natgillin/translations-raw huggingface dataset:
¢ qhqo 1 AqvÝy , lÝra , diadijarßey jai jqisÞqia euaqlocÞy sgy emiaßay molirlasijÞy pokisijÞy So paqÜqsgla sgy paqoýray jasethtmsÞqiay cqallÞy ( « G emiaßa molirlasijÞ pokisijÞ rsgm OijomolijÞ jai MolirlasijÞ ¸ mxrg  CemijÞ sejlgqßxrg cia sa lÝra jai siy diadijarßey molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy » ) amsijahirsÜ so paqÜqsgla I sgy jasethtmsÞqiay cqallÞy EJS / 2000/7 , sgy 31gy Atcoýrsot 2000 , rvesijÜ le sa lÝra jai siy diadijarßey molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy ( 1 ) ( « G emiaßa molirlasijÞ pokisijÞ rso sqßso rsÜdio  CemijÞ sejlgqßxrg cia sa lÝra jai siy diadijarßey molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy » ) .
Article 1 Principles , instruments , procedures and criteria for the implementation of the single monetary policy Whereas : The Annex to this Guideline ( The Single Monetary Policy in Economic and Monetary Union  General Documentation on Eurosystem monetary policy instruments and procedures ) shall replace Annex 1 to Guideline ECB / 2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Eurosystem ( 1 ) ( The Single Monetary Policy in Stage Three  General Documentation on Eurosystem monetary policy instruments and procedures ) .
G emiaßa molirlasijÞ pokisijÞ pqoûpohÝsei som jahoqirlü sxm lÝrxm jai diadijariþm pot pqÝpei ma vqgrilopoioýmsai apü so Etqxrýrsgla , so opoßo aposekeßsai apü siy ehmijÝy jemsqijÝy sqÜpefey ( EhmJS ) sxm jqasþm lekþm pot Ývotm tiohesÞrei so etqþ rýluxma le sg rtmhÞjg ( euenÞy jakoýlemxm « rtllesÝvomsa jqÜsg lÝkg » ) jai sgm EtqxpaújÞ JemsqijÞ SqÜpefa ( EJS ) , pqojeilÝmot g em kücx pokisijÞ ma euaqlüfesai oloiüloqua re üka sa rtllesÝvomsa jqÜsg lÝkg . G peqaisÝqx epeneqcarßa sot oqirloý jai sot pkairßot euaqlocÞy sgy emiaßay molirlasijÞy pokisijÞy apaiseßsai ma kalbÜmesai deümsxy tpüwg .
( 1 ) The single monetary policy requires a definition of the instruments and procedures to be used by the Eurosystem , consisting of the national central banks ( NCBs ) of Member States that have adopted the euro in accordance with the Treaty ( hereinafter referred to as the  participating Member States ) and the European Central Bank ( ECB ) , in order to implement such policy in a uniform manner throughout the participating Member States .
G EJS diahÝsei sgm enotrßa Ýjdorgy sxm jasethtmsÞqixm cqallþm oi opoßey eßmai apaqaßsgsey cia som jahoqirlü sxm lÝrxm jai diadijariþm pot pqÝpei ma vqgrilopoioýmsai pqoy euaqlocÞ sgy emiaßay molirlasijÞy pokisijÞy , oi de EhmJS tpovqeoýmsai ma emeqcoým rýluxma le siy em kücx jasethtmsÞqiey cqallÝy .
Article 2 ( 2 ) The further development of the definition and implementation of the single monetary policy needs to be reflected appropriately .
¢ qhqo 2 EpakÞhetrg Oi EhmJS jakoýmsai ma diabibÜrotm rsgm EJS , so aqcüseqo rsiy 25 Apqikßot 2002 , kepsoleqeßy pkgqouoqßey rvesijÜ le sa jeßlema jai sa lÝra diÜ sxm opoßxm pqosßhemsai ma rtlloquxhoým pqoy sgm paqoýra jasethtmsÞqia cqallÞ .
Verification The NCBs shall forward details of the texts and means by which they intend to comply with this Guideline to the ECB by 25 April 2002 at the latest .
