The ECB after the crisis: Existing synergies among monetary policy, macroprudential policies and banking supervision

Bericht

The prolonged crisis exposed the vulnerability of a monetary union without a banking union. The Single Supervisory Mechanism (SSM), which started operating in November 2014, is an essential step towards restoring banks to health and rebuilding trust in the banking system. The ECB is today responsible for setting a single monetary policy applicable throughout the euro area and for supervising all euro area banks in order to ensure their safety and soundness, some directly and some indirectly. Its role in the area of financial stability has also expanded through the conferral of macroprudential tasks and tools that include tightening national measures when necessary. It thus carries out these complementary functions, while its primary objective of pursuing price stability remains unchanged. What are the working arrangements of this enlarged ECB, and what are the similarities and existing synergies among these functions? In the following pages, focusing on the organisational implications of the 'new' ECB, we show the relative degrees of centralisation and decentralisation that exist in discharging these functions, the cycles of policy preparation and the rules governing interaction between them.

Angaben zum Objekt

• ISBN: 978-92-899-3878-5
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ECB Occasional Paper ; No. 237

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems ; Central Banks and Their Policies ; Financial Aspects of Economic Integration ; Banks; Depository Institutions; Micro Finance Institutions; Mortgages
• Thema: European Central Bank ; monetary policy ; banking union ; banking supervision ; financial stability ; systemic risks ; macroprudential policies ; decision-making process

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Cassola, Nuno ; Kok Sørensen, Christoffer ; Mongelli, Francesco Paolo
• Ereignis: Veröffentlichung
• (wer): European Central Bank (ECB)
• (wo): Frankfurt a. M.
• (wann): 2019

Weitere Informationen

• DOI: doi:10.2866/449332
• Handle: http://hdl.handle.net/10419/234478
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