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This document provides an overview of public hearings and exchange of views with the Chair of the Single Resolution Board (SRB) in the ECON Committee since July 2019. It also provides an overview of all external papers requested by the ECON Committee by a standing panel of banking experts. Lastly, the annex contains an overview of the respective legal bases for these hearings as part of the accountability framework of the SRB. For an overview of public hearings during the 8th parliamentary term, ...

High inflation negatively affects firms and households in a variety of ways, including by eroding real incomes and by widening inequality. Central banks responded by tightening monetary policy stances significantly. This has naturally constrained demand through rising borrowing costs and smaller credit flows to the real economy. The negative impact on economic activity and growth is a standard feature of tightening, yet it deserve to be closely monitored. Four papers were prepared by the ECON Committee ...

Following recent episodes of stress in the banking sector in the US and Switzerland, the ECB’s role in safeguarding financial stability is under scrutiny. The ECB has claimed that no trade-off exists between its primary mandate on maintaining price stability and safeguarding financial stability. Furthermore, the 2021 monetary policy strategy review confirmed that financial stability is a pre-condition for financial stability, and vice-versa. Yet, further interest rate hikes may still give lead to ...

We argue that a hard stagflation scenario is still possible. This would have the potential to create a conflict between price stability and financial stability. We therefore address four questions. Why should central banks be concerned with financial stability? What financial imbalances should central banks be worried about? Are monetary policy and macroprudential regulation two tools for two goals? Is the ECB poised to face the price stability vs. financial stability trade-off?

Monetary policy and financial stability

Grinnanailís 25-05-2023

Monetary policy tightening has led to a sharp steepening of the yield curve and this has had a negative impact on banks that were not well-positioned to cope with this shock. This paper reviews current banking tensions and argues that they are unlikely to have a major impact on the ECB’s monetary policy decisions in the current cycle.

This briefing provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in the period between the September and November , along with a recap of the key monetary policy decisions taken by the European Central Bank’s (ECB’s) Governing Council in that period. These kind of summaries are published regularly after each Monetary Dialogue with the ECB.

Without effective coordination of fiscal policies and active supervision of external and internal imbalances, significant negative spillover effects can occur between Member States participating in economic and monetary union and across the EU more widely. A credible fiscal framework and related rules should therefore be designed and enforced, to ensure that Member States pursue sound public finance policies that keep deficits within the range where financing can be secured. This approach, coordinated ...

This study investigates the role of financial actors, such as banks and investors, in the EU Emissions Trading System and their role in determining price dynamics and volatility. It concludes that activities on the market should be further monitored and data availability and quality improved. While further regulation of market participants may become necessary in the future, it is, at this stage, more important to focus on improving the Market Stability Reserve (MSR).

Croatia enters the euro area

Sracfhéachaint 29-06-2022

On 1 January 2023, Croatia is set to become the 20th country to join the euro area and adopt the common currency. Two independent assessments, from the European Commission and the European Central Bank (ECB), found that Croatia fulfils the requirements for accession to the euro area. Nonetheless, significant challenges remain in order for Croatia to be able to maintain a sustainable convergence path in the medium term.

The process of nominal convergence of non-euro area countries has somewhat deteriorated since 2020, driven by an amplification of pre-existing trends. While the COVID-19 seems to have had limited impact on key indicators, it made the convergence process more challenging. Uncertainty driven by the war in Ukraine is making the inflation criterion more difficult to meet and deteriorating economic prospects. Based on data until April 2022, Croatia meets all legal convergence requirements and nominal ...