DOCSLIB.ORG

The European Central Bank

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The European Central Bank THE EUROPEAN CENTRAL BANK HISTORY, ROLE AND FUNCTIONS THE EUROPEAN CENTRAL BANK - HISTORY, ROLE AND FUNCTIONS BY EUROPEAN CENTRAL BANK EUROPEAN HANSPETER K. SCHELLER THE EUROPEAN CENTRAL BANK HISTORY, ROLE AND FUNCTIONS BY HANSPETER K. SCHELLER Published by: © 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 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 book was 1 July 2004. ISBN 92-9181-505-5 (print) ISBN 92-9181-506-3 (online) CONTENTS ABBREVIATIONS AND ACRONYMS 7 FOREWORD 9 ACKNOWLEDGEMENTS 11 INTRODUCTION 12 CHAPTER 1 EMU, the ECB and the euro 15 1.1 The road to EMU and the euro 15 1.1.1 First steps towards European monetary integration 15 1.1.2 The European Monetary System and the Single European Act 19 1.1.3 The Treaty on European Union 20 1.1.4 The realisation of EMU and the changeover to the euro 22 1.2 Legal basis and characteristics of EMU 28 1.2.1 Legal basis 28 1.2.2 Characteristics 30 CHAPTER 2 Central banking in EMU: legal, institutional and organisational aspects 41 2.1 The ECB, the ESCB and the Eurosystem 41 2.1.1 ESCB and Eurosystem as the organic link between the ECB and the NCBs 42 2.1.2 The ECB as a specialised organisation of Community law 43 2.1.3 The euro area NCBs as an integral part of the Eurosystem 44 2.1.4 The NCBs of the non-participating EU Member States 44 2.2 Objectives 45 2.2.1 The primary objective of price stability 45 2.2.2 The support of general economic policies 47 2.2.3 The principle of an open market economy 47 2.3 Assignment of tasks by the Treaty 48 2.3.1 Basic tasks of the Eurosystem 48 2.3.2 Other tasks 49 2.4 Centralised decision-making and operational decentralisation 49 2.5 The ECB’s role in the Eurosystem 51 2.5.1 Decision-making centre of the ESCB and the Eurosystem 51 2.5.2 Consistent implementation of policy decisions 62 2.5.3 The ECB’s regulatory powers 68 2.5.4 The ECB’s advisory activities 69 2.5.5 Monitoring compliance with the prohibition of monetary financing and privileged access 73 2.5.6 Performance of tasks taken over from the EMI 73 3 CHAPTER 3 ECB policies and Eurosystem activities 77 3.1 The conduct of monetary policy 77 3.1.1 Theoretical foundations 77 3.1.2 The ECB’s monetary policy strategy 80 3.1.3 Monetary policy operations 86 3.2 External operations 90 3.2.1 Foreign exchange operations 91 3.2.2 Management of foreign exchange reserves 94 3.3 Payment and clearing systems 98 3.3.1 Provision of payment and securities settlement facilities 99 3.3.2 Oversight of payment and securities settlement systems 102 3.4 Euro banknotes and coins 103 3.5 Collection and compilation of statistics 108 3.6 Economic research 110 3.7 The ECB’s contribution to prudential supervision and financial stability 111 3.8 Intra-Eurosystem financial relationships 114 3.8.1 Financial resources of the ECB 115 3.8.2 Monetary income sharing 118 CHAPTER 4 The ECB and the European Community 121 4.1 Independence 121 4.1.1 Institutional independence 122 4.1.2 Legal independence 122 4.1.3 Personal independence 123 4.1.4 Functional and operational independence 123 4.1.5 Financial and organisational independence 124 4.2 Democratic accountability 125 4.2.1 Accountability as a core element of legitimacy 125 4.2.2 Nature and scope of the ECB’s accountability 126 4.2.3 Discharge of the accountability obligation 127 4.3 Dialogue and cooperation with Community institutions and bodies 130 4.3.1 European Parliament 130 4.3.2 EU Council and Eurogroup 132 4.3.3 European Commission 134 4.3.4 Economic and Financial Committee 135 4.3.5 Economic Policy Committee 136 4.3.6 Macroeconomic Dialogue 136 4.4 The ECB’s linguistic regime 136 4.5 Judicial review by the European Court of Justice 137 4.6 Scrutiny of financial management and integrity 138 4 CHAPTER 5 The ECB’s involvement in international cooperation 141 5.1 Background 141 5.2 Policy content of the ECB’s international relations 143 5.3 ECB relations with international organisations 144 5.3.1 International Monetary Fund 144 5.3.2 Organisation for Economic Co-operation and Development 146 5.4 ECB participation in informal fora for finance ministers and central bank governors 147 5.4.1 G7 finance ministers and central bank governors 147 5.4.2 G10 finance ministers and central bank governors 148 5.4.3 G20 finance ministers and central bank governors 148 5.4.4 Financial