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Elenco delle pubblicazioni del Think Tank del PE
https://www.europarl.europa.eu/thinktank
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Parole chiave "Banca centrale europea"
288 Risultati(i)
Data di creazione : 11-12-2021Single Supervisory Mechanism: Accountability arrangements (9th parliamentary term)
Tipo di pubblicazione Briefing
Data02-12-2021
AutoreMAGNUS Marcel
Settore di interventoProblemi economici e monetari
Parole chiave audizione pubblica | Banca centrale europea | competenza istituzionale (UE) | intervento finanziario | intervento sul
mercato | istituto finanziario | sintesi di testi | stabilità finanziaria | Unione bancaria dell'UE | vigilanza finanziaria
Riassunto This document provides an overview of public hearings and exchange of views with the Chair of the European Central
Bank (ECB) Supervisory Board in the ECON Committee since July 2019. It also provides an overview of all external
papers requested by the ECON Committee by a standing panel of banking experts. Lastly, the annex contains an
overview of the respective legal bases for these hearings as part of the accountability framework of the Single
Supervisory Mechanism (SSM). For an overview of public hearings during the 8th parliamentary term, please see here.
Briefing EN
Preventing money laundering in the banking sector - reinforcing the supervisory and regulatory framework
Tipo di pubblicazione Analisi approfondita
Data30-09-2021
AutoreGRIGAITE KRISTINA | MAGNUS Marcel | PACHECO DIAS CRISTINA SOFIA
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave Autorità bancaria europea | Banca centrale europea | controllo bancario | proposta (UE) | relazione | riciclaggio di
denaro | Unione bancaria dell'UE
Riassunto This paper provides an overview of current initiatives and actions aiming at reinforcing the anti-money laundering
(AML) supervisory and regulatory framework in the EU, in particular from a Banking Union perspective. This briefing
first outlines the EU framework for fighting money laundering, which includes legislation (most notably the 5th AML
Directive) and a number of Commission and Council Action Plans. Secondly, an overview of AML prevention relevant
authorities, at both the EU and national level, is provided. This section also explains the 2019 review of the founding
regulations of the European Supervisory Authorities, through which competences relating to preventing AML in the
financial sector were consolidated within the European Banking Authority. Lastly, the paper highlights the latest
proposed changes to the AML framework, as proposed by the Commission in their AML package published in July
2021. It is relevant to note that this briefing focuses on AML concerns in the banking sector. While financial and non-
financial intermediaries have an important role to play, these are not the focus of this briefing. Nevertheless, reference
is made to closely related areas (notably, to Financial Intelligence Units, the work of markets and insurance
supervisors on preventing AML and related matters) when relevant to a better understanding of its impacts on the
banking sector. This paper builds on and updates a previous EGOV briefing on the same topic.
Analisi approfondita EN
What are the main differences between the practice of supervising large banks in the UK and in the euro
area, and what are the main risks of regulatory divergence?
Tipo di pubblicazione Analisi approfondita
Data05-07-2021
Autore esterno R. Haselmann, T. Tröger
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave banca | Banca centrale europea | controllo bancario | recesso dall'UE | Regno Unito | relazione | rischio finanziario |
Unione bancaria dell'UE | zona euro
Riassunto This in-depth analysis provides evidence on differences in the practice of supervising large banks in the UK and in the
euro area. It identifies the diverging institutional architecture (partially supranationalised vs. national oversight) as a
pivotal determinant for a higher effectiveness of supervisory decision making in the UK. The ECB is likely to take a
more stringent stance in prudential supervision than UK authorities. The setting of risk weights and the design of
macroprudential stress test scenarios document this hypothesis.
Analisi approfondita EN
What Are the Effects of the ECB’s Negative Interest Rate Policy?
Tipo di pubblicazione Analisi approfondita
Data02-07-2021
Autore esterno Grégory CLAEYS
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave banca centrale | Banca centrale europea | conseguenza economica | inflazione | interesse | politica monetaria unica |
relazione | stabilità finanziaria | zona euro
Riassunto Several central banks, including the European Central Bank since 2014, have added negative policy rates to their
toolboxes after exhausting conventional easing measures. It is essential to understand the effects on the economy of
prolonged negative rates. This paper explores the potential effects (and side effects) of negative rates in theory and
examines the evidence to determine what these effects have been in practice in the euro area. This paper was
provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee
on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Analisi approfondita EN
11-12-2021 Fonte : © Unione europea, 2021 - PE 1Should They Stay or Should They Go? Negative Interest Rate Policies Under Review
Tipo di pubblicazione Analisi approfondita
Data30-06-2021
Autore esterno Joscha BECKMANN, Klaus-Jürgen GERN, Nils JANNSEN
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave banca | Banca centrale europea | conseguenza economica | erogazione di prestito | inflazione | interesse | politica
monetaria unica | redditività | relazione | rischio finanziario | zona euro
Riassunto Negative interest rate policies (NIRP) have become an established monetary policy instrument in the toolkit of the
ECB. We discuss NIRP in the euro area based on theoretical considerations and available empirical evidence. We find
that NIRP had some positive impact on loan growth and investment in the euro area, but that the room to further
loosen monetary policy via NIRP may be small. NIRP is discussed also in the context of the general monetary policy
environment. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies
at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the
ECB President on 21 June 2021.
