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Thematic Digest on the Wirecard case

06-11-2020

This document presents the summaries of three external papers commissioned by EGOV upon request of the Economic and Monetary Committee (ECON). ECON has requested external experts to provide expertise on the wider supervisory implications of the Wirecard case. The summaries were drafted by EGOV in own responsibility.

This document presents the summaries of three external papers commissioned by EGOV upon request of the Economic and Monetary Committee (ECON). ECON has requested external experts to provide expertise on the wider supervisory implications of the Wirecard case. The summaries were drafted by EGOV in own responsibility.

What are the wider supervisory implications of the Wirecard case?

05-11-2020

The paper discusses the policy implications of the Wirecard scandal. The study finds that all lines of defense against corporate fraud, including internal control systems, external audits, the oversight bodies for financial reporting and auditing and the market supervisor, contributed to the scandal and are in need of reform. To ensure market integrity and investor protection in the future, the authors make eight suggestions for the market and institutional oversight architecture in Germany and in ...

The paper discusses the policy implications of the Wirecard scandal. The study finds that all lines of defense against corporate fraud, including internal control systems, external audits, the oversight bodies for financial reporting and auditing and the market supervisor, contributed to the scandal and are in need of reform. To ensure market integrity and investor protection in the future, the authors make eight suggestions for the market and institutional oversight architecture in Germany and in Europe.

Externý autor

Katja LANGENBUCHER, Christian LEUZ, Jan Pieter KRAHNEN, Loriana PELIZZON

What are the wider supervisory implications of the Wirecard case?

29-10-2020

While multiple causes underpin accounting scandals such as Wirecard, they often point at deficiencies in the audit profession and its oversight. Currently, the system of national public audit oversight boards (POBSAs) is fragmented and overly complex, characterized by limited responsiveness to red flags, and apparent lack of communication among the POBSAs, and with other supervisors. This suggests supervisory coordination and clear action triggers are imperative. Importantly, pervasively low transparency ...

While multiple causes underpin accounting scandals such as Wirecard, they often point at deficiencies in the audit profession and its oversight. Currently, the system of national public audit oversight boards (POBSAs) is fragmented and overly complex, characterized by limited responsiveness to red flags, and apparent lack of communication among the POBSAs, and with other supervisors. This suggests supervisory coordination and clear action triggers are imperative. Importantly, pervasively low transparency limits the usefulness of this briefing and hinders evidence-based policy making.

Externý autor

Beatriz GARCÍA OSMA, Ana GISBERT, Begoña NAVALLAS

What are the wider supervisory implications of the Wirecard case?

28-10-2020

Beginning with a discussion of the Wirecard case, this study highlights several lessons for the regulation and supervision of Fintech companies. Innovation in the financial industry brings both efficiency gains and new risks. To balance these two elements, regulators need a deep understanding of Fintech’s technologies and business models. Because Fintechs can be very complex companies, there is a need for an approach combining the oversight of both entities and activities. The global scope of Fintech ...

Beginning with a discussion of the Wirecard case, this study highlights several lessons for the regulation and supervision of Fintech companies. Innovation in the financial industry brings both efficiency gains and new risks. To balance these two elements, regulators need a deep understanding of Fintech’s technologies and business models. Because Fintechs can be very complex companies, there is a need for an approach combining the oversight of both entities and activities. The global scope of Fintech’s activities also calls for convergence and coordination of rules and supervisory practices at the European level and beyond.

Externý autor

Giorgio BARBA NAVARETTI, Giacomo CALZOLARI, Alberto Franco POZZOLO

Thematic Digest on EU Economic Governance Review

08-10-2020

This document presents the summaries of some papers in the area of EU economic governance, recently published by the European Parliament upon a request of the Economic and Monetary Committee (ECON). The thematic papers presented in this digest provides hopefully information and suggestions which will be useful for the on-going debate among policy makers, namely on the review of the EU legal framework for economic governance. They are written by external experts and supervised by the Economic Governance ...

This document presents the summaries of some papers in the area of EU economic governance, recently published by the European Parliament upon a request of the Economic and Monetary Committee (ECON). The thematic papers presented in this digest provides hopefully information and suggestions which will be useful for the on-going debate among policy makers, namely on the review of the EU legal framework for economic governance. They are written by external experts and supervised by the Economic Governance Support Unit.

