natgillin/translations-raw huggingface dataset:
Main refinancingoperations are conducted through weekly standard tenders. In 2003 the Governing Council decided that as of March 2004 the maturity of theseoperations would be reduced from two weeks to one.
2AHAN฀ M �� R �N ฀ KASVUTAVOITTEESEEN฀ PERUSTUVA฀STRATEGIA฀ MONETARY฀ TARGETING ฀ 2AHAPOLITIIKAN฀ STRATEGIA฀ JOSSA฀ HINTAVAKAUS฀ PYRIT �� N฀ S � I L Y T T � M �� N฀ TARKKAILEMALLA฀ RAHAN฀ M �� R �N ฀ KASVUVAUHDIN฀ POIK K E A MIA฀ ENNALTA฀ I L M OflI TfiE TUSTA฀ TAVOITTEE S TA ฀
Maintenance period: the period over which credit institutions’compliancewith reserve requirementsis calculated. The maintenance period for Eurosystem minimum reserves is one month.
2AHAN฀ NEUTRAALIUS฀ NEU T R ALI T Y ฀ OF฀ MONEY ฀ 4ALOUDEN฀ PERUS PERIAATE฀ JONKA฀ MUKAAN฀ RAHAN฀ M �� R �N ฀ MUUTOKSISTA฀ SEURAA฀ P I T K � L L �฀ AIKA V � L I L L �฀ VAIN฀ NIMELLISTEN฀ MUUTTUJIEN฀ MUUTOKSIA฀ EI฀ REAALISTEN฀ 2AHAN฀ M �� R �N ฀ MUUT O K S I L L A ฀ EI฀ SIIS฀ OLE฀ P I T K � AIKA I SIA฀ VAIKUTUKSIA฀ ESIMERKIKSI฀ TUOTANNON฀ M �� R �� N฀ T Y � T T � M Y Y TEEN฀ TAI฀ REAALI KORKOIHIN฀
In 2003 the Governing Councildecided that as of March 2004 the maintenance period would no longer start onthe 24th calendar day of one month and end on the 23rd calendar day of thefollowing month, but would instead start on the settlement day of the first mainrefinancing operation following the Governing Council meeting at which themonthly assessment of the monetary policy stance is prescheduled and wouldend on the day preceding the similar settlement day in the following month.
2AHA PERUSTA ฀ MONETARY฀ B A SE฀ , I I K K E E S S �฀ OLEVASTA฀ RAHA S TA ฀ SE TfiE L EI S T �฀ JA฀KOLIKOISTA ฀ VASTAPUOLTEN฀ EURO J � R J E S TfiE L M �� N฀ TALLE T TA MISTA฀ VAR A N NO I S TA ฀ SE K �฀ EURO J � R J E S TfiE L M �N ฀ MAKSUVALMIUS J � R J E S TfiE L M �N ฀ TALLETUKSISTA฀ KOOSTUVA฀ EUROALUEEN฀ RAHAPERUSTA฀ %URO J � R J E S TfiE L M �N ฀ TASEEN฀ VASTATTAVAA PUOLELLA฀ N � M �฀ E R � T ฀ OVAT฀ VELKOJA฀ 6ARANNOT ฀ VOIDAAN฀JAKAA฀ EDELLEEN฀ V � H I M M � I S VARANTO I HIN฀ JA฀ VARANTOVELVOITTEEN ฀ YLIT T � VII N฀ TALLETUK SIIN฀ %URO J � R J E S TfiE L M �N ฀ V � H I M M � I S VARANTO J � R J E S TfiE L M � S S �฀ VASTAPUOLTEN฀ ON฀ TALLE TETTAVA฀ V � H I M M � I S VARANTO ฀ KANSALLISEEN฀ KESKUSPANKKIIN฀ 4 � M �N ฀ L I S � K S I ฀ LUOTTOLAITOKSILLA฀ ON฀ TAVALLISESTI฀ VAIN฀ V � H � I NEN฀ M �� R �฀ VAPAA EHTOISIA฀ VARANTOVELVOITTEEN ฀ YLIT T � V I� ฀ TALLETUKSIA฀ EURO J � R J E S TfiE L M � S S �฀
Marginal lending facility: a standing facilityof the Eurosystem which counterparties may use to receive overnight credit from a national central bankat a pre-specified interest rate against eligible assets (see key ECB interestrates).
