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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 ...

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

V stručnosti 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

V stručnosti 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.

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 ...

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 ...

Crisis Response of Central Banks

Štúdia 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 ...

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 ...