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Annual Report 2003 2003 EN 2003 ANNUAL REPORT 2003 2003 ANNUAL REPORTANNUAL 2003 2003 2003 2003 2003 2003 2003 2003 2003 EUROPEAN CENTRAL BANK EUROPEAN 2003 2003 ANNUAL REPORT 2003 In 2004 all ECB publications will feature a motif taken from the €100 banknote. © European Central Bank, 2004 Address Kaiserstrasse 29 60311 Frankfurt am Main, Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main, Germany Telephone +49 69 1344 0 Website http://www.ecb.int Fax +49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The cut-off date for the data included in this report was 27 February 2004. ISSN 1561-4573 (print) ISSN 1725-2865 (online) CONTENTS FOREWORD 10 3 BANKNOTES AND COINS 92 3.1 The circulation of euro banknotes CHAPTER 1 and coins and the handling of ECONOMIC DEVELOPMENTS AND MONETARY currency 92 POLICY 3.2 Developments in euro banknote counterfeits and counterfeit 1 MONETARY POLICY IN THE EURO AREA 16 deterrence 93 1.1 Evaluation of the ECB’s monetary 3.3 Banknote issuance and production 94 policy strategy 16 1.2 Key ECB interest rates reached 4 NEW AND IMPROVED STATISTICS 97 historically low levels in 2003 21 4.1 New statistics 97 4.2 The medium-term strategy 2 MONETARY, FINANCIAL AND ECONOMIC for statistics 98 DEVELOPMENTS 25 4.3 Improvements in the institutional 2.1 Monetary and financial and legal framework for statistics 98 developments 25 2.2 Price developments 42 5 ECONOMIC RESEARCH 100 2.3 Output, demand and labour market 5.1 Research topics 100 developments 49 5.2 Research networks 100 2.4 Fiscal developments 55 5.3 Macroeconomic modelling of 2.5 The global macroeconomic the euro area 102 environment, exchange rates and 5.4 Conferences and visitor the balance of payments 59 programmes 102 3 ECONOMIC AND MONETARY DEVELOPMENTS 6 OTHER TASKS AND ACTIVITIES 103 IN EU COUNTRIES OUTSIDE THE EURO 6.1 Compliance with the prohibitions AREA 65 of monetary financing and privileged access 103 6.2 Advisory functions 103 CHAPTER 2 6.3 The administration of the CENTRAL BANK OPERATIONS AND ACTIVITIES borrowing and lending operations of the European Community 104 1 MONETARY POLICY OPERATIONS, FOREIGN 6.4 Reserve management services 104 EXCHANGE OPERATIONS AND INVESTMENT ACTIVITIES 74 1.1 Monetary policy operations 74 CHAPTER 3 1.2 Foreign exchange operations 84 FINANCIAL STABILITY AND INTEGRATION 1.3 Investment activities 84 1 FINANCIAL STABILITY 108 2 PAYMENT AND SECURITIES SETTLEMENT 1.1 Financial stability monitoring 108 SYSTEMS 86 1.2 Cooperation in crisis situations 110 2.1 The TARGET system 86 2.2 TARGET2 88 2 FINANCIAL REGULATION AND 2.3 Use of eligible assets across SUPERVISION 111 national borders 89 2.1 The Lamfalussy framework 111 2.2 Banking 111 2.3 Securities 113 2.4 Other issues 113 ECB Annual Report 2003 3 3 FINANCIAL INTEGRATION 114 CHAPTER 7 ENLARGEMENT OF THE EUROPEAN UNION 4 OVERSIGHT OF MARKET INFRASTRUCTURE120 4.1 Oversight of large-value euro 1 KEY ECONOMIC AND FINANCIAL payment systems and DEVELOPMENTS AND POLICY ISSUES 157 infrastructure 120 1.1 Economic developments 157 4.2 Retail payment services 122 1.2 Financial market developments 4.3 Securities clearing and settlement in the acceding countries 160 systems 123 2 LEGAL DEVELOPMENTS 162 CHAPTER 4 3 PREPARATIONS FOR ACCESSION 163 EUROPEAN AND INTERNATIONAL ISSUES 3.1 Central bank operations 163 3.2 Payment and settlement systems 163 1 EUROPEAN ISSUES 128 3.3 Banknotes 164 1.1 Policy issues 128 3.4 Statistics 164 1.2 Institutional changes relating to 3.5 IT infrastructure and applications 165 relevant European bodies 131 2 INTERNATIONAL ISSUES 134 CHAPTER 8 2.1 International monetary and INSTITUTIONAL FRAMEWORK, ORGANISATION financial system 134 AND ANNUAL ACCOUNTS 2.2 Cooperation with countries outside the EU 136 1 DECISION-MAKING BODIES AND CORPORATE GOVERNANCE OF THE ECB 168 1.1 The Eurosystem and the European CHAPTER 5 System of Central Banks 168 ACCOUNTABILITY 1.2 The Governing Council 169 1.3 The Executive Board 172 1 ACCOUNTABILITY VIS-À-VIS THE 1.4 The General Council 174 GENERAL PUBLIC 142 1.5 ESCB committees and the Budget Committee 175 2 ACCOUNTABILITY VIS-À-VIS THE 1.6 Corporate governance 176 EUROPEAN PARLIAMENT 144 2.1 Overview of relations with the 2 ORGANISATIONAL DEVELOPMENTS 178 European Parliament in 2003 144 2.1 Human resources 178 2.2 Views of the ECB on selected 2.2 Measures to strengthen the topics raised at meetings functioning of the internal with the European Parliament 144 organisation 179 2.3 New ECB Premises 180 CHAPTER 6 3 ESCB SOCIAL DIALOGUE 182 EXTERNAL COMMUNICATION 4 ANNUAL ACCOUNTS OF THE ECB 183 1 COMMUNICATION POLICY 150 Balance Sheet as at 31 December 2003 184 Profit and Loss Account for the year 2 COMMUNICATION TOOLS 151 ending 31 December 2003 186 