The issue of sustainability has hardly left any sector or area untouched. This also applies to financial markets: the EU Member States are trying to transform their economies into net-zero carbon ones, the Commission has presented a comprehensive action plan on sustainable finance, and the ECB...

The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three...

In early 2022, a UK CCP canceled some $4 billion of transactions in the war-affected nickel market, triggering outrage from market participants that were in the money. The ‘nickel debacle’ illustrates that CCP risk management and loss absorption mechanisms may result in value redistribution...

This study discusses recent and current conditions relating to financial stability in the euro area, developing, in particular, on the impact of the current “inflation crisis” on financial stability vulnerabilities. Furthermore, it addresses two related priorities for the Single Resolution...

It has become widely acknowledged that the looming climate crisis and the necessary transition to a low-carbon economy can and will be financially material for financial institutions. Accordingly, microprudential supervisors have started including climate-related financial risks in their daily...