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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 ...

Arguably, the Banking Union has a strong record for raising the standards in supervision and thereby making a contribution to financial stability. Despite the harmonisation achieved in supervision however, market integration has not progressed much. Can this be changed? And what lessons does that hold for the other big financial markets integration project, namely Capital Markets Union (CMU)? This briefing provides an overview of 5 papers by the ECON Committee鈥檚 academic expert panel for the Banking ...

This paper provides an overview of the International Monetary Fund (IMF)鈥檚 lending to Ukraine, particularly focusing on the IMF response to the Russia鈥檚 invasion of Ukraine since February 2022, given the challenging macroeconomic circumstances. If further analyses the key elements of the IMF鈥� Extended Fund Facility (EFF) programme for Ukraine, including the evolution of core assumptions, risks, fiscal sustainability and conditionality.

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.

Valdis Dombrovskis is European Commission Executive Vice-President and currently holds an economic and social portfolio, which since 2020 also includes trade. After becoming Commission Vice-President for the Euro and Social Dialogue in 2014, since 2016 he also oversaw Financial Stability, Financial Services and the Capital Markets Union. In 2019, he was promoted to Executive Vice-President for An Economy that Works for People and took over as Trade Commissioner in 2020. In 2014, Dombrovskis was elected ...

The banking union project has achieved European-level policy integration of microprudential supervision but not of crisis intervention. This largely explains the disappointing progress in the cross-border integration of the banking sector, which we document using data on banks鈥� assets and also specifically on their sovereign exposures. In a capital markets union, there is no equivalent of the banking crisis intervention framework and related public financial safety net, and therefore supervisory ...

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 ...

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 ...

This paper argues that the mandate of the SSM is too imprecise to function as a quantifiable yardstick based on which the performance of the ECB can be objectively evaluated. The accountability mechanisms should therefore focus on policy processes, underlying analyses and motivations instead of results. Based on the transparency index of Liedorp (2013), the SSM appears much more transparent than national supervisors at the time of the SSM鈥檚 creation. However, the legislative framework lacks one ...

Digital finance can broadly be defined as financial services and instruments that use or are based on new information and communication technologies (ICT). A wide range of segments of the financial system are therefore concerned, from digital payment services to the new market infrastructures of crypto-assets using distributed ledger technologies (DLT). Policymakers expect digital finance to benefit the financial system 鈥� for example, in terms of transaction and settlement costs, as well as financial ...