Szukaj

Wyniki wyszukiwania

Wyświetla 10 z 498 wyniki

In its first ten years (2014-2023), the banking union was successful in its prudential agenda but failed spectacularly in its underlying objective: establishing a single banking market in the euro area. This goal is now more important than ever, and easier to attain than at any time in the last decade. To make progress, cross-border banks should receive a specific treatment within general banking union legislation. Suggestions are made on how to make such regulatory carve-out effective and legally ...

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.

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 ...

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 ...

The euro has proved to be remarkably resilient and is popular with the EU’s citizens. This paper reviews the reasons for this and argues that the euro project is more resilient now due to several institutional changes. It also discusses how the ECB’s monetary policy has evolved over time, its policy stance in recent years and some of the ways in which it may need to change in the future. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on ...

Digital euro

Briefing 02-02-2024

On 28 June 2023, the European Commission presented a legislative package to establish a digital form of central bank money to complement its physical form (banknotes and coins) and laid out the rules and conditions for its use. The IA supporting the proposals is based on extensive internal and external expertise, including tailored ECB advice and JRC input on analytical methods and simulations. It presents a wide range of options to address the problems identified, but it is difficult to identify ...

The age of reason?

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 ...

The key lesson of the first twenty five years of the euro is that the ECB is embedded in an incomplete and flawed institutional context. Its role has increasingly emerged as an integration agency in the face of existential threats to the euro. The way the world is going to change will put the ECB's status under further stress. The next strategy review will need to address structural changes adding new policy trade-offs to the old ones. The sooner the euro-area governance is reformed leaving politics ...

This document compares the draft 2024 Recommendation for the economic policy of the Euro Area proposed by the European Commission on 21 November 2023 with the 2023 Euro Area Recommendation approved by the Council (ECOFIN) on 16 January 2023.

This briefing provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in the period between September 2023 and November 2023. For a recap of the key monetary policy developments and decisions taken by the European Central Bank in that period, please refer to our briefing published ahead of the 27 November Monetary Dialogue. We publish these documents regularly ahead and after each Monetary Dialogue with the European Central Bank.