Analisi approfondita EN
Low for Long: Side Effects of Negative Interest Rates
Tipo di pubblicazioneStudio
Data
30-06-2021
Autore esterno Justus INHOFFEN, Atanas PEKANOV, Thomas URL
Settore di intervento
Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiavebanca | Banca centrale europea | inflazione | interesse | politica monetaria | rapporto di ricerca | redditività | rischio
finanziario
Riassunto Policy rate cuts in negative territory have increased credit supply and improved the macroeconomic environment
similar to cuts in positive territory. Dreaded disruptions to the monetary policy transmission channels as well as
adverse side effects on bank profitability have so far largely failed to materialise. Thus, the evidence available today
shows that the negative interest rate policy is an effective policy tool. However, systemic risks, including in the non-
bank sector, should be closely monitored as negative rates are expected to remain low for longer. This paper was
provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee
on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Studio EN
Public hearing with Andrea Enria, Chair of the ECB Supervisory Board 1 July 2021
Tipo di pubblicazione Analisi approfondita
Data 28-06-2021
Autore GRIGAITE KRISTINA | KOMAZEC KATJA | MAGNUS Marcel | PACHECO DIAS CRISTINA SOFIA | SEGALL
REBECCA SARAH FANNY
Settore di intervento Problemi economici e monetari
Parole chiave audizione pubblica | Autorità bancaria europea | banca | Banca centrale europea | cambiamento climatico | controllo
bancario | relazione | ripresa economica | Stati Uniti | statistiche dell'UE | uguaglianza di genere | Unione bancaria
dell'UE
Riassunto This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European
Central Bank (ECB), Andrea Enria, which will take place on 1 July 2021. The briefing addresses (i) the ECB’s TRIM
Project Report, (ii) data on significant banks’ holdings of sovereign debt, (iii) the ECB’s publication on banks’ recovery
plans, (iv) the ECB’s Supervisory banking statistics for the fourth quarter of 2020, (v) the ECB consultation on revised
“fit & proper” guidance, (vi) the EBA 2020 Report on the convergence of supervisory practices, (vii) statistics regarding
the gender-balance on the boards of significant banks, (viii) the EBA pilot on climate risk, (ix) the EBA thematic note on
provisioning in the EU vs the US, and (x) summaries of external papers commissioned on the request of ECON.
Analisi approfondita EN
Digital transformation - why do some significant banks fall behind?
Tipo di pubblicazione Analisi approfondita
Data25-06-2021
Autore esterno A.C. Bertay, H. Huizinga
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave applicazione dell'informatica | banca | Banca centrale europea | criminalità informatica | guerra dell'informazione |
rapporto di ricerca | rischio finanziario | sicurezza delle informazioni | software | vigilanza finanziaria
Riassunto This paper shows that larger banks and better capitalised banks invest more in computer software. These findings
could reflect that larger banks can attain greater benefits from computer software and that better capitalised banks
have more resources to make larger software investments. All the same, smaller and less capitalised banks will also
have to make substantial software investments to maintain sustainable businesses, something that supervisors will
need to point that out to these banks.
Analisi approfondita EN
11-12-2021 Fonte : © Unione europea, 2021 - PE 2Low IT spending by banks: Reason for concern?
Tipo di pubblicazione Analisi approfondita
Data24-06-2021
Autore esterno Jakob De Haan
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave analisi economica | automazione del sistema bancario | banca | Banca centrale europea | raccolta dei dati | relazione
d'attività | spese operative | tecnologia digitale | trasformazione tecnologica | vigilanza finanziaria
Riassunto We collect data on IT spending as reported by banks directly supervised by the ECB in their 2020 annual reports.
Slightly more than 50% of these banks report their IT spending. Our analysis, using data for those banks that do report
IT expenditure, suggests that the distribution of IT expenses as share of operating income, operating expenses or total
assets is uneven. We identify banks that score low on one or more of these ratios. It turns out that this group is very
diverse. We argue that these banks are not necessarily in the danger zone with regard to future profitability as high IT
spending is no guarantee for good performance.
Analisi approfondita EN
Monetary and Fiscal Spillovers Across the Atlantic: The Role of Financial Markets
Tipo di pubblicazione Analisi approfondita
Data17-06-2021
Autore esterno Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave Banca centrale europea | conseguenza economica | epidemia | inflazione | malattia da coronavirus | mercato
finanziario | politica fiscale | politica monetaria | rapporto di ricerca | ripresa economica | Stati Uniti | zona euro
Riassunto We present a review of the channels through which the US fiscal and monetary post-pandemic policies may affect the
euro area. US spillovers will likely be relevant and worth considering while setting the policy stance in the euro area, at
a crossroad between economic global recovery and global overheating. A key role is going to be played by global
financial markets, their appetite for open-ended stimulative policies and fears of hard disinflation scenarios affecting
central banks' ability to keep the economies on the recovery path and inflation expectations anchored. This paper was
provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee
on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Analisi approfondita EN
Implications for the Euro Area of US Macroeconomic Policies
Tipo di pubblicazione Analisi approfondita
Data16-06-2021
Autore esterno Karl WHELAN
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave Banca centrale europea | conseguenza economica | epidemia | inflazione | malattia da coronavirus | politica fiscale |
politica monetaria | rapporto di ricerca | recessione economica | ripresa economica | Stati Uniti | zona euro
Riassunto The US has undertaken much larger discretionary fiscal packages than euro area governments, particularly in 2021.
The large 2021 US fiscal package is likely to provide a welcome boost to the euro area economy. There is a risk,
however, that US fiscal policy could lead to overheating of the US economy and a possible monetary tightening from
the Fed which could trigger a recession. This paper argues this scenario is unlikely to occur but discusses the
implications for the ECB if it did. This paper was provided by the Policy Department for Economic, Scientific and
Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the
Monetary Dialogue with the ECB President on 21 June 2021.
Analisi approfondita EN
Low for Longer: Effects of Prolonged Negative Interest Rate Policies
Tipo di pubblicazione Studio
Data 08-06-2021
Autore esterno Grégory CLAEYS, Joscha BECKMANN, Klaus-Jürgen GERN, Nils JANNSEN, Justus INHOFFEN, Atanas PEKANOV,
Thomas URL, Daniel GROS, Farzaneh SHAMSFAKHR
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave banca | banca centrale | Banca centrale europea | erogazione di prestito | gestione del rischio | inflazione | interesse |
rapporto di ricerca | redditività | zona euro
Riassunto In June 2014, the European Central Bank (ECB) was among the first major central banks to lower policy rates into
negative territory. The deposit facility rate was subsequently cut four more times, lastly in September 2019 (to -0.5%).
As an unconventional monetary policy instrument used over a prolonged period, negative interest rates require
attention because of their uncertain or possibly negative side effects on the banking sector and economy at large.
Four papers were prepared by the ECON Committee’s Monetary Expert Panel, assessing the experience with negative
interest rates in the euro area over the past seven years. This publication is provided by Policy Department A for the
Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde
on 21 June 2021.
