Nije dostupno na hrvatskom jeziku.
Zakaria Gati
- 21 May 2025
- FINANCIAL STABILITY REVIEW - ARTICLEFinancial Stability Review Issue 1, 2025Details
- Abstract
- The market capitalisation of crypto-assets has surged recently, fuelled by positive and broadening investor interest, including from traditional finance. Several key financial stability risks associated with crypto-assets have been identified in past editions of this publication and by the Financial Stability Board. They include, among others, interconnectedness with traditional finance, market volatility and lack of transparency, liquidity and maturity mismatches, and leverage and concentration. This special feature focuses on the first two. For these sources, risks for financial stability in the euro area appear limited, but there are signs that interconnectedness between the crypto-asset ecosystem and the traditional financial sector is strengthening. As it does, new channels of potential contagion are opening up, warranting closer monitoring. At the same time, euro area households’ direct exposures are slowly rising from low levels. Data gaps, especially for the crypto exposures of non-banks and leverage, pose challenges both for monitoring and for assessing the scale of these sources of systemic risk. It is therefore essential that these data gaps be closed and that responsible authorities remain vigilant. Although the EU has established a stringent regulatory framework, global regulation is either fragmented or absent, raising the risk of regulatory arbitrage and contagion from abroad.
- JEL Code
- G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G51 : Financial Economics
- 26 February 2025
- OCCASIONAL PAPER SERIES - No. 368Details
- Abstract
- This paper provides an overview of recent analytical work conducted, under their own aegis, by experts from various European authorities and institutions in the field of crypto-asset monitoring. Currently, risks stemming from crypto-assets and the potential implications for central banking domains are limited and/or manageable, including as regards the existing regulatory and oversight frameworks. Nevertheless, the importance of monitoring developments in crypto-assets, raising awareness of the potential risks and fostering preparedness cannot be overstated. In light of this, this paper sets out the background to the establishment of the Crypto-Asset Monitoring Expert Group (CAMEG) in late 2023 to bring together experts from the Eurosystem’s central banks and from the European Systemic Risk Board (ESRB). It also provides abstracts of various papers and other analytical works presented at the inaugural CAMEG conference held on 24 and 25 October 2024. The conference aimed to take stock of analytical work and data issues in this area, while fostering European collaboration and monitoring in the field of crypto-assets. Finally, this paper outlines the prospective way forward for the CAMEG, focusing on gaining greater insight into data in this area and deepening analytical work on interlinkages, crypto-asset adoption and the latest trends.
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 18 June 2024
- FINANCIAL INTEGRATION AND STRUCTURE BOXFinancial Integration and Structure in the Euro Area 2024Details
- Abstract
- The European Union's FinTech industry has experienced rapid growth since the 2010’s, with a significant concentration of firms in major financial centers. This Box suggests that one of the reasons for the clustering of FinTechs close to financial centres may be easier access to equity finance. The analysis also shows that FinTechs outside financial centres compared to Fintechs that cluster in financial centers need to rely more on their performance as a signalling device to potential funding providers. Given the relevance of incubators and accelerators for early-stage development and funding of FinTech startups, the article points to the need to further investigate the role and effectiveness of institutional support schemes. It also underscores the need to advance on the EU’s capital markets union (CMU) agenda, in particular as regards policy efforts to grow European equity markets, in terms of both liquidity and depth.
- JEL Code
- D22 : Microeconomics→Production and Organizations→Firm Behavior: Empirical Analysis
G3 : Financial Economics→Corporate Finance and Governance
O30 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→General
- 18 June 2024
- FINANCIAL INTEGRATION AND STRUCTURE BOXExamining the causes and consequences of the recent listing gap between the United States and EuropeFinancial Integration and Structure in the Euro Area 2024Details
- Abstract
- In view of recent high-profile delistings from European stock exchanges and the widening gap in listings compared to the US, this Box sheds more light on the gap in listings between the United States and Europe. It examines the reasons behind the delisting activities of EU companies and identifies mergers and acquisitions as the key determinant over time, including in recent years. In addition, an examination of the trends of dual and US listings of European firms suggests a growing attractiveness of US markets for European firms. This suggests that policy measures may be needed to make EU listings more appealing, particularly for larger companies, by enhancing market depth and liquidity and possibly further consolidating European stock exchanges.
- JEL Code
- G10 : Financial Economics→General Financial Markets→General
G15 : Financial Economics→General Financial Markets→International Financial Markets
G34 : Financial Economics→Corporate Finance and Governance→Mergers, Acquisitions, Restructuring, Corporate Governance