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Annual Report 2010 2010 2010 2010 2010 2010 2010 EN 2010 2010 ANNUAL REPORT 2010 2010 2010 2010 2010 2010 2010 ANNUAL REPORT ANNUAL 2010 2010 2010 EUROPEAN CENTRAL BANK EUROPEAN 2010 2010 ANNUAL REPORT 2010 In 2011 all ECB publications feature a motif taken from the €100 banknote. © European Central Bank, 2011 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: Andreas Böttcher ESKQ ISOCHROM.com Robert Metsch Walter Vorjohann The cut-off date for the data included in this report was 25 February 2011. ISSN 1561-4573 (print) ISSN 1725-2865 (online) CONTENTS FOREWORD 9 3 BANKNOTES AND COINS 109 3.1 The circulation of banknotes and CHAPTER 1 coins and the handling of currency 109 ECONOMIC DEVELOPMENTS 3.2 Banknote counterfeiting AND MONETARY POLICY and counterfeit deterrence 110 3.3 Banknote production and issuance 111 1 MONETARY POLICY DECISIONS 16 4 STATISTICS 114 2 MONETARY, FINANCIAL AND ECONOMIC 4.1 New and enhanced euro area DEVELOPMENTS 24 statistics 114 2.1 The global macroeconomic 4.2 Other statistical developments 114 environment 24 4.3 Statistical needs resulting 2.2 Monetary and fi nancial from the fi nancial crisis 115 developments 29 2.3 Price and cost developments 53 5 ECONOMIC RESEARCH 117 2.4 Output, demand and labour 5.1 Research priorities and market developments 61 achievements 117 2.5 Fiscal developments 71 5.2 Dissemination of research: 2.6 Exchange rates and balance publications and conferences 118 of payments developments 77 6 OTHER TASKS AND ACTIVITIES 120 3 ECONOMIC AND MONETARY 6.1 Compliance with the prohibition DEVELOPMENTS IN NON-EURO of monetary fi nancing and AREA EU MEMBER STATES 82 privileged access 120 6.2 Advisory functions 120 CHAPTER 2 6.3 Administration of the borrowing CENTRAL BANK OPERATIONS AND ACTIVITIES and lending operations of the European Union and the 1 MONETARY POLICY OPERATIONS, European Financial Stability FOREIGN EXCHANGE OPERATIONS Facility, and the pooled bilateral AND INVESTMENT ACTIVITIES 92 loans for the benefi t of the 1.1 Open market operations Hellenic Republic 124 and standing facilities 92 6.4 Eurosystem reserve 1.2 Foreign exchange operations management services 125 and operations with other central banks 99 CHAPTER 3 1.3 The Securities Markets ENTRY OF ESTONIA INTO THE EURO AREA Programme 100 1.4 The Covered Bond Purchase 1 ECONOMIC AND MONETARY Programme 100 DEVELOPMENTS IN ESTONIA 128 1.5 Investment activities 101 2 LEGAL ASPECTS OF THE INTEGRATION 2 PAYMENT AND SECURITIES OF EESTI PANK INTO THE EUROSYSTEM 132 SETTLEMENT SYSTEMS 104 2.1 The TARGET2 system 104 3 OPERATIONAL ASPECTS OF THE 2.2 TARGET2-Securities 106 INTEGRATION OF EESTI PANK INTO THE 2.3 Settlement procedures EUROSYSTEM 133 for collateral 107 4 THE CASH CHANGEOVER IN ESTONIA 134 ECB Annual Report 2010 3 CHAPTER 4 CHAPTER 7 FINANCIAL STABILITY AND INTEGRATION INTERNATIONAL ISSUES 1 FINANCIAL STABILITY 138 1 KEY DEVELOPMENTS IN THE 1.1 Financial stability monitoring 138 INTERNATIONAL MONETARY SYSTEM 172 1.2 Financial stability arrangements 140 2 COOPERATION WITH COUNTRIES 2 FINANCIAL REGULATION OUTSIDE THE EU 176 AND SUPERVISION 142 2.1 Banking 142 CHAPTER 8 2.2 Securities 143 ACCOUNTABILITY 2.3 Accounting 144 1 ACCOUNTABILITY VIS-À-VIS 3 FINANCIAL INTEGRATION 146 THE GENERAL PUBLIC AND THE EUROPEAN PARLIAMENT 180 4 OVERSIGHT OF PAYMENT SYSTEMS AND MARKET INFRASTRUCTURE 150 2 SELECTED TOPICS RAISED AT MEETINGS 4.1 Large-value payment systems and WITH THE EUROPEAN PARLIAMENT 181 infrastructure service providers 150 4.2 Retail payment systems CHAPTER 9 and instruments 152 EXTERNAL COMMUNICATION 4.3 Securities and derivatives clearing and settlement 152 1 COMMUNICATION POLICY 184 4.4 Other activities 153 2 COMMUNICATION ACTIVITIES 185 CHAPTER 5 EUROPEAN ISSUES CHAPTER 10 INSTITUTIONAL FRAMEWORK, ORGANISATION 1 POLICY ISSUES 156 AND ANNUAL ACCOUNTS 2 INSTITUTIONAL ISSUES 159 1 DECISION-MAKING BODIES AND CORPORATE GOVERNANCE OF THE ECB 190 3 IMPROVING ECONOMIC GOVERNANCE 1.1 The Eurosystem and the European IN THE EU 160 System of Central Banks 190 1.2 The Governing Council 191 4 DEVELOPMENTS IN AND RELATIONS 1.3 The Executive Board 194 WITH EU CANDIDATE COUNTRIES 161 1.4 The General Council 196 1.5 Eurosystem/ESCB committees, CHAPTER 6 the Budget Committee, TASKS CONCERNING THE FUNCTIONING OF the Human Resources Conference THE EUROPEAN SYSTEMIC RISK BOARD (ESRB) and the Eurosystem IT Steering Committee 197 1 INSTITUTIONAL FRAMEWORK 164 1.6 Corporate governance 198 2 ACTIVITIES OF THE ESRB PREPARATORY 2 ORGANISATIONAL DEVELOPMENTS 201 SECRETARIAT 166 2.1 Human resources management 201 3 ANALYTICAL, STATISTICAL, LOGISTICAL AND 2.2 Staff relations and social dialogue 202 ADMINISTRATIVE