Studio EN
11-12-2021 Fonte : © Unione europea, 2021 - PE 3NIRP, Bank Profitability and Risk-Taking: Much Ado About 50 Basis Points
Tipo di pubblicazione Analisi approfondita
Data01-06-2021
Autore esterno Daniel GROS, Farzaneh SHAMSFAKHR
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave banca | Banca centrale europea | gestione del rischio | interesse | politica monetaria | politica monetaria unica |
rapporto di ricerca | redditività | zona euro
Riassunto A widespread concern about negative policy rates is that they might depress bank profits and encourage risk-taking.
We find that the impact of negative rates per se is limited. Other policy measures (TLTROs, tiered deposits) have
largely neutralised the impact of NIRP on bank profits. Asset purchases might have been more important by
compressing the yield curve. Any small positive impact of negative rates on lending and aggregate demand may have
been swamped by the negative impact of low rates on productivity. This paper was provided by the Policy Department
for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs
(ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Analisi approfondita EN
Economic Dialogue with Cyprus - ECON on 3 June 2021
Tipo di pubblicazione Analisi approfondita
Data 31-05-2021
Autore ANGERER Jost | GOTTI GIULIA | GRIGAITE KRISTINA | KOMAZEC KATJA | MAGNUS Marcel | PACHECO DIAS
CRISTINA SOFIA | TURCU OVIDIU IONUT | ZOPPÉ Alice
Settore di intervento Coronavirus | Problemi economici e monetari
Parole chiave Banca centrale europea | Cipro | evasione fiscale | frode fiscale | governance economica (UE) | ministro | pareggio del
bilancio | previsione economica | relazione | ripresa economica | semestre europeo
Riassunto This note presents selected information on the current status of the EU economic governance procedures and related
relevant information in view of an Economic Dialogue with Constantinos Petrides, Cyprus Finance Minister, in the
ECON committee of the European Parliament. The invitation for a dialogue is in accordance with the EU economic
governance framework. The last exchange of views with the Cypriot authorities took place on 25 January 2016.
Analisi approfondita EN
Primacy's Twilight? On the Legal Consequences of the Ruling of the Federal Constitutional Court of 5
May 2020 for the Primacy of EU Law
Tipo di pubblicazione Studio
Data 27-04-2021
Autore esterno Niels Petersen - Konstantin Chatziathanasiou
Settore di intervento Adozione della legislazione da parte del PE e del Consiglio | Democrazia UE, diritto istituzionale e parlamentare |
Diritto UE: sistema e atti giuridici
Parole chiave Banca centrale europea | competenza degli Stati membri | Corte di giustizia (UE) | Germania | giudizio | giurisdizione
costituzionale | giurisprudenza | giurisprudenza (UE) | politica monetaria unica | primato del diritto dell'UE | principio di
proporzionalità | procedura di infrazione (UE)
Riassunto The study analyses the repercussions of the judgment of the German Federal Constitutional Court of 5 May 2020. It
puts the decision into context, makes a normative assessment, analyses possible consequences and makes some
policy recommendations.
Studio EN
Public hearing with Andrea Enria, Chair of the ECB Supervisory Board
Tipo di pubblicazione Analisi approfondita
Data 19-03-2021
Autore GOTTI GIULIA | GRIGAITE KRISTINA | KOMAZEC KATJA | MAGNUS Marcel | PACHECO DIAS CRISTINA SOFIA |
SEGALL REBECCA SARAH FANNY
Settore di intervento Coronavirus | Problemi economici e monetari
Parole chiave Banca centrale europea | Comitato europeo per il rischio sistemico | controllo bancario | epidemia | gestione del rischio
| malattia da coronavirus | relazione d'attività | rischio finanziario | stabilità finanziaria | Unione bancaria dell'UE
Riassunto This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European
Central Bank (ECB), Andrea Enria, which will take place on 23 March 2021. During the hearing, Chair Enria will
present the Annual Report on supervisory activities 2020, which will be published the same day.
This paper addresses (i) the implications of supervisory measures in response to COVID-19; (ii) supervisory work for
2021 (supervisory priorities, stress test, fit and proper assessments, recovery planning); (iii) medium and longer term
structural risks (Basel III, anti-money laundering, climate risk, and completing the Banking Union); (iv) recent ECB
publications; and (v) recent developments in the banking sector relating to the Greensill case.
Analisi approfondita EN
11-12-2021 Fonte : © Unione europea, 2021 - PE 4When and how to unwind COVID-support measures to the banking system?
Tipo di pubblicazione Analisi approfondita
Data04-03-2021
Autore esterno A. Lehmann, Bruegel
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave Autorità bancaria europea | Banca centrale europea | controllo bancario | crisi monetaria | epidemia | erogazione di
prestito | garanzia di credito | gestione del rischio | malattia da coronavirus | recessione economica | sistema bancario |
zona euro
Riassunto This paper examines regulatory measures and supervisory practices that have supported public guarantee schemes
and moratoria in euro-area countries. The focus is on flexibility shown with regard to default classifications, accounting
practices and the treatment of non-performing loans. The paper identifies a number of undesirable effects and
examines how soon such policies can be normalised.
This document was provided by the Economic Governance Support Unit at the request of the ECON Committee.
Analisi approfondita EN
Path to Recovery: Dangers of Cliff Effects
Tipo di pubblicazione Studio
Data 04-03-2021
Autore esterno Charles WYPLOSZ, Daniel GROS, Farzaneh SHAMSFAKHR, Klaus-Jürgen GERN, Jan Phillip FRITSCHE, Anna
GIBERT, Chi Hyun KIM
Settore di intervento Coronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave Banca centrale europea | epidemia | inflazione | interesse | malattia da coronavirus | politica fiscale | politica monetaria
| ripresa economica | stabilità finanziaria | vigilanza finanziaria
Riassunto From the onset of the COVID-19 pandemic, fiscal, monetary and prudential authorities were quick to provide an
unprecedented level of support to the real economy and the financial system. Most adopted measures are temporary
and due to be phased out once economic and financial conditions start improving. However, an untimely and divergent
phase-out would introduce potentially destabilising cliff effects that could lead to increased fragility among euro area
governments, firms and households. Four papers were prepared by the ECON Committee’s Monetary Expert Panel,
discussing the possible cliff effects and ways to mitigate them, while weighing the benefits and costs of protracted
policy support.
