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This document provides an overview of the public hearings of the Chair of the Supervisory Board of the European Central Bank in the ECON Committee during the 9th parliamentary term (since July 2019), and lists all research papers requested by the ECON Committee, which are in general provided by a standing panel of banking experts. The annex gives an overview of the respective legal bases for those hearings, which form part of the accountability framework of the Single Supervisory Mechanism (SSM). ...

As monetary policy continues to tighten and excess liquidity is gradually drained from the banking system, the European Central Bank (ECB) is confronted with a decision on which liquidity provision framework the Eurosystem should adopt going forward. Three papers were prepared by the ECON Committee’s Monetary Expert Panel, discussing the relative advantages and disadvantages of the ample reserves/floor system versus the scarce reserves/corridor system. This document was provided by the Economic ...

This briefing paper was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President on Monday, 25 September. It provides a summary of key monetary policy developments and decisions taken by the ECB’s Governing Council.

The EU adopted a comprehensive and innovative regulatory framework on markets in crypto-assets (MiCA) in June 2023 that will regulate crypto-asset markets. The regulation focuses on stablecoins, which are crypto-assets promising a 'stable value' against official currencies or values. The MiCA provides for strict transparency and governance rules, on the one hand, and prudential rules as per other financial institutions, on the other. By covering all aspects of the crypto-assets, MiCA is expected ...

This paper analyses the operational frameworks adopted by the ECB and the consequences of a shift from the floor to the corridor system. The concept of excess liquidity in the euro area is examined, alongside discussions on market liquidity and funding liquidity. The paper emphasises the need to evaluate the implications for monetary policy effectiveness and financial stability of the different frameworks, shedding light on the role of liquidity in maintaining well-functioning financial markets. ...

Big central banks and big public debts

Hĺbková analýza 15-09-2023

Like most advanced economies, the euro area emerges from a series of historical shocks with larger public debts, a sizeable increase in the already large balance sheets of the Eurosystem central banks, and intensified links between fiscal and monetary policies. The governments and the ECB must now undo what they did. Corrective action must not wait, if only because other shocks may again unexpectedly occur. The paper also presents a procedure to cut public debts. This document was provided by the ...

Some savers and investors can lose money when a bank fails. The recent proposal for a reform of the EU bank crisis management and deposit insurance (CMDI) framework changes how bank resolution authorities have to treat deposits and how deposits rank in insolvency relative to other claims. These changes may significantly alter outcomes for uninsured depositors. They are not all straightforward and this briefing tries to parse them and their implications systematically.

The Monthly highlights publication provides an overview, at a glance, on the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

There is a consensus among Parliament, Council and Commission that resolution should apply more often, including among smaller and medium-sized banks. To achieve this, the Commission has now proposed a number of changes to the criteria and process of the public interest assessment. This briefing reviews, against the background of the Single Resolution Board’s past practice, what impact the proposed changes might have. The proposed changes modify in particular the comparison between resolution and ...

This note has been prepared for a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 28 June 2023. The briefing addresses: (i) the ECB’s recent Financial Stability Review, (ii) the results of four asset quality reviews, (iii) the ECB’s progress report on the disclosure of climate and environmental risks, (iv) three critical reviews of the SSM’s work (vii) the ECB’s views on the proposed changes to the Crisis ...