( 1 ) EE L 310 sgy 11.12.2000 , r. 1 .
( 1 ) OJ L 310 , 11.12.2000 , p. 1 .
( 2 ) ( 3 )
( 3 ) The ECB is vested with the authority to establish the necessary guidelines for the instruments and procedures to be used in order to implement the single monetary policy and the NCBs have an obligation to act in accordance with such guidelines .
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm ¢ qhqo 3
Official Journal of the European Communities Article 3
Uqamjuoýqsg , 7 Laqsßot 2002 .
Done at Frankfurt am Main , 7 March 2002 .
G paqoýra jasethtmsÞqia cqallÞ apethýmesai rsiy EhmJS sxm rtllesevümsxm jqasþm lekþm .
This Guideline is addressed to the NCBs of participating Member States .
G paqoýra jasethtmsÞqia cqallÞ aqvßfei ma irvýei rsiy 7 Iotkßot 2002 .
This Guideline shall enter into force on 7 July 2002 . On behalf of the Governing Council of the ECB The President Willem F. DUISENBERG
PAQAQSGLA G EMIAIA MOLIRLASIJG POKISIJG RSG FXMG SOT ETQX CemijÞ sejlgqßxrg cia sa lÝra jai siy diadijarßey molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy Apqßkioy 2002
ANNEX THE SINGLE MONETARY POLICY IN THE EURO AREA General documentation on Eurosystem monetary policy instruments and procedures April 2002
PEQIEVOLEMA Rekßda
CONTENTS Page
EiracxcÞ JEUAKAIO 1 1 .
Introduction CHAPTER 1 1 .
Epirjüpgrg sot pkairßot Ürjgrgy sgy molirlasijÞy pokisijÞy So Etqxpaújü Rýrsgla Jemsqijþm Sqapefþm Rjopoß sot EtqxrtrsÞlasoy Sa lÝra Ürjgrgy sgy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy
Overview of the monetary policy framework The European System of Central Banks Objectives of the Eurosystem Eurosystem monetary policy instruments
PqÜneiy amoijsÞy acoqÜy 1.3.2 .
Open market operations 1.3.2 .
PÜciey dietjokýmreiy 1.3.3 .
Standing facilities 1.3.3 .
TpovqexsijÜ ekÜvirsa apohelasijÜ 1.4 .
Minimum reserves 1.4 .
Amsirtlbakkülemoi PeqiotriajÜ rsoiveßa pot paqÝvomsai xy aruÜkeia SqopopoiÞreiy sot pkairßot Ürjgrgy sgy molirlasijÞy pokisijÞy
Counterparties Underlying assets Modifications to the monetary policy framework
JEUAKAIO 2 2 .
CHAPTER 2 2 .
Apodejsoß amsirtlbakkülemoi CemijÜ jqisÞqia jasakkgküsgsay EpikocÞ amsirtlbakkolÝmxm cia siy Ýjsajsey dglopqarßey jai siy dileqeßy pqÜneiy Jtqþreiy re peqßpsxrg lg rtllüquxrgy sxm amsirtlbakkolÝmxm pqoy siy tpovqeþreiy soty AmarsokÞ Þ apojkeirlüy cia pqokgpsijoýy kücoty 11 11 11 12 12
Eligible counterparties General eligibility criteria Selection of counterparties for quick tenders and bilateral operations Sanctions in the event of non-compliance with counterparty obligations Suspension or exclusion on grounds of prudence 11 11 11 12 12
JEUAKAIO 3 3 .
CHAPTER 3 3 .
PqÜneiy amoijsÞy acoqÜy AmsirsqepsÝey pqÜneiy 13 13 13 13 14 14 15 15 16 17 18
Open market operations Reverse transactions 13 13 13 13 14 14 15 15 16 17 18
CemijÜ 3.1.2 .
General considerations 3.1.2 .
PqÜneiy jýqiay amavqglasodüsgrgy 3.1.3 .
Main refinancing operations 3.1.3 .
PqÜneiy pio lajqopqüherlgy amavqglasodüsgrgy 3.1.4 .
