ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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1012 “Petrodollars and imports of oil-exporting countries” by R. Beck and A. Kamps,February 2009.1013 “Structural breaks, cointegration, and the Fisher effect” by A. Beyer, A. Haug andB. Dewald, February 2009.1014 “Asset prices and current account fluctuations in G7 economies” by M. Fratzscher andR. Straub, February 2009.1015 “Inflation forecasting in the new EU Member States” by O. Arratibel, C. Kamps andN. Leiner-Killinger, February 2009.OTHER PUBLICATIONS“Bond markets and long-term interest rates in non-euro area Member States of the EuropeanUnion”, January 2008 (online only).“Oversight framework for card payment schemes – standards”, January 2008 (online only).“The role of money – money and monetary policy in the twenty-first century – proceedings of theFourth ECB Central Banking Conference 2006”, February 2008.“Euro area balance of payments and international investment position statistics – Annual qualityreport”, March 2008 (online only).“ECB statistics quality framework (SQF)”, April 2008 (online only).“Quality assurance procedures within the ECB statistical function”, April 2008 (online only).“ECB statistics – an overview”, April 2008 (online only).“TARGET Annual Report 2007”, April 2008 (online only).“Financial integration in Europe”, April 2008.“Financial Stability Review”, June 2008.“Labour supply and employment in the euro area countries: developments and challenges”,June 2008.“The international role of the euro”, July 2008 (online only).“Payment systems and market infrastructure oversight report”, July 2008 (online only).“Letter from the ECB President to Mr Dimitrios Papadimoulis, Member of the EuropeanParliament”, July 2008 (online only).“Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament”,July 2008 (online only).“Legal framework of the Eurosystem and the ESCB – ECB legal acts and instruments”, July 2008.“CCBM2 User Requirements 4.1”, July 2008 (online only).“Simulating financial instability – conference on stress testing and financial crisis simulationexercises, 12-13 July 2007”, September 2008.“New procedure for constructing ECB staff projection ranges”, September 2008 (online only).“Commission’s draft directive/regulation on credit rating agencies – Eurosystem contribution tothe public consultation”, September 2008 (online only).“Euro money market survey”, September 2008 (online only).“EU banking structures”, October 2008 (online only).“Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament”,October 2008 (online only).“Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament”,October 2008 (online only).“A strategic vision for statistics: challenges for the next 10 years – Fourth ECB Conference onStatistics, 24 and 25 April 2008”, November 2008.“The implementation of monetary policy in the euro area: General documentation on Eurosystemmonetary policy instruments and procedures”, November 2008.ECBAnnual Report2008273
“The Eurosystem policy principles on the location and operation of infrastructures settlingeuro-denominated payment transactions: specification of ‘legally and operationally located in theeuro area’ ”, November 2008 (online only).“Single Euro Payments Area – sixth progress report”, November 2008 (online only).“EU banks’ liquidity stress-testing and contingency funding plans”, November 2008 (online only).“Government finance statistics guide”, December 2008 (online only).“Financial Stability Review”, December 2008.“Covered bonds in the EU financial system”, December 2008 (online only).“The incentive structure of the ‘originate and distribute’ model”, December 2008 (online only).“Recommendations of the Governing Council of the European Central Bank on the pricingof recapitalisations”, December 2008 (online only).“Recommendations of the Governing Council of the European Central Bank on governmentguarantees for bank debt”, December 2008 (online only).“Commercial property markets – financial stability risks, recent developments and EU banks’exposures”, December 2008 (online only).“Correspondent central banking model (CCBM) – procedures for Eurosystem counterparties”,December 2008 (online only).“Letter from the ECB President to Mr Robert Sturdy, Member of the European Parliament”,January 2009 (online only).“Euro money market study 2008”, February 2009 (online only).“Eurosystem oversight policy framework”, February 2009 (online only).“Harmonised oversight approach and oversight standards for payment instruments”, February 2009(online only).“European Commission’s consultation on hedge funds – Eurosystem contribution”, February 2009(online only).INFORMATION BROCHURES“The European Central Bank, the Eurosystem, the European System of Central Banks”,2nd edition, April 2008.“Price stability – why is it important for you?”, June 2008.“A single currency – an integrated market infrastructure”, September 2008.274 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
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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
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 272 and 273: 95 “Financial stability challenge
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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