Stability Forum 149 5.4.5 Bank for International Settlements and central bank fora 149 CHAPTER 6 The ECB as a corporate entity 153 6.1 Mission statement 153 6.2 Corporate governance 153 6.2.1 The role of the Governing Council and the Executive Board in corporate governance 154 6.2.2 External and internal control layers 154 6.2.3 Access to the ECB’s archives 156 6.3 Organisational structure 157 6.4 Staff and staff relations 158 6.4.1 Staff 158 6.4.2 ECB staff representation 159 6.4.3 Social Dialogue with regard to the ESCB 159 6.5 Seat and premises 160 ANNEX I 163 Excerpts from the Treaty establishing the European Community ANNEX 2 181 Protocol on the Statute of the European System of Central Banks and of the European Central Bank GLOSSARY 203 BIBLIOGRAPHY 217 INDEX 225 5 BOXES Box 1 The road to the euro 16 Box 2 Overview of the preparatory work carried out by the EMI 23 Box 3 Irrevocably fixed euro conversion rates 26 Box 4 Chronology of European integration 27 Box 5 The Community framework for fiscal policies 33 Box 6 Conditions necessary for the adoption of the euro 35 Box 7 The benefits of price stability 46 Box 8 Members of the Governing Council (1 June 1998 to 1 July 2004) 58 Box 9 The transmission mechanism of monetary policy 78 Box 10 Why maintain a low positive rate of inflation? 82 Box 11 The two pillars of the ECB’s monetary policy strategy 84 Box 12 Open market operations and standing facilities 87 Box 13 Minimum reserve requirements 90 Box 14 Joint Statement on Gold (8 March 2004) 97 Box 15 From design to circulation: preparing the euro banknotes and coins 104 Box 16 Key for subscription to the ECB’s capital 114 TABLES Table 1 The two-group rotation system (first stage) – voting frequencies of governors in each group 55 Table 2 The three-group rotation system (second stage) – voting frequencies of governors in each group 56 Table 3 Eurosystem monetary policy operations 86 Table 4 Capital key of the ECB (%) 115 CHARTS Chart 1 The ESCB and the Eurosystem 41 Chart 2 The stability-oriented monetary policy strategy of the ECB 83 Chart 3 The organisational structure of the ECB 157 DIAGRAMS Diagram 1 The three-group rotation system for the ECB Governing Council (scenario for a euro area of 27 Member States) 56 ILLUSTRATIONS 1The Treaty on European Union (Maastricht Treaty) with the Statute of the ESCB and of the ECB, signed on 7 February 1992 14 2 Governing Council meeting at the ECB on 22 July 2004 40 3Illuminated euro symbol in front of the Eurotower 76 4Jean-Claude Trichet, President of the ECB, during a hearing at the European Parliament in 2004 120 5Press conference with the ECB President, Jean-Claude Trichet, at the Bank for International Settlements in Basel on 26 June 2004 140 6The Eurotower, the ECB’s headquarters in Frankfurt am Main152 6 ABBREVIATIONS AND ACRONYMS BEPG Broad Economic Policy Guideline BIS Bank for International Settlements BSC Banking Supervision Committee CESR Committee of European Securities Regulators CMFB Committee on Monetary, Financial and Balance of Payments Statistics EBA Euro Banking Association EBC European Banking Committee EC European Community ECB European Central Bank ECJ European Court of Justice ECOFIN Economics and Finance (Ministers) ECU European Currency Unit EEC European Economic Community EFC Economic and Financial Committee EMCF European Monetary Cooperation Fund EMI European Monetary Institute EMS European Monetary System EMU Economic and Monetary Union EPC Economic Policy Committee ERM exchange rate mechanism ESCB European System of Central Banks EU European Union GDP gross domestic product HICP Harmonised Index of Consumer Prices IMF International Monetary Fund MFI monetary financial institution NCB national central bank OECD Organisation for Economic Co-operation and Development OJ Official Journal of the European Union OLAF European Anti-Fraud Office RTGS Real-time gross settlement SGP Stability and Growth Pact SSS Securities settlement system TARGET Trans-European Automated Real-time Gross settlement Express Transfer system 7 FOREWORD The ECB is fully committed to the principles of openness and transparency, and it honours this commitment in particular with a large volume of publications that explain its aims and activities. In addition to the frequent and extensive publications on current developments within its field of competence, the ECB publishes Working Papers and Occasional Papers on specific topics.