2AHAPOLITIIKAN฀ STRATEGIA฀ MONETARY฀ POLICY฀ STRATEGY฀ 2AHAPOLITIIKAN฀ H A R JOI T TAM I SESSA฀ NOU D A TETTAVA฀ YLEI NEN฀ L � H E S T Y M I S TAPA฀ %+0 N฀ RAHAPOLITIIKAN฀STRATEGIA฀ PERUSTUU฀ HINTAVAKAUDEN฀ ENSISIJAISEN฀ TAVOITTEEN฀ KVANTI TA T I I VfiI SEEN฀ M �� R I TfiE L M �� N฀ JA฀ ANALYYSI KEHIK K O ON฀ JOKA฀ PERUSTUU฀KAHTEEN฀ PILARIIN฀ ELI฀ REAALI ฀ JA฀ RAHATALOUDEN฀ ANALYYSIIN฀ 3E฀MUODOSTAA฀ PERUSTAN฀ %+0 N฀ NEUVOSTON฀ ARVIOI L L Efi฀ HINTAVAKAUTEEN฀ KOHDISTUVISTA฀ RIS K EI S T �฀ SE K �฀ SEN฀ RAHAPOLIITTISILLE฀ P �� T � K SILLE฀ 2AHAPOLITIIKAN฀ STRATEGIA฀ TOIMII฀ M Y � S฀ V � L I NE E N �฀ JONKA฀ AVULLA฀ RAHAPOLITIIKKAA฀ S ELI TfiE T �� N฀ YLEI S � L L E
Member State: a country that is a member of the European Union.
2AHAPOLITIIKAN฀ V � L I T T Y M I S MEKANISMI ฀ MONETARY฀ POLICY฀ TRANSMISSION฀MECHANISM ฀ 0 R O SE S S I ฀ JONKA฀ KAUTTA฀ RAHAPOLIITTISET฀ P �� T � K SET฀ VAIKUTTAVAT฀ KOKO฀ TALOUTEEN฀ JA฀ ERITYISESTI฀ HINTATASOON฀
Minimum bid rate: the lower limit to the interest rates at which counterpartiesmay submit bids in the variable rate tenders(see key ECB interest rates).
2AHOITUSMARKKINAT฀ FINANCIAL฀ MARKET S฀ -ARKKI NAT฀ JOILLA฀ TOI SET฀ ANTAVAT฀ YLI M �� R � I S I� ฀ VAR O JA A N฀ LAINAKSI฀ TOI SILLE฀ JOTKA฀ TARVITSE VAT฀ RAHAA฀
Monetary aggregates: currency in circulationplus outstanding amounts ofcertain liabilities of monetary financial institutions (MFIs)that have arelatively high degree of liquidity and are held by non-MFI euro area residentsoutside the central government sector.
2AKENTEELLINEN฀ OPERAATIO฀ S T R U C TUR A L ฀ OPERATION ฀ !VOMARKKINA OPERAATIO฀ JONKA฀ EURO J � R J E S TfiE L M �฀ TOTEUTTAA฀ P �� ASIASSA฀ S �� D E L L � K SEEN฀ RAHOITUSSEKTORIN฀ RAKENTEELLISTA฀ MAKSUVALMIUS ASEMAA ฀ EURO J � R J E S TfiE L M �� N฀ N � H DEN฀
The narrow monetary aggregate M1hasbeen defined as currency in circulation plus overnight deposits.
2EAALINEN฀ EFEKTIIVINEN฀VALUUTTAKURSSI฀ + S฀ EFEKTIIVINEN฀VALUUTTAKURSSI฀ NIMELLINEN฀ TAI฀ REAALINEN ฀
The Governing Councilhas announced a reference value for the growthof M3 (see also reference value for monetary growth).
2EPO OPERAATIO฀ R E P U R C H A SE฀ OPERATION ฀ REPO ฀ ,IKVIDITEETTI �฀ L I S �� V �฀ TAKAISINOSTO SOPIMUKSEEN฀ PERUSTUVA฀ K �� N T EI S OPERAATIO฀
Monetary base: consists of currency (banknotes and coins) in circulation, thereserves held by counterparties with the Eurosystemand recourse to the Eurosystem’s deposit facility.