This publication is prepared by Policy Department A for the Committee on Economic and Monetary Affairs (ECON),
ahead of the Monetary Dialogue with ECB President Lagarde on 18 March 2021.
Studio EN
Recalibrated Monetary Policy Instruments to Address the Economic Fallout from COVID-19
Tipo di pubblicazione Studio
Data 04-03-2021
Autore esterno Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI, Marek DABROWSKI, Christophe BLOT, Caroline BOZOU,
Jérôme CREEL, Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI
Settore di intervento Coronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave Banca centrale europea | controllo bancario | epidemia | inflazione | liquidità monetaria | malattia da coronavirus |
politica fiscale | politica monetaria unica | recessione economica | stabilità finanziaria
Riassunto In response to the COVID-19 pandemic and the severe recession it has produced, the ECB Governing Council has
adopted, since March 2020, an extraordinary set of monetary policy measures aimed at preserving favourable
financing conditions and safeguarding price stability in the face of high uncertainty. The monetary policy instruments
were recalibrated in the course of 2020, lastly in December 2020. Four papers were prepared by the ECON
Committee’s Monetary Expert Panel, discussing the effectiveness and side effects of the monetary policy instruments
employed as well as interactions between them.
This publication is prepared by Policy Department A for the Committee on Economic and Monetary Affairs (ECON),
ahead of the Monetary Dialogue with ECB President Lagarde on 18 March 2021.
Studio EN
The Challenging Cliff-Edge
Tipo di pubblicazione Analisi approfondita
Data01-03-2021
Autore esterno Charles WYPLOSZ
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave Banca centrale europea | commissione PE | conseguenza economica | debito pubblico | epidemia | interesse | malattia
da coronavirus | politica fiscale | politica monetaria unica | recessione economica | ripresa economica | stabilità
finanziaria
Riassunto From an economic policy viewpoint, the harder part will come once the pandemic is over. The crisis will leave many
scars that are likely to significantly slow growth down. Countering these effects will require continuous and well-
targeted fiscal policy support. Monetary policy, which provided adequate support during the crisis, will have to
eventually normalise its interest rates. The ECB could play a crucial role in reducing the large debts that fragilize
several member countries.
This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of
the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on
18 March 2021.
Analisi approfondita EN
11-12-2021 Fonte : © Unione europea, 2021 - PE 5Unconventional Policy Instruments and Transmission Channels: A State-Contingent Toolbox for the ECB
Tipo di pubblicazione Analisi approfondita
Data01-03-2021
Autore esterno Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave Banca centrale europea | conseguenza economica | epidemia | Eurosistema | interesse | malattia da coronavirus |
mercato monetario | politica monetaria | politica monetaria unica | ripresa economica | studio d'impatto | zona euro
Riassunto We present a general framework apt to explain why central banks care about the co-existence of different transmission
channels of monetary policy, and hence they endow themselves with different policy instruments. Within this
framework, we then review and examine the key instruments adopted by the ECB to tackle the post-pandemic
challenges, with a view to their consistency and efficacy. Finally, we make a few considerations about the future
perspectives of monetary policy.
This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of
the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on
18 March 2021.
Analisi approfondita EN
Adjusting Support in a K-Shaped Recovery
Tipo di pubblicazione Analisi approfondita
Data01-03-2021
Autore esterno Daniel GROS, Farzaneh SHAMSFAKHR
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave Banca centrale europea | epidemia | malattia da coronavirus | mercato finanziario | politica economica | politica fiscale |
politica monetaria | politica monetaria unica | recessione economica | ripresa economica
Riassunto As recovery from the pandemic continues, fiscal and monetary support can be reduced, at least for industry. Cliff
effects are unlikely to arise under a gradual reduction of support. With financial markets in a “risk on” phase, monetary
policy support becomes less relevant. The withdrawal of the various pandemic measures should not pose a risk to the
recovery or to financial stability.
This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of
the committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with the ECB President on
18 March 2021.
Analisi approfondita EN
The ECB’s Measures in Support of the COVID-19 Crisis
Tipo di pubblicazione Analisi approfondita
Data01-03-2021
Autore esterno Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave analisi delle informazioni | Banca centrale europea | conseguenza economica | debito pubblico | epidemia |
Eurogruppo (zona euro) | Italia | malattia da coronavirus | politica monetaria unica | ripresa economica | stabilità
finanziaria | studio d'impatto
Riassunto This paper illustrates and discusses the monetary policies activated in response to the COVID-19 crisis. We argue that
these policy measures have stabilised the European economic and financial system by incentivising banks’ lending to
households and businesses and by indirectly creating short-term fiscal capacity also for those Member States of the
euro area that have a very high government debt/GDP ratio.
This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of
the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on
18 March 2021.
Analisi approfondita EN
Monetary Policy During the Pandemic: Fit for Purpose?
Tipo di pubblicazione Analisi approfondita
Data01-03-2021
Autore esterno Christophe BLOT, Caroline BOZOU, Jérôme CREEL
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave banca centrale | Banca centrale europea | conseguenza economica | crisi monetaria | epidemia | inflazione |
macroeconomia | malattia da coronavirus | politica monetaria unica | rischio finanziario | stabilità finanziaria | zona euro
Riassunto This contribution reviews the ECB measures since the start of the COVID-19 crisis, i.e. the extension of APP and the
introduction of PEPP. We show that APP announcements have helped steer inflation expectations upward. We also
show that PEPP has alleviated fragmentation risk. Finally, we show that since the mid-2000s, ECB measures have had
real effects on euro area unemployment rates, nominal effects on inflation rates and financial effects on banking
stability.
