European Parliamentary Research Service Blog
European Central Bank
End of the Draghi era at the ECB [What Think Tanks are thinking]
The European Central Bank will shortly see a ‘change of the guard’ at a time of stagnating economic growth and fears of recession sparked partly by global trade conflicts. Current ECB President, Mario Draghi’s eight-year term in office ends on 1 November, and he is to be replaced by Christine Lagarde, former head of the International Monetary Fund and previously Minister of Finance in France. Continue reading
Plenary round-up – Strasbourg, September 2019
Highlights of the September plenary session included statements and debates on the preparation for the Climate Action Summit and the Sustainable Development Goals Summit in New York, on the importance of European remembrance for the future of Europe, and on the implementation of anti-money laundering legislation. Continue reading
What if Libra disrupted the financial system? [Science and Technology podcast]
As of 2020, Facebook’s cryptocurrency project Libra promises to connect everybody to the global, digital world of banking. The introduction of a privately governed currency could fundamentally challenge the current EU financial framework, conflict with EU law and tax requirements, and violate consumer rights. Continue reading
European Parliament Plenary Session – September 2019
Parliament opens its doors for the first plenary session after the summer on Monday evening, with an agenda focused on climate issues and the EU budget. Continue reading
Appointment of the President of the ECB
During the September 2019 plenary sitting, the European Parliament is expected to vote on a resolution on the candidate (Christine Lagarde) for the position of President of the European Central Bank (ECB), to succeed Mario Draghi, whose term is due to end on 1 November 2019. Continue reading
Plenary round-up – Strasbourg, February I 2018
Highlights of the session included the second in a series of debates with EU leaders on the future of Europe, with Croatian Prime Minister, Andrej Plenković; and the debate and vote on the composition of the European Parliament after Brexit. Continue reading
Regulation of OTC derivatives: Amending the European Market Infrastructure Regulation (EMIR) [EU Legislation in Progress]
The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems observed in the functioning of the ‘over-the-counter’ (OTC) derivatives market during the 2007-2008 financial crisis. Continue reading
Amending the bank resolution framework – BRRD and SRMR [EU Legislation in Progress]
Written by Andrej Stuchlik (1st edition), The completion and implementation of the significant overhaul of the financial regulatory framework in response to the financial crisis, including the revision of the resolution framework for banks, remains a major area of the European Commission’s work. On 23 November 2016, the Commission proposed amending the Bank Recovery and … Continue reading
ECB policies [What Think Tanks are thinking]
Written by Marcin Grajewski, The European Central Bank is pushing ahead with its monetary stimulus programme, which was launched more than two years ago to counter deflationary pressures in the euro zone economy, and to strengthen then fragile economic growth. Some economists and politicians say the time is becoming ripe for the ECB to taper … Continue reading
The ECB and the financial crisis: Rigid theory vs a pragmatic approach
Written by Cemal Karakas The European Central Bank’s (ECB) main objective is stable inflation in the Economic and Monetary Union (EMU). During the financial crisis, the ECB decided to face the economic slump by, amongst other actions, increasing and then decreasing interest rates and the money supply. In addition, it launched a quantitative easing (QE) … Continue reading
The monetary policy of the ECB: Strategy, conduct and trends
Written by Angelos Delivorias According to Article 127(1) of the Treaty on the Functioning of the European Union, ‘the primary objective of the European System of Central Banks [i.e. the European Central Bank and the national central banks of all EU Member States] shall be to maintain price stability.’ To pursue that objective, the European … Continue reading
ECB Annual Report 2013
Written by Angelos Delivorias 6 language versions available in PDF format Jahresbericht 2013 der EZB Informe anual de 2013 del BCE Rapport annuel 2013 de la BCE Relazione annuale BCE 2013 Roczne sprawozdanie EBC za rok 2013 ECB Annual Report 2013 The European Central Bank has to present an annual report each year covering the … Continue reading
The ECB’s Expanded Asset Purchase Programme
Written by Angelos Delivorias On 22 January 2015, the European Central Bank (ECB) launched its Expanded Asset Purchase Programme (more commonly known as quantitative easing, or QE) with the aim of reviving the euro area economy. This unconventional monetary policy instrument – under which the European Central Bank will create new money to purchase euro-denominated, … Continue reading
Changes to the ECB’s voting rules
Written by Conall Devaney and Aidan Christie With Lithuania joining the euro area on 1 January 2015, the total number of states using the single currency reaches 19, consequently bringing about significant changes in the decision-making structures of the European Central Bank (ECB). In particular, there is a new rotation system for the votes of … Continue reading
The European Central Bank: stable money
The European Central Bank has a growing portfolio of responsibilities, but its essential job is to keep our common currency stable. The ECB has been responsible for the monetary policy of the euro area since 1999. Continue reading
The Banking Union: state of play
The Banking Union is designed to break the link between ailing banks and indebted governments. Its aim is to avoid the strain which is put on public finances when banks need rescuing, and, at the same time, to reduce banks’ exposure to increasing risks in public debt. The Banking Union is based on a single … Continue reading
EP strengthens transparency and accountability of single banking supervisor
On 12 September 2013 the European Parliament approved a single supervisory mechanism (SSM) for EU banks. MEPs voted on two legislative texts concerning the European Commission’s proposal to establish the SSM (EP’s consultation was required) and the amended role of the European Banking Authority (EBA) in the new supervisory structure. The Presidents of EP and … Continue reading
Towards the European Banking Union: The Single Supervisory Mechanism
The crisis in the euro area has been characterised by close ties between the rescuing of banks and government debt. In order to break this vicious circle, the European Commission proposed on 12 September 2012 the creation of a Single Supervisory Mechanism (SSM) as a first step towards the creation of a pan-European regulatory framework … Continue reading
A single EU banking supervisory mechanism
6 language versions available in PDF format Ein einheitlicher EU Bankenaufsichtsmechanismus Un mecanismo único de supervisión bancaria de la UE Un mécanisme de surveillance bancaire unique pour L’UE Un meccanismo di vigilanza unico per il settore bancario europeo Jednolity mechanizm nadzoru bankowego UE A single EU banking supervisory mechanism Identified as a building block for … Continue reading
A first step towards banking union
Banking union is one offour building blocks for creating genuine economic and monetary union identified by European Council President, Herman van Rompuy. Such a union would aim to break the negative feedback loop between sovereign debt and the health of the banking system. As a first step, the European Commission proposed in September 2012 to … Continue reading
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