In this paper we analyse the implications of the euro for the international reserves in the Eurosystem. Two conceptually different effects of the changeover have to be distinguished: a technical effect that largely arises as a matter of accounting, and a behavioural effect that stems from the fact that the optimal demand of the aggregate Eurosystem is not equal to the sum of the optimal country levels. The technical effect arises from two main sources: the abolishment of the ECU-creating mechanism, and the redefinition of international reserves which precludes (former) reserves that were denominated in euro-currencies. As a result the average reserves of the Eurosystem in 1999 amounted to $287 billion, considerably less than in 1998 ($345 billion). We then derive a reserve demand function for the aggregate Eurosystem using panel data estimation techniques and simulate reserve demand for the situation after the regime shift. The optimal aggregate level of reserves turns out to be some $188 billion, which implies excess reserves in the Eurosystem amounting to approximately $100 billion in the year 1999. We go on by proposing a key by which this excess could be allocated to the individual countries taking the asymmetric distribution of reserves in the Eurosystem into account. Finally we classify and enumerate the proposals for making use of the estimated reserve overhang. (author's abstract) / Series: EI Working Papers / Europainstitut

The main objective of this thesis was to map the logistics system coins and notes circulations in the Czech Republic and design a system of logistics activities in the exchange of cash money, when Czech Republic adopts the single European currency. The secondary aim was to describe the current currency exchange preparation and propose an optimization based on currency conversions in the past and in other states. The important was to get the information by structured interviews with technical staff Czech National Bank in Prague and with former director of the Czech National Bank in the Czech Budejovice. Based on the information was described distribution chain of cash money. Part of this thesis is devoted to the current issue of the introduction of the euro in the Czech Republic. The exchange of cash money is the most visible element of currency change. Also puts the greatest demands on the logistics management. Based on the information about the euro changeover in other states have been proposed recommendations for the Czech Republic.

The new European Central Bank’s strategy review, unveiled in July 2021, has placed climate change at the core of its new monetary policy strategy. As climate change affects price stability through physical and transition risks, climate change considerations belong to the Eurosystem’s primary mandate. Since climate risks are not integrated into prices by the financial markets, neither by the rating agencies in their credit ratings, the Eurosystem must integrate its own climate criteria in its monetary policy instruments. This paper focuses on the corporate sector asset purchases instrument, namely the Corporate Sector Purchase Programme (CSPP) and the private sector part of the Pandemic- Emergency Purchase Programme (PEPP). It combines monetary policy and climate data to develop Climate Change scores for each eligible issuer. The score aims to identify the best and worst issuers in terms of climate change considerations to operate a tilting of purchases towards the best and away from the worst. The paper first sets forth the construction of the Climate change score, built on backward-looking, forward-looking and disclosure metrics, to make it robust against critics, robust over time but also scalable to ensure feasibility. It then analyses the empirical results and its operational implications on the tilting. It concludes that the tilting is heavily influenced by the skewness characteristic of the eligible universe. It also elucidates the need for more granularity, both for the sector’s taxonomy, the scores and the envelopes. Finally, it shows how the final design depends on policy objectives, whether it is to finance the green transition or a purely balance-sheet protection, or a combination of both. / I Europeiska centralbankens nya strategiöversyn, som presenterades i juli 2021, har klimatförändringen placerats i centrum för den nya penningpolitiska strategin. Eftersom klimatförändringarna påverkar prisstabiliteten genom fysiska risker och övergångsrisker hör klimatförändringshänsyn till Eurosystemets primära mandat. Eftersom klimatrisker inte integreras i priserna av finansmarknaderna och inte heller av kreditvärderingsinstituten i deras kreditbetyg, måste Eurosystemet integrera sina egna klimatkriterier i sina penningpolitiska instrument. Denna artikel fokuserar på instrumentet för köp av tillgångar i företagssektorn, nämligen Corporate Sector Purchase Programme (CSPP) och den privata sektorns del av Pandemic-Emergency Purchase Programme (PEPP). Den kombinerar penningpolitiska och klimatrelaterade data för att ta fram ett klimatrelaterade betyg för varje kvalificerad emittent. Poängen syftar till att identifiera de bästa och sämsta emittenterna för att kunna styra inköpen mot de bästa och bort från de sämsta. I artikeln beskrivs först hur poängsystemet konstrueras. Det bygger på data som är såväl bakåtblickande som framåtblickande samt på hur väl emittenten kommunicerar sitt klimatarbete. Syftet är att utveckla ett poängsystem som är robust mot kritik, robust över tid men också skalbart för att säkerställa genomförbarheten. Därefter analyseras de empiriska resultaten och dess operativa implikationer. Slutsatsen är att viktningen är starkt påverkad av den skevhet som kännetecknar det stödberättigade universumet. Den belyser också behovet av mer detaljerad information, både när det gäller sektorns taxonomi, poängsättningen och kluster. Avslutningsvis visar den hur den slutliga utformningen beror på val av politiska mål, huruvida målet är att finansiera den gröna omställningen eller ett rent balansräkningsskydd, eller en kombination av båda.