This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of
the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on
18 March 2021.
Analisi approfondita EN
11-12-2021 Fonte : © Unione europea, 2021 - PE 6Plenary round-up – February 2021
Tipo di pubblicazione In sintesi
Data 12-02-2021
Autore FERGUSON CLARE | SOCHACKA KATARZYNA
Settore di intervento Coronavirus | Democrazia UE, diritto istituzionale e parlamentare
Parole chiave Banca centrale europea | economia circolare | media sociali | mercato dei capitali | ordine del giorno | Parlamento
europeo | politica estera e di sicurezza comune | ripresa economica | sessione parlamentare | strumento finanziario
dell'UE | tratta di esseri umani | uguaglianza di genere
Riassunto The main debates held during the February 2021 plenary session concerned the state of play of the EU's Covid 19
vaccination strategy and the de facto abortion ban in Poland. Members also debated democratic scrutiny of social
media platforms and the protection of fundamental rights, including the challenges ahead for women's rights more than
25 years after the Beijing Declaration and Platform for Action The impact of coronavirus on young people and sport,
relief measures for the transport sector, homologation and distribution of transparent masks and the humanitarian
situation in Ethiopia were also discussed. Members debated statements by High Representative of the Union for
Foreign Affairs and Security Policy/Vice-President of the Commission, Josep Borell, on his visit to Russia in the light of
the recent crackdown on protestors and the opposition, on the humanitarian and political situation in Yemen, and on
the situation in Myanmar.
In sintesi EN
The EU’s regulatory and supervisory response to addressing non-performing loans
Tipo di pubblicazione Analisi approfondita
Data 12-02-2021
Autore GRIGAITE KRISTINA | MAGNUS Marcel | PACHECO DIAS CRISTINA SOFIA | SEGALL REBECCA SARAH FANNY
Settore di intervento Coronavirus | Problemi economici e monetari
Parole chiave Autorità bancaria europea | Banca centrale europea | Comitato europeo per il rischio sistemico | epidemia | erogazione
di prestito | malattia da coronavirus | rapporto di ricerca | recessione economica | società d'investimento
Riassunto Building on earlier EGOV papers, this briefing addresses the evolution of non-performing loans (NPLs) over time, the
EU regulatory and supervisory approaches to manage NPLs and highlights areas where gaps may still be observed.
Renewed interest in asset management companies as a possible instrument to deal with NPLs is discussed in an
annex. Concerns around NPLs are growing, as the impact of COVID-19 crisis related responses on banks’ balance
sheets begin to be further scrutinised. This briefing will be updated in light of relevant developments.
Analisi approfondita EN
Outlook for the meetings of EU leaders on 10-11 December 2020
Tipo di pubblicazione Briefing
Data09-12-2020
AutoreANGHEL Suzana Elena | DRACHENBERG Ralf
Settore di interventoAffari esteri | Ambiente | Coronavirus | Democrazia UE | Spazio di libertà, sicurezza e giustizia
Parole chiave Banca centrale europea | cambiamento climatico | Consiglio europeo | epidemia | incontro al vertice | malattia da
coronavirus | Meccanismo europeo di stabilità | politica in materia di cambiamenti climatici | quadro finanziario
pluriennale | Regno Unito | relazioni dell'Unione europea | sicurezza pubblica
Riassunto On 10 and 11 December, EU leaders will meet for their 13th meeting of 2020, bringing to a close a year of
exceptionally intensive activity for the European Council. EU Heads of State or Government will address a packed
agenda, covering most of 2020's key issues: the coronavirus pandemic, climate change – notably the new EU
greenhouse gas emissions reduction targets for 2030 – and the fight against terrorism, as well as various external
relations issues, such as relations with the US and with Turkey. Two crucial issues, which are not on the formal
agenda but could dominate discussions, are rule-of-law conditionality for the 2021-27 Multiannual Financial Framework
(MFF) and the EU-UK negotiations. EU leaders are also expected to appoint a new member of the European Central
Bank's executive board. The Euro Summit on 11 December will focus on the revision of the European Stability
Mechanism (ESM) treaty and on progress towards a banking union.
Briefing EN
Update on recent banking developments
Tipo di pubblicazione Briefing
Data09-12-2020
AutoreGRIGAITE KRISTINA | MAGNUS Marcel | PACHECO DIAS CRISTINA SOFIA | SEGALL REBECCA SARAH FANNY
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave Autorità bancaria europea | banca | Banca centrale europea | Commissione europea | controllo bancario | Eurogruppo
(zona euro) | fusione d'imprese | relazione di monitoraggio | sintesi di testi | solvibilità finanziaria | stabilità finanziaria |
Unione bancaria dell'UE
Riassunto This briefing gives an update on and summarises recent events and developments in the Banking Union, based on
publicly available information. It gives an overview of: 1) the Eurogroup agreement on the backstop to the Single
Resolution Fund; 2) the 7th monitoring report on risk reduction indicators; 3) recent European Central Bank
publications, namely the Financial Stability Review and guidance on climate- related and environmental risks; 4) recent
Single Resolution Board publications, specifically its 2021 Work Programme and guidance on bank mergers and
acquisitions; and 5) the EBA’s benchmarking exercise of national insolvency regimes.
Briefing EN
11-12-2021 Fonte : © Unione europea, 2021 - PE 7Uncertainty and Monetary Policy in the Euro Area
Tipo di pubblicazione Analisi approfondita
Data18-11-2020
Autore esterno Christophe BLOT, Paul HUBERT, Fabien LABONDANCE
Settore di interventoProblemi economici e monetari
Parole chiave Banca centrale europea | commissione PE | conseguenza economica | deflazione | epidemia | Eurogruppo (zona euro)
| inflazione | malattia da coronavirus | politica monetaria unica | rapporto di ricerca
Riassunto The outbreak of the COVID-19 crisis has triggered a new wave of uncertainty, which may amplify the negative effect of
the crisis. Based on several uncertainty measures, we show that inflation in the euro area is negatively affected by
higher uncertainty. However, uncertainty does not impair the transmission of monetary policy. Consequently, the ECB
should consider uncertainty in its reaction function in order to fulfil its mandate.
This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the
request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB
President on 19 November 2020.
Analisi approfondita EN
Monetary Policy in the Time of COVID-19, or How Uncertainty is Here to Stay
Tipo di pubblicazione Analisi approfondita
Data18-11-2020
Autore esterno Maria DEMERTZIS, Marta DOMINGUEZ-JIMENEZ
Settore di interventoCoronavirus | Problemi economici e monetari
Parole chiave Banca centrale europea | conseguenza economica | epidemia | inflazione | interesse | malattia da coronavirus | politica
monetaria unica
Riassunto The COVID-19 crisis has compounded the uncertainty that has come to characterise the European economy. We
explore how this uncertainty manifests itself in terms of ECB decision-making and the long-run challenges the ECB
faces. Confidence in ECB actions will come from the contingency scenarios it considers and communicates on, and
from the adoption of potential policies for a wide range of such scenarios. Greater clarity around the ECB’s inflation
target and surrounding tolerance bands would also be beneficial.
