DOCSLIB.ORG

ANNUAL REPORT 2011 Annual Report 2011

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ANNUAL REPORT 2011 Annual Report 2011 EN 2011 2011 ANNUAL REPORT 2011 2011 2011 2011 2011 2011 2011 ANNUAL REPORT ANNUAL 2011 2011 2011 EUROPEAN CENTRAL BANK EUROPEAN 2011 2011 ANNUAL REPORT 2011 In 2012 all ECB publications feature a motif taken from the €50 banknote. © European Central Bank, 2012 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 European Central Bank/Robert Metsch ISOCHROM.com The cut-off date for the data included in this report was 2 March 2012. ISSN 1561-4573 (print) ISSN 1725-2865 (online) CONTENTS FOREWORD 7 CHAPTER 2 CENTRAL BANK OPERATIONS AND ACTIVITIES CHAPTER 1 ECONOMIC DEVELOPMENTS 1 MONETARY POLICY OPERATIONS, AND MONETARY POLICY FOREIGN EXCHANGE OPERATIONS AND INVESTMENT ACTIVITIES 80 1 MONETARY POLICY DECISIONS 14 1.1 Monetary policy operations 80 Box 1 Non-standard measures 1.2 Foreign exchange operations and in 2011 14 operations with other central banks 87 1.3 Investment activities 88 2 MONETARY, FINANCIAL AND ECONOMIC DEVELOPMENTS 20 2 PAYMENT AND SECURITIES 2.1 The global macroeconomic SETTLEMENT SYSTEMS 90 environment 20 2.1 The TARGET2 system 90 2.2 Monetary and financial 2.2 TARGET2-Securities 91 developments 26 2.3 Settlement procedures Box 2 Money and credit as early for collateral 93 warning indicators of asset price misalignments 28 3 BANKNOTES AND COINS 94 Box 3 Recent developments in the 3.1 The circulation of banknotes euro area financial account 34 and coins 94 Box 4 TARGET2 balances in the 3.2 Banknote counterfeiting Eurosystem in a context and counterfeit deterrence 95 of impaired money markets 35 3.3 Banknote production and issuance 96 Box 5 Turbulence in the euro area sovereign debt markets and 4 STATISTICS 98 spillovers to the financial 4.1 New and enhanced euro area sector in 2011 40 statistics 98 2.3 Price and cost developments 49 4.2 Other statistical developments 98 Box 6 Commodity price developments and HICP 5 ECONOMIC RESEARCH 100 inflation in the euro area: 5.1 Research priorities a comparison of the 2008 and achievements 100 and 2011 surges 49 5.2 Dissemination of research: 2.4 Output, demand and labour publications and conferences 100 market developments 55 Box 7 Labour adjustment 6 OTHER TASKS AND ACTIVITIES 102 in the euro area and the 6.1 Compliance with the prohibition United States since the crisis 59 of monetary financing and 2.5 Fiscal developments 62 privileged access 102 Box 8 Government financial 6.2 Advisory functions 102 assets and liabilities in the Box 9 Central bank independence euro area 63 in Hungary 104 6.3 Administration of borrowing 3 ECONOMIC AND MONETARY and lending operations 106 DEVELOPMENTS IN NON-EURO AREA 6.4 Eurosystem reserve management EU MEMBER STATES 70 services 107 ECB Annual Report 2011 3 CHAPTER 3 CHAPTER 5 FINANCIAL STABILITY, TASKS RELATED INTERNATIONAL ISSUES TO THE ESRB, AND FINANCIAL INTEGRATION 1 KEY DEVELOPMENTS IN THE INTERNATIONAL MONETARY 1 FINANCIAL STABILITY 110 AND FINANCIAL SYSTEM 138 1.1 Financial stability monitoring 110 1.2 Financial stability arrangements 112 2 COOPERATION WITH COUNTRIES OUTSIDE THE EU 140 2 TASKS CONCERNING THE FUNCTIONING OF THE EUROPEAN CHAPTER 6 SYSTEMIC RISK BOARD 114 EXTERNAL COMMUNICATION 2.1 Institutional framework 114 AND ACCOUNTABILITY 2.2 Analytical, statistical, logistical and organisational support 1 ACCOUNTABILITY to the ESRB 114 AND COMMUNICATION POLICY 144 Box 10 The ESCB Macro- prudential Research 2 ACCOUNTABILITY TO THE EUROPEAN Network 115 PARLIAMENT 145 3 FINANCIAL REGULATION 3 COMMUNICATION ACTIVITIES 147 AND SUPERVISION 118 3.1 Banking 118 CHAPTER 7 3.2 Securities 119 INSTITUTIONAL FRAMEWORK 3.3 Accounting 120 AND ORGANISATION 4 FINANCIAL INTEGRATION 121 1 DECISION-MAKING BODIES AND CORPORATE GOVERNANCE 5 OVERSIGHT OF PAYMENT SYSTEMS OF THE ECB 152 AND MARKET INFRASTRUCTURES 125 1.1 The Eurosystem and the European 5.1 Large-value payment systems System of Central Banks 152 and infrastructure service 1.2 The Governing