Pesquisar
ECB Communication and Policy Responses: Being Effective in an Era of Disinflation and Economic Policy Uncertainty
This briefing report evaluates the ECB's monetary policy in a context of declining inflation and stagnant growth. Inflation risks have been averted and, after a period of relatively tight policy in 2024, benchmark comparisons indicate that the current interest rate is consistent with the ECB's mandate. The prevailing economic and inflation outlook supports further rate cuts. However, the high level of economic policy uncertainty necessitates cautious adjustments. Moreover, official ECB communications ...
Euro area monetary policy: Quarterly overview, March 2025
In this issue... ● US President Trump starts enacting his economic policy agenda and threatens the EU with tariffs. ● Headline inflation falls to 2.4% as underlying indicators ease. ● ECB reduces key policy rate by 25 bps. ● The euro continues to strengthen against the dollar amid growing uncertainty on US’s tariffs. ● The Fed keeps rate unchanged among economic uncertainty while challenges to independence arise. ● ECB reckons new US approach to cryptos and CBDCs strengthens the case for ...
EU-UK regulatory cooperation in financial services
Since the adoption of the Memorandum of Understanding on regulatory cooperation, the European Union and the United Kingdom have organised three meetings for dialogue and cooperation on financial services regulation. The meetings focus on macroeconomic developments, banking and anti-money laundering, capital markets, and digital and sustainable finance.
Immobilised Russian central bank assets
One of the first, and boldest, measures taken by Western countries as a response to Russia's full-scale invasion of Ukraine in February 2022 was the immobilisation of around €260 billion worth of Russian central bank assets held under their jurisdictions. In October 2024, the G7 reached an agreement on the use of the extraordinary revenues generated, to service and repay a US$50 billion loan to Ukraine from G7 countries, while the complex debate on the legality and related risks on the use of the ...
Public hearing with Dominique Laboureix, Single Resolution Board Chair - 3 March 2025
This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix on 3 March 2025. This briefing addresses: • A critical review of the SRB’s 2025 Work Programme • Regular reporting on MREL (Q3 2024) • Updated Operational Guidance on OCIR • Consultations and Requests to Industry for 2025 • Single Resolution Fund (SRF) continues to be at the target level • Gauging the impact of the CMDI reform.
Public hearing with Christine Lagarde, Chair of the European Systemic Risk Board (ESRB)
This briefing paper is prepared in view of a regular public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 4 December 2024. We cover the ESRB’s report on bank deposits following US banking turmoil in March 2023, recent conclusions of the ESRB’s General Board meeting, the risk outlook for the financial sector and Eurosystem’s response to the European Commisison’s consultation on macroprudential policies for non-banks. Annexes include ...
Public hearing with Dominique Laboureix, Chair of the Single Resolution Board
This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix on 4 December 2024.
Public hearing with Claudia Buch, Chair of the ECB / SSM Supervisory Board
This briefing has been prepared for the public hearing with the Chair of the Single Supervisory Mechanism (SSM), Claudia Buch, scheduled for 18 November 2024 in the ECON Committee. The previous hearing took place on 2 September 2024.
Looking back at 10 years of Banking Union’s case law
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’s academic expert panel for the Banking ...
Looking back at 10 years of Banking Union’s case law
This briefing presents an overview of six papers prepared by an academic expert panel for the Banking Union, covering 10 years of case law in the Banking Union. The studies focused on the evolution of Court of Justice of the European Union (CJEU) practices in shaping resolution and supervisory practices within the Banking Union. The studies were requested by the Committee on Economic and Monetary Affairs (ECON) of the European Ϸվ.