ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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iii) payments statistics and iv) detailed dataon the HICP and GDP. The ECB’s StatisticalData Warehouse (SDW) is an increasinglypopular tool for accessing euro area statisticson the internet. In 2008 more financial marketstatistics were incorporated into the SDWand the number of SDW users doubled toaround 40,000 per month. The launch of a newinteractive visualisation tool for monitoringinflation on the ECB’s website is also part ofa better communication strategy with regardto euro area statistics. Finally, a wider rangeof statistics and indicators was presented invarious regular ECB publications, such asthe “Euro money market survey”, the reportentitled “Financial integration in Europe” andthe Financial Stability Review.Several documents published in 2008 served toraise awareness about ECB and ESCB statistics,their governance and their quality. The ECBStatistical Quality Framework and qualityassurance procedures, 19 the updated publication“ECB statistics – an overview” 20 and thepublication of the proceedings of the fourthECB conference on statistics 21 are examples ofthe ECB’s transparency in this field.The ECB continued to cooperate closely withEurostat and other international organisations(for example, in the preparation of the joint2008 “Status report on information requirementsin EMU” and in the revision of Eurostat’s“ESA95 manual on government deficit anddebt”) and played an important role in theupdate of global statistical standards (with thework on the System of National Accounts 93,the IMF’s Balance of Payments Manual and theOECD Benchmark Definition of Foreign DirectInvestment). The ECB supports Eurostat in therevision of the ESA 95. The ESA 95 guides aseries of policy decisions at the European level.The ECB also supports and implements globaltechnical standards for data exchange. Togetherwith the NCBs, the IMF and the BIS, it alsodeveloped a handbook on securities statistics.Finally, the ECB released an update of its“Government finance statistics guide”. 22Statistics for the euro area were adapted toaccount for the entry of Cyprus and Malta on1 January 2008. No problems were encounteredthanks to the long-term preparation undertakenby these countries, even before they joined theEU, in close cooperation with the ECB andother Member States. In addition, as in previousyears, statistics played an important role inmonitoring the convergence of EU MemberStates that do not yet belong to the euro area.The ECB, together with the central banks ofthese Member States, also assisted Eurostatwith the provision of long-term interest rateand exchange rate statistics, and collected andcompiled additional statistics supplementingthe four primary convergence indicators in theECB’s 2008 Convergence Report (see Section 1of Chapter 3).4.3 THE MEDIUM-TERM WORK PROGRAMME FORTHE ECB’S STATISTICAL FUNCTION (2009-12)The medium-term work programme for theECB’s statistical function (2009-12) waspublished on the ECB’s website in July 2008. 23It is the result of a detailed analysis and aims tofurther increase the efficiency and effectivenessof the collection and compilation of euro areastatistics, with a view to using the resultingefficiency gains to close some remaining gaps.Improvements are expected to be made in theform of, among other things: i) more detailedsecurities holdings statistics, ii) better data oncredit derivatives, iii) the compilation of timelyquarterly statistics on insurance corporationsand pension funds and iv) the enhanced re-useof available micro-data for statistical purposes.The latter include data derived from corporatefinancial statements held in national centralbalance sheet offices and information available19 http://www.ecb.europa.eu/stats/html/sqf.en.html20 http://www.ecb.europa.eu/pub/pdf/other/ecbstatisticsanoverview2008en.pdf21 http://www.ecb.europa.eu/pub/pdf/other/strategicvisionstatistics2008en.pdf22 http://www.ecb.europa.eu/pub/pdf/other/governmentfinancestatisticsguide200812en.pdf23 http://www.ecb.europa.eu/stats/html/workprogramme.en.htmlECBAnnual Report2008125
from central credit registers. Furthermore, workis being undertaken, together with the Committeeof European Banking Supervisors, to achieve,where possible, some reconciliation betweensupervisory and statistical requirements forcredit institutions. The ESCB also continues toassess the statistical needs resulting from thefinancial turmoil. This strategy for the mediumterm will require intensified cooperation amongall involved parties, i.e. the statistics departmentsof the NCBs and the ECB, as well as externalpartners such as statistical institutes, supervisorsand representatives of the financial industry.126 ECBAnnual Report2008
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EN2008EUROPEAN CENTRAL BANK ANNUAL
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© European Central Bank, 2009Addre
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CHAPTER 4FINANCIAL STABILITY AND IN
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7 Statistical accounting consequenc
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ABBREVIATIONSCOUNTRIESOTHERSBE Belg
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in the course of the year, in line
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currencies, T2S will be a major ste
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CHAPTER 1ECONOMICDEVELOPMENTS ANDMO
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Chart 1 ECB interest rates and mone
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Despite moderating, the annual grow
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substantial downward revisions in r
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in July, annual inflation in the OE
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As regards the Chinese economy, rea
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generally tighter financing conditi
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were recorded in December, but thes
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was driven mainly by developments i
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market tensions, particularly for l
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anking and financial system. At the
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cash flows to compensate for a redu
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quarter of 2008 and -0.1% in Decemb
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whereby investors’ uncertainty su
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September onwards, amid the great u
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Chart C Trading volumes for governm
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sponsored rescue plans were initiat
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The annual growth rate of consumer
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end of 2007. By December 2008 this
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calculated as the balance between g
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commodity prices (see Box 4). Conve
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Chart D Longer-term inflation expec
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apidly to 1.7% in December, mainly
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productivity slowed to 0.2% in the