Longer-term refinancing operations 3.1.4 .
AmsirsqepsÝey pqÜneiy enolÜktmrgy sxm bqavtvqümixm diajtlÜmrexm sgy qetrsüsgsay 3.1.5 .
Fine-tuning reverse operations 3.1.5 .
DiaqhqxsijÝy amsirsqepsÝey pqÜneiy 3.2 .
Structural reverse operations 3.2 .
OqirsijÝy pqÜneiy ¸ jdorg pirsopoigsijþm vqÝoty sgy EJS PqÜneiy amsakkacÞy molirlÜsxm ApodovÞ jasahÝrexm jahoqirlÝmgy diÜqjeiay
Outright transactions Issuance of ECB debt certificates Foreign exchange swaps Collection of fixed-term deposits
JEUAKAIO 4 4 .
CHAPTER 4 4 .
PÜciey dietjokýmreiy G dietjüktmrg oqiajÞy vqglasodüsgrgy G dietjüktmrg apodovÞy jasahÝrexm 18 18 19
Standing facilities The marginal lending facility The deposit facility 18 18 19
JEUAKAIO 5 5 .
CHAPTER 5 5 .
Diadijarßey Diadijarßey dglopqarßay 20 20 20 22 23 24 25
Procedures Tender procedures 20 20 20 22 23 24 25
CemijÜ 5.1.2 .
General considerations 5.1.2 .
Gleqokociajü pqücqalla dglopqariþm 5.1.3 .
Tender operations calendar 5.1.3 .
Amajoßmxrg sxm dglopqariþm 5.1.4 .
Announcement of tender operations 5.1.4 .
JasÜqsirg jai tpobokÞ pqoruoqþm ej lÝqoty sxm amsirtlbakkolÝmxm 5.1.5 .
Counterparties » preparation and submission of tender bids 5.1.5 .
Diadijarßey jasamolÞy
Tender allotment procedures
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm Rekßda
Official Journal of the European Communities Page
Amajoßmxrg aposekÝrlasoy dglopqarßay 5.2 .
Announcement of tender results 5.2 .
Diadijarßey cia siy dileqeßy pqÜneiy Diadijarßey diajamomirloý
Procedures for bilateral operations Settlement procedures
CemijÜ 5.3.2 .
General considerations 5.3.2 .
Diajamomirlüy pqÜnexm amoijsÞy acoqÜy 5.3.3 .
Settlement of open market operations 5.3.3 .
Diadijarßey sÝkoty glÝqay JEUAKAIO 6 6 .
End-of-day procedures CHAPTER 6 6 .
ApodejsÜ peqiotriajÜ rsoiveßa CemijÜ PeqiotriajÜ rsoiveßa sgy pqþsgy bahlßday PeqiotriajÜ rsoiveßa sgy deýseqgy bahlßday LÝsqa ekÝcvot jimdýmxm
Eligible assets General considerations Tier-one assets Tier-two assets Risk control measures
AqvijÜ peqihþqia 6.4.2 .
Initial margins 6.4.2 .
LÝsqa ekÝcvot jimdýmxm cia sa peqiotriajÜ rsoiveßa sgy pqþsgy bahlßday 6.4.3 .
Risk control measures for tier-one assets 6.4.3 .
LÝsqa ekÝcvot jimdýmxm cia sa peqiotriajÜ rsoiveßa sgy deýseqgy bahlßday 6.5 .
Risk control measures for tier-two assets 6.5 .
AqvÝy aposßlgrgy sxm peqiotriajþm rsoiveßxm pot paqÝvomsai xy aruÜkeia DiartmoqiajÞ vqÞrg sxm apodejsþm peqiotriajþm rsoiveßxm
Valuation principles for underlying assets Cross-border use of eligible assets
Rýrsgla amsapojqisqiþm jemsqijþm sqapefþm 6.6.2 .
Correspondent central banking model 6.6.2 .
DiartmoqiajÝy rtmdÝreiy JEUAKAIO 7 7 .
Cross-border links CHAPTER 7 7 .