Council 153 providers 125 1.3 The Executive Board 153 5.2 Retail payment systems 1.4 The General Council 155 and payment instruments 127 1.5 Eurosystem/ESCB committees, 5.3 Securities and derivatives the Budget Committee, the clearing and settlement 127 Human Resources Conference and the Eurosystem IT Steering CHAPTER 4 Committee 157 EUROPEAN ISSUES 1.6 Corporate governance 158 1 POLICY AND INSTITUTIONAL ISSUES 132 2 ORGANISATIONAL DEVELOPMENTS 162 2.1 Human resources management 162 2 DEVELOPMENTS IN AND RELATIONS 2.2 Staff relations and social dialogue 163 WITH EU CANDIDATE COUNTRIES 135 2.3 ESCB Social Dialogue 163 ECB Annual Report 4 2011 2.4 The Eurosystem Procurement Coordination Office 164 2.5 New ECB premises 164 2.6 Environmental issues 165 2.7 Information technology service management 165 ANNUAL ACCOUNTS Management report for the year ending 31 December 2011 168 Balance Sheet as at 31 December 2011 172 Profit and Loss Account for the year ending 31 December 2011 174 Accounting policies 175 Notes on the Balance Sheet 180 Notes on the Profit and Loss Account 194 Auditor’s report 198 Note on profit distribution/allocation of losses 199 Consolidated Balance Sheet of the Eurosystem as at 31 December 2011 200 ANNEXES LEGAL INSTRUMENTS ADOPTED BY THE ECB 204 OPINIONS ADOPTED BY THE ECB 207 CHRONOLOGY OF MONETARY POLICY MEASURES OF THE EUROSYSTEM 214 OVERVIEW OF THE ECB’S COMMUNICATION RELATED TO THE PROVISION OF LIQUIDITY 217 PUBLICATIONS PRODUCED BY THE ECB 218 GLOSSARY 219 ECB Annual Report 2011 5 ABBREVIATIONS COUNTRIES OTHERS BE Belgium BIS Bank for International Settlements BG Bulgaria CPI Consumer Price Index CZ Czech Republic EBA European Banking Authority DK Denmark ECB European Central Bank DE Germany EEA European Economic Area EE Estonia EIOPA European Insurance and Occupational IE Ireland Pensions Authority GR Greece EMU Economic and Monetary Union ES Spain ESA 95 European System of Accounts 1995 FR France ESCB European System of Central Banks IT Italy ESMA European Securities and Markets CY Cyprus Authority LV Latvia EU European Union LT Lithuania EUR euro LU Luxembourg GDP gross domestic product HU Hungary HICP Harmonised Index of Consumer Prices MT Malta ILO International Labour Organization NL Netherlands IMF International Monetary Fund AT Austria MFI monetary financial institution PL Poland NCB national central bank PT Portugal OECD Organisation for Economic RO Romania Co-operation and Development SI Slovenia PPI Producer Price Index SK Slovakia FI Finland In accordance with EU practice, the EU Member SE Sweden States are listed in this report using the UK United Kingdom alphabetical order of the country names in the JP Japan national languages. US United States Unless stated otherwise, all references in this report to Treaty article numbers reflect the numbering in effect since the Treaty of Lisbon entered into force on 1 December 2009. ECB Annual Report 6 2011 FOREWORD shifted to the upside. The underlying pace of monetary expansion gradually recovered, while monetary liquidity was ample and could have accommodated upward price pressures. In order to ensure that price stability was maintained, the Governing Council raised the key ECB interest rates in April and July 2011 by 25 basis points on each occasion, after having kept them at very low levels for almost two years. From mid-July tensions in financial markets intensified, fuelled mainly by market participants’ concerns about the evolution of public finances in several euro area countries. The resulting tighter financial conditions and deteriorating economic confidence, together with lower global demand, dampened euro area economic activity in the second half of 2011. Real GDP increased by 1.4% overall in 2011. High financial market uncertainty, together with deleveraging pressures on banks, also affected money growth, which diminished towards the end of 2011. The underlying pace of monetary expansion remained subdued. In view of this, 2011 was an exceptional year with challenging the Governing Council reduced