Load more

Recommended publications
  • DE LAATSTE GOUVERNEUR Alfons Verplaetse En De Politiek
    DE LAATSTE GOUVERNEUR Alfons Verplaetse en de politiek Rik Van Cauwelaert ID 2018 Volledige opm. De laatste gouverneur 15x23.indd 3 03-03-21 09:25 Inhoud 1 Proloog – De gids naar de euro 13 2 Een zondag in Bazel 31 3 Een Paradijsvogel 47 4 Wildewoudstraat 61 5 Een land buiten adem 81 6 ‘Een schandelijke devaluatie’ 101 7 Poupehan 125 8 De terugkeer 145 9 De heilige mark 161 10 Hervormen tegen de tijd 179 11 De zomer van 1993 201 12 G oud 225 Epiloog 251 Literatuurlijst 259 Personenindex 263 ID 2018 Volledige opm. De laatste gouverneur 15x23.indd 5 03-03-21 09:25 Alfons Verplaetse ziet als een collegeprefect toe op de discipline van de coalitiebengels Elio Di Rupo, Philippe Maystadt, Herman Van Rompuy en achterop lopend Melchior Wathelet aan de hand van premier Jean-Luc Dehaene. (Royer in Le Soir) ID 2018 Volledige opm. De laatste gouverneur 15x23.indd 6 03-03-21 09:25 Voorwoord ‘Om met de Fransen te onderhandelen, moet je een zeker filou-gehalte hebben, zoals ik.’ Eregouverneur Alfons Verplaetse bedoelde het niet eens grappig. Hij plooide zuchtend zijn krant dicht waarin hij net las over de jongste perikelen bij Dexia. De bank stevende af op een debacle. Jean- Luc Dehaene was in 2008 aan boord gehesen om alsnog de meubelen te redden, maar hij vertilde zich aan de onderhandelingen met de Franse aandeelhouders. Dehaene was geen bankier en had er ook geen aanleg voor. Als politicus en zeker als premier had hij uit politieke voorzorg de financiële wereld altijd op een afstand gehouden.
    [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]
  • The National Bank, Central Banking in the Time of COVID‑19
    1. The National Bank, central banking in the time of COVID‑19 This chapter of the Corporate Report should be read in the light of the developments and trends described in the 2020 Report on economic and financial developments and prudential legislation and supervision. Similarly, it may prove useful to refer to the list of abbreviations contained in that Report when reading this chapter. 11 COVID-19, the main theme dominating the National Bank’s operations in 2020 The Bank monitors the economic financial consequences – particularly the impact of the repercussions in real time lockdown – for Belgium’s real economy. There was also frequent bilateral contact with members of the gov- As soon as it became apparent that the COVID‑19 ernment in order to discuss the latest developments. pandemic would have repercussions on the economy, Finally, many activities were also developed in connec- the Bank organised itself so that it could monitor the tion with the Economic Risk Management Group. economic situation in real time. Of course, as a member of the Eurosystem, the Bank In the first few months, the Board of Directors met was also closely involved in the measures taken by the almost every day to discuss the main economic ECB to combat the COVID‑19 crisis. As a member of parameters, the financial market situation and the the ECB Governing Council, the Governor had a say in impact on the financial sector. Various departments the measures adopted by the European Central Bank. created new indicators, surveys and statistical over- views as background for the Board of Directors’ discussions and to support its decisions.
