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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 banking model 68 3 Foreign exchange operations and investment of foreign reserve assets 69 3.1 Foreign exchange operations of the ECB 69 3.2 The foreign reserve assets of the Eurosystem 69 3.3 Developments in the Eurosystem’s approach to foreign reserve management 70 4 The ECB’s own funds management 71 ECB • Annual Report • 2000 III 5 Risk management 71 5.1 Introduction 71 5.2 Investment operations 71 5.3 Monetary policy and payment systems operations 72 5.4 Current developments 72 Chapter III Entry of Greece to the euro area 1 Monetary, financial and economic developments in Greece 76 2 Legal aspects of the integration of the Bank of Greece into the Eurosystem 79 3 Operational aspects of the integration of the Bank of Greece into the Eurosystem 81 3.1 Monetary policy operations 81 3.2 Contribution to the ECB’s capital, reserves and foreign reserve assets 82 Chapter IV Economic developments in the other countries of the European Union 86 Chapter V European, international and bilateral issues 1 European issues 96 1.1 The role of the Eurogroup 97 1.2 The Lisbon Special European Council on employment, economic reform and social cohesion 97 1.3 Intergovernmental Conference 98 2 International issues 100 2.1 Institutional arrangements with international organisations 100 2.2 Multilateral and bilateral surveillance of macroeconomic policies 101 2.3 Monitoring of developments in global financial markets 102 2.4 The architecture of the international financial system 103 3 Bilateral issues 105 3.1 Relations with accession countries 105 3.2 Relations with other countries 108 IV ECB • Annual Report • 2000 Chapter VI Payment and securities settlement systems 1 General issues/introduction 112 2 Oversight of large-value payment systems 113 3 Oversight of retail payment systems 114 4 Other payment systems activities 116 5 Securities settlement systems policy 116 Chapter VII Financial stability and prudential supervision 1 Developments in the institutional framework for financial stability 120 2 Developments in the banking sector 121 3 Developments in the regulatory field 124 Chapter VIII Production of the euro banknotes and coins and preparations for the cash changeover 1 Production of the euro banknotes and coins 128 2 Quality of the euro banknotes and coins 128 2.1 Quality of the banknotes 128 2.2 Quality of the coins 128 3 Protecting the euro banknotes and coins against counterfeiting 128 4 The Euro 2002 Information Campaign 129 4.1 The Mass Media Campaign 129 4.2 PR and press activities 129 4.3 The Partnership Programme 130 4.4 Other elements 130 5 Changeover to the euro banknotes and coins in 2002 130 5.1 Financial modalities for the 2002 cash changeover 130 5.2 Cash changeover in markets outside the euro area 132 5.3 Duration of the dual circulation period 133 5.4 Exchange of national banknotes at national central banks 133 5.5 Adaptation of ATMs, currency sorting and accepting machines 134 ECB • Annual Report • 2000 V Chapter IX Development of the statistical framework 1 Introduction 138 2 Money and banking statistics and statistics on financial markets 138 3 Balance of payments, international reserves and international investment position statistics, and effective exchange rates 139 4 Financial accounts 140 5 Government finance statistics 140 6 General economic statistics 141 7 Co-operation with the European Commission and international institutions 141 8 Statistics relating to non-participating Member States and accession countries 141 Chapter X Other tasks and activities 1 Advisory functions 144 2 Compliance with the prohibitions on monetary financing and privileged access 146 3 The administration of the borrowing and lending operations by the European Community 146 Chapter XI External communication and accountability 1 The ECB’s communication policy and activities 150 1.1 Communication policy objectives 150 1.2 Communication activities 151 2 The exchange of information and views with the European Parliament 152 2.1 Relations between the ECB and the European Parliament 152 2.2 Views of the ECB on selected topics raised at meetings with the European Parliament 153 VI ECB • Annual Report • 2000 Chapter XII The institutional framework of the Eurosystem and the European System of Central Banks 1 The Eurosystem and the European System of Central Banks 158 2 The decision-making bodies of the ECB 159 2.1 The Governing Council 159 2.2 The Executive Board 161 2.3 The General Council 162 3 The organisation of the ECB 164 3.1 Corporate governance 164 3.2 Human resources management 165 3.3 The organisational chart of the ECB 167 4 ESCB Committees 168 Chapter XIII Annual Accounts of the ECB and Consolidated Balance Sheet of the Eurosystem 2000 Balance Sheet as at 31 December 2000 172 Profit and Loss Account for the year ending 31 December 2000 174 Accounting policies 175 Notes on the Balance Sheet 179 Notes on the Profit and Loss Account 184 Audit report 186 Note on profit distribution 187 Consolidated Balance Sheet of the Eurosystem as at 31 December 2000 188 Annexes Glossary 192 Chronology 205 Documents published by the European Central Bank (ECB) 209 ECB • Annual Report • 2000 VII List of Boxes, Tables and Charts Boxes 1 The publication of Eurosystem staff economic projections by the ECB 11 2 Global stock market volatility increased driven by high-technology stock markets 28 Charts: Historical and implied stock market volatility 29 3 Price effects of regulatory reforms in euro area network industries 33 Chart: Price level relative to the overall HICP in the euro area 34 4 The main characteristics of GDP growth in the euro area in recent years 37 Table: Contribution of domestic demand and net trade to GDP growth in the euro area 38 5 The decline in unemployment from a longer-term perspective 43 Table: Standardised unemployment rates in the euro area 43 6 Population ageing and the need for pension reform in the euro area 48 7 Statistical implications of the enlargement of the euro area to include Greece 78 8 Inflation differentials between the non-participating EU countries and the euro area 91 Chart: Inflation indicators relative to the euro area 91 9 Relevant provisions of the Treaty of Nice 99 10 Revision of the SDR valuation and interest rate baskets by the IMF 101 11 Main conclusions emerging from the Vienna Seminar 108 12 Consultation procedures in 2000 144 13 Public appearances of ECB representatives before the European Parliament in 2000 152 Tables 1 Price and cost developments in the euro area 30 2 Composition of real GDP growth in the euro area 37 3 Industrial production in the euro area 41 4 Labour market developments in the euro area 42 5 Fiscal positions in the euro area 46 6 Payment traffic in TARGET 66 7 Peak traffic in TARGET in 2000 66 8 Macroeconomic indicators for Greece 77 9 Macroeconomic indicators for Denmark 87 10 Macroeconomic indicators for Sweden 89 11 Macroeconomic indicators for the United Kingdom 90 12 Currency weights in the SDR valuation basket 100 13 Domestic and cross-border on-balance-sheet activities of euro area OMFIs 123 14 Number of euro banknotes to be produced by 1 January 2002 134 VIII ECB • Annual Report • 2000 Charts 1 ECB interest rates and money market rates 14 2 M3 growth and the reference value 15 3 Components of M3 16 4 Sectoral breakdown of loans by MFIs 18 5 Amounts outstanding of euro-denominated debt securities issued by euro area residents 19 6 Short-term interest rates in the euro area 21 7 (a) Long-term government bond yields in the euro area, the United States and Japan 23 7 (b) Ten-year interest rate differential of the United States against the euro area 23 8 Break-even inflation rate calculated for the French CPI 24 9 Short-term retail bank interest rates and a comparable market rate 25 10 Long-term retail bank interest rates and a comparable market rate 26 11 Stock price indices in the euro area, the United States and Japan 27 12 Breakdown of HICP inflation in the euro area by components 31 13 Consumer, producer and import prices in the euro
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