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Annual Report 2004 2004 EN 2004 ANNUAL REPORT 2004 2004 ANNUAL REPORTANNUAL 2004 2004 2004 2004 2004 2004 2004 2004 2004 EUROPEAN CENTRAL BANK EUROPEAN 2004 2004 ANNUAL REPORT 2004 In 2005 all ECB publications will feature a motif taken from the €50 banknote. © European Central Bank, 2005 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.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. Photographs: Claudio Hils Martin Joppen Stefan Laub Constantin Meyer Marcus Thelen European Parliament The cut-off date for the data included in this report was 25 February 2005. ISSN 1561-4573 (print) ISSN 1725-2865 (online) CONTENTS FOREWORD 10 3.2 Banknote counterfeiting and counterfeit deterrence 95 CHAPTER 1 3.3 Banknote issuance and production 96 ECONOMIC DEVELOPMENTS AND MONETARY POLICY 4 STATISTICS 99 4.1 Further improvements in the statistical framework for the 1 MONETARY POLICY DECISIONS 16 euro area 99 4.2 New or enhanced statistics 100 2 MONETARY, FINANCIAL AND ECONOMIC 4.3 Government finance statistics 100 DEVELOPMENTS 19 2.1 The global macroeconomic 5 ECONOMIC RESEARCH 102 environment 19 5.1 Research agenda 102 2.2 Monetary and financial 5.2 Research networks 103 developments 22 5.3 Macroeconometric modelling 2.3 Price developments 43 of the euro area 104 2.4 Output, demand and labour market developments 50 6 OTHER TASKS AND ACTIVITIES 106 2.5 Fiscal developments 59 6.1 Compliance with the prohibitions 2.6 Exchange rates and balance of of monetary financing and payments developments 66 privileged access 106 6.2 Advisory functions 106 3 ECONOMIC AND MONETARY 6.3 Administration of the borrowing DEVELOPMENTS IN NON-EURO AREA and lending operations of the EU MEMBER STATES 71 European Community 107 CHAPTER 2 CHAPTER 3 CENTRAL BANK OPERATIONS AND FINANCIAL STABILITY AND INTEGRATION ACTIVITIES 1 FINANCIAL STABILITY 112 1 MONETARY POLICY OPERATIONS, 1.1 Financial stability monitoring 112 FOREIGN EXCHANGE OPERATIONS 1.2 Cooperation in crisis situations 114 AND INVESTMENT ACTIVITIES 82 1.1 Monetary policy operations 82 2 FINANCIAL REGULATION AND 1.2 Foreign exchange operations 87 SUPERVISION 115 1.3 Investment activities 88 2.1 Banking 115 2.2 Securities 115 2 PAYMENT AND SECURITIES SETTLEMENT 2.3 Accounting 116 SYSTEMS 89 2.1 The TARGET system 89 3 FINANCIAL INTEGRATION 117 2.2 TARGET2 91 2.3 Cross-border use of collateral 92 4 OVERSIGHT OF MARKET INFRASTRUCTURES 122 3 BANKNOTES AND COINS 94 4.1 Oversight of large-value euro 3.1 The circulation of banknotes and payment systems and coins 94 infrastructures 122 ECB Annual Report 2004 3 4.2 Retail payment services 123 2 RELATIONS WITH EU CANDIDATE 4.3 Securities clearing and settlement COUNTRIES 158 systems 124 CHAPTER 8 CHAPTER 4 INSTITUTIONAL FRAMEWORK, EUROPEAN AND INTERNATIONAL ORGANISATION AND ANNUAL ACCOUNTS RELATIONS 1 DECISION-MAKING BODIES AND CORPORATE GOVERNANCE OF THE ECB 162 1 EUROPEAN ISSUES 132 1.1 The Eurosystem and the European 1.1 Policy issues 132 System of Central Banks 162 1.2 Institutional issues 133 1.2 The Governing Council 164 1.3 The Executive Board 166 2 INTERNATIONAL ISSUES 136 1.4 The General Council 168 2.1 Key developments in the 1.5 Eurosystem/ESCB committees international monetary and and the Budget Committee 169 financial system 136 1.6 Corporate governance 169 2.2 Cooperation with countries outside the EU 138 2 ORGANISATIONAL DEVELOPMENTS 172 2.1 Human resources 172 2.2 New ECB premises 173 CHAPTER 5 ACCOUNTABILITY 3 ESCB SOCIAL DIALOGUE 175 1 ACCOUNTABILITY VIS-À-VIS THE 4 ANNUAL ACCOUNTS OF THE ECB 177 GENERAL PUBLIC AND THE EUROPEAN Management report 178 PARLIAMENT 142 Balance Sheet as at 31 December 2004 180 2 VIEWS OF THE ECB ON SELECTED Profit and Loss Account for the TOPICS RAISED AT MEETINGS WITH year ending 31 December 2004 182 THE EUROPEAN PARLIAMENT 143 Accounting policies 183 Notes on the Balance Sheet 187 Notes on the Profit and CHAPTER 6 Loss Account 195 EXTERNAL COMMUNICATION Note on the Allocation of Losses 198 Auditor’s report 199 1 COMMUNICATION POLICY 148 5 CONSOLIDATED BALANCE SHEET 2 COMMUNICATION ACTIVITIES 149 OF THE EUROSYSTEM AS AT 31 DECEMBER 2004 200 CHAPTER 7 ENLARGEMENT OF THE EUROPEAN UNION ANNEXES 1 SUCCESSFUL ACCESSION OF TEN NEW LEGAL INSTRUMENTS ADOPTED MEMBER STATES 154 BY THE ECB 204 OPINIONS ADOPTED BY THE ECB 207 ECB Annual Report 4 2004 DOCUMENTS PUBLISHED BY THE EUROPEAN 7 Potential effects of demographic change CENTRAL BANK SINCE JANUARY 2004 211 in the euro area 56 Chart: Main demographic CHRONOLOGY OF MONETARY POLICY developments in the euro area 56 MEASURES OF THE EUROSYSTEM 217 8 Developments in general government debt securities in the euro area 60 GLOSSARY 219 Chart A:Euro area