    [Show full text]
  • History, Role and Functions, October 2004
    THE EUROPEAN CENTRAL BANK HISTORY, ROLE AND FUNCTIONS THE EUROPEAN CENTRAL BANK - HISTORY, ROLE AND FUNCTIONS BY EUROPEAN CENTRAL BANK EUROPEAN HANSPETER K. SCHELLER THE EUROPEAN CENTRAL BANK HISTORY, ROLE AND FUNCTIONS BY HANSPETER K. SCHELLER Published by: © 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 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 book was 1 July 2004. ISBN 92-9181-505-5 (print) ISBN 92-9181-506-3 (online) CONTENTS ABBREVIATIONS AND ACRONYMS 7 FOREWORD 9 ACKNOWLEDGEMENTS 11 INTRODUCTION 12 CHAPTER 1 EMU, the ECB and the euro 15 1.1 The road to EMU and the euro 15 1.1.1 First steps towards European monetary integration 15 1.1.2 The European Monetary System and the Single European Act 19 1.1.3 The Treaty on European Union 20 1.1.4 The realisation of EMU and the changeover to the euro 22 1.2 Legal basis and characteristics of EMU 28 1.2.1 Legal basis 28 1.2.2 Characteristics 30 CHAPTER 2 Central banking in EMU: legal, institutional and organisational aspects 41 2.1 The ECB, the ESCB and the Eurosystem 41 2.1.1 ESCB and Eurosystem as the organic link between the ECB and the NCBs 42 2.1.2 The ECB as a specialised organisation of Community law 43 2.1.3 The euro area NCBs as an integral part of the
    [Show full text]
  • BIS 68Th Annual Report: the Full Publication As One Document
    Bank for International Settlements 68th Annual Report 1st April 1997–31st March 1998 Basle, 8th June 1998 © Bank for International Settlements 1998 CH-4002 Basle, Switzerland All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1021-2477 ISBN 92-9131-198-7 Published also in French, German and Italian. Available in English on the BIS World Wide Web site (http://www.bis.org). Table of Contents Page Letter of transmittal ................................................ 1 I. Introduction: distinguishing symptoms from causes ................ 3 Contagion processes and policy responses ................................. 5 Crisis prevention and crisis management .................................. 8 II. Developments in the advanced industrial countries ................ 10 Highlights ............................................................ 10 Developments in the seven major economies .............................. 11 Developments in other industrial countries ................................ 15 The macroeconomic policy mix .......................................... 18 Changes in financial wealth and spending ................................ 21 Labour markets ................................................... 22 Import prices and inflation ........................................... 24 Foreign trade, current account balances and foreign direct investment .......... 26 Foreign trade ..................................................... 26 Current account balances in the industrial countries ........................
    [Show full text]
  • MONTHLY BULLETIN 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]
  • REPORT Corporate Report
    National Bank of Belgium Bank National of REPORT 2020 Corporate Report REPORT 2020 © National Bank of Belgium All rights reserved. Reproduction of all or part of this publication for educational and non‑commercial purposes is permitted provided that the source is acknowledged. REPORT 2020 Corporate Report A modern central bank at the service of society, at the heart of the Eurosystem Table of contents Foreword 7 1. The National Bank, central banking in the time of COVID‑19 11 1.1 Covid‑19, the main theme dominating the National Bank’s operations in 2020 13 1.2 The strategic exercise is well under way 17 1.3 What’s new in the departments and services ? 25 2. The Bank and its social responsibility 79 3. Annual accounts and reports on the financial year 115 4. Annexes Annex 1 Organic Law 193 Annex 2 Corporate Governance Charter 241 Foreword Dear reader, 2020 was a year that will always be engraved in our memory. For the first time in decades, a great many scheduled events were cancelled or postponed : the Olympic Games, the European football champion‑ ship, music festivals, cultural events, etc. There were severe restric‑ tions on our opportunities for travel and social contact, many shops and restaurants were closed for months, and working from home became mandatory. This situation was like the scenario for a horror film. There was only one culprit : the COVID‑19 pandemic. 2020 was a difficult and very challenging year for our country’s pop‑ ulation, businesses and institutions. The National Bank of Belgium was no exception.
