The euro-area denominated payment systems and the conduct of monetary policy: Some considerations ahead of Brexit
Analyse approfondie
15-02-2018
The framework for euro-denominated payment systems has undergone significant changes in recent years leading to a concentration of payments performed by Central Counterparty Clearing Houses. As it stands, a large part of euro-denominated transactions, derivatives in particular, are cleared through CCPs located in the UK; which poses challenges to the current supervisory framework because of the UK leaving the EU. Against this background, this note discusses the extent to which the current set-up bears risks, including for the conduct of the ECB monetary policy.
Analyse approfondie
Auteur externe
Corrado MACCHIARELLI, Mara MONTI, London School of Economics
À propos de ce document
Type de publication
Mot-clé
- accord de compensation
- Banque centrale européenne
- construction européenne
- Europe
- FINANCES
- fonctionnement institutionnel
- GÉOGRAPHIE
- géographie politique
- géographie économique
- institutions de l'Union européenne et fonction publique européenne
- libre circulation des capitaux
- pays tiers
- politique de coopération
- politique monétaire
- politique réglementaire
- pouvoir exécutif et administration publique
- RELATIONS INTERNATIONALES
- relations monétaires
- retrait de l’UE
- Royaume-Uni
- surveillance financière
- système de paiement
- UNION EUROPÉENNE
- VIE POLITIQUE
- économie monétaire