TpovqexsijÜ ekÜvirsa apohelasijÜ CemijÜ Idqýlasa pot tpüjeimsai rsa ekÜvirsa tpovqexsijÜ apohelasijÜ Jahoqirlüy ekÜvirsxm tpovqexsijþm apohelasijþm SÞqgrg tpovqexsijþm apohelasijþm TpobokÞ pkgqouoqiþm jai epakÞhetrg sgy bÜrgy tpokocirloý sxm tpovqexsijþm ekÜvirsxm apohelasijþm Lg rtllüquxrg le siy tpovqeþreiy sÞqgrgy ekÜvirsxm apohelasijþm
Minimum reserves General considerations Institutions subject to minimum reserves Determination of minimum reserves Maintenance of reserve holdings Reporting and verification of the reserve base Non-compliance with minimum reserve obligations
PaqaqsÞlasa PaqÜqsgla 1 Paqadeßclasa pqÜnexm jai diadijariþm molirlasijÞy pokisijÞy PaqÜqsgla 2 CkxrrÜqio PaqÜqsgla 3 EpikocÞ sxm amsirtlbakkolÝmxm cia siy paqelbÜreiy rsgm acoqÜ rtmakkÜclasoy jai siy pqÜneiy amsakkacÞy molirlÜsxm pot diemeqcoýmsai cia soty rjopoýy sgy molirlasijÞy pokisijÞy PaqÜqsgla 4 So pkaßrio tpobokÞy pkgqouoqiþm cia sa molirlasijÜ jai sqapefijÜ rsasirsijÜ rsoiveßa sgy EtqxpaújÞy JemsqijÞy SqÜpefay PaqÜqsgla 5 Oi irsorekßdey sot EtqxrtrsÞlasoy PaqÜqsgla 6 Diadijarßey jai jtqþreiy pot euaqlüfomsai re peqßpsxrg lg rtllüquxrgy sxm amsirtlbakkolÝmxm pqoy siy tpovqeþreiy soty DiacqÜllasa , pßmajey jai pkaßria DiacqÜllasa 1 .
Examples of monetary policy operations and procedures Glossary Selection of counterparties for foreign exchange intervention operations and foreign exchange swaps for monetary policy purposes The reporting framework for the money and banking statistics of the European Central Bank The Eurosystem websites Procedures and sanctions to be applied in the event of non-compliance with counterparty obligations 50 61 68 69 76 77 List of charts , tables and boxes Charts 1 .
Rýmghey vqomodiÜcqalla cia siy uÜreiy sxm sajsijþm dglopqariþm Rýmghey vqomodiÜcqalla cia siy uÜreiy sxm Ýjsajsxm dglopqariþm So rýrsgla amsapojqisqiþm jemsqijþm sqapefþm RtmdÝreiy lesaný rtrsglÜsxm diajamomirloý sßskxm 21 22 43 44 50 61 68
Normal time-frame for the operational steps for standard tenders Normal time-frame for the operational steps for quick tenders The correspondent central banking model Links between securities settlement systems 21 22 43 44
69 76 77 L 185/6
L 185/6 EN
Pßmajey 1 .
Tables 1 .
ApodejsÜ peqiotriajÜ rsoiveßa cia siy pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy Pkaßria 1 .
Boxes 1 .
