, including for the conduct of the ECB monetary policy.

Awtur estern

Corrado MACCHIARELLI, Mara MONTI, London School of Economics

Geo-blocking and discrimination among customers in the EU

02-02-2018

Geo-blocking practices commonly restrict cross-border sales of tangible goods as well as of electronically supplied services and electronically delivered content services in the EU. In May 2016, the European Commission proposed a new regulation that prohibits online sellers of tangible goods, and of some types of electronically supplied services, from discriminating among customers based on their nationality or place of residence within the European Union. In November 2017, after protracted negotiations ...

Geo-blocking practices commonly restrict cross-border sales of tangible goods as well as of electronically supplied services and electronically delivered content services in the EU. In May 2016, the European Commission proposed a new regulation that prohibits online sellers of tangible goods, and of some types of electronically supplied services, from discriminating among customers based on their nationality or place of residence within the European Union. In November 2017, after protracted negotiations, the co-legislators agreed to ban some types of unjustified geo-blocking practices. However, the ban will not apply initially to content and services protected under copyright (for instance, e-books and downloads of music and audiovisual content). At the request of the Parliament, a review clause has been introduced which requires the Commission to re-examine the situation two years after the entry into force of the regulation.

Avvenimenti fil-ġejjieni

27-01-2021
Public hearing on AI and Green Deal
Smigħ -
AIDA
27-01-2021
EPRS online policy roundtable: President Biden’s first 100 days [...]
Avveniment ieħor -
EPRS
28-01-2021
Consequences and lessons from COVID-19 crisis for people in residential institutions
Smigħ -
EMPL LIBE

Sħab