Go Big or Go Home? The ECB’s Asset Purchase Programmes in Macroeconomic Perspective

30-09-2020

Until this year, governments in the single currency area appeared to be ‘missing in action’. There is belated recognition that monetary and fiscal policies must coordinate especially in crisis conditions. The euro area has experienced crisis or near crisis conditions for over a decade. Lessons are being learned late but there continue to be several gaps that the euro area and its members need to close. The paper highlights these and the continuing threats to the single currency area. This document ...

Until this year, governments in the single currency area appeared to be ‘missing in action’. There is belated recognition that monetary and fiscal policies must coordinate especially in crisis conditions. The euro area has experienced crisis or near crisis conditions for over a decade. Lessons are being learned late but there continue to be several gaps that the euro area and its members need to close. The paper highlights these and the continuing threats to the single currency area. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Externý autor

Pierre L. SIKLOS

Accountability Mechanisms of Major Central Banks and Possible Avenues to Improve the ECB's Accountability

15-09-2020

Independece of monetary authorities is a key tenet of modern central banking. Indepedence, however, must go hand in hand with accountability towards the public and its elected representatives. Four studies were prepared for the ECON Committee by the Monetary Expert Panel, comparing the accountability practices of major central banks in other juristictions (the Bank of England, the Swiss National Bank, the Bank of Japan and the Federal Reserve) with those of the European Central Bank (ECB) and offering ...

Independece of monetary authorities is a key tenet of modern central banking. Indepedence, however, must go hand in hand with accountability towards the public and its elected representatives. Four studies were prepared for the ECON Committee by the Monetary Expert Panel, comparing the accountability practices of major central banks in other juristictions (the Bank of England, the Swiss National Bank, the Bank of Japan and the Federal Reserve) with those of the European Central Bank (ECB) and offering recommendations on how to improve the ECB's accoutability framework.

Externý autor

Rosa M. LASTRA, Charles WYPLOSZ, Grégory CLAEYS, Marta DOMÍNGUEZ-JIMÉNEZ, Karl WHELAN

Benefits and drawbacks of an “expenditure rule”, as well as of a "golden rule", in the EU fiscal framework

01-09-2020

Focusing the EU fiscal framework on an expenditure rule could help to increase transparency, compliance and ownership. In various other respects, like estimation errors or counter-cyclicality of prescribed fiscal policy, an expenditure rule is similar to a structural balance rule. If the EU decides to go beyond the current focus on fiscal aggregates, a two-rule system aimed at safeguarding specific expenditures could be placed at the centre of the EU fiscal framework. The key challenge is to define ...

Focusing the EU fiscal framework on an expenditure rule could help to increase transparency, compliance and ownership. In various other respects, like estimation errors or counter-cyclicality of prescribed fiscal policy, an expenditure rule is similar to a structural balance rule. If the EU decides to go beyond the current focus on fiscal aggregates, a two-rule system aimed at safeguarding specific expenditures could be placed at the centre of the EU fiscal framework. The key challenge is to define and measure the protected expenditures.

Externý autor

Wolf Heinrich REUTER

Credit Rating for Euro Area Member States and European supranational institutions

29-05-2020

This document presents the latest credit ratings issued by the three major Credit Rating Agencies for the Euro Area Member States and three European institutions that issue “EU bonds”: the EU Commission, the European Investment Bank and the European Stabilisation Mechanism. It provides an overview of the framework of sovereign credit ratings and shows their relationship with the financing costs of Euro Area Member States.

This document presents the latest credit ratings issued by the three major Credit Rating Agencies for the Euro Area Member States and three European institutions that issue “EU bonds”: the EU Commission, the European Investment Bank and the European Stabilisation Mechanism. It provides an overview of the framework of sovereign credit ratings and shows their relationship with the financing costs of Euro Area Member States.

SSM and SRB accountability at European level – a summary of three external briefing papers

15-05-2020

This note summarises three external briefing papers requested in view of hearings of the Chair of Single Supervisory Mechanism and Chair of Single Resolution Board in ECON.

This note summarises three external briefing papers requested in view of hearings of the Chair of Single Supervisory Mechanism and Chair of Single Resolution Board in ECON.

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