ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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2 SELECTED TOPICS RAISED AT MEETINGS WITHTHE EUROPEAN PARLIAMENTDuring the various exchanges of views betweenthe European Parliament and the ECB, a widerange of issues were addressed. The key issuesraised during these discussions are outlinedbelow.EUROPEAN PARLIAMENT RESOLUTION ON THEECB’S ANNUAL REPORT 2007In line with established practice, the EuropeanParliament adopted on 9 July 2008 an owninitiativeresolution on the ECB’s Annual Report2007. In its resolution, the European Parliamentacknowledged the full independence of theECB and recognised that publishing the minutesof Governing Council meetings could leadto political pressure on Governing Councilmembers. The resolution also recognised theexcellent work of the ECB in managing thefinancial turmoil and highlighted the fact thatthe major central banks – including the ECB –had warned against underestimating risks priorto the onset of the financial crisis. In addition,the resolution underscored the benefits of theEurosystem’s two-pillar monetary strategy.FINANCIAL REGULATIONThe European Parliament and the ECBcontinued their close dialogue on mattersconcerning financial regulation. In its resolutionson this issue, the European Parliament called forappropriate counter-cyclical capital requirementsfor all entities operating in financial markets.The European Parliament also saw a need forappropriate disclosure and accounting treatmentof off-balance-sheet items, and called for moreand better information on complex productsand the securitisation process. As regardsrating agencies, the Parliament advocated theestablishment of an EU review mechanism,and pressed for measures to improve boththe transparency of rating methodologies andquality assurance systems.During his appearance before the joint meetingof the European Parliament and the nationalparliaments on 23 January 2008, the Presidentwarned that the growing complexity of financialinstruments and the lack of clarity regardingthe exposure of financial institutions could giverise to increased uncertainty about the degree ofrisk involved and the ultimate bearer of theserisks, which could prompt a more generalisedcontagion. The President emphasised the needto increase transparency and to render theregulatory framework more counter-cyclical.He also called upon financial institutions toimprove their risk management practices. Onseveral occasions, the President underlined theneed for a swift implementation of the strategicroadmap of the ECOFIN Council setting outthe necessary policy responses to the financialturmoil.THE EU FRAMEWORK FOR FINANCIALSUPERVISION AND STABILITYThe EU framework for financial supervisionand stability also featured prominently duringthe discussions between the ECB and theEuropean Parliament. In its various resolutionson this topic, the European Parliament noted thatfinancial supervision in Europe had not kept pacewith the integration of EU financial markets.Accordingly, the European Parliament saw aneed for the creation of “colleges of supervisors”for the largest cross-border financial groups, andfor the strengthening and clarification of thestatus and accountability of the three Level 3Committees of the Lamfalussy framework (seeSection 2 of Chapter 4 for further informationon the Lamfalussy framework). The EuropeanParliament also urged the ECB and the ESCBto play an active role in the elaboration andimplementation of EU policies on macroprudentialsupervision and financial stability,and called upon supervisors and central banks toprovide the ECB – via the Banking SupervisionCommittee – with relevant micro-prudentialinformation. Finally, the Parliament advocatedlegislative action with a view to enhancing crisisprevention and management arrangements.During his appearances before the Parliament,the President emphasised that the potential ofthe Lamfalussy framework should be furtherexploited and that the decisions foreseen inthe roadmap on the review of the Lamfalussyframework should be implemented swiftly.The President also called for the rapidECBAnnual Report2008185
implementation of the steps foreseen in theroadmap for strengthening EU arrangements forfinancial stability. In particular, he stressed theneed for smooth interplay and an appropriateexchange of information between supervisorsand central banks.TEN YEARS OF EMUThe European Parliament also contributed tothe discussion on the first ten years of EMU(see Box 12). On 18 November 2008 it adopteda resolution setting out its views that the firstten years of EMU had been a success, with thesingle currency enhancing economic stabilityand integration in the euro area countries. Atthe same time, the Parliament considered thatmore needed to be done to reap the full benefitsof EMU, in particular as regards the pursuit ofstructural reforms and sound fiscal policies.The President of the ECB concurred thatstructural reforms and prudent fiscal policieswere crucial to ensure the smooth functioning ofEMU. He also expressed his concerns about theslowdown in the implementation of structuralreforms and fiscal consolidation efforts.186 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
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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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CHAPTER 2CENTRAL BANKOPERATIONSAND
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Box 10MONETARY POLICY OPERATIONS DU
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Chart A Liquidity supply through op
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franc funding needs of banks with n
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MINIMUM RESERVE SYSTEMCredit instit
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with the ample allotments in the fi
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2008. By contrast, the average shar
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and SDR holdings increased by aroun
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and the ECB). As a result of carefu
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cross-CSD settlement. T2S will thus
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ELIGIBLE LINKS BETWEEN NATIONAL SEC
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Chart 48 Number of euro banknotes i
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3.3 BANKNOTE PRODUCTION AND ISSUANC
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4 STATISTICSThe ECB, assisted by th
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iii) payments statistics and iv) de
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5 ECONOMIC RESEARCHThe main functio
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were organised to disseminate resea
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the Financial Collateral Directive,
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on the Banque centrale du Luxembour
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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
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Page 151 and 152: 1 FINANCIAL STABILITYThe Eurosystem
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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
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Page 167 and 168: 4.2 RETAIL PAYMENT SYSTEMS ANDINSTR
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Page 173 and 174: 1 EUROPEAN ISSUESIn 2008 the ECB co
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Page 177 and 178: 1.3 DEVELOPMENTS IN AND RELATIONS W
Page 179 and 180: On a number of occasions in 2008, t
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Page 185: 1 ACCOUNTABILITY VIS-À-VIS THE GEN
Page 190 and 191: CHAPTER 7EXTERNALCOMMUNICATION
Page 192 and 193: 2 COMMUNICATION ACTIVITIESThe ECB a
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Page 197 and 198: 1 DECISION-MAKING BODIES AND CORPOR
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Page 201 and 202: 1.3 THE EXECUTIVE BOARDThe Executiv
Page 203 and 204: 1.4 THE GENERAL COUNCILThe General
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Page 207 and 208: members of the Executive Board. 13
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Page 211 and 212: statistical office (Statistisches B
Page 213 and 214: 4 ANNUAL ACCOUNTS OF THE ECB212 ECB
Page 215 and 216: function, and by the Governing Coun
Page 217 and 218: BALANCE SHEET AS AT 31 DECEMBER 200
Page 219 and 220: PROFIT AND LOSS ACCOUNT FOR THE YEA
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Page 225 and 226: NOTES ON THE BALANCE SHEET1 GOLD AN
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Page 233 and 234: 15 CAPITAL AND RESERVESCAPITALPursu
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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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ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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