On June 8, the European Central Bank (ECB) began its Corporate Sector Purchase Programme (CSPP), which was initially announced by the bank’s president, Mario Draghi, on March 10 as an addendum to the ECB’s quantitative easing (QE) program.
Earlier this year, the European Central Bank (ECB) decided to cut its deposit rate to -0.4 percent and its benchmark refinancing rate to zero.
Owing to the historic referendum result that has paved the way for the UK to leave the European Union (EU), the City of London—the world’s largest financial sector—is set to be fundamentally transformed, along with the banking sectors in the UK and Europe predominantly.
The Banking Union project, launched in the summer of 2012, was key to reversing the fragmentation trends that were threatening the Eurozone at the time.
In the aftermath of the global financial crisis, it became clear that banking resolution was one of the key aspects of the necessary reform of financial regulation, with the objective of reducing the cost of banking crises and avoiding the use of taxpayers’ money. In the case of global banks, the cross-border dimension added a new layer of complexity to these debates.
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