BÜrg tpokocirloý jai rtmsekersÝy sxm tpovqexsijþm ekÜvirsxm apohelasijþm 12 . Tpokocirlüy sxm süjxm epß sxm sgqoýlemxm tpovqexsijþm apohelasijþm
12 . Eurosystem monetary policy operations Normal trade days for the main and the longer-term refinancing operations Normal settlement dates for Eurosystem open market operations Eligible assets for Eurosystem monetary policy operations
Rtmsolocqaußey AJV EE EhmJS EJ EJS EOJ EOV ERJS ISIN JAS ME MVI OME OREJA PI RAJS RDRV RDS Strip TARGET SJE SV Aloibaßa jeuÜkaia vqglasacoqÜy EtqxpaújÞ ¸ mxrg EhmijÞ jemsqijÞ sqÜpefa EtqxpaújÞ Joimüsgsa EtqxpaújÞ JemsqijÞ SqÜpefa EtqxpaújÞ OijomolijÞ Joimüsgsa Etqxpaújüy Oijomolijüy Vþqoy Etqxpaújü Rýrsgla Jemsqijþm Sqapefþm DiehmÞy jxdijüy amacmþqirgy sßskxm Jemsqijü apohesÞqio sßskxm MolirlasijÞ ¸ mxrg Molirlasijü Vqglasopirsxsijü ºdqtla OijomolijÞ jai MolirlasijÞ ¸ mxrg Oqcamirlüy rtkkocijþm epemdýrexm re jimgsÝy anßey PirsxsijÜ idqýlasa Rýrsgla amsapojqisqiþm jemsqijþm sqapefþm Rýrsgla diajamomirloý re rtmevÞ vqümo Rýrsgla diajamomirloý sßskxm Olükoco le apojollÝmo sojoleqßdio Dietqxpaújü AtsolasopoiglÝmo Rýrsgla LesauoqÜy Jeuakaßxm re RtmevÞ Vqümo Sßskoy jtlaimülemot episojßot Sßskoi vqglasacoqÜy
Abbreviations CCBM CET CIs CSD DVP EC ECB EEA EEC EPM ESCB EU FOP FRN IDC ISIN MFI MMF MMP MU MUMS NCB RoW RTGS SSS Strip TARGET UCITS Correspondent central banking model Central European time Credit institutions Central securities depository Delivery-versus-payment European Community European Central Bank European Economic Area European economic Community ECB payment mechanism European System of Central Banks European Union Free of payment Floating-rate note Intraday credit International securities identification number Monetary financial institution Money market fund Money market paper Monetary union Monetary union Member States National central bank Rest of the world Real-time gross settlement Securities settlement system Separate trading of interest and principal Trans-European automated real-time gross settlement express transfer ( system ) Undertaking for collective investment in transferable securities
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm EiracxcÞ
Official Journal of the European Communities Introduction
Rso paqüm ecveiqßdio paqotriÜfesai so keisotqcijü pkaßrio so opoßo epekÝcg apü so Etqxrýrsgla ( 1 ) cia sgm emiaßa molirlasijÞ pokisijÞ rsg fþmg sot etqþ .
This document presents the operational framework chosen by the Eurosystem ( 1 ) for the single monetary policy in the euro area .
Rjopüy sot paqümsoy , pot aposekeß slÞla sot molijoý pkairßot sot EtqxrtrsÞlasoy pot diÝpei sa lÝra jai siy diadijarßey molirlasijÞy pokisijÞy , eßmai ma vqgrileýrei xy « CemijÞ sejlgqßxrg » cia sa lÝra jai siy diadijarßey molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy , le eidijüseqo rsüvo ma dþrei rsoty amsirtlbakkolÝmoty siy apaqaßsgsey pkgqouoqßey rvesijÜ le so pkaßrio Ürjgrgy sgy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy .
The document , which forms part of the Eurosystem 's legal framework for monetary policy instruments and procedures , is intended to serve as the  General documentation  on the monetary policy instruments and procedures of the Eurosystem , particularly aiming to provide counterparties with the information they need in relation to the Eurosystem 's monetary policy framework .
G « CemijÞ sejlgqßxrg » atsÞ jaheatsÞ oýse dgliotqceß dijaiþlasa tpÝq sxm amsirtlbakkolÝmxm oýse soty epibÜkkei tpovqeþreiy .
The general documentation in itself neither confers rights nor imposes obligations on counterparties .
G Ýmmolg rvÝrg lesaný sot EtqxrtrsÞlasoy jai sxm amsirtlbakkolÝmxm sot diÝpesai apü siy rvesijÝy rtlbasijÝy Þ jamomirsijÝy diasÜneiy .
The legal relationship between the Eurosystem and its counterparties is established in appropriate contractual or regulatory arrangements .
So ecveiqßdio diaiqeßsai re epsÜ jeuÜkaia .
This document is divided into seven chapters .
