ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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THE GOVERNING COUNCILFront row (left to right):John Hurley,Michael C. Bonello,Gertrude Tumpel-Gugerell,Jean-Claude Trichet,Lucas D. Papademos,Miguel Fernández Ordóñez,Yves MerschJean-Claude TrichetPresident of the ECBLucas D. PapademosVice-President of the ECBLorenzo Bini SmaghiMember of the Executive Board of the ECBMichael C. BonelloGovernor of the Central Bank of MaltaVítor ConstâncioGovernor of the Banco de PortugalMario DraghiGovernor of the Banca d’ItaliaMiguel Fernández OrdóñezGovernor of the Banco de EspañaNicholas C. GarganasGovernor of the Bank of Greece (until 13 June 2008)José Manuel González-PáramoMember of the Executive Board of the ECBTony GrimesActing Governor of the Central Bank andFinancial Services Authority of Ireland(from 19 July until 19 September 2008)John HurleyGovernor of the Central Bank and FinancialServices Authority of Ireland(from 1 January until 18 July 2008 and from20 September 2008)Marko KranjecGovernor of Banka SlovenijeKlaus LiebscherGovernor of the Oesterreichische Nationalbank(until 31 August 2008)Erkki LiikanenGovernor of Suomen Pankki – Finlands BankYves MerschGovernor of the Banque centrale du LuxembourgEwald NowotnyGovernor of the Oesterreichische Nationalbank(from 1 September 2008)Christian NoyerGovernor of the Banque de FranceAthanasios OrphanidesGovernor of the Central Bank of CyprusGeorge A. ProvopoulosGovernor of the Bank of Greece(from 20 June 2008)Guy QuadenGovernor of the Nationale Bank van België/Banque Nationale de BelgiqueIvan Šramko 7Governor of Národná banka Slovenska(from 1 January 2009)Jürgen StarkMember of the Executive Board of the ECBGertrude Tumpel-GugerellMember of the Executive Board of the ECBPanayotis-Aristidis ThomopoulosActing Governor of the Bank of Greece(from 14 June until 19 June 2008)Axel A. WeberPresident of the Deutsche BundesbankNout WellinkPresident of De Nederlandsche Bank7 The Governor of Národná banka Slovenska attended the meetingsof the Governing Council in 2008 as a “special invitee” followingthe decision taken by the ECOFIN Council on 8 July 2008 toabrogate Slovakia’s derogation with effect from 1 January 2009.Middle row (left to right):Christian Noyer,Marko Kranjec,Vítor Manuel Ribeiro Constâncio,George A. Provopoulos,Erkki Liikanen, Ewald NowotnyBack row (left to right):Ivan Šramko,José Manuel González-Páramo,Axel A. Weber, Nout Wellink,Guy Quaden, Lorenzo Bini Smaghi,Jürgen StarkNote: Mario Draghi and AthanasiosOrphanides were not available when thephotograph was taken.ECBAnnual Report2008199
1.3 THE EXECUTIVE BOARDThe Executive Board comprises the Presidentand the Vice-President of the ECB and four othermembers appointed by common accord by theHeads of State or Government of the MemberStates which have adopted the euro. The mainresponsibilities of the Executive Board, whichas a rule meets once a week, are:––to prepare the meetings of the GoverningCouncil;to implement the monetary policy of theeuro area in accordance with the guidelinesand decisions laid down by the Governing––Council and, in doing so, to give thenecessary instructions to the euro areaNCBs;to manage the current business of the ECB;to exercise certain powers delegated to it bythe Governing Council, including some of aregulatory nature.The Executive Board is assisted by aManagement Committee in matters relatingto the ECB’s management, business planningand annual budget process. The ManagementCommittee is composed of one Executive Boardmember, who acts as Chairman, and a numberof senior managers.Back row (left to right):Jürgen Stark,José Manuel González-Páramo,Lorenzo Bini SmaghiFront row (left to right):Gertrude Tumpel-Gugerell,Jean-Claude Trichet,Lucas D. PapademosJean-Claude TrichetPresident of the ECBLucas D. PapademosVice-President of the ECBLorenzo Bini SmaghiMember of the Executive Board of the ECBJosé Manuel González-PáramoMember of the Executive Board of the ECBJürgen StarkMember of the Executive Board of the ECBGertrude Tumpel-GugerellMember of the Executive Board of the ECB200 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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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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3 OPERATIONAL ASPECTS OF THE INTEGR
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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
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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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Page 177 and 178: 1.3 DEVELOPMENTS IN AND RELATIONS W
Page 179 and 180: On a number of occasions in 2008, t
Page 181 and 182: countries have voiced support for t
Page 183 and 184: Former Italian President Carlo Azeg
Page 185 and 186: 1 ACCOUNTABILITY VIS-À-VIS THE GEN
Page 187: implementation of the steps foresee
Page 190 and 191: CHAPTER 7EXTERNALCOMMUNICATION
Page 192 and 193: 2 COMMUNICATION ACTIVITIESThe ECB a
Page 195 and 196: Panel at the Fifth ECB Central Bank
Page 197 and 198: 1 DECISION-MAKING BODIES AND CORPOR
Page 199: Council decided on the main aspects
Page 203 and 204: 1.4 THE GENERAL COUNCILThe General
Page 205 and 206: The Eurosystem/ESCB committees have
Page 207 and 208: members of the Executive Board. 13
Page 209 and 210: for their current position. On the
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
Page 221 and 222: mid-market prices on 30 December 20
Page 223 and 224: The defined benefit obligation is c
Page 225 and 226: NOTES ON THE BALANCE SHEET1 GOLD AN
Page 227 and 228: Eurosystem (see “Banknotes in cir
Page 229 and 230: (see “Banknotes in circulation”
Page 231 and 232: values at which the transactions we
Page 233 and 234: 15 CAPITAL AND RESERVESCAPITALPursu
Page 235 and 236: epresenting the remainder of its ca
Page 237 and 238: NOTES ON THE PROFIT AND LOSS ACCOUN
Page 239: individual circumstances. Basic sal
Page 243 and 244: 5 CONSOLIDATED BALANCE SHEET OF THE
Page 246 and 247: ANNEXES
Page 248 and 249: 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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