Title The new European Central Bank : taking stock and looking ahead / edited by Thomas Beukers, Diane Fromage, and Giorgio Monti

Edition First edition Published Oxford, United Kingdom : Oxford University Press, 2022

Click on the following:
Oxford Scholarship Online

Copies

Description 1 online resource Contents Cover -- Half-Title -- Title -- Copyright -- Foreword -- Preface -- Contents -- List of Contributors -- List of Abbreviations -- 1. Introduction: The 'New' European Central Bank -- I. Why Wonder about a 'New' European Central Bank -- II. The Contributions to this Edited Volume -- III. Taking Stock of the 'New' European Central Bank -- A. Perspectives on EMU and ECB change -- B. The New European Central Bank -- C. Causes, triggers, and factors of ECB evolution -- IV. Looking Ahead: Future Developments and Challenges PART I: THE ECB'S RESPONSE TO THE FINANCIAL AND SOVEREIGN DEBT CRISIS: Unconventional Monetary Policy and the Lender of Last Resort Function -- 2. The Transformation of the ECB in Sovereign Bond Markets -- I. Introduction -- II. The ECB in the Original Set-​up of the Currency Union -- A. The stability paradigm -- B. The narrow conception of stability -- III. The New Stability Conception -- A. The Securities Markets Programme -- B. Outright Monetary Transactions -- IV. Reconciling the New Stability Conception with the Law -- A. The mandate -- B. The prohibition on monetary financing V. Judicial Review of the New ECB -- VI. Conclusion -- 3. The ECB's Unconventional Quantitative Easing is Turning to Conventional Monetary Policy -- I. Introduction -- II. The ECB as a Consensus Model Central Bank-​the First Decade -- III. The ECB Turns to QE-​the PSPP -- A. The main features of the PSPP -- B. The stated aims of the PSPP -- IV. QE and PSPP in Economic Theory and Central Bank Practice -- A. QE in macroeconomics -- B. QE as a central banking tool -- V. The PEPP Adds to the ECB's QE Firepower -- A. PEPP as the pandemic quantitative easing B. Analysing the objectives and effects of PEPP -- VI. Conclusions: The ECB and New Monetary Policy -- 4. The ECB's Collateral Framework from the 1990s until the Pandemic -- I. Introduction -- II. ECB Risk Management before 2010 -- III. ECB Risk Management since 2010 -- IV. The Future of ECB Risk Management -- A. Revising the objectives of risk management -- B. Market attentiveness instead of market neutrality -- C. Developing internal credit rating facilities -- D. Addressing legitimacy concerns by coordinating with EU political institutions -- V. Conclusion PART II: MOVING BEYOND MONETARY POLICY: The ECB, Financial Stability, Economic Integration, and the (Future of the) Banking Union -- 5. The ECB and Financial Stability -- I. Introduction -- II. Financial Stability-​the Conventional Use of an Economic Concept -- III. Financial Stability and the Law of the Economic and Monetary Union -- IV. Policy Instruments of Financial Stability -- V. Preventive Policy Instruments of Financial Stability -- A. Prudential regulation -- B. Prudential supervision -- C. Payment systems -- VI. Remedial Policy Instruments of Financial Stability Summary The European Central Bank (ECB) was first introduced in the European legal order on the occasion of the Treaty of Maastricht (1992). An official EU institution which is governed by EU law, the ECB of modern times differs vastly from its inception in 1998, which manifests in three main ways: monetary policy options, consideration of concerns other than low inflation in its policy-making, and its role in the Banking Union.This edited collection offers a retrospective and prospective account of the ECB, charting its evolution in detail with chapters written by leading academics and practitioners. Part 1 examines the substantive changes to monetary policy introduced by the ECB as a consequence of the financial and sovereign debt crisis by considering their legal basis. Part 2 moves beyond monetary policy by shifting to the new roles that the ECB has been called upon to play, notably in banking supervision and resolution. Parts 3 and 4 deal with transformations to inter- and intra-institutional relations, and take stock of these transformations, reflecting on the nature of the ECB of current times and which direction it could be heading in the future.The authors analyse the most salient and controversial elements of the ECB's crisis response, including unconventional monetary policy measures and the ECB's risk management strategy. Beyond monetary policy, the book further examines the role played by objectives such as financial stability and environmental sustainability, the ECB's relationship to the Lender of Last Resort function, as well as its new responsibilities in the Banking Union Notes Print version record Subject European Central Bank. SUBJECT European Central Bank. fast (OCoLC)fst00707463 Subject Banks and banking, Central -- Law and legislation -- Economic aspects -- European Union countries European Banking Authority. Stock exchange transactions. Banking. Banque centrale européenne. Union européenne. European Central Bank. European Union. European Union countries. Form Electronic book Author Beukers, Thomas, 1979- editor. Fromage, Diane, editor. Monti, Giorgio, editor. ISBN 9780192644695 0192644696 9780191914355 0191914355 9780192644688 0192644688

  Permalink