This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the
request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB
President on 19 November 2020.
Analisi approfondita EN
Monetary-Fiscal Interactions in the Euro Area: Assessing the Risks
Tipo di pubblicazione Analisi approfondita
Data16-11-2020
Autore esterno Karl Whelan
Settore di interventoProblemi economici e monetari
Parole chiave Banca centrale europea | commissione PE | debito pubblico | epidemia | Eurogruppo (zona euro) | interesse | malattia
da coronavirus | politica fiscale | politica monetaria unica | rapporto di ricerca | ripresa economica
Riassunto The global pandemic is deepening the linkages between fiscal and monetary policies. While some are concerned that
high public debt may pressurise the ECB to pursue overly loose monetary policy, this paper argues there is a greater
risk that the Treaty’s rules on monetary financing will constrain the ECB from reacting appropriately to the crisis and
that re-imposing the EU’s fiscal rules from 2022 onwards could harm economic recovery. This paper calls for an
overhaul of the economic rules in the Treaty.
This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the
request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB
President on 19 November 2020.
Analisi approfondita EN
Blurred Boundaries Between Monetary and Fiscal Policy
Tipo di pubblicazione Analisi approfondita
Data16-11-2020
Autore esterno Salomon FIEDLER, Klaus-Jürgen GERN, Ulrich STOLZENBURG
Settore di interventoProblemi economici e monetari
Parole chiave Banca centrale europea | coesione economica e sociale | commissione PE | debito pubblico | epidemia | Eurogruppo
(zona euro) | malattia da coronavirus | politica fiscale | politica monetaria unica | rapporto di ricerca | stabilità dei prezzi
| stabilità finanziaria
Riassunto The paper argues that the monetary policy response to the COVID-19 crisis has been appropriate in terms of the
ECB’s primary objective. The concern over fiscal dominance is, however, valid as in a situation of rising inflationary
pressure the ECB would have to choose between maintaining price stability on the one hand and public debt
sustainability, financial stability and cohesion of the EMU on the other hand. Reform of the euro area institutional
framework could mitigate this risk, either in the direction of a fiscal union or in the direction of full fiscal self-
responsibility.
This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the
request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB
President on 19 November 2020.
Analisi approfondita EN
11-12-2021 Fonte : © Unione europea, 2021 - PE 8COVID-19 and Economic Policy Toward the New Normal: A Monetary-Fiscal Nexus after the Crisis?
Tipo di pubblicazione Analisi approfondita
Data12-11-2020
Autore esterno Thomas MARMEFELT
Settore di interventoCoronavirus | Problemi economici e monetari
Parole chiave Banca centrale europea | commissione PE | conseguenza economica | epidemia | malattia da coronavirus | politica
fiscale | politica monetaria unica | rapporto di ricerca | ripresa economica | stabilità dei prezzi
Riassunto Current developments during the COVID-19 pandemic involve strongly complementary monetary and fiscal policy, but
both as responses to COVID-19 and not the outcome of an emergent monetary-fiscal nexus. Therefore, the ECB
maintains its independence by using unconventional monetary policy measures to reach price stability, according to its
mandate.
This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the
request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB
President on 19 November 2020.
Analisi approfondita EN
Update on recent banking developments
Tipo di pubblicazione Briefing
Data 10-11-2020
Autore GRIGAITE KRISTINA | MAGNUS Marcel | MARCHIONNI MATTIA | PACHECO DIAS CRISTINA SOFIA | SEGALL
REBECCA SARAH FANNY
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave Autorità bancaria europea | Autorità europea degli strumenti finanziari e dei mercati | Banca centrale europea |
commissione PE | Corte dei conti europea | funzionamento istituzionale | pubblicazione dell'UE | rapporto di ricerca |
relazione d'attività | relazione di monitoraggio | Unione bancaria dell'UE
Riassunto This briefing gives an update on recent events and developments in the Banking Union, based on publicly available
information. The briefing summarises: 1) the main elements of two papers commissioned by ECON on the
effectiveness of relaxing capital and liquidity buffers as crisis measures; 2) the most recent ECB Bank Lending Survey;
3) recent EBA publications (on anti-money laundering, sustainability, MREL-TLAC eligible instruments and the
prudential treatment of legacy instruments); 4) the recent ESMA Wirecard report and similarities with the case of
Commerzialbank Mattersburg; 5) the European Court of Justice’s role in shaping the Banking Union; and 6) the
European Court of Auditors report on EU agencies.
Briefing EN
Has the relaxation of capital and liquidity buffers worked in practice?
Tipo di pubblicazione Analisi approfondita
Data29-10-2020
Autore esterno Alexandra MATYUNINA, Steven ONGENA
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave analisi delle informazioni | analisi delle politiche | attività bancaria | banca | Banca centrale europea | Cina |
commissione PE | epidemia | erogazione di prestito | malattia da coronavirus
Riassunto We analyse the recent policy decisions made by the ECB and the national authorities related to capital, liquidity, and
shareholders’ remuneration aimed at promoting credit supply from the banking sector to the coronavirus-afflicted
economy. We forecast the impact of the regulatory decisions based on the empirical literature, discuss the factors that
reduce the banks’ incentives to expand loan portfolios and develop policy suggestions intended to mitigate the effect of
these factors.
Analisi approfondita EN
European Parliament’s Banking Union reports in 2015 - 2019
Tipo di pubblicazione Analisi approfondita
Data 21-10-2020
Autore GRIGAITE KRISTINA | LARA MIRANDA ISABEL | MAGNUS Marcel | PACHECO DIAS CRISTINA SOFIA | SEGALL
REBECCA SARAH FANNY
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave Banca centrale europea | controllo bancario | relazione d'attività | sintesi di testi | Unione bancaria dell'UE
Riassunto This briefing provides an overview of the European Parliament’s expectations and priorities for the Banking Union as
set out in its annual Banking Union reports. The first section of this briefing provides a short overview of the 2019
Banking Union report, the ECB Banking Supervisor’s response, as well as concrete actions expected from the Single
Resolution Board, who as yet have not provided a formal response to any of Parliament’s Banking Union reports. In
order to better contextualise the themes of latest Banking Union report, the subsequent section addresses the main
themes raised in previous Banking Union reports (2015-2018).