    [Show full text]
  • Overzicht Van Het Belgisch Politiek Gebeuren in 1982
    Overzicht van het Belgisch politiek gebeuren in 1982 door Mark DEWEERDT, L icentiaat in de politieke en sociale wetenschappen. J ournalls t. * Op 17 december 1981 legden de vijftien ministers en de tien staats­ secretarissen van de na de parlementsverkiezingen van 8 november 1981 gevormde en door Wilfried Martens geleide CVP /PSC-PW /PRL-regering de eed af. Vooraan in hun programma stond het sociaal, economisch en financieel herstelbeleid : drukken van alle produktiekosten ; tijdelijke wijziging van de modaliteiten van het indexstelsel ; terugschroeven van het begrotingsdeficit ; grondige hervorming van het belastingstelsel; beper­ king van de overheidsuitgaven. Om dat programma te verwezenlijken vroeg de regering « bijzondere machten» tot 31 december 1982. 1. Regering-Martens krijgt haar « volmachten ». De daartoe opgerichte bijzondere Kamercommissie wijdde een lange - zij begon op 28 december 1981, werd na een kort eindejaarsreces op 3 januari 1982 hervat en duurde tot 8 januari - en diepgaande bespre­ king aan het « wetsontwerp tot toekenning van bepaalde bijzondere mach­ ten aan de Koning » ( 1) . De meerderheid verweet de oppositie wel eens aan obstructie te hebben gedaan, maar algemeen was men van mening dat het debat uitermate nut­ tig en verhelderend was geweest. Op 18 januari keurde de Kamer met 112 stemmen voor, 82 tegen en 5 onthoudingen (waaronder die van FDF'er Nols en de drie RAD/UDRT­ leden) het ontwerp goed. De Senaat deed hetzelfde op 2 februari, met (1) In het vervolg kortweg volmacht enwet genoemd. De uitvoeringsmaatregelen worden volmachtenbeslult of wetsbesluit genoemd. 138 RES PUBLICA 93 stemmen voor, 70 tegen en 5 onthoudingen. In het voorafgaand debat betwistte de oppositie de grondwettigheid van het wetsontwerp.
    [Show full text]
  • Bank for International Settlements and the Federal Reserve
    October 1994 900 The Bank for International Settlements and the Federal Reserve Charles J. Siegman, Senior Associate Director of the organization's name). However, its primary the Board's Division of International Finance, objectives, which have guided the Bank's activities prepared this article. since its inception and are reflected in its current role, were to promote cooperation among central On September 13, 1994, the Chairman of the Board banks and to provide additional facilities for inter- of Governors of the Federal Reserve System national financial operations. assumed the seat on the Board of Directors of the Over time, the BIS has evolved into a major Bank for International Settlements (BIS) desig- international institution, providing an important nated for the central bank of the United States. The forum for frequent consultation among central central bank of the United States has had the right bankers on a wide range of issues. In recent years to be represented on the BIS's Board of Directors the BIS has broadened its role by, for example, since the BIS was established more than sixty years mobilizing supplementary resources for the Inter- ago. For a variety of reasons, however, the Federal national Monetary Fund (IMF) and arranging Reserve had, until this year, never exercised its bridge financing for some heavily indebted middle- right. The Federal Reserve Board's decision to income developing countries and, more recently, assume representation on the BIS's Board was for some Eastern European countries.1 The BIS has made in recognition of the increasingly important also broadened its contacts with central banks out- role of the BIS as the principal forum for consulta- side Europe.
