Note on the interactions between payment systems and monetary policy
Análisis en profundidad
15-02-2018
This paper analyses the interactions between, on one hand, monetary policy and financial stability responsibilities of the ECB and, on the other hand, Post-Trading-Financial Market Infrastructures. Its basic conclusion is that Payment Systems are critical for monetary policy while Central Counter Parties (CCPs) are critical for financial stability. However, in stressed conditions CCPs can be the source of risks also for monetary policy.
Análisis en profundidad
Autor externo
Francesco PAPADIA, Bruegel
Acerca de este documento
Tipo de publicación
Palabra clave
- acuerdo de compensación
- ASUNTOS FINANCIEROS
- Banco Central Europeo
- economía monetaria
- estabilidad de precios
- instituciones de la Unión Europea y función pública europea
- libre circulación de capitales
- política monetaria
- precios
- relaciones monetarias
- riesgo financiero
- sistema de pago
- UNIÓN EUROPEA
- valor mobiliario