ECB publishes a book on the payment system and the role of the Eurosystem in this field
07 September 2010
It provides a comprehensive insight into the handling of financial transactions and the functioning of the related financial market infrastructure. It also explains the role and policies of the Eurosystem in this field.
The European Central Bank (ECB) has today published a book entitled “The payment system – payments, securities and derivatives, and the role of the Eurosystem”.
The book consists of three parts. The first provides insight into the market infrastructure of modern economies with a view to examining key concepts which have general validity and are thus applicable around the world. The emphasis is placed on the principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The second concentrates on issues concerning the market infrastructure for the handling of euro-denominated payments, securities and derivatives, as well as the most important EU legislation. The third explains the operational, oversight and catalyst roles of the Eurosystem and the policies established by the Governing Council of the ECB in this field. It also considers the legal basis for the Eurosystem’s involvement and describes the transparent and cooperative approach adopted by the Eurosystem with a view to pursuing its public policy objectives while acting within a modern market economy environment.
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