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EBI Report on the 'Pandemic Crisis-Related' EBI Report as of 18 December 2020 EBI Report on the ‘Pandemic Crisis-related’ Economic Policy and Financial Regulation Measures: International, EU and Euro Area Levels (standing as of 18 December 2020) Professor Dr. Christos V. Gortsos and Theodor Aspros, LLM candidate (Law School, National and Kapodistrian University of Athens) EBI Report as of 18 December 2020 TABLE OF CONTENTS I. Economic Policy Measures A. Monetary Policy Measures: European Central Bank (ECB) – Eurosystem B. Other Economic Policy Measures 1. EU Council – Eurogroup Reports and Statements 2. Council of the EU 3. European Parliament and Council of the EU 4. European Commission • Decisions and Regulations • Proposals for legislative acts • Communications / Guidelines / Recommendations • Other 5. European Stability Mechanism (ESM) 6. Measures taKen by Member States 7. Organisation for Economic Co-operation and Development (OECD II. Financial Stability – Banking Regulation A. International Level 1. Financial Stability Board (FSB) 2. Basel Committee on BanKing Supervision (BCBS) 3. International Association of Deposit Insurers (IADI) B. EU – Euro Area Level 1. ECB – Single Supervisory Mechanism (SSM) 2. European Banking Authority (EBA) 3. Single Resolution Board (SRB) 4. European Systemic Risk Board (ESRB) III. Capital Markets Regulation A. International Level: International Organization of Securities Commissions (IOSCO) B. EU Level: 1. Council of the EU 2. European Securities and MarKets Authority (ESMA) EBI Report as of 18 December 2020 I. Economic Policy Measures A. Monetary Policy Measures: European Central Bank (ECB) – Eurosystem ECB prolongs support via targeted lending operations for banks that lend to the real economy: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr201210_1~e8e95af01c.en.html (10/12) ECB extends pandemic emergency longer-term refinancing operations: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr201210~8acfa5026f.en.html (10/12) Monetary policy decisions: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp201210~8c2778b843.en.html (10/12) Monetary policy decisions: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp201029~4392a355f4.en.html (29/10) Decision (EU) 2020/1264 of the European Central Bank of 8 September 2020 amending Decision (EU) 2019/1743 of the European Central Bank on the remuneration of holdings of excess reserves and of certain deposits (ECB/2020/38, OJ L 297, 11.9.2020, p. 5): https://eur-lex.europa.eu/legal- content/EN/TXT/?uri=uriserv:OJ.L_.2020.297.01.0005.01.ENG&toc=OJ:L:2020:297:TOC (11/9) Monetary policy decisions: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp200910~f4a8da495e.en.html (10/9) Decision (EU) 2020/1143 of the European Central Bank of 28 July 2020 amending Decision (EU) 2020/440 on a temporary pandemic emergency purchase programme (ECB/2020/36, OJ L 248, 31.7.2020, p. 24): https://eur-lex.europa.eu/legal- content/EN/TXT/?uri=uriserv:OJ.L_.2020.248.01.0024.01.ENG&toc=OJ:L:2020:248:TOC (31/7) Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates): https://www.ecb.europa.eu/press/govcdec/otherdec/2020/html/ecb.gc200731~33d1f664a6.en.html (31/7) The impact of the ECB’s monetary policy measures taken in response to the COVID-19 crisis: https://www.ecb.europa.eu/pub/economic-bulletin/focus/2020/html/ecb.ebbox202005_03~12b5ff68bf.en.html (30/7) Europe’s response to the crisis: https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200723~c06fafabb6.en.html (23/7) Monetary policy decisions: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp200716~fc5fbe06d9.en.html (16/7) Necessary, suitable and proportionate: https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200628~d238a8970c.en.html (28/6) New Eurosystem repo facility to provide euro liquidity to non-euro area central banks: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200625~60373986e5.en.html (25/6) The market stabilisation role of the pandemic emergency purchase programme: https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200622~14c4269b9e.en.html (22/6) Opinion of the ECB of 8 May 2020 on a proposal for a regulation on the establishment of a European instrument for temporary support to mitigate unemployment risks in an emergency (SURE) following the COVID-19 outbreak (CON/2020/14, OJ C 190, 8.6.2020, p. 1): https://eur-lex.europa.eu/legal- content/EN/TXT/?uri=uriserv:OJ.C_.2020.190.01.0001.01.ENG&toc=OJ:C:2020:190:TOC (8/6) Expanding the pandemic emergency purchase programme: https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200605~0ee256bcc9.en.html (5/6) Monetary policy decisions: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp200604~a307d3429c.en.html (4/6) Guideline (EU) 2020/634 of the ECB of 7 May 2020 amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2020/29, Page 3 of 41 EBI Report as of 18 December 2020 OJ L 148, 11.5.2020, p. 10): https://eur-lex.europa.eu/legal- content/EN/TXT/?uri=uriserv:OJ.L_.2020.148.01.0010.01.ENG&toc=OJ:L:2020:148:FULL (11/5) Decision (EU) 2020/614 of the European Central Bank of 30 April 2020 amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (ECB/2020/25, OJ L 141, 5.5.2020, p. 28): https://eur-lex.europa.eu/legal- content/EN/TXT/?uri=uriserv:OJ.L_.2020.141.01.0028.01.ENG&toc=OJ:L:2020:141:TOC (5/5) The monetary policy response to the pandemic emergency: https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200501~a2d8f514a0.en.html (1/5) ECB announces new pandemic emergency longer-term refinancing operations: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html (30/4) ECB recalibrates targeted lending operations to further support real economy: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430~fa46f38486.en.html (30/4) ECB communication to reporting agents on the extension of deadlines for the reporting of statistical information in the context of COVID-19: https://www.ecb.europa.eu/pub/pdf/other/ecb.200429_extension_deadlines_statistical_info_covid~13f0c6dca 1.en.pdf?73e15e0d647950b36b682dc9dddbe5c5 (29/4) ECB takes steps to mitigate impact of possible rating downgrades on collateral availability: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200422_1~95e0f62a2b.en.html (22/4) Improving funding conditions for the real economy during the COVID-19 crisis: the ECB’s collateral easing measures: https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200422~244d933f86.en.html (22/4) Regulation (EU) 2020/533 of the European Central Bank of 15 April 2020 on the extension of deadlines for the reporting of statistical information (ECB/2020/23, OJ L 119, 17.4.2020, p. 15): https://eur- lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2020.119.01.0015.01.ENG&toc=OJ:L:2020:119:FULL (17/4) ECB communication to reporting agents on the collection of statistical information in the context of COVID-19: https://www.ecb.europa.eu/pub/pdf/other/ecb.200415_communication_reporting_agents_on_statistical_info_c ovid~563fccc78b.en.pdf (15/4) How the ECB is helping firms and households: https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html (9/4) Guideline (EU) 2020/515 of the ECB of 7 April 2020 amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2020/21, OJ L 110I, 8.4.2020, p. 26): https://eur-lex.europa.eu/legal- content/EN/TXT/?uri=uriserv:OJ.LI.2020.110.01.0026.01.ENG&toc=OJ:L:2020:110I:FULL (8/4) Decision (EU) 2020/506 of the ECB of 7 April 2020 amending Guideline (EU) 2015/510 on the implementation of the Eurosystem monetary policy framework and Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2020/20, OJ L 109I, 7.4.2020, p. 1): https://eur-lex.europa.eu/legal- content/EN/TXT/?uri=uriserv:OJ.LI.2020.109.01.0001.01.ENG&toc=OJ:L:2020:109I:FULL (7/4) ECB announces package of temporary collateral easing measures: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200407~2472a8ccda.en.html (7/4) The ECB’s commercial paper purchases: A targeted response to the economic disturbances caused by COVID-19: https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200403~54ecc5988b.en.html (3/4) ECB extends review of its monetary policy strategy until mid-2021: https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200402~942a1358ee.en.html (2/4) Decision (EU) 2020/441 of the ECB of 24 March 2020 amending Decision (EU) 2016/948 of the European Central Bank on the implementation of the corporate sector purchase programme (ECB/2020/18, OJ L 91, 25.3.2020, p. 5): https://eur-lex.europa.eu/legal- content/EN/TXT/?uri=uriserv:OJ.L_.2020.091.01.0005.01.ENG&toc=OJ:L:2020:091:FULL (25/3) Page 4 of 41 EBI Report as of 18 December 2020 Decision (EU) 2020/440 of the ECB of 24 March 2020 on a temporary pandemic emergency purchase programme (ECB/2020/17, OJ L 91, 25.3.2020, p. 1): https://eur-lex.europa.eu/legal- content/EN/TXT/?uri=uriserv:OJ.L_.2020.091.01.0001.01.ENG&toc=OJ:L:2020:091:FULL (25/3) Our response to the coronavirus emergency: https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200319~11f421e25e.en.html (19/3) Decision (EU) 2020/407 of the European Central Bank of 16 March 2020 amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (ECB/2020/13, OJ L 80, 17.3.2020, p.
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