the key ECB economic and financial conditions. Within interest rates in November and December by a this context, the European Central Bank total of 50 basis points. consistently provided an anchor of stability and confidence. This was evidenced by the fact that Risks to euro area financial stability increased medium to longer-term inflation expectations considerably in the course of 2011 as the remained firmly anchored in line with the sovereign debt crisis and its impact on the Governing Council’s aim of keeping inflation banking sector worsened. Particularly in the rates below, but close to, 2% over the medium second half of the year, contagion effects in term – a remarkable success in the light of larger euro area countries gathered strength adverse developments and a sign of the high amid rising headwinds from the interplay degree of credibility of the ECB’s monetary between vulnerable public finances and the policy. financial sector. This was accompanied by weakening macroeconomic growth prospects, Throughout 2011 price developments were especially towards the end of the year. Euro area significantly influenced by energy and bank funding pressures increased markedly in commodity price increases, which led to several market segments, including unsecured elevated levels of inflation. Overall, average term funding and short-term US dollar funding. annual HICP inflation was 2.7%. In the earlier This led to a strengthening of bank deleveraging part of the year, economic recovery in the euro pressures in late 2011, suggesting a risk of area continued, supported by global growth and adverse implications for credit availability. strengthening domestic demand. At the same Deleveraging pressures stemming from short time, headline inflation rates rose significantly in to medium-term bank funding challenges were early 2011 and the balance of risks to the inflation appropriately contained by timely central bank outlook, as indicated by the economic analysis, action.
Load more

Recommended publications
  • Georges Hübner, Phd Accounting, Law, Finance and Economics Department Affiliated Professor - Speciality: Finance
    Georges Hübner, PhD Accounting, Law, Finance and Economics Department Affiliated Professor - Speciality: Finance Phone : (+32) 42324728 / (+31) 433883817 E-mail : [email protected] / [email protected] Georges Hübner (Ph.D., INSEAD) holds the Deloitte Chair of Portfolio Management and Performance at HEC Management School – University of Liège (HEC-ULg), where he is member of the Board of Directors and chairman of the Master in Management Sciences program. He is also Associate Professor of Finance at Maastricht University, an Affiliate Professor at EDHEC (Lille/Nice) and an Invited Professor at the Solvay Brussels School of Economics and Management. He has taught at the executive and postgraduate levels in several countries in Europe, North America, Africa and Asia. Georges Hübner regularly provides executive training seminars for the preparation of the GARP (Global Association of Risk Professionals) certification. Georges has published numerous research articles about credit risk, hedge funds and derivatives in leading scientific journals including Journal of Business Venturing, Review of Finance, Journal of Banking and Finance, Journal of Empirical Finance, Financial Management and Journal of Portfolio Management. He has written and co-edited several books on hedge funds, operational risk and corporate finance. He is the elected Chairman of the French Finance Association (AFFI) in 2016. Georges Hübner was the recipient of the best paper awards of the Journal of Banking and Finance in 2001 and of “Finance” in 2011, and the co-recipient of the Operational Risk & Compliance Achievement Award 2006, hosted by Operational Risk Magazine, in the best academic paper category. He is also the inventor of the Generalized Treynor Ratio, a simple performance measure for managed portfolios that competes with the traditional performance measures used to assess active portfolio managers.
