21/03/2019 (Agence Europe) – On Wednesday, 20 March, the European Central Bank decided to withdraw its recommendation on amending its own statutes to give it regulatory power over central clearing houses (CCPs). It believes that the amendments that the Council of the EU and the European Parliament plan to introduce "seriously distort" its initial proposal and interfere with its ability to exercise its monetary policy independently (see EUROPE 12214/22). In particular, it believes that it is not in a position to exercise sufficient regulatory power over either the clearing houses set up in the European Union to maintain the stability of the single currency or the CCPs set up outside the EU, in the United Kingdom, for example. According to the European Monetary Institute, the withdrawal of the Recommendation will not affect approval of the legislative revision of the EMIR Regulation. Read the letter from the ECB at: http://bit.ly/2Yf7X7G. (MB)