3UORA฀ KAUPPA฀ O U T R I G H T ฀ TRANSACTION ฀ - E NE T TfiE L Y ฀ JOSSA฀ ARVOPAPEREITA฀ OSTETAAN฀ TAI฀ M Y Y D �� N฀ SUORAAN฀ MARKKINOILLA฀ AVISTA ฀TAI฀TERMIINIKAUPPANA ฀
Monetary policy transmission mechanism: the process through whichmonetary policy decisions affect the economy in general and the price level inparticular.
4ALOUDEN฀ AVOIMUUS฀ D E G R E Efi฀ OF฀ OPE N NE S S฀ - I T TAR I ฀ JOKA฀ KUVAA ฀ TALOUDEN฀ RIIPPU VUUTTA฀ MUIDEN ฀ MAIDEN฀ TAI฀ ALUEIDEN฀ KANSSA฀ K � Y T � V � S T �฀ KAUPASTA ฀ E S I M ฀ " + 4 H E N฀ SUHTEUTETUN฀ KOKONAISVIENNIN฀JA฀ TUONNIN฀ S U M M A
Money demand: a key economic relationship that represents the demand formoney balances by nonmonetary financial institutions (MFIs).The demandfor money is often expressed as a function of prices and economic activity, whichserves as a proxy for the level of transactions in the economy, and certain interestrate variables, which measure the opportunity costsof holding money.
4ALOUS ฀JA฀RAHA LIIT TO฀ % - 5 ฀ %CONOMIC฀ AND฀ -ONETARY฀ 5 NfiI ON฀ % - 5 ฀ 0ERUSTAMIS SOPIMUKSESSA฀KUVATTU฀%UROOPAN฀UNIONIN฀TALOUS ฀JA฀RAHALIITON฀TOTEUTUMISEN฀KOLMIVAI HEINEN฀ PROSESSI฀ %-5N฀ ENSIM M � I NEN฀ VAIHE฀ ALKOI฀ HEI N � K U U S SA฀ ฀ JA฀ P �� T T YflI ฀ ฀ 4 � S S �฀ VAIH E E S SA฀ OLI฀ KES K EI S I N T �฀ SE฀ E T T �฀ KAIKKI฀ P �� OMIEN ฀ VAPAA N฀ LIIKKU V UUDEN฀ S I S � I SET฀ E S TfiE E T ฀ % 5 N฀ ALUEELLA฀ P U R E T TIIN ฀ %-5N฀ TOINEN฀ VAIHE฀ ALKOI฀ ฀ 3EN฀ AIKANA฀ M M ฀ PERUSTETTIIN฀ %UROOPAN฀RAHAPOLIITTINEN฀INSTITUUTTI฀ %-) ฀ K I E L L E T TIIN ฀ JULKISEN฀ SEKTORIN฀ KESKUSPANKKIRAHOITUS ฀ JA฀ RAHOITUS LAITOKSIIN ฀ LIITTY V � T ฀ ERIT YflI S OIKEUDET฀ SE K �฀ ANNETTIIN฀ OHJEET฀ LIIALLISTEN฀ JULKISEN฀ TALOUDEN฀ ALI J �� MIEN฀ V � L T T � M I SE S T �฀ + O L M A S฀ VAIHE฀ ALKOI฀ ฀ 4 U O L LOIN฀ RAHAPOLIITTINEN฀ TOIMIVALTA฀ SIIRTYI฀%UROOPAN฀KESKUSPANKILLE฀ %+0฀ JA฀ EURO ฀ OTETTIIN฀ K � Y T T �� N฀
With regard to their aims, regularity andprocedures, Eurosystemopen market operations can be divided into fourcategories: main refinancing operations, longerterm refinancing operations,fine-tuning operationsand structural operations. They involve one of thefollowing transactions: (i) buying or selling assets outright (spot or forward);(ii) buying or selling assets under a repurchase agreement; (iii) lending orborrowing against underlying assets as collateral; (iv) issuing central bank debtcertificates; (v) accepting fixed-term deposits; or (vi) conducting foreignexchange swapsbetween domestic and foreign currencies.