    [Show full text]
  • 10Th Anniversary of the ECB a Nni V E Rsar Th 10
    EN EUROPEAN CENTRAL BANK MONTHLY BULLETIN 10TH ANNIVERSARY OF THE ECB 1998 - 2008 10 TH MONTHLY BULLETIN MONTHLY A NNI V E RSAR Y OF THE ECB OF MONTHLY BULLETIN 10TH ANNIVERSARY OF THE ECB 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 This Bulletin was produced under the responsibility of the Executive Board of the ECB. Translations are prepared and published by the national central banks. All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. Photographs: ESKQ EUMETSAT Claudio Hils Martin Joppen The cut-off date for the statistics included in this issue was 9 April 2008. ISSN 1561-0136 (print) ISSN 1725-2822 (online) CONTENTS Boxes: FOREWORD 5 1 Modelling the euro area economy 36 HISTORICAL CONTEXT 8 2 Key communication tools and channels used by the ECB 50 INTRODUCTION 11 3 The Eurosystem’s collateral framework 54 4 The transmission mechanism of monetary INSTITUTIONAL SETTING AND WORKINGS policy 59 OF THE EURO AREA 21 5 Understanding infl ation persistence and THE ECB’S MONETARY POLICY STRATEGY determinants of wage dynamics 80 AND ITS IMPLEMENTATION 33 6 Preliminary fi ndings of the ECB’s work on fi nancial development 104 ECONOMIC POLICY CHALLENGES AND 7 Role of the Harmonised Index of ENLARGEMENT 65 Consumer
    [Show full text]
  • Monetary and Financial Thinking in Europe Evidence from Four Decades of Suerf
    MONETARY AND FINANCIAL THINKING IN EUROPE EVIDENCE FROM FOUR DECADES OF SUERF By Jean-Paul Abraham Introduction by David T. Llewellyn SUERF – The European Money and Finance Forum Vienna 2003 CIP Monetaryand Financial Thinking in Europe – Evidence from Four Decades of SUERF by Jean-Paul Abraham Vienna: SUERF (SUERF Studies: 2003/3) ISBN 3-902109-17-3 Keywords: Economic History, Monetary Policy, Financial Stability, Central Banking, International Monetary System, International Monetary Arrangements, European Monetary Integration, Financial Institutions and Services. JEL Classification Numbers: E42, E44, E52, E58, F33, F34, F36, G10, G20, G21, N14, N24 © 2003 SUERF, Vienna Copyright reserved. Subject to the exception provided for by law, no part of this publication may be reproduced and/or published in print, by photocopying, on microfilm or in any other way without the written consent of the copyright holder(s); the same applies to whole or partial adaptations. The publisher retains the sole right to collect from third parties fees payable in respect of copying and/or take legal or other action for this purpose. TABLE OF CONTENTS Introduction (D.T. Llewellyn) 5 A Short Reader’s Manual 90 Part 1: A Survey of SUERF Colloquia Publications 1969-2003 (J-P. Abraham) 11 Section 1: An Overall Presentation 13 Section 2: Major Events, Dominant Themes and Outstanding Contributions in Five Distinct Periods 19 Period I: 1969- early 1974: The Demise of the Bretton Woods International Monetary System 19 Period II: Late 1974- early 1979: the Aftermath of Oil Shocks and Bank Failures 21 Period III: The Eighties: Disinflation, Exchange Rate Stabilisation, ‘Marketisation’ of Banking and Finance 24 Period IV: The Nineties: The Dominance of (unstable) Markets.
