The new European Central Bank : taking stock and looking ahead

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

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...

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Bibliographic Details
Other Authors: Beukers, Thomas, 1979- (Editor), Fromage, Diane (Editor), Monti, Giorgio (Editor)
Format: eBook
Language:English
Published: Oxford, United Kingdom : Oxford University Press, 2022.
Edition:First edition.
Subjects:
European Central Bank.
European Central Bank
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 Union.
European Union countries
Online Access:Click for online access
Table of 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

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