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This briefing paper was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President on Thursday, 15 February. It provides a summary of key monetary policy developments and decisions taken by the ECB’s Governing Council. This is the last Monetary Dialogue of the 9th legislative term.

The ECB in the age of turbulence

Detaljna analiza 14-02-2024

This study discusses the ECB’s response to the recent crises, detailing interventions, new tools, and strategy shifts. It evaluates the effects of such crises on inflation expectations and financial stability across major European economies, offering insights into the euro area’s policy dynamics and challenges. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ...

Over the past 25 years, the euro faced various crises, prompting a reassessment of its governance. Concerns arise regarding the ECB's exposure to risk and the necessity of deep reforms for managing growing ecological, financial, and geo-economic risks. Despite initial achievements like the banking union, challenges persist, such as financial instability and economic fragmentation. Policymakers must address these risks through enhanced monetary and macroprudential policies, fiscal coordination, and ...

ECB monetary policy: Past, present and future

Detaljna analiza 09-02-2024

This paper considers the past, present, and future of the ECB monetary policy. Looking backwards, the ECB has succeeded in navigating through several crises. Looking forward, the paper examines some of the main challenges confronting the ECB in the years ahead with climate change, digitalisation, inequality, sovereign indebtedness, and the completion of Banking Union complicating the pursuit of the price stability primary objective. This document was provided by the Economic Governance and EMU ...

This paper reviews the record of European Central Bank policymaking since the 2010-12 euro crisis in order to develop recommendations on: (1) the ECB’s future monetary policy strategy, (2) its operational framework, and (3) the governance of European Economic and Monetary Union. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 15 February 2024 ...

The age of reason?

Detaljna analiza 01-02-2024

At age 25, the euro has been a historical success, but it has not yet reached an adult stage. The ECB has made much progress and can do more on its own. Its next monetary policy strategy, to be announced in 2025, is an opportunity that should not be missed. Much more is needed from member governments, which are still reluctant to grant the ECB what it needs to become a normal central bank. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee ...

This document provides an overview of the public hearings of the Chair of the Supervisory Board of the European Central Bank in the ECON Committee during the 9th parliamentary term (since July 2019), and lists all research papers requested by the ECON Committee, which are in general provided by a standing panel of banking experts. The annex gives an overview of the respective legal bases for those hearings, which form part of the accountability framework of the Single Supervisory Mechanism (SSM). ...

As monetary policy continues to tighten and excess liquidity is gradually drained from the banking system, the European Central Bank (ECB) is confronted with a decision on which liquidity provision framework the Eurosystem should adopt going forward. Three papers were prepared by the ECON Committee’s Monetary Expert Panel, discussing the relative advantages and disadvantages of the ample reserves/floor system versus the scarce reserves/corridor system. This document was provided by the Economic ...

This briefing paper was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President on Monday, 25 September. It provides a summary of key monetary policy developments and decisions taken by the ECB’s Governing Council.

The EU adopted a comprehensive and innovative regulatory framework on markets in crypto-assets (MiCA) in June 2023 that will regulate crypto-asset markets. The regulation focuses on stablecoins, which are crypto-assets promising a 'stable value' against official currencies or values. The MiCA provides for strict transparency and governance rules, on the one hand, and prudential rules as per other financial institutions, on the other. By covering all aspects of the crypto-assets, MiCA is expected ...