    [Show full text]
  • Banks and Cross‐Border Collaboration
    SUERF, CEPS and Belgian Financial Forum Conference Crisis Management at Cross-Roads 16 November, 2009 Auditorium, National Bank of Belgium Rue Montagne aux Herbes Potagères, 61 B-1000 Brussels Conference documents p. 2 Conference programme p. 4 Johan Evenepoel : Provision of liquidity and Lender of Last Resort operations p. 25 Ingimundur Fridriksson : The collapse of Icelandic banks and cross‐border collaboration p. 49 Charles Goodhart : Limits of the Lender of Last Resort p. 53 Philipp Hartmann : The Lender of Last Resort, its limits and 2X2 fail issues p. 63 Dirk Schoenmaker : Too big to save: small banks? p. 78 Dirk Cupei : Deposit guarantee schemes: how to re-establish clients´confidence p. 92 Hans Groeneveld : Deposit guarantee schemes: how to re-establish clients´confidence p. 102 María J. Nieto : Deposit insurance : the neglected dimension of the EU safety net p. 114 Robert Priester : Deposit guarantee schemes: how to re-establish clients´confidence p. 118 Guy Quaden : Closing speech p. 127 Jaime Caruana : Unconventional monetary policies in time of crisis The presentations should not be quoted without consent of the author. SUERF, CEPS and Belgian Financial Forum Conference Crisis Management at Cross-Roads 16 November, 2009 Auditorium, National Bank of Belgium Rue Montagne aux Herbes Potagères, 61 B-1000 Brussels Programme Brussels, 16 November, 2009 – Auditorium, National Bank of Belgium 8.30-9.00 Registration and coffee 9.00-9.15 Opening Jan Smets , Belgian Financial Forum & National Bank of Belgium Onno Ruding , CEPS Catherine
    [Show full text]
  • Offshoring a Top Priority for European Ceos
    Board EuropeA newsletter for members of The Conference Board in Europe Volume 20 • Number 1/2 • January/February 2005 OffshoringOffshoring aa TopTop PriorityPriority forfor EuropeanEuropean CEOsCEOs In this issue ore European chief executives regard relocating operations abroad as a top priority than their counterparts in either the US or Asia, according to a new 1 CEO Challenge 2004 M Conference Board study of CEO opinions, “CEO Challenge 2004”. In a sign that European companies are beginning to recognise the inevitability of the EU KLEMS project outsourcing and offshoring trend and the consequences of an ageing workforce, 31% 2 of chief executives of European companies see relocating to cross-border labour 3 Economic Briefing: markets as one of their key business issues. This compares with 24% of CEOs in the Strategic Choices US and 21% of Asian CEOs who share a similar priority. for Global Business Sir Martin Sorrell, CEO of WPP and Trustee of The Conference Board said: “As a The Future of the AGM great many European companies have found to their cost, the slightest reluctance 4 to respond to demographic and economic change can prove painfully expensive. 5 Conference: This Conference Board research confirms that, for many European businesses, Enterprise Risk Management offshoring has become not just desirable but crucial.” 6 Council News “CEO Challenge 2004”, sponsored by Heidrick and Struggles International, Inc. and • Three new Council directors PeopleSoft, is based on the responses of over 500 global business leaders from • Strategic Manufacturing 40 countries. Initial results, “CEO’s Top Ten Challenges” were published last summer. • Global Supply Chain • Health & Safety Top three priorities for CEOs worldwide, identified in the study, are: ● Adapting to change 8 Business Information Service ● Maintaining top-line growth ● Retaining customer loyalty.
