The COVID-19 pandemic: Implications for financial market infrastructures and the payments ecosystem in the euro area

Klaus Löber and Patrick Papsdorf
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Klaus Löber: Head of Oversight Division, European Central Bank, Germany
Patrick Papsdorf: Head of Payments Oversight, European Central Bank, Germany

Journal of Payments Strategy & Systems, 2020, vol. 14, issue 3, 202-206

Abstract: Around the world, the COVID-19 pandemic has posed a number of challenges for financial market infrastructures (FMIs). This paper explores these issues in the context of payment systems. Given the critical role of FMIs for the functioning of the economy, for financial stability and the conduct of monetary policy, it is vital for central banks and other relevant authorities to monitor and support FMIs during the crisis and beyond to ensure their safe and efficient operations. This paper highlights various key issues for FMIs and considers different forward- looking scenarios and the associated challenges.

Keywords: pandemic; oversight; COVID-19; financial market infrastructures (FMIs); payments; central banks; crisis (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2020:v:14:i:3:p:202-206

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