Rso JeuÜkaio 1 cßmesai epirjüpgrg sot keisotqcijoý pkairßot sgy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy .
Chapter 1 gives an overview of the operational framework for the monetary policy of the Eurosystem .
Rso JeuÜkaio 2 jahoqßfomsai sa jqisÞqia epikocÞy sxm amsirtlbakkolÝmxm pot kalbÜmotm lÝqoy rsiy pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy .
In Chapter 2 , eligibility criteria for counterparties taking part in Eurosystem monetary policy operations are specified .
Rso JeuÜkaio 3 peqicqÜuomsai oi pqÜneiy amoijsÞy acoqÜy , emþ rso JeuÜkaio 4 paqotriÜfomsai oi pÜciey dietjokýmreiy pot pqoruÝqomsai rsoty amsirtlbakkolÝmoty .
Chapter 3 describes open market operations , while Chapter 4 presents the standing facilities available to counterparties .
Rso JeuÜkaio 5 jahoqßfomsai oi diadijarßey pot euaqlüfomsai jasÜ sgm ejsÝkerg sxm pqÜnexm molirlasijÞy pokisijÞy , emþ rso JeuÜkaio 6 jahoqßfomsai sa jqisÞqia jasakkgküsgsay sxm peqiotriajþm rsoiveßxm pot vqgrilopoioýmsai xy aruÜkeia rsiy pqÜneiy molirlasijÞy pokisijÞy .
Chapter 5 specifies procedures applied in the execution of monetary policy operations . In Chapter 6 , the eligibility criteria for underlying assets in monetary policy operations are defined .
Rso JeuÜkaio 7 paqotriÜfesai so rýrsgla ekÜvirsxm tpovqexsijþm apohelasijþm sot EtqxrtrsÞlasoy .
Chapter 7 presents the Eurosystem 's minimum reserve system .
Sa paqaqsÞlasa sot paqümsoy ecveiqidßot peqiÝvotm paqadeßclasa pqÜnexm molirlasijÞy pokisijÞy , ckxrrÜqio , sa jqisÞqia epikocÞy sxm amsirtlbakkolÝmxm rsiy paqelbÜreiy sot EtqxrtrsÞlasoy rsgm acoqÜ rtmakkÜclasoy , paqotrßarg sot pkairßot tpobokÞy pkgqouoqiþm cia siy molirlasijÝy jai sqapefijÝy rsasirsijÝy sgy EtqxpaújÞy JemsqijÞy SqÜpefay , jasÜkoco sxm irsorekßdxm sot EtqxrtrsÞlasoy , jahþy jai peqicqauÞ sxm diadijariþm pot euaqlüfomsai jai sxm jtqþrexm pot epibÜkkomsai rsoty amsirtlbakkolÝmoty re peqßpsxrg lg rtllüquxrgy pqoy siy tpovqeþreiy soty .
The Annexes contain examples of monetary policy operations , a glossary , criteria for the selection of counterparties to Eurosystem foreign exchange intervention operations , a presentation of the reporting framework for the money and banking statistics of the European Central Bank , a list of the Eurosystem websites and a description of the procedures and sanctions to be applied in the event of non-compliance with counterparty obligations .
( 1 ) So Cemijü Rtlboýkio sgy EtqxpaújÞy JemsqijÞy SqÜpefay rtluþmgre ma vqgrilopoieß som üqo « Etqxrýrsgla » cia ma tpodgkþrei sg rýmherg le sgm opoßa so Etqxpaújü Rýrsgla Jemsqijþm Sqapefþm ejsekeß sa barijÜ sot jahÞjomsa , dgkadÞ auemüy siy ehmijÝy jemsqijÝy sqÜpefey sxm jqasþm-lekþm pot Ývotm tiohesÞrei so emiaßo mülirla rýluxma le sg rtmhÞjg ßdqtrgy sgy EtqxpaújÞy Joimüsgsay jai auesÝqot sgm EtqxpaújÞ JemsqijÞ SqÜpefa .