    [Show full text]
  • Collective Wisdom of Executives Worldwide
    annual report 2005 Collective Wisdom of Executives Worldwide annual essay Douglass North on Leadership in an Uncertain World “A bend in the road is not the end of the road, unless you fail to make the turn. For business leaders, the key is to identify the bend in the road very early, to prepare changes in strategy. The Conference Board provides a world-class forum for business leaders to discuss new trends and burning issues. It helps evolve practices and standards that enable the smooth functioning of mar- kets. Most importantly, The Conference Board’s work enables us to share and understand best practices across industries, countries and corporations.” Nandan Nilekani CEO, President and Managing Director of Infosys Vice Chairman of The Conference Board 2 the conference board 2005 annual report Leaders Working Together to Strengthen Performance and Values To grow and thrive in an ever-changing business climate, leaders need great ideas they can use today. We believe that ideas that work come from building the right relationships with the right people. Leaders need a place where they can hone their ideas with trusted peers who offer experienced, practical advice — and expect the same in return. Where a diverse mix of perspectives draws out the most useful problem-solving insights from the most unexpected places. Where they participate in a global conversation with one ground rule: Challenge all assumptions in favor of what actually works. The Conference Board brings respected economic and management experts together with experienced leaders in business, government and academia to create an unrivaled global community of leaders who bring their collective wisdom to bear on today’s most pressing business, economic and social concerns.
    [Show full text]
  • BIS 81St Annual Report Iii IV
    BANK FOR INTERNATIONAL SETTLEMENTS 81st Annual Report 1 April 2010–31 March 2011 Basel, 26 June 2011 Copies of publications are available from: Bank for International Settlements Communications CH-4002 Basel, Switzerland E-mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 © Bank for International Settlements 2011. All rights reserved. Limited extracts may be reproduced or translated provided the source is stated. ISSN 1021-2477 (print) ISSN 1682-7708 (online) ISBN 92-9131-174-X (print) ISBN 92-9197-174-X (online) Also published in French, German, Italian and Spanish. Available on the BIS website (www.bis.org). Contents Letter of transmittal ............................................. ix Overview of the economic chapters ........................... xi I. Building a stable future ....................................... 1 The year in retrospect ................................................. 2 Recovery in advanced economies . 2 Inflation pressures prompt revisions to monetary policy expectations .... 4 Lingering fiscal policy concerns in the euro area ...................... 7 Fiscal policy elsewhere ............................................ 8 Banks’ balance sheets improve but remain vulnerable ................. 8 The year in prospect .................................................. 10 Fiscal challenges ................................................. 10 Private sector balance sheet challenges ............................. 11 International imbalances .......................................... 12 Monetary policy
    [Show full text]
  • List of Symposium Participants
    LIST OF SYMPOSIUM PARTICIPANTS List of Symposium Participants Zeti Akhtar Aziz Bank Negara Malaysia Halim Alamsyah Bank Indonesia Muhammad Al-Jasser Saudi Arabian Monetary Agency Saeed Al-Qahtani Saudi Arabian Monetary Agency Elisabeth Ardaillon-Poirier European Central Bank Loi Bakani Bank of Papua New Guinea Ric Battellino Reserve Bank of Australia Michael Blythe Commonwealth Bank of Australia Alan Bollard Reserve Bank of New Zealand Adam Cagliarini Reserve Bank of Australia Frank Campbell Reserve Bank of Australia Jaime Caruana Bank for International Settlements Stephen Cecchetti Bank for International Settlements KC Chakrabarty Reserve Bank of India Norman TL Chan Hong Kong Monetary Authority Terrence Checki Federal Reserve Bank of New York