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Annual Report 2007 2007 Annual Repor 2007 2007 2007 2007 2007 2007 2007 2007 European Central Bank 2007 Annual Report 2007

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Annual Report 2007 2007 Annual Repor 2007 2007 2007 2007 2007 2007 2007 2007 European Central Bank 2007 Annual Report 2007 EN 2007 2007 T 2007 ANNUAL REPORT 2007 2007 ANNUAL REPOR 2007 2007 2007 2007 2007 2007 2007 2007 EUROPEAN CENTRAL BANK 2007 ANNUAL REPORT 2007 In 2008 all ECB publications feature a motif taken from the €10 banknote. © European Central Bank, 2008 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.europa.eu Fax +49 69 1344 6000 All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. Photographs: Martin Joppen Walter Vorjohann The cut-off date for the data included in this report was 29 February 2008. ISSN 1561-4573 (print) ISSN 1725-2865 (online) CONTENTS FOREWORD 9 3.2 Banknote counterfeiting and counterfeit deterrence 114 CHAPTER 1 3.3 Banknote issuance and production 115 ECONOMIC DEVELOPMENTS AND MONETARY POLICY 4 STATISTICS 118 4.1 New or enhanced euro area 1 MONETARY POLICY DECISIONS 18 statistics 118 4.2 Other statistical developments 119 2 MONETARY, FINANCIAL AND ECONOMIC 4.3 Preparing for euro area DEVELOPMENTS 25 enlargement 120 2.1 The global macroeconomic environment 25 5 ECONOMIC RESEARCH 121 2.2 Monetary and fi nancial 5.1 Research priorities 121 developments 29 5.2 Publications and conferences 122 2.3 Price and cost developments 54 2.4 Output, demand and labour 6 OTHER TASKS AND ACTIVITIES 124 market developments 64 6.1 Compliance with the prohibition 2.5 Fiscal developments 70 of monetary fi nancing and 2.6 Exchange rates and balance of privileged access 124 payments developments 78 6.2 Advisory functions 124 6.3 Administration of the borrowing 3 ECONOMIC AND MONETARY and lending operations of the DEVELOPMENTS IN NON-EURO AREA European Community 128 EU MEMBER STATES 83 6.4 Eurosystem reserve management services 128 CHAPTER 2 CENTRAL BANK OPERATIONS AND ACTIVITIES CHAPTER 3 ENTRY OF CYPRUS AND MALTA INTO THE 1 MONETARY POLICY OPERATIONS, EURO AREA FOREIGN EXCHANGE OPERATIONS AND INVESTMENT ACTIVITIES 96 1 ECONOMIC AND MONETARY 1.1 Monetary policy operations 96 DEVELOPMENTS IN CYPRUS AND MALTA 132 1.2 Foreign exchange operations 104 1.3 Investment activities 104 2 LEGAL ASPECTS OF THE INTEGRATION OF THE CENTRAL BANK OF CYPRUS AND 2 PAYMENT AND SECURITIES SETTLEMENT THE CENTRAL BANK OF MALTA INTO SYSTEMS 107 THE EUROSYSTEM 137 2.1 The TARGET system 107 2.2 TARGET2 108 3 OPERATIONAL ASPECTS OF THE 2.3 TARGET2-Securities 110 INTEGRATION OF THE CENTRAL BANK 2.4 Settlement procedures for OF CYPRUS AND THE CENTRAL BANK OF collateral 111 MALTA INTO THE EUROSYSTEM 139 3.1 Monetary policy operations 139 3 BANKNOTES AND COINS 113 3.2 Contribution to the ECB’s capital, 3.1 The circulation of banknotes reserves and foreign reserve assets 140 and coins and the handling of currency 113 4 THE CASH CHANGEOVER IN CYPRUS AND MALTA 141 ECB Annual Report 2007 3 CHAPTER 4 2 SELECTED TOPICS RAISED AT MEETINGS FINANCIAL STABILITY AND INTEGRATION WITH THE EUROPEAN PARLIAMENT 179 1 FINANCIAL STABILITY 146 CHAPTER 7 1.1 Financial stability monitoring 146 EXTERNAL COMMUNICATION 1.2 Financial stability arrangements 148 1 COMMUNICATION POLICY 184 2 FINANCIAL REGULATION AND SUPERVISION 150 2 COMMUNICATION ACTIVITIES 185 2.1 General issues 150 2.2 Banking 151 CHAPTER 8 2.3 Securities 151 INSTITUTIONAL FRAMEWORK, ORGANISATION AND ANNUAL ACCOUNTS 3 FINANCIAL INTEGRATION 153 1 DECISION-MAKING BODIES AND 4 OVERSIGHT OF MARKET CORPORATE GOVERNANCE OF THE ECB 191 INFRASTRUCTURES 157 1.1 The Eurosystem and the European 4.1 Oversight of large-value System of Central Banks 191 euro payment systems and 1.2 The Governing Council 192 infrastructures 157 1.3 The Executive Board 194 4.2 Retail payment services 160 1.4 The General Council 196 4.3 Card payment schemes 160 1.5 Eurosystem/ESCB committees, 4.4 Securities clearing and settlement 161 the Budget Committee, the Human Resources Conference CHAPTER 5 and the Eurosystem IT Steering EUROPEAN AND INTERNATIONAL RELATIONS Committee 197 1.6 Corporate governance 198 1 EUROPEAN ISSUES 166 1.1 Policy issues 166 2 ORGANISATIONAL DEVELOPMENTS 201 1.2 Institutional issues 167 2.1 Human resources 201 1.3 Developments in and relations 2.2 New ECB Premises 203 with EU candidate countries 168 2.3 The Eurosystem Procurement Coordination Offi ce 204 2 INTERNATIONAL ISSUES 170 2.1 Key developments in the 3 ESCB SOCIAL DIALOGUE 205 international monetary and fi nancial system 170 4 ANNUAL ACCOUNTS OF THE ECB 206 2.2 Cooperation with countries Management report for the year outside the EU 172 ending 31 December 2007 207 Balance Sheet as at 31 December 2007 210 CHAPTER 6 Profi t and Loss Account for the year ACCOUNTABILITY ending 31 December 2007 212 Accounting policies 213 1 