( 1 ) The Governing Council of the European Central Bank has agreed to use the term  Eurosystem  as an expression denoting the composition in which the European System of Central Banks performs its basic tasks , i.e. the national central banks of those Member States which have adopted the single currency in accordance with the Treaty establishing the European Community and the European Central Bank .
Epßrglg Eugleqßda sxm Etqxpaújþm JoimosÞsxm JEUAKAIO 1
Official Journal of the European Communities CHAPTER 1
EPIRJOPGRG SOT PKAIRIOT ARJGRGR SGR MOLIRLASIJGR POKISIJGR So Etqxpaújü Rýrsgla Jemsqijþm Sqapefþm So Etqxpaújü Rýrsgla Jemsqijþm Sqapefþm ( ERJS ) aposekeßsai apü sgm EtqxpaújÞ JemsqijÞ SqÜpefa ( EJS ) jai siy ehmijÝy jemsqijÝy sqÜpefey sxm jqasþm lekþm sgy EtqxpaújÞy ¸ mxrgy ( EE ) ( 1 ) .
OVERVIEW OF THE MONETARY POLICY FRAMEWORK The European System of Central Banks The European System of Central Banks ( ESCB ) consists of the European Central Bank ( ECB ) and the national central banks of the European Union ( EU ) Member States ( 1 ) .
Oi dqarsgqiüsgsey sot ERJS arjoýmsai rýluxma le sg rtmhÞjg ßdqtrgy sgy EtqxpaújÞy Joimüsgsay ( RtmhÞjg ) jai so Jasarsasijü sot Etqxpaújoý RtrsÞlasoy Jemsqijþm Sqapefþm jai sgy EtqxpaújÞy JemsqijÞy SqÜpefay ( Jasarsasijü sot ERJS ) .
The activities of the ESCB are carried out in accordance with the Treaty establishing the European Community ( Treaty ) and the Statute of the European System of Central Banks and of the European Central Bank ( Statute of the ESCB ) .
So ERJS dioijeßsai apü sa üqcama kÞwexy apouÜrexm sgy EJS .
The ESCB is governed by the decision-making bodies of the ECB .
Re atsü so pkaßrio , so Dioijgsijü Rtlboýkio sgy EJS eßmai aqlüdio cia sg vÜqang sgy molirlasijÞy pokisijÞy , emþ g EjsekersijÞ EpisqopÞ eßmai enotriodosglÝmg ma euaqlüfei sg molirlasijÞ pokisijÞ rýluxma le siy apouÜreiy jai siy jasethtmsÞqiey cqallÝy sot Dioijgsijoý Rtlbotkßot .
In this respect , the Governing Council of the ECB is responsible for the formulation of monetary policy , while the Executive Board is empowered to implement monetary policy according to the decisions made and guidelines laid down by the Governing Council .
Rso bahlü pot jqßmesai euijsü jai rjüpilo jai pqojeilÝmot ma diaruakirseß g aposekerlasijÞ keisotqcßa , g EJS pqorueýcei rsiy ehmijÝy jemsqijÝy sqÜpefey ( 2 ) cia sgm ejsÝkerg sxm pqÜnexm pot emsÜrromsai rsa jahÞjomsa sot EtqxrtrsÞlasoy .
To the extent deemed possible and appropriate and with a view to ensuring operational efficiency , the ECB shall have recourse to the national central banks ( 2 ) to carry out the operations which form part of the tasks of the Eurosystem .
Oi pqÜneiy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy ejsekoýmsai tpü oloiüloquoty üqoty re üka sa jqÜsg-lÝkg ( 3 ) .
The Eurosystem 's monetary policy operations are executed under uniform terms and conditions in all Member States ( 3 ) .
Rjopoß sot EtqxrtrsÞlasoy O pqxsaqvijüy rjopüy sot EtqxrtrsÞlasoy eßmai g diasÞqgrg sgy rsaheqüsgsay sxm silþm , üpxy oqßfesai rso Üqhqo 105 sgy RtmhÞjgy .
Objectives of the Eurosystem The primary objective of the Eurosystem is to maintain price stability , as defined in Article 105 of the Treaty .
