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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
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Box 7STATISTICAL ACCOUNTING CONSEQU
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warranted because of the need to co
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sharp depreciation of the euro was
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prices in the first eight months of
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focused more on the production rath
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segments and, in turn, affected eur
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and Bulgaria registered robust grow
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In the remaining non-euro area EU c
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Estonian kroon and the Lithuanian l
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Table 10 Official monetary policy s
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the Bank of England and Sveriges Ri
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- Page 124 and 125: 4 STATISTICSThe ECB, assisted by th
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- Page 156 and 157: 2 FINANCIAL REGULATION AND SUPERVIS
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- Page 166 and 167: institutions. The Federal Reserve S
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- Page 174 and 175: country-specific recommendations fo
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- Page 186 and 187: 2 SELECTED TOPICS RAISED AT MEETING
- Page 189 and 190: Jean-Claude Trichet cutting the bir
- Page 191 and 192: 1 COMMUNICATION POLICYExternal comm
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their participation in the Eurosyst
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THE GOVERNING COUNCILFront row (lef
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Divisions:Archives, Library and Rec
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Athanasios OrphanidesGovernor of th
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INTERNAL CONTROL LAYERSThe internal
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2 ORGANISATIONAL DEVELOPMENTS2.1 HU
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In order to improve the balance bet
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3 ESCB SOCIAL DIALOGUEThe ESCB Soci
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MANAGEMENT REPORT FOR THE YEARENDIN
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Net realised gains arising from fin
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LIABILITIESNOTENUMBER2008€2007€
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ACCOUNTING POLICIES 1FORM AND PRESE
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materially affect the condition of
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the ECB’s net profit for the year
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to €3.9 billion (see note 20, “
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The main components of this item ar
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To31 December 2007From1 January 200
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The principal assumptions used for
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The non-euro area NCBs are required
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20 FOREIGN EXCHANGE SWAP AND FORWAR
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2008 2007 Change€ € €Net real
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NOTE ON PROFIT DISTRIBUTION/ALLOCAT
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LIABILITIES31 DECEMBER200831 DECEMB
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LEGAL INSTRUMENTS ADOPTED BY THE EC
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Number Title OJ referenceECB/2008/2
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OPINIONS ADOPTED BY THE ECBThe foll
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Number 2 Originator SubjectCON/2008
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Number 2 Originator SubjectCON/2008
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(b) ECB opinions following a consul
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CHRONOLOGY OF MONETARY POLICYMEASUR
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5 MARCH 2009The Governing Council o
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31 JULY 2008SUPPLEMENTARY LONGER-TE
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December 2008, February 2009 and Ma
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EUR operationsType of Durationopera
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USD operationsType oftransaction 1)
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STATISTICS POCKET BOOKAvailable mon
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987 “Probability of informed trad
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“The Eurosystem policy principles
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operating expenses) to sales, the r
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EURIBOR (euro interbank offered rat
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International investment position (
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operations; fine-tuning operations;
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Straight-through processing (STP):