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Title: The euro-area denominated payment systems and the conduct of monetary policy: Some considerations ahead of Brexit
Authors: Macchiarelli, C
Monti, M
Keywords: euro area;European Central Bank;financial transaction;monetary policy;payment;United Kingdom
Issue Date: 26-Feb-2018
Publisher: European Union
Citation: In: Interaction between euro-denominated payment systems and ECB monetary policy: challenges ahead for the single currency, 26 February 2018, pp. 1 - 24
Series/Report no.: European Union. Directorate-General for Internal Policies of the Union. Policy Department A. Economic and Scientific Policy;IP/A/ECON/2018-01
European Parliament. Committee on Economic and Monetary Affairs;PE 614.218
Abstract: 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.
Description: DISCLAIMER The opinions expressed in this document are the sole responsibility of the author and do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposes are authorised, provided the source is acknowledged and the publisher is given prior notice and sent a copy.
This document was requested by the European Parliament's Committee on Economic and Monetary Affairs.
Gov't Doc #: IP/A/ECON/2018-01
PE 614.218
ISBN: 978-92-846-2635-9
Appears in Collections:Economics and Finance
Dept of Economics and Finance Research Papers

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