    [Show full text]
  • 75E Rapport Annuel De La
    Table des matières Organisation, gouvernance et activités . 161 Organisation et gouvernance de la Banque . 161 La Banque, sa direction et ses actionnaires . 161 Organigramme de la BRI au 31 mars 2005 . 163 Coopération financière et monétaire internationale : contribution de la BRI en 2004/05 . 163 75 ans de coopération entre banques centrales . 163 Consultations régulières sur des questions monétaires et financières . 164 Autres domaines d’action de la BRI en faveur de la coopération des banques centrales . 165 Bureaux de représentation . 169 Institut pour la stabilité financière . 171 Action des comités permanents en faveur de la stabilité financière . 172 Comité de Bâle sur le contrôle bancaire . 172 Comité sur le système financier mondial . 173 Comité sur les systèmes de paiement et de règlement . 175 Comité des marchés . 176 Groupe de dissuasion de la contrefaçon . 176 Contributions générales de la BRI à la coopération financière internationale . 176 Groupe des Dix . 176 Forum sur la stabilité financière . 177 Association internationale des contrôleurs d’assurance . 178 Association internationale de protection des dépôts . 179 Services financiers de la Banque . 180 Services bancaires . 180 Opérations du Département bancaire en 2004/05 . 181 Graphique : Placements de la clientèle, par produit . 182 Fonctions d’agent et de mandataire (trustee) . 182 Aspects institutionnels et administratifs . 183 Retrait et redistribution d’actions BRI . 183 Administration de la Banque . 184 Bénéfice net et répartition . 187 Bénéfice net . 187 Proposition de répartition du bénéfice net pour l’exercice . 188 Rapport des commissaires-vérificateurs . 189 Conseil d’administration et Direction . 190 Modifications dans la composition du Conseil d’administration et de la Direction de la Banque.
    [Show full text]
  • Central Banks in the Age of the Euro This Page Intentionally Left Blank Central Banks in the Age of the Euro
    Central Banks in the Age of the Euro This page intentionally left blank Central Banks in the Age of the Euro Europeanization, Convergence, and Power Edited by Kenneth Dyson and Martin Marcussen 1 3 Great Clarendon Street, Oxford ox2 6dp Oxford University Press is a department of the University of Oxford. It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide in Oxford New York Auckland Cape Town Dar es Salaam Hong Kong Karachi Kuala Lumpur Madrid Melbourne Mexico City Nairobi New Delhi Shanghai Taipei Toronto With offices in Argentina Austria Brazil Chile Czech Republic France Greece Guatemala Hungary Italy Japan Poland Portugal Singapore South Korea Switzerland Thailand Turkey Ukraine Vietnam Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries Published in the United States by Oxford University Press Inc., New York # The several contributors 2009 The moral rights of the authors have been asserted Database right Oxford University Press (maker) First published 2009 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, or under terms agreed with the appropriate reprographics rights organization. Enquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above
    [Show full text]
  • On the Effectiveness of the Monetary Policy During the Financial Crisis of 2007
    UNIVERSITY OF GHENT FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATION Academic year 2010 – 2011 On the effectiveness of the monetary policy during the financial crisis of 2007 Federal Reserve vs. European Central Bank Master thesis presented to obtain the degree of Master in Applied Economics: Business Engineering Alexander Naessens & Sabien Windels under the leadership of Prof. dr. Gert Peersman Selien De Schryder UNIVERSITY OF GHENT FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATION Academic year 2010 – 2011 On the effectiveness of the monetary policy during the financial crisis of 2007 Federal Reserve vs. European Central Bank Master thesis presented to obtain the degree of Master in Applied Economics: Business Engineering Alexander Naessens & Sabien Windels under the leadership of Prof. dr. Gert Peersman Selien De Schryder Ondergetekenden verklaren dat de inhoud van deze masterproef mag geraadpleegd en/of gereproduceerd worden, mits bronvermelding. We hereby declare that the content of this thesis may be consulted, and/or reproduced on condition that the source is quoted. Alexander Naessens Sabien Windels “As long as the music is playing, you’ve got to get up and dance. We’re still dancing” Charles Prince, former CEO of Citigroup Financial Times, July 2007 ACKNOWLEDGEMENTS First and foremost, we would like to thank our promoter, prof. dr. Gert Peersman and our co-promoter, Selien De Schryder for their guidance on this master thesis over these past two years. We are very grateful to Jef Boeckx, Economist at the National Bank of Belgium, Luc Aucremanne, Head of Monetary Policy Research Department at the National Bank of Belgium, Alfons Verplaetse, former Governor of the National Bank of Belgium and Burcu Duygan-Bump, Senior Financial Economist at the Federal reserve Bank of Boston for their time, advice and for sharing their knowledge in their domain of expertise.
    [Show full text]