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The creation of a single monetary currency and a single monetary policy in the euro area has faced extraordinary challenges, among them the design of suitable monetary policy instruments. This book evaluates monetary policy instruments of the Eurosystem against a number of requirements. For doing so, a theoretical model framework is developed which brings together the monetary policy activities of a central bank and the liquidity management of banks considering the main characteristics and institutional features of the euro area. Main results of this analysis are that different costs of obtaining liquidity directly from the central bank can explain the existence of an interbank market in the euro area and the positive spread between the interbank market rate and the repo rate; that the redesign of the Eurosystem’s instruments in 2004 has to be evaluated positively and that a further change to the minimum reserve system would enhance the flexibility of monetary policy in the euro area.
Monetary policy --- Euro. --- Money --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- EZB --- Európska centrálna banka
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This first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Monetary policy. --- Monetary management --- Economic policy --- Currency boards --- Money supply --- European Central Bank. --- Banca centrale europea --- Banco Central Europeo --- Banque centrale européenne --- BCE --- ECB --- Europäische Zentralbank --- Európska centrálna banka --- EZB
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Over the past decade central banks have taken on new and expanded roles in an attempt to manage the global financial crisis. The European Central Bank (ECB) has been no exception. If anything, because of the incomplete architecture of the euro, the ECB has faced more serious challenges than either the Bank of England or the Federal Reserve. With the onset of the euro crisis, the ECB was forced to take on powers that went well beyond the conventions of standard monetary policy to prevent European Monetary Union from unravelling.
Panicos Demetriades, former Governor of the Central Bank of Cyprus during the country's bailout in 2013, examines the role of the ECB and its adoption of these new powers, which have led to legal and political challenges, high level resignations and the controversial removal of central bankers from their posts without due process. Demetriades argues that at a time when stability and action are needed to secure the future of the euro, the very foundations of the Euro-system are being eroded, namely its ability to act independently. The book provides a lively and insightful account of the processes that can make or break the euro.
Euro. --- Monetary policy --- Money --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- EZB --- Európska centrálna banka --- Euro --- E-books
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This text analyses the implications of the harmonization of banking supervision and regulation in Europe and considers the impact of the European Banking Union on banks, creditors, and shareholders.
Monetary policy --- Banks and banking, Central --- Law and legislation --- European Central Bank. --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- EZB --- Európska centrálna banka --- Banking law
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The book is about money, central banking and constitutions. It explains how the European Central Bank was established to ensure stability and prosperity for the euro area. The ECB was guided and controlled by a coherent European Macroeconomic Constitution. However, this model has failed during recurring crises, and the ECB has started to act as the euro area fire brigade. Consequently, it is pushing the boundaries of monetary policy, and with that challenging the accountability mechanisms and fundamentally also the democratic legitimacy of the EMU. The book sheds light on this complex economic-constitutional setting with a view on the future. The imbalance between various new operations and a single price stability objective is difficult to remedy. New objectives of financial stability, economic adjustment and environmental sustainability can cause fundamental ruptures between the ECB's formal role and its actions, and they also dangerously overburden monetary policy moving forward with substantial risks.
Economic policy. --- European Central Bank. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- EZB --- Európska centrálna banka --- Economic constitution --- European Union countries --- Banks and banking, Central --- Law and legislation --- Economic aspects
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In light of the rise to prominence of the European Central Bank, caused by the Global Financial Crisis and the following Euro area sovereign debt crisis, this collection reflects on the past and the future of this powerful and contested institution.
