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

Format:

Book

Contributor:

Beukers, Thomas, 1979- editor.

Fromage, Diane, editor.

Monti, Giorgio, editor.

Series:

Oxford scholarship online.

Oxford scholarship online

Language:

English

Subjects (All):

European Central Bank.

Physical Description:

1 online resource (481 pages)

Edition:

First edition.

Place of Publication:

Oxford : Oxford University Press, 2023.

Summary:

In light of the rise to prominence of the European Central Bank, caused by the Global Financial Crisis and the following Euro area sovereign debt crisis, this collection reflects on the past and the future of this powerful and contested institution.

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

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

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

A. ELA: National Central Banks (NCBs) as Lenders of Last Resort (LOLR) to individual institutions

B. Crisis coordination

VII. Monetary Policy Tools as Secondary Policy Instrument of Financial Stability

A. ECB standard monetary policy

B. The ECB's unconventional monetary policy measures

C. Unconventional monetary policy and financial stability

D. Monetary policy and the distinction between preventive and remedial instruments

VIII. Conclusions

6. The ECB and Economic Integration

II. Asymmetry of Competences and Interdependence of Policy Areas

III. Delineation of Competences

IV. Budgetary Stability: Economic Policy Coordination and Financial Assistance

A. Strengthening of the Stability and Growth Pact

B. The European Stability Mechanism and the ECB

V. Financial Stability: New Forms of Supervision for the Internal Market.

A. Macroprudential supervision in the European Systemic Risk Board

B. Microprudential supervision in the Single Supervisory Mechanism

VI. The Cunning of European Integration

7. The ECB's Role in the European Banking Union

II. The Banking Union's Context-​the ECB's Mandate

A. Price stability

B. The ECB's secondary objectives

III. The Banking Union and the Single Supervisory Mechanism

A. The legal basis of ECB supervision

B. ECB competences and tasks as a bank supervisor

C. The Supervisory Board

D. ECB, banking regulation, and sustainability

E. ECB primary task of price stability and new supervisory role

IV. Banking Union and the Single Resolution Mechanism

A. The Single Resolution Mechanism

B. ECB/​SSM coordination with the SRB

V. Summing Up and Future Challenges

8. The Relationship between the ECB and the National Competent Authorities in the Single Supervisory Mechanism: Problems and Perspectives

II. The Role of the ECB and the NCAs within the SSM: An Overview

A. The SSM: rationale and organization

B. The ECB tasks, powers, and responsibilities

C. The NCA tasks, powers, and responsibilities

III. The Role of the ECB and the NCAs in Day-​to-​Day SSM Banking Supervision of Significant Institutions

A. The JSTs

B. The SEP: off-​site and on-​site supervision

C. The SREP

IV. The Role of the ECB and the NCAs in SSM Authorizations

A. SSM common procedures (banking licences and qualifying holding authorizations)

B. Fit and proper authorizations

C. Other SSM authorizations for SIs

V. The Role of the ECB in the Oversight of the Functioning of the SSM

A. The ECB's responsibility for oversight

B. The NCA's duty of assistance

VI. Conclusion.

9. The Role of the ECB in the International Arena and the External Dimension of EMU: A 'New' ECB within a Crippled Legal Framework?

II. The Legal Framework of the ECB's International Dimension

III. The Tricky International Legal Status of the ECB

IV. The Evolution of the ECB's International Dimension: The ECB as a Growing Global Player?

A. 'Article 219 TFEU' practice

B. Relationship with international organizations and fora

C. The ECB's international cooperation instruments

D. 'Borrowing' of the ECB outside the EU Treaty framework

V. A Critical Appraisal of the ECB's International Dimension: A 'New' ECB within a Crippled Legal Framework?

PART III: INSTITUTIONAL SETTING: The ECB'S 'Institutional Logic' and Its Relationship with Governments, Courts, and Parliaments

10. The Independence of the ECB: Justification, Challenges, and Possible Threats

I. Independence in Times of Crisis

II. The Justification of Central Bank Independence

A. Economic background

B. (German) democratic theory

III. Manifestations of Independence

IV. Challenges and Threats

A. Challenges to independence

B. Threats to independent monetary policy

V. Conclusion and Outlook

11. The Legitimacy and Accountability of the ECB at the Age of Twenty

II. The ECB's Inception

III. The Evolution of the ECB's Democratic Legitimacy and Accountability

A. The ECB's role as crisis manager

B. The ECB's role in the European Banking Union

C. The ECB and the COVID-​19 pandemic

IV. The ECB's Accountability at Twenty and Beyond

12. The ECB and the Court of Justice: Old Toolbox, New Problems

II. Is there a Role for the CJEU?

III. Objectives Versus Effects and the Elusive Quest for the Boundaries of Monetary Policy.

IV. The Role of Proportionality

V. Judicial Scrutiny and Standard of Review

A. Principles of judicial review

B. Standard of scrutiny

C. Process requirements

VI. Prudential Supervision: A New Litigation Landscape

A. Composite procedures and hybridity

VII. Application of National Law by the ECB

VIII. Fines

IX. Conclusion

13. Assessing and (Re-​)situating Today's ECB in the EU's Institutional Landscape

II. The ECB's Institutional Structures: From Maastricht to Lisbon Today

A. The ECB's original institutional architecture

B. The adaptation of the ECB's institutional design to the EBU: increased national influence in the functioning of the ECB?

III. Has the National Component within the Supranational ECB Grown Larger?

A. Enhanced representation of national interests in the ECB's institutional structure proper

B. The potential reinforcement of the national dimension in practice

C. The Eurosystem's and the ECB's supranational character (still) reinforced by recent judicial developments

IV. Re-​situating the ECB in the EU's Institutional Landscape: How Do the Institutional Logics that Govern Today's ECB Compare to Those of other EU Institutions and Bodies?

14. The ECB in the New Normal: Organizing Fiscal Support for Monetary Policy

II. The Institutional Loneliness of the ECB

III. A Euro Area Fiscal Capacity

IV. A Safe Sovereign Asset for the Euro Area

V. A Fiscal Backstop for the Eurosystem

PART IV: A CONTEXTUAL ANALYSIS OF THE ECB

15. The ECB Mandate-​a Comparative Constitutional Perspective

II. Central Bank Mandates: Formal Sources and their Implementation

A. Legal sources of central bank mandates, objectives, and tasks.

B. Implementation of central bank mandates: a purposive and functional approach since the GFC.

Notes:

This edition previously issued in print: 2022.

Includes bibliographical references and index.

Description based on online resource; title from home page (viewed on June 27, 2023).

ISBN:

0-19-264469-6

0-19-191435-5

0-19-264468-8