ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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95 “Financial stability challenges in candidate countries managing the transition to deeper andmore market-oriented financial systems” by the International Relations Committee expertgroup on financial stability challenges in candidate countries, September 2008.96 “The monetary presentation of the euro area balance of payments” by L. Bê Duc,F. Mayerlen and P. Sola, September 2008.97 “Globalisation and the competitiveness of the euro area” by F. di Mauro and K. Forster,September 2008.98 “Will oil prices decline over the long run?” by R. Kaufmann, P. Karadeloglou andF. di Mauro, October 2008.99 “The ECB and IMF indicators for the macro-prudential analysis of the banking sector: acomparison of the two approaches” by A. M. Agresti, P. Baudino and P. Poloni, November2008.100 “Survey data on household finance and consumption: research summary and policy use” by theEurosystem Household Finance and Consumption Network, January 2009.RESEARCH BULLETIN“Research Bulletin”, No 7, June 2008.WORKING PAPER SERIES973 “Do China and oil exporters influence major currency configurations?” by M. Fratzscherand A. Mehl, December 2008.974 “Institutional features of wage bargaining in 23 European countries, the United Statesand Japan” by P. Du Caju, E. Gautier, D. Momferatou and M. Ward-Warmedinger,December 2008.975 “Early estimates of euro area real GDP growth: a bottom-up approach from the productionside” by E. Hahn and F. Skudelny, December 2008.976 “The term structure of interest rates across frequencies” by K. Assenmacher-Wescheand S. Gerlach, December 2008.977 “Predictions of short-term rates and the expectations hypothesis of the term structure ofinterest rates” by M. Guidolin and D. L. Thornton, December 2008.978 “Measuring monetary policy expectations from financial market instruments” by M. Joyce,J. Relleen and S. Sorensen, December 2008.979 “Futures contract rates as monetary policy forecasts” by G. Ferrero and A. Nobili,December 2008.980 “Extracting market expectations from yield curves augmented by money market interestrates: the case of Japan” by T. Nagano and N. Baba, December 2008.981 “Why the effective price for money exceeds the policy rate in the ECB tenders?”by T. Välimäki, December 2008.982 “Modelling short-term interest rate spreads in the euro money market” by N. Cassolaand C. Morana, December 2008.983 “What explains the spread between the euro overnight rate and the ECB’s policy rate?”by T. Linzert and S. Schmidt, December 2008.984 “The daily and policy-relevant liquidity effects” by D. L. Thornton, December 2008.985 “Portuguese banks in the euro area market for daily funds” by L. Farinha and V. Gaspar,December 2008.986 “The topology of the federal funds market” by M. L. Bech and E. Atalay, December 2008.ECBAnnual Report2008271
987 “Probability of informed trading on the euro overnight market rate: an update” by J. Idierand S. Nardelli, December 2008.988 “The interday and intraday patterns of the overnight market: evidence from an electronicplatform” by R. Beaupain and A. Durré, December 2008.989 “Modelling loans to non-financial corporations in the euro area” by C. Kok Sørensen,D. Marqués Ibáñez and C. Rossi, January 2009.990 “Fiscal policy, housing and stock prices” by A. Afonso and R. M. Sousa, January 2009.991 “The macroeconomic effects of fiscal policy” by A. Afonso and R. M. Sousa, January 2009.992 “FDI and productivity convergence in central and eastern Europe: an industry-levelinvestigation” by M. Bijsterbosch and M. Kolasa, January 2009.993 “Has emerging Asia decoupled? An analysis of production and trade linkages using theAsian international input-output table” by G. Pula and T. A. Peltonen, January 2009.994 “Fiscal sustainability and policy implications for the euro area” by F. Balassone, J. Cunha,G. Langenus, B. Manzke, J. Pavot, D. Prammer and P. Tommasino, January 2009.995 “Current account benchmarks for central and eastern Europe: a desperate search?”by M. Ca’ Zorzi, A. Chudik and A. Dieppe, January 2009.996 “What drives euro area break-even inflation rates?” by M. Ciccarelli and J. A. García,January 2009.997 “Financing obstacles and growth: an analysis for euro area non-financial corporations”by C. Coluzzi, A. Ferrando and C. Martinez-Carrascal, January 2009.998 “Infinite-dimensional VARs and factor