4ILIVELVOLLISUUS฀ A C C O U N TA B I L I T Y ฀ 2 I I P P U M AT T OMAN฀ INSTI TUU TION ฀ OIKEUDELLINEN฀ JA฀ P O LIIT TINEN฀VELVOITE฀ S ELI T T �� ฀ JA฀ PERUSTELLA฀ P �� T � K SE NS�฀ KANSALAISILLE ฀ JA฀ HEI D �N ฀ DEMOKRAATTISESTI฀ VALITUILLE฀ E D U S TA J I L L EEN฀ 2 I I P P U M AT ON฀ INSTI TUU T I Off฀ ON฀ N � IN฀ VASTUUSSA฀ TAVOITTEIDEN SA฀ SAAVUT TAM I SESTA฀ %UROOPAN฀ KESKUSPANKKI฀ %+0฀ON฀ TILIVELVOLLINEN฀ SUURELLE฀ YLEI S � L L Efi฀ JA฀ PERUSTAMISSOPIMUKSEN฀ MUKAISESTI฀ %UROOPAN฀ PARLA MENTILLE฀
Option: a financial instrument that gives the owner the right, but not theobligation, to buy or sell specific assets (e.g. a bond or a stock) at apredetermined price (the strike or exercise price) at or up to a certain future date(the exercise or maturity date). A call option gives the holder the right topurchase the underlying assets at an agreed exercise price, whereas a put optiongives the holder the right to sell them at an agreed price.
4UOTANTOKUILU฀ O U T P U T ฀ G A P ฀ 4ALOUDEN฀ TOSIASIALLISEN฀ JA฀POTENTIAALISEN฀ TUOTANNON฀ERO฀ PROSENTTEINA฀ POTENTIAALISESTA฀ TUO TA N NO S TA ฀ 0OTENTIAALINEN฀ TUOTANTO฀ ON฀ TUOTANTO฀ JOKA฀ VOIDAAN฀ SAAVUTTAA฀ H Y � D Y N T � M � L L �฀ TUOTANTOPANOKSIA฀ INFLAATIOTA฀ KIIHDYT T � M � T T � M � L L �฀ TAVALLA฀
Output gap: the difference between the actual and potential levels of output ofan economy, expressed as a percentage of potential output. Potential output isthe level of output that can be achieved when the factors of production areutilised at noninflationary levels.
4 Y � VOI MAOSUUS฀ LABOUR ฀ F O R C Efi฀ PAR T I C I P A TION ฀ RATE฀ 4 Y � VOI M A N฀ OSUUS฀ T Y � I K � I SE S T �฀ V � E S T � S T �฀ ELI฀ n VUO T I AI S TA ฀ 4 Y � VOIMAAN฀ KUULUVAT฀ SE K �฀ T Y � L L I SET฀ E T T �฀ T Y � T T � M � T ฀
Outright transaction: a transaction whereby assets are bought or sold outrightin the market (spot or forward).
6AIHTOEHTOISKUSTANNUKSET฀ O P P O R T U NfiI T Y ฀ COST ฀ 6AR O JEN฀ HALLUSSAPIDON฀ KUSTANNUKSIA฀ KUVAAVA฀ MUUT T U JA฀ 6AIHTOEHTOISKUSTANNUKSET฀ M �� R I TfiE L L �� N฀ Y L E E NS�฀ VAIHTOEHTOISTEN฀ SIJOITUS KOH TEIDEN฀ JA฀ OMAN฀ SIJOITUS KOH TEEN฀ TUOT ON฀ ERO N A
Real effective exchange rates: see effective exchange rates (nominal/real).
R V O P A P ERIT ฀ JOTKA฀ PAN TA TAAN฀ LAINOJEN฀ TAKAISIN MAKSU N฀ VAKUUDEKSI฀ ESIMERKIKSI฀ LUOTTOLAITOSTEN฀KESKUS PANKEILLE฀ PAN T TAA MAT฀ ARVOPAPERIT ฀ SE K �฀ TAKAISIN OSTOSOPIMUSTEN฀PERUSTEELLA฀MYYDYT฀ARVOPAPERIT฀ ESIMERKIKSI฀ LUOTTOLAITOSTEN฀KESKUS PANKEILLE฀ M Y Y M � T ฀ ARVOPAPERIT
Reference value for monetary growth: in order to assess monetarydevelopments, the Governing Councilhas announced a reference value for thebroad monetary aggregate M3. This reference value refers to the rate of M3growth that is deemed to be compatible with price stability over the mediumterm.