Lillian Cheung Hong Kong Monetary Authority Jule Chong Hong Kong Monetary Authority Deborah Cobb-Clark Australian National University Tim Colebatch The Age Max Corden University of Melbourne Selwyn Cornish Australian National University Andrew Crockett JPMorgan Chase International Kevin Davis University of Melbourne Guy Debelle Reserve Bank of Australia Ettore Dorrucci European Central Bank William Dudley Federal Reserve Bank of New York Teresa Dueñas Bangko Sentral ng Pilipinas Mardi Dungey University of Tasmania Malcolm Edey Reserve Bank of Australia Mohamed El-Erian Pacific Investment Management Company LLC Luci Ellis Reserve Bank of Australia Saul Eslake Grattan Institute Bill Evans Westpac Banking Corporation 124 RESERVE BANK OF AUSTRALIA LIST OF SYMPOSIUM PARTICIPANTS Ted Evans Westpac Banking
    [Show full text]
  • Annual Report 2000 European Central Bank En
    EN ECB EZB EKT BCE EKP ANNUAL REPORT ANNUAL REPORT 2000 EUROPEAN CENTRAL BANK 2000 EUROPEAN REPORT ANNUAL 2000 ANNUAL REPORT 2000 © European Central Bank, 2001 Address Kaiserstrasse 29 D-60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 D-60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Internet 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 13 March 2001. ISSN 1561-4573 Contents Foreword 2 Chapter I Economic developments and monetary policy 1 Overview: monetary policy decisions in 2000 10 2 Monetary and financial developments 15 2.1 Monetary developments 15 2.2 Financial markets 19 3 Price developments 30 4 Output, demand and labour market developments 36 5 Fiscal developments 45 6 The global macroeconomic environment, exchange rates and the balance of payments 49 Chapter II Central bank operations 1 Monetary policy implementation 58 1.1 Overview 58 1.2 The main refinancing operations 60 1.3 The longer-term refinancing operations 61 1.4 Other open market operations 62 1.5 Standing facilities 62 1.6 The minimum reserve system 63 1.7 The Eurosystem’s eligible collateral and its use for credit operations 64 1.8 Participation of the Eurosystem’s counterparties in monetary policy operations 65 1.9 Money market activity 65 2 Payment and settlement systems operations 66 2.1 The TARGET system 66 2.2 The correspondent central
    [Show full text]
  • Independence and Accountability: Developments in Central Banking’’ Organised for Its Bicentennial at the Louvre Museum in Paris on 30 May 2000
    COLLOQUE DU BICENTENAIRE INDÉPENDANCE ET RESPONSABILITÉ ÉVOLUTION DU MÉTIER DE BANQUIER CENTRAL BICENTENNIAL SYMPOSIUM INDEPENDENCE AND ACCOUNTABILITY DEVELOPMENTS IN CENTRAL BANKING INDÉPENDANCE ET RESPONSABILITÉ ÉVOLUTION DU MÉTIER DE BANQUIER CENTRAL INDEPENDENCE AND ACCOUNTABILITY DEVELOPMENTS IN CENTRAL BANKING COLLOQUE DU BICENTENAIRE INDÉPENDANCE ET RESPONSABILITÉ ÉVOLUTION DU MÉTIER DE BANQUIER CENTRAL BICENTENNIAL SYMPOSIUM INDEPENDENCE AND ACCOUNTABILITY DEVELOPMENTS IN CENTRAL BANKING ISBN 2-11-092699-6 Foreword Central banking has evolved considerably over time,and the Banque de France, which is currently celebrating its two-hundredth anniversary,can testify to these changes. As we stand on the threshold of the third millennium,two new, complementary principles have become essential to central banks: independence and accountability. The Banque de France chose these two concepts as the theme of the international symposium ‘‘Independence and Accountability: Developments in Central Banking’’ organised for its bicentennial at the Louvre Museum in Paris on 30 May 2000. The symposium endeavoured to further our understanding of these concepts,their relationship with the founding principles of our democracies,how they are connected to the emergence of globalised financial markets and why they are important to communication based on transparency vis-a` -vis the public. With over 110 central bank governors and 400 participants from all over the world attending,it can be said that the entire international financial community examined these two key principles and their consequences for monetary policy. The symposium provided an opportunity for a very fruitful exchange of views and discussion of research findings. The speeches,commentaries and discussions conducted during the symposium were of a very high quality.
