2009年-ECB欧洲央行_Eurosystem_oversight_policy_framework_12页_216kb

Eurosystem Oversight Policy Framework Summary

Introduction

Payment and settlement systems are crucial for the stability and efficiency of the financial sector and the euro area economy. In 2007, the daily average value of payments processed in the euro area's large-value payment systems reached EUR 2,713 billion, representing 30.5% of the euro area's GDP. Ensuring the safety and efficiency of these systems is essential for the Eurosystem's ability to support financial stability, implement monetary policy, and maintain public confidence in the euro.

The Eurosystem promotes smooth operation through three complementary approaches: taking an operational role, conducting oversight activities, and acting as a catalyst. This framework replaces the Eurosystem's earlier 2000 policy statement and aligns with the 2005 G10 report on central bank oversight of payment and settlement systems.

The Need to Promote the Smooth Functioning of Payment and Settlement Systems

Rationale for Eurosystem Involvement

The Eurosystem is tasked with promoting the smooth operation of payment systems under Article 105(2) of the Maastricht Treaty and the Statute. These systems are exposed to various risks—legal, credit, liquidity, and operational—which can become systemic and affect the broader financial sector and economy. Delays in transaction settlement can create knock-on effects and reduce incentives for prudent behavior, especially if participants believe they are "too big to fail."

The Eurosystem also addresses inefficiencies in payment and securities infrastructures, including fragmentation in cross-border transactions. Ensuring a balance between operational costs, safety, and reliability is vital for the sustainability and effectiveness of these systems.

Complementary Approaches to Promoting Safety and Efficiency

The Eurosystem employs three approaches:

1. Operational Role: As the owner and operator of certain systems, the Eurosystem has direct control over safety and efficiency.
2. Oversight Activities: The Eurosystem ensures that all systems, whether operated by private entities or itself, are safe and efficient. This includes monitoring and assessing systems against established standards.
3. Catalyst Role: The Eurosystem supports market developments and facilitates coordination among participants and public authorities to improve efficiency and interoperability.

Oversight Responsibilities

Legal Basis

The Eurosystem's oversight responsibilities are derived from the Treaty and the Statute. These documents assign the Eurosystem the task of promoting the smooth operation of payment systems. The ECB and NCBs have regulatory and operational powers, which are subject to the Treaty's provisions. Some NCBs also have oversight competencies based on national laws.

Oversight Objectives and Standards

The Eurosystem focuses on safety and efficiency in its oversight policies. It does not pursue other public policy objectives such as anti-money laundering, unless acting as a catalyst. Oversight standards are largely based on international frameworks like the CPSS and IOSCO, adapted for the euro area context.

Scope of Oversight

The Eurosystem oversees payment systems, securities settlement systems, central counterparties (CCPs), payment instruments, and third-party service providers. It aims to ensure consistent application of standards without creating competitive distortions. The Eurosystem has developed specific standards for large-value and retail payment systems, including SEPA instruments.

• Large-value payment systems: Subject to the Core Principles and business continuity expectations.
• Retail payment systems: Covered by oversight standards that distinguish between systemically important, prominently important, and other systems.
• Securities settlement systems and CCPs: Critical for financial stability, with oversight responsibilities typically assigned to NCBs under national laws.
• Payment instruments: Non-cash instruments like cards and e-money are overseen through a generalised approach and common standards.
• Correspondent and custodian banks: Subject to banking supervision rather than direct oversight.
• Third-party service providers: Retain responsibility for their operations, with the Eurosystem ensuring compliance with oversight policies.
• Non-banks: Play a growing role in payment services, and the Eurosystem advocates for cooperation with banking supervisors to ensure a level playing field.

Oversight Activities

The Eurosystem follows a three-step oversight process:

1. Collecting Information: Through bilateral contacts, reporting, and documentation.
2. Assessing Information: Against its standards and recommendations.
3. Inducing Change: Where necessary, using tools like moral suasion, public statements, and binding regulations.

Oversight is conducted in a risk-based manner, prioritizing systems and risks accordingly. The Eurosystem ensures that its own systems are treated with the same standards as private sector systems to maintain a level playing field.

Allocation of Roles Within the Eurosystem

The Eurosystem shares oversight responsibilities among the ECB and NCBs, leveraging its decentralised structure. The ECB coordinates oversight activities and ensures consistency across the euro area. Each NCB is responsible for systems with a clear national anchor, while the ECB oversees systems without domestic anchors or those with significant cross-border relevance.

Oversight activities are reported to the Governing Council, with a focus on transparency and consistency. Coordination is essential, especially during crises, to ensure timely and effective responses.

Cooperative Oversight

The Eurosystem operates within a cooperative framework, recognizing the global interdependencies of payment and settlement systems. It collaborates with other central banks and authorities, such as the G10 and CESR, to ensure harmonized oversight and address offshore infrastructures.

This framework emphasizes the importance of cooperation and coordination to maintain stability and efficiency in the euro area's financial systems.