6ALUUTTAKURSSITAVOITTEESEEN฀ PERUSTUVA฀STRATEGIA฀ EXCHANGE฀ RATE฀ TARGETING ฀ 2AHAPOLITIIKAN฀ STRATEGIA฀ JONKA฀ TAVOITTEENA฀ON฀ P I T �� ฀ VALUUTTAKURSSI฀ V A KfiA ANA ฀ JOH ONKIN฀ TOISEEN฀ VALUUTTA A N฀ TAI฀ VALUUTTA RYH M �� N฀ N � H DEN฀ TAI฀ JOPA฀ SIIHEN฀ KIIN TfiE � S T I ฀ S I DOT T U N A ฀
The reference value is derived in a manner that is consistent with andserves the achievement of the Governing Council’s definition of price stabilityon the basis of mediumterm assumptions regarding trend real GDP growth andthe trend in the velocity of circulation of M3.Substantial or prolonged deviationsof M3 growth from the reference value would, under normal circumstances,signal risks to price stability over the medium term. However, monetary policydoes not react mechanically to deviations of M3 growth from the reference value.
6ALUUTTASWAP฀ F O R EI G N฀ EXCHANGE฀ SWAP ฀ 3AMANAIKAINEN฀ AVISTA ฀ JA฀ TERMIINIKAUPPA฀ KAHDEN฀ ERI฀ VALUUTAN฀ V � L I L L �฀ %URO J � R J E S TfiE L M �฀ VOI฀ TOTEUTTAA฀ RAHAPOLIITTISIA฀ AVOMARKKINAOPERAATIOITA฀ VALUUTTASWAPEINA฀ JOISSA฀ KANSALLISET฀ KESKUSPANKIT฀ TAI฀ %UROOPAN฀ KESKUSPANKKI฀ ;%+0= ฀ OSTAVAT฀ TAI฀ M Y Y V � T ฀ EUROA ฀ AVISTAKAUPPANA฀ JOTAKIN฀ MUUTA฀ VALUUTTAA฀ VASTAAN฀ JA฀ SAMANAIKAISESTI฀ M Y Y V � T ฀ TAI฀ OSTAVAT฀ S I T �฀ TAKAISIN฀ TERMIINIKAUPPANA ฀
Reference value for the fiscal position: Treaty Protocol No 20 on theexcessive deficit proceduresets explicit reference values for the generalgovernment deficit ratio(3% of GDP) and the debt ratio(60% of GDP) (seealso Stability and Growth Pact).
6AR A N TOPOHJA฀ R E SE R V Efi฀ B A SE฀ .IIDEN฀ TASE ERIEN฀ ERITYISESTI฀ VELKOJEN฀ SUMMA฀ JOIDEN฀PERUSTEELLA฀ LASKETAAN฀ LUOTTOLAITOKSEN฀VARANTOVELVOITE฀
Repurchase operation (repo): a liquidityproviding reverse transactionbasedon a repurchase agreement.
6ASTAPUOLI฀ C O U N TER PAR T Y ฀ 2AHOITUSTRANSAKTION฀ ESIMERKIKSI฀ KESKUSPANKIN฀ KANSSA฀ TEH T � V �N ฀ TRANS A K TION ฀ VASTAKKAINEN ฀ OSA PUOLI ฀
Reserve base: the sum of the balance sheet items (in particular liabilities) thatconstitute the basis for calculating the reserve requirementof a credit institution.
