Note on the interactions between payment systems and monetary policy
Selvitys
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.
Selvitys
Ulkopuolinen laatija
Francesco PAPADIA, Bruegel