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The European Union is currently making significant strides to lead on green finance and align its financial system with its climate, sustainability and clean energy ambitions. To this end, the European Commission presented three legislative proposals on sustainable finance in May 2018.
The EU Commission proposes establishing Sovereign-Backed Securities (SBSs) as a class of safe assets for the euro area. SBSs are generated by an issuing agency that would purchase a large diversified portfolio of national sovereign bonds, and finance the purchases by issuing (at least) two types of structured bonds: a risk-free senior SBSs tranche and a risky junior SBSs tranche.
Since the outbreak of the European financial and economic crisis in 2008, the monetary policy of the European Central Bank (ECB) has been in crisis mode. Ensuring that the growth in the money supply transmutes into higher inflation or inflation expectations has been difficult.
Weak Credit Growth Hinders Eurozone Inflation to Increase
Low Inflation: A Challenge for Central Banks
Comments on the Public Consultation of the European Commission on the Possible Impact of the CRR and CRD IV
The case of Greece has reveiled an institutional gap remains in the institutional framework of EMU: an orderly insolvency mechanism for sovereign states. After weighing the pros and cons of such a...
Many Eurozone governments, corporations and private households are still involved in an unfinished balance sheet repair process. Debt levels are still high and there are looming risks that negative...
Causes, effects and a way out
A Critical Evaluation