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The COVID-19 pandemic: Implications for financial market infrastructures and the payments ecosystem in the euro area
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.
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Klaus Löber is the Head of Oversight Division at the European Central Bank. His areas of responsibility encompass the oversight of financial market infrastructures, payments instruments and schemes including their safety and efficiency, risk management and cyber resilience, as well as related EU and global regulatory activities. Prior to this, Mr Löber was Head of the Secretariat of the Committee on Payments and Market Infrastructures.
Patrick Papsdorf is the Head of Payments Oversight Section at the European Central Bank. His areas of responsibility cover the oversight of payment systems, instruments and schemes as well as their service providers and cyber resilience. Prior to this he led the European Central Bank’s Market Infrastructure Management analytics team.