1 Europe’s Monetary Union in practice José Manuel González-Páramo Member of the Executive Board and Governing Council of the European Central Bank 14th.

Slides:

Advertisements

Similar presentations

The Operational Role of the Bank of England Guo Chenzi Nov.8.

Advertisements

SUOMEN PANKKI | FINLANDS BANK | BANK OF FINLAND Banking union and financial integration in the European Union Erkki Liikanen Governor, Bank of Finland.

E UROPEAN C ENTRAL B ANK W ORLD B ANK I NTERNATIONAL M ONETARY FUND E UROPEAN I NVESTMENT B ANK Miroslava Švábová Kristýna Nevolová.

Financial Market Integration in Euro Area Development and Obstacles Zhang Jikang and Miss. Wang Xinhui Center for European Studies, Fudan University April.

The EU Recovery and Resolution framework Fátima Pires Financial Services Policy Division Directorate General Financial Stability Brussels, 2 October 2012.

1 Regional Cooperation and Innovation Development Dr. Aslim Tadjuddin Deputy Governor Bank Indonesia Regional Cooperation and Innovation Development Dr.

The European Council  The leaders meet to decide the political priorities and major initiatives in the European Council. They meet twice every six months.

History of European integration European Payments Union European Coal and Steel Community Treaty of Rome 1970s & 1980s - Expansion.

The Design and Role of Central Banks in the Global Economy.

State Treasury System Peter Bulla director of the Department of State Treasury System management Ministry of finance SR 6th september 2005.

The conduct and instruments of monetary policy June 2005.

Presentation by Ariel Sheen. Primary Policy Goal Strategic Policy Goal Strategic Policy Rule Strategic Policy Formulation Foal.

The Eurosystems’ monetary policy strategy Maarten Hendrikx Economics & Research Division Monetary Policy Department Operational Monetary Policy Seminar.

Portorož, 17 November 2006Mitja Gaspari Portorož Business Conference BoS adjustments for Eurosystem operations.

Exchange Rate Regimes and the Euro MBA W7 Professor Dermot McAleese.

HOW THE EUROPEAN SINGLE CURRENCY EVOLVED By Adam Dangelmayr & Ibrahim Kekec.

DR. PETROS KOSMAS LECTURER VARNA FREE UNIVERSITY ACADEMIC YEAR LECTURE 8 MICROECONOMICS AND MACROECONOMICS ECO-1067.

The Bank of England and the European Central Bank FNCE 4070 Financial Markets and Institutions.

The pros, the cons and a little background on the creation of the euro

1 How do Central Banks Write? An Evaluation of Inflation Reports by Inflation Targeting Central Banks Comment By Peter Andrews, Monetary Assessment and.

Seðlabanki Íslands Monetary Bulletin 2014/2 Powerpoint charts from Economic and monetary developments and prospects.

De Nederlandsche Bank Eurosysteem Actual Developments of Payments and Securities Settlement Systems Michael van Doeveren 2nd Conference of the Macedonian.

Instruments of Financial Markets at Studienzentrum Genrzensee Switzerland. August 30-September 17, 2004 Course attended by: Muhammad Arif Senior Joint.

The Response of Europe to the Collapse of Bretton Woods

SECOND BUSINESS ROUNDTABLE WITH THE GOVERNMENTS OF BOSNIA AND HERZEGOVINA Sarajevo, September PETER NICHOLL GOVERNOR CENTRAL BANK OF BOSNIA AND HERZEGOVINA.

European Economic and Social Committee EUROPEAN INDUSTRY AND MONETARY POLICY The role of the European Investment Bank MAIN PROVISIONAL CONCLUSIONS (To.

Going against the trend? European integration for retail payments Wiebe Ruttenberg Joint ECB-MNB Conference, Budapest, November 2012 ECB-CONFIDENTIAL.

Essential Question Should Europe abandon the Euro? Slide 20-1Copyright © 2003 Pearson Education, Inc.

OVERVIEW OF CAPITAL MARKET DEVELOPMENT IN THE LAC REGION Carolin A. Crabbe Infrastructure and Financial Markets Division INTER-AMERICAN DEVELOPMENT BANK.

1 Modernizing Sudan’s Monetary Policy Framework By Ghiath Shabsigh Middle East and Central Asia Department International Monetary Fund

Slovak University of Agriculture Faculty of Economics and Management History of the Economic and Monetary Union, ESCB and ECB 2007/2008 Class 2 MPA Ivana.

EUROPEAN MONETARY UNION Jérôme ODDO Céline VERCHERE.

Strengthening the EMU and the European Financial Area after the Recent Financial and Economic Crisis MOCOMILA Academic Session in cooperation with the.

The European Central Bank

OTHER NATIONS’ CENTRAL BANKING. Reserve Bank of New Zealand The bank manages monetary policy to maintain price stability, promotes the maintenance of.

De Nederlandsche Bank Eurosysteem Dutch National Forum on the Payment System 2nd Conference of the Macedonian Financial Sector on the Payments and Securities.

Data needs to assess the health of systemically important financial institutions Werner Bier Deputy Director-General Statistics IMF-FSB Users Conference.

Pablo Javier Mayordomo Signes European Union Economics.

International Relations Department Belgrade, September 28 TH, 2007 NBS PROJECT PROPOSALS.

Joint ABA- EBF Conference Inter-regional Banking Cooperation: Solid Financial Future “Relevance of the Experience of Financial Integration in Europe to.