models” by A. Chudik and M. H. Pesaran,January 2009.999 “Risk-adjusted forecasts of oil prices” by P. Pagano and M. Pisani, January 2009.1000 “Wealth effects in emerging market economies” by T. A. Peltonen, R. M. Sousaand I. S. Vansteenkiste, January 2009.1001 “Identifying the elasticity of substitution with biased technical change”by M. A. León-Ledesma, P. McAdam and A. Willman, January 2009.1002 “Assessing portfolio credit risk changes in a sample of EU large and complex bankinggroups in reaction to macroeconomic shocks” by O. Castrén, T. Fitzpatrick and M. Sydow,February 2009.1003 “Real wages over the business cycle: OECD evidence from the time and frequencydomains” by J. Messina, C. Strozzi and J. Turunen, February 2009.1004 “Characterising the inflation-targeting regime in South Korea” by M. Sánchez,February 2009.1005 “Labour market institutions and macroeconomic volatility in a panel of OECD countries”by F. Rumler and J. Scharler, February 2009.1006 “Understanding sectoral differences in downward real wage rigidity: workforcecomposition, institutions, technology and competition” by P. Du Caju, C. Fuss and L. Wintr,February 2009.1007 “Sequential bargaining in a new-Keynesian model with frictional unemployment andstaggered wage negotiation” by G. de Walque, O. Pierrard, H. Sneessens and R. Wouters,February 2009.1008 “Liquidity (risk) concepts: definitions and interactions” by K. Nikolaou, February 2009.1009 “Optimal sticky prices under rational inattention” by B. Maćkowiak and M. Wiederholt,February 2009.1010 “Business cycles in the euro area” by D. Giannone, M. Lenza and L. Reichlin,February 2009.1011 “The global dimension of inflation – evidence from factor-augmented Phillips curves”by S. Eickmeier and K. Moll, February 2009.272 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
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Willem F. Duisenberg accepting the
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1 FINANCIAL STABILITYThe Eurosystem
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With regard to merger and acquisiti
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with the principles set out in Octo
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2.2 BANKINGCAPITAL REQUIREMENTS DIR
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3 FINANCIAL INTEGRATIONThe Eurosyst
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The market for short-term paper in
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de France and the Banca d’Italia.
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and the Eurosystem’s business con
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4.2 RETAIL PAYMENT SYSTEMS ANDINSTR
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for Clearing and Settlement, and th
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Willem F. Duisenberg at his farewel
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1 EUROPEAN ISSUESIn 2008 the ECB co
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for financial institutions, to faci
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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
Page 221 and 222: mid-market prices on 30 December 20
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Page 225 and 226: NOTES ON THE BALANCE SHEET1 GOLD AN
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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
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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
Page 250 and 251: Number Title OJ referenceECB/2009/1
Page 252 and 253: Number 2 Originator SubjectCON/2008
Page 258 and 259: Number 4 Originator Subject OJ refe
Page 260 and 261: oth the marginal lending facility a
Page 262 and 263: OVERVIEW OF THE ECB’S COMMUNICATI
Page 264 and 265: y the respective NCBs will also be
Page 266 and 267: OPEN MARKET OPERATIONS BY CURRENCYE
Page 268 and 269: USD operationsType oftransaction 1)
Page 270 and 271: DOCUMENTS PUBLISHED BY THEEUROPEAN
Page 274 and 275: 1012 “Petrodollars and imports of
Page 276 and 277: GLOSSARYThis glossary contains sele
Page 278 and 279: Economic analysis: one pillar of th
Page 280 and 281: Financial stability: condition in w
Page 282 and 283: MFIs (monetary financial institutio
Page 284 and 285: Reserve base: the sum of the eligib
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