Accounting policies 187 3 COMMUNICATION ISSUES IN 2003 152 Notes on the Balance Sheet 190 ECB Annual Report 4 2003 Notes on the Profit and Loss Account 196 4 Inflation differentials in the euro Note on the Allocation of Losses 199 area: potential causes and policy Auditor’s report 201 implications 44 Chart: Inflation dispersion in the 5 CONSOLIDATED BALANCE SHEET OF THE euro area 44 EUROSYSTEM AS AT 31 DECEMBER 2003 202 5 Progress with structural reforms in euro area product and labour markets 50 6 The importance of comprehensive ANNEXES reforms for sustainable public finances 58 7 Risk management related to the LEGAL INSTRUMENTS ADOPTED BY THE provision of credit in monetary policy EUROPEAN CENTRAL BANK 206 and payment systems operations 82 8 Best practices for market participants OPINIONS ADOPTED BY THE involved in CCBM operations as agreed EUROPEAN CENTRAL BANK 209 by the European Banking Federation, the European Savings Bank Group DOCUMENTS PUBLISHED BY THE and the European Association of EUROPEAN CENTRAL BANK SINCE Co-operative Banks 90 JANUARY 2003 213 9 Measures of financial market integration in the euro area 117 CHRONOLOGY OF MONETARY POLICY 10 Research Network on capital markets MEASURES OF THE EUROSYSTEM 217 and financial integration in Europe 118 11 The excessive deficit procedure 132 GLOSSARY 219 12 The ECB’s mission statement 153 TABLES LIST OF BOXES, TABLES AND CHARTS 1 Summary table of monetary variables 26 2 Sectoral shares of amounts outstanding BOXES of debt securities issued by euro area 1 Research related to the ECB’s monetary residents 31 policy strategy evaluation 20 3 Financing and financial investment of 2 The corporate debt securities market the euro area non-financial sector 32 in euro area countries 29 4 Price developments 42 Chart: Amounts outstanding of 5 Labour cost indicators 48 euro-denominated debt 6 Composition of real GDP growth 49 securities issued by euro area 7 Labour market developments 54 non-MFI corporations 30 8 Fiscal positions in the euro area 56 3 Developments in the financial positions 9 Macroeconomic indicators for Denmark 65 of euro area households and 10 Macroeconomic indicators for Sweden 68 non-financial corporations 33 11 Macroeconomic indicators for the Chart A: Debt of the private United Kingdom 69 non-financial sector 33 12 Payment traffic in TARGET 87 Chart B: Net lending/borrowing position 13 Allocation of euro banknote production of the private non-financial in 2003 95 sector 33 ECB Annual Report 2003 5 CHARTS 28 Liquidity factors and the use of 1 Longer-term inflation expectations 18 standing facilities in the euro area 2 ECB interest rates and the overnight in 2003 75 interest rate 22 29 Tier one eligible assets for Eurosystem 3 M3 growth and the reference value 25 credit operations 80 4 Estimates of the nominal and real 30 Use of collateral in Eurosystem money gaps 26 credit operations 81 5 Movements in M3 and its counterparts 27 31 Cross-border collateral as a percentage 6 Sectoral breakdown of debt securities of the total collateral provided to the issuance by euro area residents 28 Eurosystem 91 7 Debt financing of the non-financial 32 Total value of banknotes in circulation sector 31 between 2000 and 2003 92 8 Short-term interest rates in the 33 Total number of euro banknotes in euro area market 36 circulation between 2002 and 2003 92 9 Three-month EURIBOR futures rates 34 Number of euro banknotes in and implied volatility 36 circulation between 2002 and 2003 93 10 Long-term government bond yields 37 35 Release of ECB Working Papers 100 11 Euro area long-term real bond yield 36 ECB Working Paper series: and break-even inflation rate 38 Journal of Economic Literature 12 Short-term MFI interest rates and classification 101 a short-term market rate 39 13 Long-term MFI interest rates and a long-term market rate 39 14a Stock price indices 40 14b Implied stock market volatility 40 15 Breakdown of HICP inflation: main sub-components 43 16 Contributions to HICP inflation from sub-components 43 17 Breakdown of industrial producer prices 47 18 Sectoral compensation per employee 48 19 Contributions to quarterly real GDP growth 52 20 Confidence indicators 53 21 Exports of goods and industrial production 53 22 Unemployment 55 23 Nominal and real effective euro exchange rates 62 24 Current account balance and its components 62 25 Extra-euro area exports, foreign demand and nominal effective exchange rate 63 26 Financial account 63 27 Economic and financial indicators for the non-euro area EU countries and the euro area 66 ECB Annual Report 6 2003 ABBREVIATIONS COUNTRIES OTHERS BE Belgium BIS Bank for International Settlements DK Denmark BPM5 IMF Balance of Payments DE Germany Manual (5th edition) GR Greece c.i.f.
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