Suchergebnisse

Part I. The Definition and Evolution of European Central Banking Law -- Chapter 1. The Function of Central Banks and Definition of European Central Banking Law -- Chapter 2. The Establishment of the European System of Central Banks and the Eurosystem -- Chapter 3. The Establishment of the European System of Financial Supervision -- Chapter 4. The Establishment of the (European) Banking Union -- Part II. Institutional Architecture -- Chapter 5. The Systems and Mechanisms of the European Central Bank and National Central Banks -- Chapter 6. Institutional Aspects of the European Central Bank -- Part III. Tasks and Competences of the European Central Bank -- Chapter 7. The Basic Tasks of the European Central Bank within the Eurosystem and Issuance of Banknotes and Coins -- Chapter 8. The Specific Supervisory Tasks of the European Central Bank and its Cooperation with National Competent Authorities -- Chapter 9. Other Specific Tasks and Competences of the European Central Bank relating to Financial Stability -- Part IV. Conclusion -- Chapter 10. Concluding Remarks -- Chapter 11. Assessments and Proposals.

Immediately after the outbreak of the current pandemic crisis, the EU developed a (rather) consistent strategy, by taking measures in order to deal with health emergency needs, support economic activity and employment, preserve monetary and financial stability and prepare the ground for recovery; these contain a combination of government fiscal stimuli (with extensive resort to the principle of solidarity), emergency liquidity and monetary policy measures and measures relating to financial stability. After briefly reviewing all these measures from a systematic point of view, the present article further analyses the role of the European Central Bank (ECB) during the first phase of this crisis, both in its capacity as a monetary authority within the Eurosystem and in its capacity as prudential banking supervisory authority within the Single Supervisory Mechanism (SSM), with particular emphasis on the treatment of non-performing loans (NPLs). Its specific contribution to financial macro-prudential oversight within European Systemic Risk Board (ESRB) is also highlighted.

L'objectif de cet article est de présenter et évaluer brièvement le cadre institutionnel (ainsi que certains des principaux aspects juridiques liés) qui gouverne l'Union bancaire européenne (UBE), tel qu'il est en vigueur, ainsi que les propositions faites ou suggérées pour l'améliorer. L'article comporte deux sections : (1) Un aperçu historique des dispositions institutionnelles de l'UE relatives à la stabilité du système bancaire dans l'Union européenne avant la création de l'UBE, les conditions qui ont conduit à son établissement en réponse à la crise budgétaire actuelle dans la zone euro, une brève description du contenu actuel de ses principaux piliers et de leur lien avec le (sous-jacent) règlement unique (le statu quo) font l'objet de la section I. (2) La section II donne un aperçu, accompagné de quelques évaluations, du programme de réforme actuel de la Commission concernant l'UBE, les deux éléments que l'auteur considère comme le "programme inachevé" et le lien entre une Union Économique et Monétaire (plus) solide et une UBE qui fonctionne bien et qui (par conséquent) renforce la stabilité financière. Les informations contenues dans cette étude précèdent la date du 23 décembre 2017.

This book explores the issue of private sector over-indebtedness following the recent financial crisis. It addresses the various challenges for policymakers, investors and economic agents affected by applied remedial policies as the private non-financial sector in Europe continues to face increased challenges in servicing its debt, with the problem mainly concentrated in several countries in the EU periphery and Eastern Europe. Chapters from expert contributors address reduced investment as firms concentrate on deleveraging and repairing their balance sheets, curtailed consumer spending, depressed collateral values and weak credit creation. They examine effective policies to facilitate private sector debt restructuring which may involve significant upfront costs in terms of time to implement and committed budgetary resources, as well as necessary reforms required to improve the broader institutional framework and judicial capacity. The book also explores the issue of over indebtedness in the household sector, contributing to the literature in establishing best practice principles for household debt.--