Banking. --- Banks and banking. --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- EZB --- Európska centrálna banka --- Banks and banking --- Finance and Accounting. --- Economics. --- European Union
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"The Economic Bulletin presents the economic and monetary information which forms the basis for the Governing Council's policy decisions. It is released eight times a year, two weeks after each monetary policy meeting. The Bulletins in March, June, September and December provide comprehensive analysis of economic and monetary developments including an integrated discussion of the staff macroeconomic projections on inflation, growth, public finances, and external trade."--
Banks and banking, Central --- Monetary policy --- Euro --- Banks and banking, Central. --- Economic conditions. --- Euro. --- Monetary policy. --- European Central Bank --- European Central Bank. --- European Union countries --- Europe --- Economic conditions --- Economic history. --- Monetary management --- History, Economic --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Political aspects --- Banca centrale europea --- Banco Central Europeo --- Banque centrale européenne --- BCE --- ECB --- Europäische Zentralbank --- Európska centrálna banka --- EU countries --- Euroland --- Economic policy --- Currency boards --- Money supply --- Money --- Economics --- Banks and banking --- EZB --- Law and legislation
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This comprehensive and topical work examines the impact of European Banking Union in the context of the European Central Bank taking over supervision of the 130 European banks in 2014. The work addresses the effect on the daily supervision of large banks in Europe and also analyses the position of bank creditors and shareholders.The thematic approach covers the Single Rulebook and CRD IV, the Single Supervisory System (SSM), and the Single Resolution Mechanism (SRM) from a legal and economic perspective. The book also compares the US to Europe and assesses whether anything can be learnt from US experience.Key issues such as judicial protection of supervised credit institutions, implications for financial market governance, and risk management and compliance, are examined alongside case-studies and analysis.
Monetary policy --- Banks and banking, Central --- Law and legislation --- European Central Bank --- Monnaie --- Banques centrales --- Droit --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- Európska centrálna banka --- EZB --- Monetary policy - European Union countries --- Banks and banking, Central - Law and legislation - Europe Union countries
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This book examines selected actions and investments of the European Central Bank (ECB) from a climate and sustainability standpoint. Shedding new light on the topic from various angles – ethical, philosophical, political, economical and legal – it situates sustainability mainstreaming in the finance and investment field at all levels. The former ECB President Mario Draghi once said that he considered sustainable development and an intact environment to be human rights, and therefore enshrined in the EU Charter of Fundamental Rights. The acting ECB President Christine Lagarde added that the future path for the climate is uncertain, but it would remain within our power to influence it. However, with all that in mind the ECB’s policy of buying assets as securities is often questionable. This volume analyzes these actions in connection with sustainability, and puts forward practical recommendations for improving the ECB’s investment strategy on its way creating a sustainable financial market.
Professional ethics. Deontology --- Macroeconomics --- Financial organisation --- Business management --- management --- deontologie --- macro-economie --- sociale interventies --- bedrijfsethiek --- European Central Bank. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- EZB --- Európska centrálna banka --- Finance --- Sustainable development --- Development, Sustainable --- Ecologically sustainable development --- Economic development, Sustainable --- Economic sustainability --- ESD (Ecologically sustainable development) --- Smart growth --- Sustainable economic development --- Economic development --- Environmental aspects
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Coming at a critical juncture for the euro, the book takes stock of the ECB's experience during its first ten years and discusses the way ahead. The articles are written by well-known experts in the field and provide the reader with a comprehensive overview of relevant policy issues, including the ECB’s communication and its monetary strategy and instruments.
Banks and banking, Central --- Monetary policy --- Euro. --- European Central Bank. --- European Union countries --- Economic conditions. --- ECB --- Banque centrale européenne --- BCE --- Banco Central Europeo --- Banca centrale europea --- Europäische Zentralbank --- Európska centrálna banka --- Banks and banking, Central -- European Union countries. --- Monetary policy -- European Union countries. --- Political science. --- Macroeconomics. --- European Economic Community literature. --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- European Integration. --- Political Science. --- Money --- European Economic Community lite. --- Administration --- Civil government --- Commonwealth, The --- Government --- Political theory --- Political thought --- Politics --- Science, Political --- Social sciences --- State, The --- Economics --- Eurozone --- Euro area --- Euro zone --- Monetary unions --- EZB --- E-books
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