ACCOUNTABILITY VIS-À-VIS THE Notes on the Balance Sheet 218 GENERAL PUBLIC AND THE EUROPEAN Notes on the Profi t and Loss Account 229 PARLIAMENT 178 Auditor’s report 233 Note on profi t distribution/allocation of losses 234 ECB Annual Report 4 2007 5 CONSOLIDATED BALANCE SHEET OF THE Chart B US and euro area stock EUROSYSTEM AS AT 31 DECEMBER 2007 236 prices in 1998 and 2007 47 4 The impact of energy base effects on HICP infl ation in 2007 56 ANNEXES Chart A Contributions to the change in annual HICP infl ation LEGAL INSTRUMENTS ADOPTED BY THE ECB 240 since December 2006 56 Chart B Decomposition of the OPINIONS ADOPTED BY THE ECB 243 monthly change in annual HICP infl ation 57 CHRONOLOGY OF MONETARY POLICY Chart C Decomposition of the MEASURES OF THE EUROSYSTEM 247 change in annual HICP infl ation since December 2006 57 DOCUMENTS PUBLISHED BY THE EUROPEAN 5 Food price infl ation in the euro area 59 CENTRAL BANK SINCE 2007 250 Chart A Contributions of processed food prices to annual HICP GLOSSARY 257 infl ation 59 Chart B Developments in food and LIST OF BOXES tropical beverage prices 60 1 MFI net external assets and their impact Table HICP processed food on monetary developments 34 excluding tobacco across Chart A MFI net external assets and euro area countries 60 M3 34 6 The decline in unemployment in the euro Chart B Composition of capital area in recent years 68 fl ows of the money-holding Chart A Euro area unemployment sector and MFI net external rate and GDP growth 68 assets 36 Table Unemployment rates in the Chart C Composition of portfolio euro area by gender, age investment fl ows 36 group and skills 69 Chart D Developments in gross Chart B Reform intensity in the euro external assets and liabilities 37 area and distribution by 2 The volatility of money market interest type of reform, 2000-06 70 rates in 2007 39 7 Developments in the issuance of Chart A Daily realised volatility of government debt securities and bond the overnight interest raterate 4040 yield spreads in the euro area 72 Chart B Daily realised volatility Table A Debt securities issued by of longer-term deposit euro area governments 72 interest rates 40 Table B Structure of amounts Chart C Realised volatility and outstanding of debt implied volatility for securities issued by euro three-month money market area governments 73 interest rates 42 Chart A Decomposition of the 3 Similarities and differences between the change in interest payments 74 episodes of fi nancial turbulence in 2007 Chart B Government bond yield and 1998 46 spreads against Germany 74 Chart A US and euro area long-term Chart C Sovereign credit default bond yields in 1998 and 2007 47 swaps 74 ECB Annual Report 2007 5 8 Learning from the fi scal policy 3 Geographical contributions to experience of 2000-01 76 world GDP growth 27 Chart A Fiscal developments, 4 Main developments in commodity 1998-2007 77 markets 28 Chart B Budget balance and cyclical 5 M3 and loans to the private sector 29 component 77 6 Main components of M3 30 9 Monetary policy operations during the 7 MFI interest rates on short-term fi nancial market volatility 98 deposits and a money market Chart Daily reserve surplus over interest rate 31 the course of a maintenance 8 Sectoral M3 deposits 32 period 99 9 Credit to euro area residents 32 10 Statistical implications of the enlargement 10 Money market interest rates 38 of the euro area to include Cyprus and 11 Three-month EUREPO, Malta 135 EURIBOR and overnight interest swap 38 LIST OF TABLES 12 Long-term government bond 1 Price developments 54 yields 43 2 Labour cost indicators 62 13 Spot and forward break-even 3 Composition of real GDP growth 65 infl ation rates in the euro area 43 4 Labour market developments 66 14 Major stock market indices 45 5 Fiscal positions in the euro area 71 15 Implied stock market volatility 45 6 Real GDP growth in the non-euro 16 MFI loans to households 49 area EU Member States and the 17 Interest rates for lending to euro area 83 households and non-fi nancial 7 HICP infl ation in the non-euro corporations 49 area EU Member States and the 18 Household debt and interest euro area 84 payments 50 8 Fiscal positions in the non-euro 19 Real cost of the external fi nancing area EU Member States and the of euro area non-fi nancial euro area 86 corporations 51 9 Balance of payments of the non- 20 Profi t ratios of listed euro area euro area EU Member States and non-fi nancial corporations 52 the euro area 87 21 Breakdown of the real annual 10 Developments in ERM II 88 growth rate of the external 11 Offi cial monetary policy strategies fi nancing of non-fi nancial of non-euro area EU Member States 91 corporations 52 12 Payment traffi c in TARGET 107 22 Non-fi nancial corporations’ 13 Allocation of euro banknote fi nancing gap and its main production in 2007 117 components 53 14 Main economic indicators for 23
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