The euro-area denominated payment systems and the conduct of monetary policy: Some considerations ahead of Brexit
Grinnanailís
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.
Grinnanailís
Údar seachtarach
Corrado MACCHIARELLI, Mara MONTI, London School of Economics
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