European Parliament Economic and Monetary Affairs: Documents

In-Depth Analysis - An economic recovery with little signs of inflation acceleration: Transitory phenomenon or evidence of a structural change? - PE 614.216 - Committee on Economic and Monetary Affairs 15-02-2018 12:00 AM CET Inflation has been persistently below the inflation target of the ECB despite the ongoing economic recovery in the euro area. In this paper, we analyse whether the relationship between inflation and economic activity in the euro area has changed based on a review of the literature and discuss implications for monetary policy. Source : © European Union, 2018 - EP In-Depth Analysis - Note on the interactions between payment systems and monetary policy - PE 614.217 - Committee on Economic and Monetary Affairs 15-02-2018 12:00 AM CET 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. Source : © European Union, 2018 - EP In-Depth Analysis - The euro-area denominated payment systems and the conduct of monetary policy: Some considerations ahead of Brexit - PE 614.218 - Committee on Economic and Monetary Affairs 15-02-2018 12:00 AM CET 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. Source : © European Union, 2018 - EP QUESTIONS? STAY CONNECTED  Contact Us |   This email was sent on behalf of the European Parliament · Bât. Altiero Spinelli · 60 rue Wiertz / Wiertzstraat 60 · B-1047 - Bruxelles/Brussels  · Belgium · Phone: +32(0)2 28 42111