Le epiuýkang sot pqxsaqvijoý rjopoý sgy rsaheqüsgsay sxm silþm , so Etqxrýrsgla oueßkei ma rsgqßfei siy cemijÝy oijomolijÝy pokisijÝy sgy EtqxpaújÞy Joimüsgsay .
Without prejudice to the primary objective of price stability , the Eurosystem has to support the general economic policies in the European Community .
JasÜ sgm epidßxng sxm rjopþm sot , so Etqxrýrsgla oueßkei ma emeqceß rýluxma le sgm aqvÞ sgy oijomolßay sgy amoijsÞy acoqÜy le ekeýheqo amsacxmirlü , pot etmoeß sgm aposekerlasijÞ jasamolÞ sxm püqxm .
In pursuing its objectives , the Eurosystem has to act in accordance with the principle of an open market economy with free competition , favouring an efficient allocation of resources .
Sa lÝra Ürjgrgy sgy molirlasijÞy pokisijÞy sot EtqxrtrsÞlasoy Cia ma episývei soty rjopoýy sot , so Etqxrýrsgla diahÝsei lßa reiqÜ apü lÝra molirlasijÞy pokisijÞy .
Eurosystem monetary policy instruments In order to achieve its objectives , the Eurosystem has at its disposal a set of monetary policy instruments ;
Diemeqceß pqÜneiy amoijsÞy acoqÜy , paqÝvei pÜciey dietjokýmreiy jai apaiseß apü sa pirsxsijÜ idqýlasa ma sgqoým ekÜvirsa tpovqexsijÜ apohelasijÜ re kocaqiarloýy rso Etqxrýrsgla .
the Eurosystem conducts open market operations , offers standing facilities and requires credit institutions to hold minimum reserves on accounts with the Eurosystem .
PqÜneiy amoijsÞy acoqÜy Oi pqÜneiy amoijsÞy acoqÜy paßfotm rglamsijü qüko rsg molirlasijÞ pokisijÞ sot EtqxrtrsÞlasoy jai oi rjopoß soty eßmai o epgqearlüy sxm episojßxm , g diaveßqirg qetrsüsgsay rsgm acoqÜ jai g rglasodüsgrg sgy jaseýhtmrgy sgy molirlasijÞy pokisijÞy .
Open market operations Open market operations play an important role in the monetary policy of the Eurosystem for the purposes of steering interest rates , managing the liquidity situation in the market and signalling the stance of monetary policy .
So Etqxrýrsgla diahÝsei pÝmse eßdg lÝrxm cia sg diemÝqceia pqÜnexm amoijsÞy acoqÜy .
The Eurosystem has available five types of instruments for the conduct of open market operations .
So rpotdaiüseqo lÝro eßmai oi amsirsqepsÝey pqÜneiy ( oi opoßey euaqlüfomsai bÜrei rtluxmiþm epamacoqÜy Þ dameßxm Ýmamsi aruÜkeiay ) .
The most important instrument is reverse transactions ( applicable on the basis of repurchase agreements or collateralised loans ) .
So Etqxrýrsgla dýmasai ajülg ma vqgrilopoieß oqirsijÝy pqÜneiy , sgm Ýjdorg pirsopoigsijþm vqÝoty , pqÜneiy amsakkacÞy molirlÜsxm jai sgm apodovÞ jasahÝrexm jahoqirlÝmgy diÜqjeiay .
The Eurosystem may also use outright transactions , the issuance of debt certificates , foreign exchange swaps and the collection of fixed-term deposits .
Oi pqÜneiy amoijsÞy acoqÜy diemeqcoýmsai le pqxsobotkßa sgy EJS , g opoßa apouarßfei jai le poio lÝro jai tpü poioty üqoty jai pqoûpohÝreiy ha ejsekersoým .
Open market operations are initiated by the ECB , which also decides on the instrument to be used and the terms and conditions for their execution .
Lpoqoým ma ejsekoýmsai le sajsijÝy dglopqarßey , le Ýjsajsey dglopqarßey Þ le dileqeßy diadijarßey ( 4 ) .
They can be executed on the basis of standard tenders , quick tenders or bilateral procedures ( 4 ) .