6ELKAPAPERIT฀ D E B T ฀ SECURITIES ฀ ,IIKKEESEENLASKIJAN฀ LAIN A N SAA JA N฀ LUPAUS฀ SUORITTAA฀ MAKSU ฀ TAI฀ MAKSU JA฀ VELKAPAPERI N฀ H A L T I JALLE฀ LAIN ANA N TA JALLE฀ ENNALTA฀ S O VfiI T T U N A ฀ P � I V �N �฀ TAI฀ P � I VfiI N �฀6EL KfiA P A P ERI N฀ H A L T I JA N฀ VELKAPAPERI S TA ฀ SAA M A ฀ TUOT TO฀ K � S I T T �� ฀ N � IN฀ OLLEN฀ MAHDOLLISET฀ KOROT฀ SE K �฀ OSTO ฀ JA฀ M Y Y N T I HINNAN฀ TAI฀ OSTO HINNAN฀ JA฀ E R � P � I V �N ฀ MARKKINA HINNAN฀ ERO TUKSEN ฀ 6ELKAPAPERIT฀ OVAT฀ J � LfiK I MARKKINAKELPOISIA฀ MUTTA฀ NIIHIN฀ EI฀ S I S � L L Y ฀ O M I S T U S OflI K E U T TA ฀ LIIKKEESEENLASKIJAAN฀ N � H DEN฀ 2AHAMARKKINAPAPERIT฀ JA฀ PERIAATTEESSA฀ M Y � S฀ PRIVATE฀ PLACEMENT฀ LAINAT ฀ S I S � L T Y V � T ฀ %UROOPAN฀ KESKUSPANKIN฀ %+0฀ VELKAPAPERI TILAS TOIHIN ฀
Reserve requirement: the minimum amount of reserves a credit institutionis required to hold with a central bank. In the minimum reserve framework ofthe Eurosystem, the reserve requirement of a credit institutionis calculatedby multiplying the reserve ratiofor each category of items in the reserve baseby the amount of those items on the institution’s balance sheet.
6ELVOITEPROSENTTI฀ R E SE R V Efi฀ RATIO ฀ +ESKUSPANKIN฀ KULLEKIN฀ VARANTOPOHJAAN฀ S I S � L T Y V � L L Efi฀ TASE ERIEN฀ RYH M � L L Efi฀ M �� R I T TfiE L E M �฀ SUH D E LUKU฀ . � I DEN฀ SUHDELUKUJEN฀PERUSTEELLA฀ LASKETAAN฀ VARANTOVELVOITTEET ฀
Reverse transaction: an operation whereby the central bank buys or sells assetsunder a repurchase agreementor conducts credit operations against collateral.
9HDENMU K AI S TETTU฀ KULUT TA JA HINTAINDEKSI฀ 9+() ฀ ( A R MONI SE D ฀ ) N D E X ฀ OF฀ # ON S U MER ฀ 0 R I C E S฀ ( ) # 0 ฀ 4 I LAS T O L L I SEL TA ฀ LASKE N TA MENET E L M � L T �� N฀ K AI KISSA฀ % 5 MAISSA฀YHDENMU K AI NEN฀ KULUT TA JA HINTAINDEKSI฀
Stability and Growth Pact: consists of two EU Council Regulations, on “thestrengthening of the surveillance of budgetary positions and the surveillance andcoordination of economic policies” and on “speeding up and clarifying theimplementation of the excessive deficit procedure”, and of a European Council Resolution on the Stability and Growth Pact adopted at the Amsterdam summiton 17 June 1997.More specifically, budgetary positions close to balance or insurplus are required as the mediumterm objective for Member Statessincethis would allow them to deal with normal cyclical fluctuations while keepingtheir government deficit below the reference valueof 3% of GDP.
9 K K � S L I S TA N฀ ARVOPAPERI฀ TIE R ฀ ONE฀ ASSET ฀ *� LfiK I MARKKI NAKELPOINEN฀ ARVOPAPERI฀ JOKA฀ T � Y T T �� ฀ TIETYT฀ YHDENMUKAISET ฀ %UROOPAN฀ KESKUSPANKIN฀ %+0฀ M �� R �� M � T ฀ EUROALUEEN฀ LAAJUIS E T ฀ KELPOISUUSVAATIMUKSET฀
In accordancewith the Stability and Growth Pact, countries participating in EMU will submitannual stability programmes, while nonparticipating countries will continueto provide annual convergence programmes.