Economic Policies Adopted by the European Central Bank Day 3 Group 4 MinhPhuong, Yu-Hin, ChingHung, Powen.

International finance The functioning of the euro area- current problems.

Regulatory framework for economic statistics of the euro area Richard Walton European Central Bank Berne, 6-8 June 2007.

Comments on the Keynote Speeches Tanaka Soko, Chuo University 14 th OCU International Symposium Osaka, 27 October 2006.

1 Financial Market Development: Sequencing Of Reforms To Ensure Stability Presented By V. Sundararajan Fi fth Annual Financial Markets And Development.

Comments: “Inflation Targeting Framework for Jamaica: An Empirical Exploration” Myriam Quispe-Agnoli Federal Reserve Bank of Atlanta Conference on Inflation.

Dr Marek Porzycki Chair for Economic Policy.  Optimum Currency Area (OCA) as the economic theory behind EMU  History of the Economic and Monetary Union.

Evolution of European market infrastructure & Options for integration/cooperation among market infrastructures Froukelien Wendt Sr. Financial Sector Specialist.

SEPA and the Payment Services Directive

0 Lessons from the Crisis Jean-Claude Trichet President of the European Central Bank University of Venice, Venice, 9 October 2009.

Communicating the meaning of indicators to decision makers, media and general public Round table discussion – Can communication save official statistics?

De Nederlandsche Bank Eurosysteem GENERAL FRAMEWORK AND OVERVIEW Carlo Winder Conference Financial Sector of Macedonia on Payments and Securities Settlement.

US, UK, EU Central Banks Hassan Ahmed Group 4 – M1 GEI.

STRENGTHENING OF THE FINANCIAL SECTOR Mr. Peter Nicholl, Governor of Central Bank of Bosnia and Herzegovina REALISING BOSNIA AND HERZEGOVINA’S EUROPEAN.

The Bank of Japan was established under the Bank of Japan Act (promulgated in June 1882) and began operating on October 10, 1882, as the nation's central.

1 Monetary Policy in Hungary Changing framework of monetary policy –New law on central bank –Shift of the exchange rate regime –Inflation targeting.

The establishment of the African Central Bank PRESENTED BY: DR. RENE N’GUETTIA KOUASSI DIRECTOR ECONOMIC AFFAIRS-AFRICAN UNION COMMISSION.

World Regional Geography Unit I: Introduction to World Regional Geography Lesson 3: Institutions of Economic Integration Question.

Preparation for and experience with the euro – an Austrian view Riga, February 22, 2013 Ewald Nowotny Governor, Oesterreichische Nationalbank.

Prof. Susanna Cafaro A.A 2014/2015 – Law Faculty. Università del Salento.

Meeting users’ demands for truly European statistics Steven Keuning, ECB, Director General of Statistics 91 st DGINS Conference Copenhagen, 26 May 2005.

ADFIMI Development Forum Darryl King International Monetary Fund April 25/26, 2016 Doha, Qatar.

TAKEN FROM VIDEO The Fed Today. The Federal Reserve The Federal Reserve is known as the ……….? Central Bank of the United States.

Banking union and financial integration in the European Union

The Economic and Monetary Union (EMU) Name:Mohammed AlQahtani

Economic and Monetary Union

The European Central Bank

Is the Eurozone Recovering?

Monetary Bulletin 2010/2 Powerpoint charts from Economic and monetary developments and prospects.

European Central Bank (Tóbi Dorina).

Presentation transcript:

1 Europe’s Monetary Union in practice José Manuel González-Páramo Member of the Executive Board and Governing Council of the European Central Bank 14th Osaka City University (OCU) International Academic Symposium Osaka, 27 October 2006

2 Introduction “EMU will contribute to the creation of a large zone of monetary stability in Europe. The euro, in particular, will be a strong and stable currency that will foster further economic and financial integration among member countries” (Duisenberg, 1997) Has EMU fulfilled these expectations?

3 Outline Assessing price stability Assessing financial integration Conclusions

4 Assessing price stability. Establishing credibility. The ECB’s approach Full independence Specific quantitative definition Medium-term horizon Two pillars: economic and monetary analyses Communication: - Publication of monetary policy strategy - Press conference - Monthly Bulletin

5 Assessing price stability. Inflation expectations

6 Assessing price stability. Predictability

7 Assessing financial integration: Its benefits Enhances the smooth and effective transmission of monetary policy Contributes to safeguarding financial stability Contributes to smooth operation of payment systems Fosters financial development

8 Assessing financial integration. The role of the Eurosystem Enhance knowledge and raise awareness –Regular publication of quantitative indicators of financial integration in the euro area Act as a catalyst for private sector activities –STEP initiative, SEPA, European Master Agreement for financial transactions Provide central banking services – TARGET, Single list of collateral, CCBM Give advice on the legislative and regulatory framework

9 Assessing financial integration. The current status (I) Money market:

10 Assessing financial integration. The current status (II). Government bond market:

11 Assessing financial integration. The current status (III). Corporate bond market:

12 Assessing financial integration. The current status (IV). Equity market:

13 Assessing financial integration. The current status (V). Banking markets:

14 Conclusions Has EMU been effective in promoting economic stability? –Yes, the response has allowed the anchoring of inflation expectations and a high degree of predictability –But other economic policies are needed: sound public finances and structural reforms Has EMU been effective in fostering financial integration? –Yes, money market is a good example –But financial integration is still lagging behind in some areas (retail, clearing and settlement infrastructure…)