outstanding government debt securities by issuing country in 2004 61 LIST OF BOXES Table: Structure of amounts 1 Trends in the financial investment of the outstanding of debt securities euro area non-financial sector in 2004 25 issued by euro area Table: Financial investment of the governments 61 euro area non-financial sector 25 Chart B: Long-term government bond 2 What could happen with the excess yield spreads against Germany 62 liquidity in the euro area? 28 Chart C: Changes in relative debt-to- Chart: Schematic presentation of how GDP ratios against Germany excess liquidity may be used 28 and changes in yield spreads 3 Common trends in implied financial between 2001 and 2004 63 market volatility 33 9 Fiscal policy and macroeconomic Chart A:Implied financial market stability 64 volatility in the euro area 33 10 Main elements of the exchange rate Chart B: Implied bond and stock market mechanism II 76 volatility in the euro area and 11 Eurosystem reserve management the United States 34 services 108 4 Were small and medium-sized 12 Research network on capital markets enterprises subject to less favourable and financial integration in Europe 118 financing conditions than large 13 Financial integration in the euro area enterprises in the euro area in 2004? 39 credit market 121 Chart A:Changes in the credit standards 14 Standards for securities clearing and applied to the approval of loans settlement in the European Union 125 or credit lines to non-financial 15 The Eurosystem mission statement 163 corporations 40 Chart B: MFI interest rate spreads LIST OF TABLES between small-sized loans 1 Price developments 43 and large-sized loans to 2 Labour cost indicators 49 non-financial corporations 41 3 Composition of real GDP growth 50 5 Oil prices and the euro area economy 45 4 Labour market developments 54 Chart A:Brent crude oil prices 45 5 Fiscal positions in the euro area 59 Table: Increases in Brent crude oil 6 Real GDP growth in the non-euro area prices over specific periods 46 EU Member States and the euro area 71 Chart B: Oil prices and the contribution 7 HICP inflation in the non-euro area of energy components to EU Member States and the euro area 72 HICP inflation 46 8 Fiscal positions in the non-euro area Chart C: Oil prices and the contribution EU Member States and the euro area 74 of transport components to 9 Balance of payments of the non-euro HICP inflation 46 area EU Member States and the 6 Progress with structural reforms euro area 75 in EU labour and product markets 52 ECB Annual Report 2004 5 10 Developments in ERM II 77 19 Contribution to the annual rate of 11 Official monetary policy strategies of growth of debt of non-financial the non-euro area EU Member States 78 corporations 42 12 Payment traffic in TARGET 90 20 Balance sheet indicators for 13 Overall availability of TARGET 90 non-financial corporations 42 14 Distribution of counterfeits by 21 Breakdown of HICP inflation: main denomination 95 sub-components 44 15 Allocation of euro banknote production 22 Contributions to HICP inflation from in 2004 97 sub-components 44 16 Key characteristics of the EU economy 23 Residential property price developments including and excluding the new in the euro area 49 Member States 155 24 Breakdown of industrial producer prices 49 LIST OF CHARTS 25 Sectoral compensation per employee 50 1 ECB interest rates and money market 26 Contributions to quarterly real GDP rates 16 growth 51 2 Main developments in major 27 Labour productivity 55 industrialised economies 19 28 Unemployment 55 3 Main developments in commodity 29 Nominal and real effective euro markets 22 exchange rates 68 4 M3 and M3 corrected for the estimated 30 Current account balance and its impact of portfolio shifts 23 components 68 5 Contributions to annual M3 growth 23 31 Financial account balance and its 6 Short-term MFI interest rates on components 69 deposits 24 32 Exchange rate changes of the euro 7 Movements in M3 and its counterparts 26 against EU currencies outside ERM II 77 8 Estimates of the money gap 27 33 Bid and allotment amounts in weekly 9 Short-term interest rates and the slope MROs in 2004 83 of the money market yield curve 30 34 Liquidity factors and the development 10 Three-month EURIBOR futures rates of banknotes in the euro area in 2004 84 and implied volatility derived from 35 Eligible marketable collateral 85 options on three-month EURIBOR 36 Use of marketable collateral 85 futures 30 37 Total value of banknotes in circulation 11 Long-term government bond yields 31 between 2000 and 2004 94 12 Long-term real bond yields and 38 Total number of euro banknotes in break-even inflation rates in the circulation between 2002 and 2004
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