Stablecoins claim to stabilise the value of major currencies in the volatile crypto-asset market. This paper describes the often complex functioning of different types of stablecoins and proposes a taxonomy of stablecoin initiatives. To this end it relies on a novel framework for their classific...
The rapid growth of digital finance and crypto-assets has raised questions about the appropriate regulatory perimeter and the ability of the existing regulatory architecture to adapt to changing conditions. In this study, we evaluate the impact in terms of benefits and in terms of risk reduction...
This paper analyses money market developments since 2005, and examines factors that have affected money market functioning. We consider several metrics of activity in both secured and unsecured euro area money markets, and study interactions with new Basel III regulations and with central bank p...
The so-called 'UCITS Directive' of 1998 went some way towards the creation a single market for unit trusts, based on the principle of home-country control. The Commission has recently made proposals to allow a wider choice of investments by funds and further open up the market; and these have gi...
