![]() ![]() Oversight responsibilities are assigned to the Eurosystem, which comprises the ECB and the national central banks (NCBs) of the euro area. assessing the information against the oversight objectives.In conducting its oversight tasks, the Eurosystem follows a three-step process: The Eurosystem has set out its oversight objectives for safety and efficiency in specific oversight regulations, principles, guidelines and recommendations which are relevant for the overseen infrastructures and entities, as well as for electronic payment instruments, schemes and arrangements. other infrastructures and service providers.electronic payment instruments, schemes and arrangements.securities settlement systems and central counterparties.payment systems (systemically important payment systems and non-systemically important payment systems).CPSS-IOSCO Principles for financial market infrastructures (PFMIs)Įurosystem oversight covers different types of financial market infrastructures and other entities, as well as electronic payment instruments, schemes and arrangements:. ![]() The Eurosystem’s oversight mandate also covers electronic payment instruments, schemes and arrangements, as their use requires a high degree of safety and efficiency to maintain confidence in the euro and promote an efficient economy. These systems play important roles not only in the stability and efficiency of the financial sector and the euro area economy as a whole, but also in the smooth conduct of the single monetary policy of the euro area and in the stability of the single currency. The Eurosystem promotes the safety and efficiency of payment, clearing and settlement systems under its oversight mandate. ![]()
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