ANNUAL REPORT 2008 - Polymer Bank Notes of the World

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5 CONSOLIDATED BALANCE SHEET OF THEEUROSYSTEM AS AT 31 DECEMBER 2008 242ANNEXESLEGAL INSTRUMENTS ADOPTED BY THE ECB 246OPINIONS ADOPTED BY THE ECB 250CHRONOLOGY OF MONETARY POLICYMEASURES OF THE EUROSYSTEM 258OVERVIEW OF THE ECB’S COMMUNICATIONRELATED TO THE PROVISION OF EUROLIQUIDITY 261DOCUMENTS PUBLISHED BY THE EUROPEANCENTRAL BANK SINCE 2008 269GLOSSARY 275LIST OF BOXES1 The impact of financial market tensionson monetary developments 27Chart A Monthly flows into or out ofmoney market fund shares/units and short-term MFIdebt instruments 27Chart B Monthly flows into or outof currency in circulationand overnight deposits 28Chart C Monthly flows of loansto OFIs, debt securitiespurchased by MFIs andMFIs’ derecognised loans 29Chart D Credit institutions’ assetholdings and loans to theprivate sector 292 Developments in the euro area moneymarket in the context of the financialturmoil 31Chart A ECB interest rates and theovernight interest rate 32Chart B Implied volatility derivedfrom options on threemonthEURIBOR futuresmaturing in March 2009 343 Volatility and liquidity in equity andgovernment bond markets 43Chart A Realised volatility ofweekly stock and bond returns 44Chart B Correlation between weeklystock and bond returns 44Chart C Trading volumes forgovernment bond futures 45Chart D Trading volumes in equitymarkets 454 Commodity prices and HICP inflation 55Chart A Commodity prices 55Chart B HICP inflation 56Chart C Selected sub-components ofthe HICP services component 56Chart D Longer-term inflationexpectations from surveysand the break-eveninflation rate 575 Labour market developments in theeuro area in 2008 67Chart A Euro area real GDP andtotal employment growth 68Chart B Breakdown of growth inhours worked 68Chart C Breakdown of employmentgrowth by type of contract 69Chart D Part-time work in the euroarea 696 Developments in the issuance andyield spreads of euro area governmentdebt securities 71Table A Annual growth rates of debtsecurities issued by euroarea governments 71Chart A Breakdown of the changein interest payments for theperiod 1999-2008 71Table B Structure of amountsoutstanding of debtsecurities issued by euroarea governments 72Chart B Government bond yieldspreads against Germangovernment bonds 73Chart C Sovereign credit defaultswaps 73ECBAnnual Report20085
7 Statistical accounting consequencesof the financial crisis on governmentdeficit and debt 758 The financial crisis and fiscal policy 779 Recent developments in euro areacompetitiveness 81Chart A Nominal and real effectiveexchange rates of the euro 81Chart B Changes in harmonisedcompetitiveness indicatorsacross euro area countries 82Chart C Developments in intra- andextra-euro area harmonisedcompetitiveness indicators 8310 Monetary policy operations during therecent financial market volatility 99Chart A Liquidity supply throughopen market operations anduse of standing facilities 101Chart B Spread between the EONIAand the MRO rate 10111 Statistical implications of theenlargement of the euro area toinclude Slovakia 14012 Ten years of EMU174LIST OF TABLES1 Price developments 542 Labour cost indicators 603 Composition of real GDP growth 634 Labour market developments 665 Fiscal positions in the euro areaand euro area countries 706 Real GDP growth in the non-euroarea EU Member States and theeuro area 867 HICP inflation in the non-euroarea EU Member States and theeuro area 878 Fiscal positions in the non-euroarea EU Member States and theeuro area 889 Balance of payments of the noneuroarea EU Member States andthe euro area 8910 Official monetary policy strategiesof the non-euro areaEU Member States 9311 Payment traffic in TARGET 11312 Allocation of euro banknoteproduction in 2008 12113 Main economic indicators forSlovakia 139LIST OF CHARTS1 ECB interest rates and moneymarket rates 172a Main developments in majorindustrialised economies 222b Main developments in majoremerging economies 243 Main developments in commoditymarkets 254 M3 and loans to the private sector 265 Main components of M3 356 MFI interest rates on short-termdeposits and a money marketinterest rate 367 Sectoral deposits 368 Credit to euro area residents 379 Unsecured money market interestrates 4010 Three-month EUREPO,EURIBOR and overnight indexswap 4011 Long-term government bondyields 4112 Euro area zero coupon break-eveninflation rates 4213 Major stock market indices 4614 Implied stock market volatility 4715 MFI loans to households 4816 Interest rates for lending tohouseholds and non-financialcorporations 4817 Household debt and interestpayments 4918 Real cost of the external financingof euro area non-financialcorporations 506ECBAnnual Report2008
Page 1 and 2: EN2008EUROPEAN CENTRAL BANK ANNUAL
Page 3 and 4: © European Central Bank, 2009Addre
Page 5: CHAPTER 4FINANCIAL STABILITY AND IN
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
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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
Page 183 and 184:
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
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The defined benefit obligation is c
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NOTES ON THE BALANCE SHEET1 GOLD AN
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Eurosystem (see “Banknotes in cir
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(see “Banknotes in circulation”
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values at which the transactions we
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15 CAPITAL AND RESERVESCAPITALPursu
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epresenting the remainder of its ca
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NOTES ON THE PROFIT AND LOSS ACCOUN
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individual circumstances. Basic sal
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5 CONSOLIDATED BALANCE SHEET OF THE
Page 246 and 247:
ANNEXES
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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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Page 256 and 257:
Page 258 and 259:
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
Page 276 and 277:
GLOSSARYThis glossary contains sele
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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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