20 February 2009

ECB publishes Eurosystem oversight policy framework

The framework describes the role of the Eurosystem and provides an overview of the existing methods and instruments. Also, the oversight standards for payment instruments will create a common ground for all payment instrument frameworks.

The ECB publihed the “Eurosystem oversight policy framework”.

 

The framework describes the role of the Eurosystem in the field of oversight. Promoting the smooth operation of payment systems is a key task of the Eurosystem. For the performance of this task, the Eurosystem applies three approaches: it takes an operational role, conducts oversight activities and acts as a catalyst.

 

The framework provides an overview of the existing set of methods and instruments that the Eurosystem employs in the field of oversight. Moreover, it gives an insight into the allocation of roles within the Eurosystem and places the Eurosystem’s oversight activities in a global context, most notably with respect to the interdependence and location of payment and settlement systems.

 

The ECB also publishing the Eurosystem’s “Harmonised oversight approach and oversight standards for payment instruments”.

 

Recent consultations had revealed that there were increased expectations in the market for a uniform approach and a level playing-field in the oversight of SEPA payment instruments by central banks across the euro area.

 

The standards will create a common ground for all payment instrument frameworks, while leaving enough flexibility for the specificities of the individual instruments involved. Instead of elaborating frameworks in response to market developments on a case-by-case basis, the common oversight standards represent foundations on which oversight of payment instruments in general can be built.

 

Press release

Eurosystem oversight policy framework
Harmonised oversight approach and oversight standards for payment instruments

 

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