Financial Authorities (Europe)

The first decade or so of the euro was a resounding success, but the sovereign debt crisis that emerged in 2010 exposed some major cracks. The existence of a two-tier European economy became more apparent, with dire problems in peripheral countries standing in stark contrast to the performance of core economies. European governments and financial authorities, fresh from dealing with the financial crisis, now faced an even bigger problem as the very existence of the euro was threatened.


This course looks at the key European financial authorities, including the role played by the European Central Bank (ECB) in implementing monetary policy for the entire euro area. The participants in the EU’s revamped supervisory framework, the European System of Financial Supervision (ESFS), are also described in detail. Finally, the course takes a look at some of the key EU financial markets directives, many of which were introduced or revised due to events in recent years.


    On completion of this course, you will be able to:

    Describe the role of the European Central Bank (ECB), particularly in terms of defining and implementing monetary policy for the euro area

    Explain the function of the European System of Financial Supervision (ESFS) and the key authorities operating as part of this system

    Outline the need for EU directives and the basic provisions of some of the main directives affecting financial markets


    Topic 1: European Central Bank (ECB)

    The ECB and The Eurosystem

    Responsibilities of the ECB

    Monetary Policy

    o Open Market Operations

    • Main refinancing Operations (MROs)

    • Longer-Term Refinancing Operations (LTROs)

    • Fine-Tuning Operations

    • Structural Operations

    o Standing Facilities

    • Marginal Lending Facilities

    • Deposit Facility

    o Reserve Requirements

    o Monetary Policy Measures During the Financial Crisis

    Foreign Exchange Operations

    Official Foreign Reserves Management

    Payment and Settlement Systems

    o TARGET2

    o SEPA

    o TARGET2-Securities (T2-S)

    o CCBM2

    Topic 2: European System of Financial Supervision (ESFS)

    Reforming EU Financial Supervision

    European Supervisory Authorities (ESAs)

    o Role of the ESAs

    o European Banking Authority (EBA)

    o European Securities and Markets Authority (ESMA)

    o European Insurance an Occupational Pensions Authority (EIPPA)

    European Systemic Risk Board (ESRB)

    Topic 3: EU Directives

    The Need for EU Directives

    Key Financial Markets Directives

    o Markets in Financial Instruments Directive (MiFID)

    o Capital Requirements Directive (CRD)

    o Market Abuse Directive (MAD)

    o Third Anti-Money Laundering (AML) Directive

    o UCITS Directive

    o Alternative Investment Fund Managers (AIFM) Directive

    o Solvency II Directive



    75 Minutes

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