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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).

While greater inflation may have led to some positive “first-round” effects for banks, several negative “second-round” impacts may occur, including: i) an increase in credit risk, affecting both families and companies, especially “heavy energy users”; ii) a drop in the value of fixed-rate assets held by lenders, including sovereign bonds; iii) liquidity pressures due to the ECB’s recent decision to increase the cost of its outstanding 3-year facilities and to greater competition for retail deposits ...

Geopolitical risk will increasingly confront EU banks and their supervisors in the coming years. This paper assesses four specific manifestations of this type of risk and the related banking vulnerabilities and proposes new or modified priorities for European Central Bank banking supervision.

To ensure the credibility of market discipline induced by bail-in, neither retail investors nor peer banks should appear prominently among the investor base of banks’ loss absorbing capital. Empirical evidence on bank-level data provided by the German Federal Financial Supervisory Authority raises a few red flags. Our list of policy recommendations encompasses disclosure policy, data sharing among supervisors, information transparency on holdings of bail-inable debt for all stakeholders, threshold ...

This briefing presents in a tabular manner the EU issuance of bonds and bills to finance the Next Generation EU, notably the Recovery and Resilience Facility.

The credibility to implement bail-in procedures to retail investors seems limited. ECB statistics suggest that Italy, Germany, France, and Austria have large retail investors’ exposure to bank securities. Several policy options to deal with the retail challenge are discussed, including prohibiting banks’ debt securities held by retail investors from being used to meet MREL, a ban on the distribution of complex capital instruments to retail investors, and more stringent MREL requirements for banks ...

Initial coin offerings (ICOs) are a relatively new method of raising capital for early-stage ventures. They allow businesses to raise capital for their projects, by issuing digital tokens in exchange for crypto assets or fiat currencies. They constitute an alternative to more traditional sources of start-up funding such as venture capital (VC) and angel finance. ICOs can potentially offer advantages in comparison with traditional ways of raising capital. At the same time, their opacity and the general ...

Mit Maßnahmen zur Schaffung einer Kapitalmarktunion sollte das Ziel verfolgt werden, das Spektrum an Finanzierungsoptionen für Unternehmen und Bürger zu verbessern. Der Ausschuss für Wirtschaft und Währung des Europäischen Parlaments hat einen Initiativbericht über die Weiterentwicklung der Kapitalmarktunion angenommen, über den in der Oktober-I-Plenartagung abgestimmt werden soll. Darin werden spezifische Maßnahmen zur Unterstützung der Unternehmensfinanzierung, zur Förderung langfristiger und grenzüberschreitender ...

Investment firms play an important role in capital markets, facilitating savings and investment flows across the EU. However, the current EU rules are seen as fragmented, overly complex, inconsistently applied and often a poor fit for the actual risks taken by the various types of investment firms. The Commission proposed a new regulation on the prudential requirements of investment firms and a new directive on the prudential supervision of investment firms. These proposals update the framework for ...

Mit der wachsenden Zahl junger Start-up-Unternehmen, traditioneller Finanzinstitute und großer Technologieunternehmen, die FinTech-Dienstleistungen anbieten, können neue wettbewerbsrelevante Herausforderungen entstehen. Einige Faktoren haben möglicherweise wettbewerbswidriges Verhalten zur Folge. Zu diesen Faktoren zählen insbesondere die Netzwerkeffekte, die sich aus der Nutzung von Onlineplattformen ergeben, der Zugang zu Kundendaten, die Standardisierung, die Interoperabilität und der Einsatz ...