Note on the interactions between payment systems and monetary policy

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.This paper analyses the interactions between, on one hand, monetary policy and financial stability responsibilities of the European Central Bank (ECB) and, on the other hand, Post-Trading-Financial Market Infrastructures. Its basic conclusion is that Payment Systems are critical for monetary policy while Central Counter Parties (CCPs) are critical for financial stability. However, in stressed conditions CCPs can be the source of risks also for monetary policy.

The paper was produced in advance of the 26 February 2018 Monetary Dialogue.

• Primary Source

European Parliament: European Parliamentary Research Service: In-Depth Analysis, February 2018: Note on the interactions between payment systems and monetary policy http://www.europarl.europa.eu/RegData/etudes/IDAN/2018/614217/IPOL_IDA(2018)614217_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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