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Communication During Unconventional Times: The ECB’s Approach

15-01-2020

During the past five years, communication of the ECB has changed drastically, not least with the introduction of forward guidance. Against this backdrop, this note assesses how successful the central bank has been in influencing financial markets and expectations and discusses the challenges for future ECB communication. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

During the past five years, communication of the ECB has changed drastically, not least with the introduction of forward guidance. Against this backdrop, this note assesses how successful the central bank has been in influencing financial markets and expectations and discusses the challenges for future ECB communication. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Zunanji avtor

Eddie GERBA and Corrado MACCHIARELLI

Banking Union: Towards new arrangements for the provision of liquidity in resolution?

16-07-2019

The recent case of Banco Popular has shown the importance of liquidity funding in the context of bank resolution. The Eurogroup report endorsed by the December 2018 Euro Summit noted the “broad support for the assessment of the institutions [i.e. ECB, SRB and Commission] that there are limitations in the current framework [for liquidity provision in resolution] which may hamper its effectiveness. The June 2019 Euro summit has not yet reached any conclusions on the design of that liquidity facility ...

The recent case of Banco Popular has shown the importance of liquidity funding in the context of bank resolution. The Eurogroup report endorsed by the December 2018 Euro Summit noted the “broad support for the assessment of the institutions [i.e. ECB, SRB and Commission] that there are limitations in the current framework [for liquidity provision in resolution] which may hamper its effectiveness. The June 2019 Euro summit has not yet reached any conclusions on the design of that liquidity facility, as planned. The Eurogroup is expected to report back to the Euro-Summit in December 2019. This briefing (1) describes the existing arrangements in the Banking Union, (2) compares those arrangements with the US and the UK regimes and (3) echoes ongoing reflections on possible new arrangements with a view to completing the Banking Union. This briefing is an updated version of a briefing initially drafted in July 2018.

How families have coped with the financial crisis

14-10-2016

Families in the European Union (EU) were hit hard by the financial and economic crisis of 2008, which, together with its after-effects, also triggered a social crisis. If measureable changes in family patterns and the breakdown of families may not be immediately observable and directly related to the downturn, the knock-on effects of the economic and financial crisis on families are far more apparent. Throughout the EU, single-parent families (16 % of all families) are exposed to the highest risk ...

Families in the European Union (EU) were hit hard by the financial and economic crisis of 2008, which, together with its after-effects, also triggered a social crisis. If measureable changes in family patterns and the breakdown of families may not be immediately observable and directly related to the downturn, the knock-on effects of the economic and financial crisis on families are far more apparent. Throughout the EU, single-parent families (16 % of all families) are exposed to the highest risk of poverty or social exclusion. Single-parent families are predominantly composed of single mothers, who face a higher poverty risk than single fathers. The adverse impact of the economic crisis on families placed children at greater risk of poverty or social exclusion than the rest of the population in 23 of the 28 EU Member States in 2014. In the same year, there were 27.4 million children under the age of 18 living at risk of poverty or social exclusion in the EU. Two drivers have played a growing part in the rise of families' difficulties in the EU since the onset of the recession: a cyclical one – the economic crisis and the strain it put on family-supportive policies – and a structural one – the reinforcement of the phenomenon of inherited poverty. Therefore, even if family policies fall within the responsibility of the Member States, the condition of families has become a policy concern for European institutions.

EYE 2016 – Whatever it takes... for the euro to survive

28-04-2016

Economic and Monetary Union (EMU) and the euro have come to symbolise both the opportunities and the challenges associated with European integration and its political and economic impact. While the Member States have supported each other during the ongoing economic crisis, further structural, monetary and fiscal policy measures are needed to preserve and strengthen the euro. This note has been prepared for the European Youth Event, taking place in Strasbourg in May 2016. Please click here for the ...

Economic and Monetary Union (EMU) and the euro have come to symbolise both the opportunities and the challenges associated with European integration and its political and economic impact. While the Member States have supported each other during the ongoing economic crisis, further structural, monetary and fiscal policy measures are needed to preserve and strengthen the euro. This note has been prepared for the European Youth Event, taking place in Strasbourg in May 2016. Please click here for the full publication in PDF format

Helicopter money: A cure for what ails the euro area?

21-04-2016

'Helicopter money', or 'helicopter drops' of money, generally refers to a non-standard monetary policy tool used in deflationary conditions. It can be understood as a permanent increase in the nominal stock of fiat base money at lowest nominal interest rates. Some experts call for its use in the euro area, arguing that the interest-free distribution of additional money to the private sector would increase consumption and investments, and help jump-start the EU economy. In practical terms, there are ...