SUPPORT TO THE ESRB 167 2.3 New ECB premises 202 ECB Annual Report 4 2010 2.4 The Eurosystem Procurement C2 omparing recent developments in MFI Coordination Offi ce 203 loans to the non-fi nancial private sector 2.5 Environmental issues 203 with previous episodes of economic 2.6 Information technology service decline and recovery 33 management 203 Chart A Annual growth of real MFI loans to the non-fi nancial 3 THE HUMAN RESOURCES CONFERENCE 205 private sector during major slowdowns and recoveries 4 ESCB SOCIAL DIALOGUE 206 since 1990 33 Chart B Annual growth of real GDP 5 ANNUAL ACCOUNTS OF THE ECB 208 during major slowdowns Management report for the year and recoveries since 1990 34 ending 31 December 2010 209 Chart C Annual growth of real MFI Balance Sheet as at 31 December 2010 214 loans to households during Profi t and Loss Account for the year major slowdowns and ending 31 December 2010 216 recoveries since 1990 34 Accounting policies 217 Chart D Annual growth of real Notes on the Balance Sheet 222 MFI loans to non-fi nancial Notes on the Profi t and Loss Account 236 corporations during major Auditor’s report 239 slowdowns and recoveries Note on profi t distribution/allocation since 1990 35 of losses 241 3 Developments in market-based measures of infl ation expectations in 2010 41 6 CONSOLIDATED BALANCE SHEET Chart A Break-even infl ation and OF THE EUROSYSTEM AS AT infl ation-linked swap rates 42 31 DECEMBER 2010 242 Chart B Changes in break-even infl ation rates and changes ANNEXES in nominal and real yields in 2010 42 LEGAL INSTRUMENTS ADOPTED BY THE ECB 246 Chart C Decomposition of long-term forward break-even infl ation OPINIONS ADOPTED BY THE ECB 249 rates based on a term structure model 42 CHRONOLOGY OF MONETARY POLICY Chart D Five-year forward MEASURES OF THE EUROSYSTEM 257 break-even infl ation rates fi ve years ahead for the OVERVIEW OF THE ECB’S COMMUNICATION euro area and the United States 43 RELATED TO THE PROVISION OF LIQUIDITY 260 4 Interpreting survey indicators of credit standards on loans to enterprises 49 PUBLICATIONS PRODUCED BY THE Chart A Changes in credit standards EUROPEAN CENTRAL BANK 265 applied to the approval of loans or credit lines to enterprises 50 GLOSSARY 266 Chart B Availability of bank loans to euro area fi rms 51 LIST OF BOXES Chart C Restrictive and expansive 1 Non-standard measures in 2010 17 credit standard regimes and Chart Government bond spreads credit standards on loans in 2010 and early 2011 18 to euro area non-fi nancial corporations 51 ECB Annual Report 2010 5 The5 The5 dynamics of commodity prices 10 Balance of payments of the and their impact on HICP infl ation 55 non-euro area EU Member States Chart A Commodity price and the euro area 85 developments 55 11 Offi cial monetary policy strategies Table Pass-through of crude oil of the non-euro area prices to HICP energy prices 56 EU Member States 88 Chart B Industrial raw materials 12 Payment traffi c in TARGET2 104 and producer prices for 13 Allocation of euro banknote intermediate goods 57 production in 2010 112 6 Euro area household saving behaviour 63 14 Main economic indicators Chart A Household income, for Estonia 128 consumption and saving 63 Chart B Household net fi nancial worth 64 LIST OF CHARTS 7 Recent labour market developments 1 ECB interest rates and the euro in the euro area and the United States: overnight interest rate 16 the main differences and a historical 2 Interest rates since the perspective 68 intensifi cation of the fi nancial crisis 17 Chart Euro area and US 3 Main developments in major employment developments 68 industrialised economies 24 Table Labour market indicators 4 Main developments in the euro area in commodity prices 28 and the United States 69 5 M3 and loans to the private sector 29 8 Macroeconomic costs and benefi ts 6 Main components of M3 30 of fi scal consolidation 75 7 MFI interest rates on short-term 9 Statistical implications of the deposits and a money market enlargement of the euro area interest rate 30 to include Estonia 130 8 Sectoral deposits 31 10 The ESCB Macro-prudential 9 Counterparts of M3 31 Research Network 168 10 Three-month EUREPO, EURIBOR and overnight LIST OF TABLES index swap 37 1 Price developments 54 11 ECB interest rates and the 2 Labour cost indicators 59 overnight interest rate 37 3 Composition of real GDP growth 61 12 Long-term government bond yields 38 4 Labour market developments 67 13 Government bond spreads 5 Fiscal positions in the euro area of selected euro area countries 40 and euro area countries 72 14 Euro area zero coupon break-even 6 Excessive defi cit procedures infl ation rates 41 in the euro area countries 73 15 Major stock market
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