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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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standards by individual Eurosystem
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CHAPTER 3ENTRY OF SLOVAKIAINTO THE
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Table 13 Main economic indicators f
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As of January 2009 Slovakia is thus
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- Page 159 and 160: 3 FINANCIAL INTEGRATIONThe Eurosyst
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- Page 167 and 168: 4.2 RETAIL PAYMENT SYSTEMS ANDINSTR
- Page 169 and 170: for Clearing and Settlement, and th
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- Page 173 and 174: 1 EUROPEAN ISSUESIn 2008 the ECB co
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- Page 179 and 180: On a number of occasions in 2008, t
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- Page 192 and 193: 2 COMMUNICATION ACTIVITIESThe ECB a
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- Page 198 and 199: their participation in the Eurosyst
- Page 200 and 201: THE GOVERNING COUNCILFront row (lef
- Page 202 and 203: Divisions:Archives, Library and Rec
- Page 204 and 205: Athanasios OrphanidesGovernor of th
- Page 206 and 207: INTERNAL CONTROL LAYERSThe internal
- Page 208 and 209: 2 ORGANISATIONAL DEVELOPMENTS2.1 HU
- Page 210 and 211: In order to improve the balance bet
- Page 212 and 213: 3 ESCB SOCIAL DIALOGUEThe ESCB Soci
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- Page 216 and 217: Net realised gains arising from fin
- Page 218 and 219: LIABILITIESNOTENUMBER2008€2007€
- Page 220 and 221: ACCOUNTING POLICIES 1FORM AND PRESE
- Page 222 and 223: materially affect the condition of
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- Page 228 and 229: The main components of this item ar
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- Page 232 and 233: The principal assumptions used for
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- Page 236 and 237: 20 FOREIGN EXCHANGE SWAP AND FORWAR
- Page 238 and 239: 2008 2007 Change€ € €Net real
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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):