This book is a collection of the proceedings of the ECB Legal Conference "From Monetary Union to Banking Union, on the way to Capital Markets Union: new opportunities for European integration", hosted by the European Central Bank on 1 and 2 September 2015. One of the main objectives of this...

This year's ECB Sintra Forum on Central Banking focused on the major real economy developments that surround and interact with monetary policy. Policymakers, academics and market economists debated on the topics of innovation, investment and productivity as well as business cycles, growth and...

This paper looks at the relevance of a central bank's own finances for its policy work. Some central banks are exposed to significant financial risks, partly due to the environment in which they operate, and partly due to the nature of policy actions. While financial exposures and losses do not...