The annex of the briefing includes a comparison of the positions taken by the European Parliament in its Banking
Union reports in the following policy areas: banking developments and structures; institutional and organisational
issues; regulatory issues; completing the banking union; risk assessment; supervisory issues and priorities; crisis
management; policies related to anti-money-laundering; and climate and sustainability issues.
Analisi approfondita EN
11-12-2021 Fonte : © Unione europea, 2021 - PE 9Policy Departments’ Monthly Highlights - November 2020
Tipo di pubblicazione In sintesi
Data 15-10-2020
Settore di intervento Affari esteri | Bilanci | Coronavirus | Leggi e regolamenti in materia di concorrenza | Politica di ricerca | Problemi
economici e monetari | Protezione dei consumatori | Questioni finanziarie e bancarie | Sviluppo regionale
Parole chiave Banca centrale europea | coesione economica e sociale | controllo della comunicazione | convergenza economica |
diffusione delle informazioni | diffusione di informazioni sull'UE | epidemia | malattia da coronavirus | Parlamento
europeo | politica estera e di sicurezza comune | politica monetaria | relazione
Riassunto The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments,
including a selection of the latest and forthcoming publications, and a list of future events.
In sintesi EN
This Time is Different: The PEPP Might Not Work in a Sectoral Recession
Tipo di pubblicazione Analisi approfondita
Data30-09-2020
Autore esterno Angela CAPOLONGO, Daniel GROS
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie | Valutazione del diritto e delle politiche
nella pratica
Parole chiave Banca centrale europea | commissione PE | conseguenza economica | epidemia | Eurogruppo (zona euro) | malattia
da coronavirus | politica industriale dell'UE | politica monetaria unica | rapporto di ricerca | recessione economica |
ripresa economica
Riassunto The COVID-19 recession is different from previous downturns because it originates in demand and supply
disturbances which are highly specific to certain sectors (contact-intensive services). This sectoral nature renders
aggregate demand policies, including monetary policy, much less effective. The PEPP was essential to prevent a
financial crisis in the Spring of 2020; but there is no need to increase its size. In a sectoral recession, one should not
expect much impact from central bank bond buying on inflation.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs (ECON).
Analisi approfondita EN
COVID-19 and the Future of Quantitative Easing in the Euro Area: Three Scenarios with a Trilemma
Tipo di pubblicazione Analisi approfondita
Data30-09-2020
Autore esterno Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie | Valutazione del diritto e delle politiche
nella pratica
Parole chiave Banca centrale europea | commissione PE | conseguenza economica | epidemia | euro | Eurogruppo (zona euro) |
malattia da coronavirus | politica fiscale | politica monetaria unica | rapporto di ricerca | ripresa economica
Riassunto We present the set of measures that the ECB has undertaken to fight the pandemic crisis by outlining the deep impact
that COVID-19 is having on economic structures, and by highlighting the differences between the current policy
package and previous ECB’s programmes. Moreover, we discuss what are the challenges that await the ECB in the
medium to long run, contingent on different post-COVID scenarios concerning economic growth and inflation,
considering its peculiar multinational jurisdiction.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs (ECON).
Analisi approfondita EN
The ECB’s Asset Purchase Programmes: Effectiveness, Risks, Alternatives
Tipo di pubblicazione Analisi approfondita
Data30-09-2020
Autore esterno Joscha BECKMANN, Salomon FIEDLER, Klaus-Jürgen GERN, Stefan KOOTHS, Josefine QUAST, Maik WOLTERS
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie | Valutazione del diritto e delle politiche
nella pratica
Parole chiave Banca centrale europea | commissione PE | conseguenza economica | epidemia | Eurogruppo (zona euro) | inflazione
| malattia da coronavirus | politica monetaria unica | rapporto di ricerca
Riassunto We summarise the empirical evidence on effects of asset purchases in the euro area, including the PEPP programme
launched in response to the COVID-19 crisis. We conclude that QE is particularly effective during times of high
financial stress, i.e. at the peak of a crisis, but tends to lose impact over time. At the same time, QE policies come with
prominent risks which may materialise only in the longer term. We suggest a scheme of rule-based intervention in
sovereign debt markets that preserves the role of yield spreads as a market signal, while containing the risk of bad
equilibria.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs (ECON).
Analisi approfondita EN
11-12-2021 Fonte : © Unione europea, 2021 - PE 10APP vs PEPP: Similar, But With Different Rationales
Tipo di pubblicazione Analisi approfondita
Data30-09-2020
Autore esterno Christophe BLOT, Jérôme CREEL and Paul HUBERT
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie | Valutazione del diritto e delle politiche
nella pratica
Parole chiave Banca centrale europea | commissione PE | conseguenza economica | epidemia | Eurogruppo (zona euro) | inflazione
| interesse | malattia da coronavirus | politica monetaria unica | rapporto di ricerca
Riassunto ECB’s asset purchase programmes have been implemented at different times in different economic environments and
may pursue different objectives. From the point of view of removing financial fragmentation and taming sovereign
stress in the euro area, the PEPP has been successful so far. Moreover, this outcome was obtained without fully using
its potential resources. To date and contingent on the available set of information, the current monetary stance has not
gone too far and it retains some ammunitions.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs (ECON).
Analisi approfondita EN
Accountability at the Fed and the ECB
Tipo di pubblicazione Analisi approfondita
Data30-09-2020
Autore esterno Karl WHELAN
Settore di interventoDemocrazia UE, diritto istituzionale e parlamentare | Problemi economici e monetari | Valutazione del diritto e delle
politiche nella pratica
Parole chiave Banca centrale europea | Consiglio europeo | nomina dei membri | Parlamento europeo | potere di controllo | rapporto
di ricerca | relazione interistituzionale (UE) | Stati Uniti | trasparenza del processo decisionale
Riassunto This paper reviews the independence and accountability of the ECB and the Federal Reserve. While the ECB makes
significant efforts to be accountable for its actions, there are several improvements that could be made to European
institutions to improve its independence and accountability. These include reforming the process of appointing ECB
Executive Board members, improving the transparency of ECB decision-making and reforming aspects of the
Monetary Dialogue to make the questioning more effective.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs (ECON).
