The euro-area denominated payment systems and the conduct of monetary policy: Some considerations ahead of Brexit

Please note: Each In-Depth Analysis is assigned a DOI (digital object identifier), which is a safe and long term way of ensuring a hyperlink to the full text of this report. However, when ESO creates this record, on occasion the DOI still has not been activated by the EU Bookshop. If you find the source url hyperlink does not work please use the alternative location hyperlink listed as a related url.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.

Report published in advance of the European Parliament's ECON Committee's Monetary Dialogue held on the 26 February 2018.

European Parliament: European Parliamentary Research Service: In-Depth Analysis, February 2018: The euro-area denominated payment systems and the conduct of monetary policy: Some considerations ahead of Brexit http://www.europarl.europa.eu/RegData/etudes/IDAN/2018/614218/IPOL_IDA(2018)614218_EN.pdf

European Parliament: Committee: ECON: Economic and Monetary Affairs: Monetary Dialogue http://www.europarl.europa.eu/committees/en/econ/monetary-dialogue.html

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