Note on the interactions between payment systems and monetary policy
Analyse approfondie
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.
Analyse approfondie
Auteur externe
Francesco PAPADIA, Bruegel
À propos de ce document
Type de publication
Mot-clé
- accord de compensation
- Banque centrale européenne
- FINANCES
- institutions de l'Union européenne et fonction publique européenne
- libre circulation des capitaux
- politique monétaire
- prix
- relations monétaires
- risque financier
- stabilité des prix
- système de paiement
- UNION EUROPÉENNE
- valeur mobilière
- économie monétaire