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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. It provides a summary of key monetary policy developments and decisions taken by the ECB鈥檚 Governing Council.

This paper studies the implications for the European Central Bank (ECB) of the new EU fiscal framework, focusing on five aspects where monetary and fiscal policies intersect: (1) fiscal dominance over monetary policy; (2) fiscal drag created by the new framework; (3) moral hazard created by very low interest rates; (4) the effectiveness of the ECB鈥檚 Transmission Protection Instrument (TPI), and (5) the impact of the new framework on green public investment. This document was provided by the Economic ...

In this paper, the ECB monetary policy stance is assessed by comparing the recent tightening cycle (2022-today) with the two preceding ones, which took place in 2000-2001 and in 2006-2008. Interest rates, quantitative indicators and monetary conditions indices (MCIs) are used for this purpose. The main finding is that at the peak of the latest tightening cycle, the ECB monetary policy stance was no more restrictive than it was at the peak of the two preceding ones; actually, probably less. This contrasts ...

The paper seeks to assess the current monetary policy stance of the European Central Bank (ECB). To do so, it analyses factors driving the inflation dynamics in the euro area (EA) and their potential persistence, drawing comparisons with the inflation drivers and policy response in the United States (US). Given the prominent role played by the energy-price increase in EA inflation and the differential exposure of EA Member States, the paper analyses the country-level inflation dynamics in response ...

This briefing presents a summary of 3 studies prepared by academic expert panel for the Banking Union on the occasion of 10 years of parliamentary scrutiny over key authorities within the Banking Union, the Single Supervisory Mechanism (SSM) and the Single Resolution Board (SRB). It also presents proposals for enhancing the accountability framework governing these authorities. These studies were requested by the Committee on Economic and Monetary Affairs (ECON) of the European 合法博彩网站.

This briefing provides a summary of all scrutiny activities of the European 合法博彩网站 related to euro area monetary policy in advance of the September2024 Monetary Dialogue with the European Central Bank (ECB). It covers the topics chosen by the competent Committee and related expertise papers provided in advance of the Dialogue, the topics addressed during the Dialogue, and latest written questions made by Members to the ECB President. The document is published regularly ahead and after each Monetary ...

This paper discusses EU case law developed over the past decade relating to decisions taken by the European Central Bank within the Single Supervisory Mechanism (SSM) and within the Single Resolution Mechanism (SRM). The cases centre around embracing and solidifying the BU framework, inter alia, with the admissibility to challenge ECB鈥檚 supervisory and licence withdrawal decisions, the application of national law by the ECB in its supervisory competence and the methodology attached to the setting ...

The first 10 years of the Capital Markets Union (CMU) have been marked by minimalistic progress. The unfinished nature of the CMU has direct relevance for the ECB by affecting financing conditions in Member States and eroding the risk-sharing ability of the EMU, imposing a higher burden on the ECB to act as 鈥渢he only game in town鈥�. It has even bigger implications for the long-term investment opportunities and economic performance of the EU. This calls for a renewed approach and narrative on the CMU ...

The CRR 3/CRD 6 package constitutes the final phase in the implementation of the internationally agreed finalised Basel 3 prudential requirements for banks into the EU financial services acquis. In particular, the CRR 3 introduces the revised market risk requirements as binding own fund requirements. These requirements were introduced in the CRR 2 only as reporting requirements. However, at the time of the adoption of the CRR 3 it was not clear how and whether other major jurisdictions will apply ...

Banking Union is crucial for European integration, ensuring financial stability in the single market for financial services. The Court of Justice of the European Union (CJEU) plays an essential role in interpreting and enforcing the legal framework of the Banking Union, especially regarding the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). This in-depth analysis scrutinises the pertinent CJEU case law and highlights its implications for the Banking Union and the EU ...