This thesis aims to analyse the connection between the Eurozone's balance of payments crisis and the TARGET 2 balances. These balances represent mutual clearing relationship of the individual euro area member states to the European Central Bank inside the TARGET 2 system, which serves as a heart of the Eurozone's payment settlements. In fact, the central banks of the core countries hold significant positive balances while the peripheral central banks accumulated substantial negative positions. The TARGET 2 balances appeared mainly as a consequence of the liquidity outflow from the peripheral countries to the core due to the large imbalances in fundamental factors such as the NCA deficits, net foreign debt, public and private debt or competitiveness. The development of the balances was further facilitated via uneven liquidity provisions from the Eurosystem, as the peripheral countries effectively financed their balance of payments disequilibrium by issuing new liquidity that almost immediately moved to the core. The banking systems of the core started to operate in the liquidity excess status as the monetary base increased in 2011 and 2012. Assets with questionable quality collateralized the increasing refinancing operations in the periphery as the collateral requirements were repeatedly lowered. It resulted in an increase in the credit risk of these operations primarily in the periphery countries. This situation, among many others presented in this thesis, raises further questions about the parameters of the future single monetary policy as well as the continuance of the European monetary union.

La banque centrale européenne (bce) n'est pas une institution au sens des traités communautaires. pourtant elle dispose, à l'image des institutions, de pouvoirs législatifs et exécutifs. au sens du droit communautaire, la bce est un <<organe>>, elle jouit donc de la personnalité juridique. dans le paysage institutionnel de l'union, la bce est la seule à disposer à la fois de pouvoirs législatifs et exécutifs et de la personnalité morale. il convient de ce fait de se poser la question de la place de la bce dans ce paysage institutionnel. de plus, les pouvoirs de la bce et leur exercice sont extrêmement flous. tout d'abord, la bce partage certains pouvoirs avec le conseil ecofin, qui lui mêne en partage avec l'eurogroupe. ensuite, les pouvoirs de la bce sont exercés soit par le conseil des gouverneurs, soit par le directoire. les décisions prises par ces organes, sont ensuite mises en oeuvre par la bce elle même ou par les banques centrales nationales. il se pose donc la question des réels pouvoirs de la bce, du fait de son intégration au sein du système européen de banques centrales. beaucoup d'auteurs ont apporté des réponses à ces questions, la bce : banque centrale de la communauté, la bce autorité administrative indépedante, le bce communauté internationale à part. malgré, l'intérêt de ces travaux aucun n'a pris en compte la bce dans sa globalité et dans sa complexité. notre travail de tèse se propose de reprendre l'ensemble des questions relatives à la place de la bce dans les institutions et organes de l'union, afin de mieux définir et comprendre cet organe à part. / The Eurosystem is a unique structure of European Union law which includes the central banks of States that have adopted the euro and the European Central Bank. A theoretical study of the evolution of the exercise of power within the Union demonstrates the emergence of a new methode of integration called "vertical integration." In a dialectical process between theory and reality of the Eurosystem, the main features of the the vertical integration method can be tested and its main qualities and defects disclosed.The method of vertical integration led to the construction of sub-systems composed of national bodies and body of the Union. The method operates in four directions. The sub- system thereby producted relates formally and functionally to the EU and operates in a specific sector which imposes the specificities of its action. It can be said "organized" (its components are interconnected by complex interrelationships guaranteeing the unity and effectiveness of the system). It is independent from the states as it is from the political institutions of the Union.The study of the Eurosystem through this perspective allows to elucidate the nature of this unusual construction whose action in crises - the financial crisis and the sovereign debt crisis - was crucial. Such research can also highlight, under a new perspective, the recent developments in the institutional system of the EU as a whole.