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In the first decade of the 21st century, loans denominated in or indexed to foreign currencies, in particular the Swiss franc, became very popular in a number of EU Member States, including Greece, Croatia, Hungary, Austria, Poland, Romania, and Slovenia, and also in two non-EU countries, Montenegro and Serbia. For a certain period, in some Member States these loans became the most popular type of loan issued to consumers. By pegging loans to a stable foreign currency, banks could lend more money ...

Celem projektu budżetu korygującego nr 7/2020 (PBK 7/2020) jest aktualizacja budżetu po stronie dochodów z uwzględnieniem ostatnich zmian sytuacji gospodarczej. Ze względu na pandemię koronawirusa perspektywy dla gospodarki europejskiej znacznie się zmieniły od czasu przyjęcia budżetu. W PBK 7 proponuje się następujące korekty po stronie dochodów w budżecie na 2020 r.: aktualizację szacunków tradycyjnych zasobów własnych, zasobów własnych opartych na podatku od wartości dodanej i dochodzie narodowym ...

Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant position of sovereign currencies and central banks, especially those in major currency areas. As with other innovations, virtual currencies pose a challenge to financial regulators, in particular because of their ...

The political crisis in Venezuela

Briefing 07-12-2017

In December 2015, the results of elections to the Venezuelan National Assembly saw the Democratic Unity Roundtable coalition (MUD) prevail by a wide majority over the ruling Socialist Unified Party of Venezuela (PSUV) of President Nicolás Maduro. Since then, Venezuela has faced increasing political crisis. Initiatives by the duly elected Parliament have been systematically blocked, first by the Supreme Court of Justice (TSJ) and the National Electoral Council, and since August 2017 by the new National ...

We review the set of arguments in favour of adding permanently balance sheet policies to the central bank toolkit. Balance sheet policies could support financial stability and complement the role of the standard – pre-crisis – policy to enhance macroeconomic stability. There are two major challenges though. The first one refers to the trade-off between effectiveness and distortions. Conventional interest rate policy aims at market neutrality whereas balance sheet policies target specific securities ...

In this compilation of notes - requested by the Committee on Economic and Monetary Affairs (ECON) for the June 2016 Monetary Dialogue - a number of monetary experts (members of the monetary expert panel) review the ECB programme of asset purchases and make an assessment one year after its first implementation assess the effectiveness make an assessment of.

The 2016 EU-wide stress test requires banks to assess the impact of exchange rate movements on the quality of their foreign exchange lending. This is useful but not sufficient information for supervisors to be able to assess the implications of exchange rate risk for bank solvency. The 2016 stress test further asks banks to report in detail the expected future costs associated with already known misconduct cases. Information of this kind enables supervisors to ascertain whether banks’ current levels ...

Which economy grew faster over the past 15 years – the EU or Russia? How many Russians are out of work, and how sound are the country's public finances? How much red tape do Russian businesses have to deal with? What kind of products does the EU export to Russia? You can find the answers to these and other questions in our EPRS publication on Russia: economic indicators and trade with EU, the first of a series of infographics produced in collaboration with the European University Institute's GlobalStat ...

Switzerland is stable, prosperous, and has the most competitive economy in the world. However, the strong franc and the potential economic repercussions of the February 2014 referendum 'against mass immigration' pose new challenges to Swiss economic competitiveness and growth, which the government elected in October 2015 will have to address in the coming months.

The notes in this compilation discuss the challenges for ECB monetary policy stemming from the recent appreciation of the Euro in the context of a nascent euro area recovery. The notes have been requested by the Committee on Economic and Monetary Affairs (ECON) as an input for the July 2014 session of the Monetary Dialogue between the Members of ECON and the President of the ECB.