'Helicopter money', or 'helicopter drops' of money, generally refers to a non-standard monetary policy tool used in deflationary conditions. It can be understood as a permanent increase in the nominal stock of fiat base money at lowest nominal interest rates. Some experts call for its use in the euro area, arguing that the interest-free distribution of additional money to the private sector would increase consumption and investments, and help jump-start the EU economy. In practical terms, there are different proposals for distributing helicopter money, which may entail fiscal policy measures, such as government bonds, or printed-money-financed tax relief for private households. Some empirical studies show that tax rebates have had positive macroeconomic effects in certain countries. Helicopter money is also criticised, however. Some experts argue that it would have a negative impact on public sector (or central bank) balance sheets. Others say it may prompt indebted euro-area countries to pull back from unpopular fiscal and structural reforms. Helicopter money, it is argued, could also undermine the stability of the euro, by triggering 'runaway' inflation or reducing the incentive to work. There are also questions about the legality of helicopter money. Some experts believe it is permissible under EU law, citing Article 20 (Other instruments of monetary control) of the Protocol on the European Central Bank's statute. The Bank has a rather reluctant stance, arguing that the very idea runs counter to Article 123(1) of the Treaty on the Functioning of the European Union, which prohibits the direct financing of public expenditure.

Non-Performing Loans in the Banking Union: Stocktaking and Challenges

18-03-2016

This briefing presents the state of play of non-performing loans (NPL) in the euro area, and provides an overview of the various measures implemented across Member States to facilitate their resolution.

This briefing presents the state of play of non-performing loans (NPL) in the euro area, and provides an overview of the various measures implemented across Member States to facilitate their resolution.

The Role of the European Central Bank in the Design and Implementation of Financial Measures in Crisis-Hit Countries

09-02-2016

What is the role of the European Central Bank (ECB) in the context of the so-called “Troika”? The ECB’s role within the Troika (the enhanced cooperation between the International Monetary Fund (IMF), the European Commission, and the ECB in euro-area programme countries) mainly consists of acting in liaison with the Commission and the IMF to assess economic policy conditions attached to the financial assistance in programme countries and of reviewing these conditions on a regular (usually quarterly ...

What is the role of the European Central Bank (ECB) in the context of the so-called “Troika”? The ECB’s role within the Troika (the enhanced cooperation between the International Monetary Fund (IMF), the European Commission, and the ECB in euro-area programme countries) mainly consists of acting in liaison with the Commission and the IMF to assess economic policy conditions attached to the financial assistance in programme countries and of reviewing these conditions on a regular (usually quarterly) basis. The ECB provides advice and expertise on a broad range of issues which are relevant for monetary policy and financial stability.

Secular stagnation and the euro area

08-02-2016

Several years after the Great Recession began, the euro area is still far from fully recovered. The international economic and financial crisis has pushed down investment levels within the EU by about 15% from their peak in 2007. Even though the near-term prospects seem brighter, high unemployment persists in many Member States. Some experts argue that the euro area, alongside Japan and the United States, is facing 'secular stagnation', a long-term economic stagnation characterised by a shrinking ...

Several years after the Great Recession began, the euro area is still far from fully recovered. The international economic and financial crisis has pushed down investment levels within the EU by about 15% from their peak in 2007. Even though the near-term prospects seem brighter, high unemployment persists in many Member States. Some experts argue that the euro area, alongside Japan and the United States, is facing 'secular stagnation', a long-term economic stagnation characterised by a shrinking work force, low demand, excess savings and low investments, despite low interest rates and deflationary tendencies. The complexity of the ongoing crisis and the diverging economic situations of the Member States participating in the euro area make it difficult to predict future developments, as there is no common cure for long-term stagnation. Some believe that if the demand side is spurred, it would help boost the economy. In this context, the European Commission launched a number of measures in 2015, among which the European Fund for Strategic Investments (EFSI), with the aim of mobilising at least €315 billion worth of investments in the real economy by 2017. But it is also important to improve the supply side, which shapes the investment environment. Furthermore, in December 2015 the European Central Bank (ECB) extended its quantitative easing programme (in particular, the asset purchase programme (APP)) until at least March 2017 as a way to provide further liquidity and stability to Member States' financial markets.

Annual report on competition policy

06-06-2013

The European Commission (EC) publishes annual reports on EU competition policy, covering the main developments and enforcement actions. The 2011 edition focused on the role of State aid policy in the resolution of financial crisis.

The European Commission (EC) publishes annual reports on EU competition policy, covering the main developments and enforcement actions. The 2011 edition focused on the role of State aid policy in the resolution of financial crisis.

Parliament's role in anti-crisis decision-making

17-12-2012

The EU's response to the financial and economic crisis has been characterised by the prominent role of the European Council. Moreover, a number of anti-crisis instruments have been adopted outside the EU framework in order to overcome political and legal hurdles and to speed up negotiations. The EP has played a very limited role in the development of agreements adopted outside the EU framework, but it does have some involvement in the implementation of these instruments, although usually merely through ...

The EU's response to the financial and economic crisis has been characterised by the prominent role of the European Council. Moreover, a number of anti-crisis instruments have been adopted outside the EU framework in order to overcome political and legal hurdles and to speed up negotiations. The EP has played a very limited role in the development of agreements adopted outside the EU framework, but it does have some involvement in the implementation of these instruments, although usually merely through a right to being informed.

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