Direct participation in the RPS SEPA-Clearer is restricted to credit institutions as defined in Article 4 (1) of Directive 2013/575/EC. Only credit institutions within the meaning of Article 4 (1) of Directive 2013/575/EC may be connected to the SEPA-Clearer as indirect participants via a direct participant.

The Deutsche Bundesbank plans to forgo the construction of new office buildings on its Central Office premises in Frankfurt am Main. Its forthcoming new strategy for the Frankfurt location will encompass the Bundesbank’s Regional Office buildings in the city centre.

How did the ECB Governing Council arrive at its new monetary policy operational framework for the Eurosystem? What principles will be followed when implementing monetary policy in the future? Bundesbank President Joachim Nagel addressed these questions at the 55th Konstanz Seminar on monetary theory and monetary policy.