Analisi approfondita EN
Theory, Evidence, and Risks of the ECB’s Asset Purchase Programme
Tipo di pubblicazione Analisi approfondita
Data30-09-2020
Autore esterno Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI
Settore di interventoCoronavirus | Problemi economici e monetari | Questioni finanziarie e bancarie | Valutazione del diritto e delle politiche
nella pratica
Parole chiave analisi delle informazioni | Banca centrale europea | Cina | commissione PE | conseguenza economica | epidemia |
malattia da coronavirus | politica monetaria | zona euro
Riassunto In response to the COVID-19 crisis, the ECB has relaunched a massive asset purchase programme within its
combined-arms monetary strategy. This paper presents and discusses the theory and the evidence of the central
bank’s asset purchases, mainly in the euro area. It analyses the role of asset purchase programmes in the ECB’s
toolkit and the potential associated risks, focusing specifically on the problems of the programmes’ unwinding. Finally,
the paper offers some possible alternatives to the asset purchase programmes.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs (ECON).
Analisi approfondita EN
How Can the European Parliament Better Oversee the European Central Bank?
Tipo di pubblicazione Analisi approfondita
Data30-09-2020
Autore esterno Grégory CLAEYS, Marta DOMÍNGUEZ-JIMÉNEZ
Settore di interventoDemocrazia UE, diritto istituzionale e parlamentare | Problemi economici e monetari | Valutazione del diritto e delle
politiche nella pratica
Parole chiave banca centrale | Banca centrale europea | economia verde | Eurogruppo (zona euro) | Giappone | Parlamento europeo
| politica monetaria unica | potere di controllo | rapporto di ricerca | trasparenza del processo decisionale
Riassunto This paper assesses how the European Parliament (EP) holds the European Central Bank (ECB) accountable. The
same exercise is done for the Bank of Japan, in order to identify possible lessons for the ECB and the EP. Possible
improvements to the ECB accountability framework include procedural changes to the Monetary Dialogue to increase
its effectiveness, the release of detailed minutes and votes from ECB governing council meetings, and the
establishment of a ranking by the EU legislators of the ECB’s secondary objectives.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs (ECON).
Analisi approfondita EN
11-12-2021 Fonte : © Unione europea, 2021 - PE 11Accountability Mechanisms of the Bank of England and of the European Central Bank
Tipo di pubblicazione Studio
Data 30-09-2020
Autore esterno Rosa M. LASTRA
Settore di intervento Democrazia UE, diritto istituzionale e parlamentare | Problemi economici e monetari | Valutazione del diritto e delle
politiche nella pratica
Parole chiave banca centrale | Banca centrale europea | commissione PE | politica monetaria unica | rapporto di ricerca | Regno
Unito
Riassunto This paper analyses the accountability mechanisms of the European Central Bank and of the Bank of England and
focuses on parliamentary accountability for the monetary policy functions. The paper suggests ways to improve the
Monetary Dialogue between the ECB and the Committee on Economic and Monetary Affairs (European Parliament).
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs (ECON).
Studio EN
Independence with Weak Accountability: The Swiss Case
Tipo di pubblicazione Analisi approfondita
Data29-09-2020
Autore esterno Charles WYPLOSZ
Settore di interventoDemocrazia UE, diritto istituzionale e parlamentare | Problemi economici e monetari | Valutazione del diritto e delle
politiche nella pratica
Parole chiave banca centrale | Banca centrale europea | funzionamento istituzionale | inflazione | opinione pubblica | Parlamento
europeo | politica monetaria unica | potere di controllo | rapporto di ricerca | stabilità finanziaria | Svizzera
Riassunto The Swiss National Bank is highly independent but weakly accountable. Weak accountability is rooted in the formal
legislation on central banking but also in the reputation of the Bank, which is unanimously considered as highly
successful. The ECB too is highly independent and weakly accountable but it faces diverse public opinions whose
views differ across countries. Buttressing ECB accountability is important, therefore, and the European Parliament
should consider strengthening the Monetary Dialogue.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs (ECON).
Analisi approfondita EN
Options for the ECB’s Monetary Policy Strategy Review
Tipo di pubblicazione Studio
Data 25-09-2020
Autore esterno Yvan LENGWILER, Athanasios ORPHANIDES
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie | Valutazione del diritto e delle politiche nella pratica
Parole chiave Banca centrale europea | integrazione monetaria | politica monetaria unica | zona euro
Riassunto The ECB is the most important institution for the success of the EMU. It started successfully but the crisis revealed
weaknesses related to the incomplete nature of the EMU. The ECB was too timid in using its power, which deepened
the euro crisis and led to divergences that threaten the viability of the EMU. With suitable modifications of its monetary
policy strategy, and better use of the authority delegated to it, the ECB could greatly improve its success in fulfilling its
mandate.
This document was provided by Policy Department for Economic, Scientific and Quality of Life Policies at the request
of the Committee on Economic and Monetary Affairs (ECON).
Studio EN
Institutional set up of macroprudential policy in the European Union
Tipo di pubblicazione Briefing
Data 18-09-2020
Autore GRIGAITE KRISTINA | MAGNUS Marcel | PACHECO DIAS CRISTINA SOFIA
Settore di intervento Problemi economici e monetari
Parole chiave Autorità bancaria europea | Autorità europea degli strumenti finanziari e dei mercati | Autorità europea delle
assicurazioni e delle pensioni aziendali e professionali | banca centrale | Banca centrale europea | Comitato europeo
per il rischio sistemico | comitato misto (UE) | rischio finanziario | separazione dei poteri | stabilità finanziaria
Riassunto This briefing provides an overview of the institutional macroprudential framework in the European Union (EU),
distribution of powers and responsibilities and interactions between different institutions.
Briefing EN
11-12-2021 Fonte : © Unione europea, 2021 - PE 12Puoi anche leggere
