Macroprudential policy and financial stability glossary

See European Banking Authority (EBA)

earnings before interest, taxes, depreciation and amortisation

excess bond premium

Eurosystem credit assessment framework

See European Central Bank (ECB)

expected credit loss

The outcome of the process laid down in the Treaty establishing the European Community for harmonisation by EU Member States of economic and monetary policies and for introduction of the euro. Three stages were provided for: Stage One (1 July 1990 to 31 December 1993), removal of barriers to free movement of capital within the EU, better coordination of economic policies and closer cooperation between central banks, Stage Two (1 January 1994 to 31 December 1998), establishment of the European Monetary Institute (EMI) followed by preparations for introduction of the euro, avoidance of excessive deficits and enhanced convergence of policies (to ensure stable prices and sound public finances). Stage Three (from 1 January 1999) began with irrevocable fixing of exchange rates, transfer of monetary competence to the ECB and the introduction of the euro. The TFEU no longer refers to the three stages of EMU, as this progressive terminology is outdated. See also Treaty on the Functioning of the European Union

expected default frequency

European Data Warehouse

European Insurance and Occupational Pensions Authority

Euro Money Market Survey

See Economic and Monetary Union (EMU)

European Supervisory Authority

See European System of Central Banks (ESCB)

European Systemic Cyber Group

European Securities and Markets Authority

See European Systemic Risk Board (ESRB)

exchange-traded fund

A reference rate, based on money market statistical reporting data collected by the Eurosystem, reflecting the wholesale euro unsecured overnight borrowing costs of banks located in the euro area and first published by the ECB on 2 October 2019. The €STR is published on each TARGET2 business day on the basis of the previous day’s trading activity.

An independent EU authority established on 1 January 2011 as part of the European System of Financial Supervision to ensure effective and consistent prudential regulation and supervision across the EU banking sector. Its main task is to contribute to the creation of the European single rulebook in banking, the objective of which is to provide a single set of harmonised prudential rules throughout the EU. See also European System of Financial Supervision (ESFS)

The ECB was established on 1 June 1998 in Frankfurt am Main as the body at the centre of the European System of Central Banks (ESCB) and the Eurosystem. Together with the national central banks of the EU Member States whose currency is the euro, the ECB defines and implements the monetary policy for the euro area. Since the entry into force of the Treaty of Lisbon on 1 December 2009, the ECB has been an EU institution. See also euro area, European System of Central Banks (ESCB), Eurosystem, national central bank (NCB)

The central banking system of the European Union. It comprises the ECB and the national central banks of all EU Member States (but the national central banks of EU Member States whose currency is not the euro are not involved in the conduct of the Eurosystem's monetary policy for the euro area because they retain responsibility for monetary policy under national law). See also euro area, European Central Bank (ECB), Eurosystem, national central bank (NCB)

An independent EU body responsible for the macro-prudential oversight of the financial system within the EU. It contributes to the prevention or mitigation of systemic risks to financial stability that arise from developments within the financial system, taking into account macroeconomic developments, so as to avoid periods of widespread financial distress.

See euro short-term rate (€STR)