    [Show full text]
  • Pdfroster of Attendees
    The Participants VIRAL ACHARYA MARTIN BARNES Professor Managing Editor, New York University The Bank Credit Analyst BCA Research SINAN ALSHABIBI Governor and Chairman PETER BARNES Central Bank of Iraq Senior Washington Correspondent Fox Business News SHUHEI AOKI General Manager for the Americas RIC BATTELLINO Bank of Japan Deputy Governor Reserve Bank of Australia JEANNINE AVERSA Economics Writer STEVEN K. BECKNER The Associated Press Correspondent Market News International BAO MINGYOU Chief Representative MAREK BELKA Representative Office for the Americas President Peoples Bank of China National Bank of Poland ALAN D. BARKEMA RICHARD BERNER Senior Vice President and Managing Director Director of Research Morgan Stanley Federal Reserve Bank of Kansas City 501 502 The Participants NILS BERNSTEIN LU CÓRDOVA Governor Chief Executive Officer Danmarks Nationalbank Corlund Industries ALAN BOLLARD CARLOS DA SILVA COSTA Governor Governor Reserve Bank of New Zealand Bank of Portugal LAEL BRAINARD DAVID CUMMINGS Under Secretary of Chairman of the Board International Affairs Tradebot Systems, Inc. U.S. Department of the Treasury CHARLES DALLARA JAMES B. BULLARD Managing Director President and Chief Executive Officer Institute of International Finance Federal Reserve Bank of St. Louis PAUL DEBRUCE MARK CARNEY Chief Executive Officer Governor DeBruce Grain, Inc. Bank of Canada JOSÉ DE GREGORIO AGUSTÍN CARSTENS Governor Governor Central Bank of Chile Bank of Mexico LUCA DI LEO NORMAN CHAN Journalist Chief Executive Dow Jones Newswires Hong Kong Monetary Authority ELIZABETH A. DUKE SEWELL CHAN Governor Correspondent Board of Governors of The New York Times the Federal Reserve System JAY COLLINS DOUGLAS W. ELMENDORF Co-Global Head, Public Sector Group Director Citigroup Congressional Budget Office The Participants 503 WILLIAM B.
    [Show full text]
  • National Bank of Belgium FOREWORD by Guy Quaden, Governor
    REPORT 2000 Part II : Activities and Annual Accounts National Bank of Belgium FOREWORD by Guy Quaden, Governor Following the successful introduction of the cashless euro at the beginning of 1999, the changeover to euro notes and coins at the beginning of 2002 is the Bank’s main short-term objective. This is a historic event which will make the single currency tangible to a population in excess of 300 million. Producing the euro notes and coins, putting them into circulation and withdrawing the franc notes and coins present an enormous logistical challenge. The Bank is working jointly with a large number of partners in making meticulous preparations for this operation. The scale of this task did not prevent the Bank from initiating, in 2000, an extensive debate on its medium-term strategic positioning. This debate was launched in the course of the events to mark the Bank’s 150th anniversary. On that occasion the current management wished not only to highlight the Institution’s past, but also to make active preparations for its future. The environment in which the Bank operates has probably never before undergone such rapid and fundamental change. Most of the activities, be they linked to monetary policy or to the many other tasks which the Institution takes on in the general interest, are today being influenced both by the entry into effect of European Monetary Union and by the spread of the new information and commu- nication technologies, as well as by the concentration taking place in the commercial financial sector. 1 Excellence has always been at the heart of the enterprise culture.
    [Show full text]