ECB Consults on Its Approach to Options and Discretions Available in EU Law
November 8, 2024
Madrid, Spain – The European Central Bank (ECB) has launched a public consultation on its approach to options and discretions available in European Union (EU) law.
The consultation document sets out the ECB’s current understanding of its powers and responsibilities under EU law and seeks input from stakeholders on how these powers should be exercised.
Key Features of the Consultation
- Scope: The consultation covers all aspects of the ECB’s exercise of its powers, including its monetary policy, financial stability, and supervisory functions.
- Options and Discretions: The ECB focuses on identifying areas where it has discretion or choice in implementing EU law. These include, for example, the setting of interest rates, the conduct of open market operations, and the implementation of prudential regulations.
- Balancing Objectives: The ECB recognizes that the exercise of its powers must balance different objectives, such as price stability, financial stability, and economic growth.
- Transparency and Accountability: The ECB emphasizes the importance of transparency and accountability in its decision-making. It seeks feedback on how stakeholders can be better informed and engaged in the ECB’s policymaking process.
Implications for Stakeholders
The consultation is relevant to a wide range of stakeholders, including:
- Financial institutions
- Market participants
- Economists
- Policymakers
- Academics
The ECB’s approach to options and discretions will significantly impact the regulatory environment and the conduct of monetary policy in the euro area.
Consultation Process
The consultation period will run until February 28, 2025. Stakeholders are encouraged to submit their views through the ECB’s online feedback portal.
The ECB will carefully consider all feedback received and will publish its conclusions, along with any necessary amendments to its approach, in the second half of 2025.
Additional Information
The consultation document is available on the ECB’s website at: www.ecb.europa.eu/pub/pdf/other/ecb.cons081124~c66204895e.en.pdf
For more information about the consultation, please visit the ECB’s website at: www.ecb.europa.eu/home/search/options+and+discretions/html/index.en.html
ECB consults on its approach to options and discretions available in EU law
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