ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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In 2009 all ECBpublicationsfeature a motiftaken from the€200 banknote.ANNUAL REPORT2008
© European Central Bank, 2009AddressKaiserstrasse 2960311 Frankfurt am MainGermanyPostal addressPostfach 16 03 1960066 Frankfurt am MainGermanyTelephone+49 69 1344 0Websitehttp://www.ecb.europa.euFax+49 69 1344 6000All rights reserved.Reproduction for educational andnon-commercial purposes ispermitted provided that the source isacknowledged.Photographs:Claudio HilsMartin JoppenThe cut-off date for the data included inthis report was 27 February 2009.ISSN 1561-4573 (print)ISSN 1725-2865 (online)
Page 1: EN2008EUROPEAN CENTRAL BANK ANNUAL
Page 5 and 6: CHAPTER 4FINANCIAL STABILITY AND IN
Page 7 and 8: 7 Statistical accounting consequenc
Page 9: ABBREVIATIONSCOUNTRIESOTHERSBE Belg
Page 12 and 13: in the course of the year, in line
Page 14 and 15: currencies, T2S will be a major ste
Page 16 and 17: CHAPTER 1ECONOMICDEVELOPMENTS ANDMO
Page 18 and 19: Chart 1 ECB interest rates and mone
Page 20 and 21: Despite moderating, the annual grow
Page 22 and 23: substantial downward revisions in r
Page 24 and 25: in July, annual inflation in the OE
Page 26 and 27: As regards the Chinese economy, rea
Page 28 and 29: generally tighter financing conditi
Page 30 and 31: were recorded in December, but thes
Page 32 and 33: was driven mainly by developments i
Page 34 and 35: market tensions, particularly for l
Page 36 and 37: anking and financial system. At the
Page 38 and 39: cash flows to compensate for a redu
Page 40 and 41: quarter of 2008 and -0.1% in Decemb
Page 42 and 43: whereby investors’ uncertainty su
Page 44 and 45: September onwards, amid the great u
Page 46 and 47: Chart C Trading volumes for governm
Page 48 and 49: sponsored rescue plans were initiat
Page 50 and 51: The annual growth rate of consumer
Page 52 and 53:
end of 2007. By December 2008 this
Page 54 and 55:
calculated as the balance between g
Page 56 and 57:
commodity prices (see Box 4). Conve
Page 58 and 59:
Chart D Longer-term inflation expec
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apidly to 1.7% in December, mainly
Page 62 and 63:
productivity slowed to 0.2% in the
Page 64 and 65:
Table 3 Composition of real GDP gro
Page 66 and 67:
Corporate investment, which had exp
Page 68 and 69:
Box 5LABOUR MARKET DEVELOPMENTS IN
Page 70 and 71:
Chart C Breakdown of employment gro
Page 72 and 73:
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
Page 116 and 117:
cross-CSD settlement. T2S will thus
Page 118 and 119:
ELIGIBLE LINKS BETWEEN NATIONAL SEC
Page 120 and 121:
Chart 48 Number of euro banknotes i
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3.3 BANKNOTE PRODUCTION AND ISSUANC
Page 124 and 125:
4 STATISTICSThe ECB, assisted by th
Page 126 and 127:
iii) payments statistics and iv) de
Page 128 and 129:
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
Page 146 and 147:
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
Page 157 and 158:
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
Page 171 and 172:
Willem F. Duisenberg at his farewel
Page 173 and 174:
1 EUROPEAN ISSUESIn 2008 the ECB co
Page 175 and 176:
for financial institutions, to faci
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 and 200:
Council decided on the main aspects
Page 201 and 202:
1.3 THE EXECUTIVE BOARDThe Executiv
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
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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 254 and 255:
Page 256 and 257:
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 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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ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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