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Table 3 Composition of real GDP gro
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Corporate investment, which had exp
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Box 5LABOUR MARKET DEVELOPMENTS IN
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Chart C Breakdown of employment gro
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Box 6DEVELOPMENTS IN THE ISSUANCE A
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Chart B Government bond yield sprea
Page 76 and 77: Box 7STATISTICAL ACCOUNTING CONSEQU
Page 78 and 79: warranted because of the need to co
Page 80 and 81: sharp depreciation of the euro was
Page 82 and 83: prices in the first eight months of
Page 84 and 85: focused more on the production rath
Page 86 and 87: segments and, in turn, affected eur
Page 88 and 89: and Bulgaria registered robust grow
Page 90 and 91: In the remaining non-euro area EU c
Page 92 and 93: Estonian kroon and the Lithuanian l
Page 94 and 95: Table 10 Official monetary policy s
Page 96 and 97: the Bank of England and Sveriges Ri
Page 98 and 99: CHAPTER 2CENTRAL BANKOPERATIONSAND
Page 100 and 101: Box 10MONETARY POLICY OPERATIONS DU
Page 102 and 103: Chart A Liquidity supply through op
Page 104 and 105: franc funding needs of banks with n
Page 106 and 107: MINIMUM RESERVE SYSTEMCredit instit
Page 108 and 109: with the ample allotments in the fi
Page 110 and 111: 2008. By contrast, the average shar
Page 112 and 113: and SDR holdings increased by aroun
Page 114 and 115: and the ECB). As a result of carefu
Page 116 and 117: cross-CSD settlement. T2S will thus
Page 118 and 119: ELIGIBLE LINKS BETWEEN NATIONAL SEC
Page 120 and 121: Chart 48 Number of euro banknotes i
Page 122 and 123: 3.3 BANKNOTE PRODUCTION AND ISSUANC
Page 124 and 125: 4 STATISTICSThe ECB, assisted by th
Page 128 and 129: 5 ECONOMIC RESEARCHThe main functio
Page 130 and 131: were organised to disseminate resea
Page 132 and 133: the Financial Collateral Directive,
Page 134 and 135: on the Banque centrale du Luxembour
Page 136 and 137: standards by individual Eurosystem
Page 138 and 139: CHAPTER 3ENTRY OF SLOVAKIAINTO THE
Page 140 and 141: Table 13 Main economic indicators f
Page 142 and 143: As of January 2009 Slovakia is thus
Page 144 and 145: 3 OPERATIONAL ASPECTS OF THE INTEGR
Page 146 and 147: 4 THE CASH CHANGEOVER IN SLOVAKIATH
Page 149 and 150: Willem F. Duisenberg accepting the
Page 151 and 152: 1 FINANCIAL STABILITYThe Eurosystem
Page 153 and 154: With regard to merger and acquisiti
Page 155 and 156: with the principles set out in Octo
Page 157 and 158: 2.2 BANKINGCAPITAL REQUIREMENTS DIR
Page 159 and 160: 3 FINANCIAL INTEGRATIONThe Eurosyst
Page 161 and 162: The market for short-term paper in
Page 163 and 164: de France and the Banca d’Italia.
Page 165 and 166: and the Eurosystem’s business con
Page 167 and 168: 4.2 RETAIL PAYMENT SYSTEMS ANDINSTR
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Page 171 and 172: Willem F. Duisenberg at his farewel
Page 173 and 174: 1 EUROPEAN ISSUESIn 2008 the ECB co
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1.3 DEVELOPMENTS IN AND RELATIONS W
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On a number of occasions in 2008, t
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countries have voiced support for t
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Former Italian President Carlo Azeg
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1 ACCOUNTABILITY VIS-À-VIS THE GEN
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implementation of the steps foresee
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CHAPTER 7EXTERNALCOMMUNICATION
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2 COMMUNICATION ACTIVITIESThe ECB a
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Panel at the Fifth ECB Central Bank
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1 DECISION-MAKING BODIES AND CORPOR
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Council decided on the main aspects
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1.3 THE EXECUTIVE BOARDThe Executiv
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1.4 THE GENERAL COUNCILThe General
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The Eurosystem/ESCB committees have
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members of the Executive Board. 13
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for their current position. On the
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statistical office (Statistisches B
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4 ANNUAL ACCOUNTS OF THE ECB212 ECB
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function, and by the Governing Coun
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BALANCE SHEET AS AT 31 DECEMBER 200
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PROFIT AND LOSS ACCOUNT FOR THE YEA
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mid-market prices on 30 December 20
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The defined benefit obligation is c
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NOTES ON THE BALANCE SHEET1 GOLD AN
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Eurosystem (see “Banknotes in cir
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(see “Banknotes in circulation”
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values at which the transactions we
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15 CAPITAL AND RESERVESCAPITALPursu
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epresenting the remainder of its ca
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NOTES ON THE PROFIT AND LOSS ACCOUN
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individual circumstances. Basic sal
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5 CONSOLIDATED BALANCE SHEET OF THE
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ANNEXES
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Number Title OJ referenceECB/2008/1
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Number Title OJ referenceECB/2009/1
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Number 2 Originator SubjectCON/2008
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Number 4 Originator Subject OJ refe
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oth the marginal lending facility a
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OVERVIEW OF THE ECB’S COMMUNICATI
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y the respective NCBs will also be
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OPEN MARKET OPERATIONS BY CURRENCYE
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USD operationsType oftransaction 1)
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DOCUMENTS PUBLISHED BY THEEUROPEAN
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95 “Financial stability challenge
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1012 “Petrodollars and imports of
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GLOSSARYThis glossary contains sele
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Economic analysis: one pillar of th
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Financial stability: condition in w
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MFIs (monetary financial institutio
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Reserve base: the sum of the eligib
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