9 L EI S NEUVOSTO฀ ' E NE RA L ฀ #OUNCIL ฀ 9KSI฀ %UROOPAN฀ KESKUSPANKIN฀ %+0฀ P �� T � K SEN TfiE K O ELI M I S T �฀ 9 L EI S NEUVOSTON฀ J � SEN I N �฀ OVAT฀ %+0 N฀ P �� JOHTAJA฀ JA฀ VAR A P �� JOHTAJA฀ SE K �฀ % 5 N฀ KAIKKIEN฀ KANSALLISTEN฀ KESKUSPANKKIEN฀ P �� JOH TA JAT฀
Stability programmes: mediumterm government plans and assumptionsprovided by euro areacountries regarding the development of key economicvariables with a view to the achievement of the mediumterm objective of abudgetary position close to balance or in surplus as referred to in the Stabilityand Growth Pact.These programmes present measures for the consolidationof fiscal balances as well as the underlying economic scenarios. Stability programmes must be updated annually.They are examined by the European Commission and the Economic and Financial Committee (EFC).
9RITYKSET ฀ N ON FINANCIAL฀ CORPORATIONS ฀ 9KSI฀ %UROOPAN฀KANSANTALOUDEN฀TILINPITO J � R J E S TfiE L M �N ฀ ฀ % + 4 ฀ ฀ INSTITUTIONAALISISTA฀ SEKTO R EI S TA ฀ 3 E K TORI฀ K � S I T T �� ฀ INSTITUTIONAALISET ฀ YKSI K � T ฀ JOIDEN฀ JAKO ฀ JA฀ RAHOITUSTALOUSTOIMET฀ OVAT฀ ERI L L �� N฀ OMISTAJIENSA฀ TALOUS TOI MISTA฀ - �� R I TfiE L M �N ฀ MUKAAN฀ YRITYSSEKTORI฀ TARKOITTAA฀ KAIKKIA฀ I T SEN � I SIN�฀ OflI K E U S H E N K I L � I N �฀ P I D E T T � V I� ฀ YKSI K � I T �฀ JOTKA฀OVAT฀ MARKKINA TUOT TA J I A ฀ JA฀ JOIDEN฀ P �� A S I A L LISTA฀ TOIMINTAA฀ ON฀ TA VAR OflI DEN฀ JA฀ PALVELUJEN฀ PAITSI฀ RAHOITUS PALVELUIDEN฀ TUOTANTO฀ ฀
Their reportsserve as the basis for an assessment by the ECOFIN Council, focusing inparticular on whether the mediumterm budgetary objective in the programmeis in line with a budgetary position close to balance or in surplus, providing foran adequate safety margin to ensure that an excessive deficit is avoided.Countries that have not yet adopted the euromust submit annual convergenceprogrammes, in accordance with the Stability and Growth Pact.
9 �N ฀ YLI฀ TALLETUKSET ฀ OVERNIGHT฀ D E P O S I T S฀ 3 E U RA A V ANA ฀ P � I V �N �฀ E R �� N T Y V � T ฀ TALLETUKSET ฀ 9 �N ฀ YLI฀ TALLETUKSIA฀ OVAT฀ P �� ASIASSA฀ SELLAISET ฀ AVISTA TALLETUKSET ฀ JA฀ VAADIT TAESSA฀ M A K SE T TAVAT฀ TALLETUKSET ฀ JOTKA฀OVAT฀ T � Y S IN฀ SIIRTOKELPOI SIA฀ SE K I L L �฀ TAI฀ VASTAAVA L L A ฀ I N S T R U MEN T I L L A ฀ 9 �N ฀ YLI฀ TALLETUKSIA฀ OVAT฀ M Y � S฀ TALLETUKSET ฀ JOTKA฀ EI V � T ฀ OLE฀ SIIRTOKELPOI SIA฀ MUTTA฀ JOTKA฀ VOIDAAN฀ L U N A S TAA฀ VAADIT TAESSA฀ TAI฀ SEURAAVAN฀ PANKKI P � I V �N ฀ LOP PUUN฀ MEN NE S S �฀ 9 �N ฀ YLI฀ TALLETUKSET ฀ S I S � L T Y V � T ฀ - EEN฀ JA฀ SITEN฀ M Y � S฀ - EEN฀ JA฀ - EEN฀
Structural operation: an open market operationexecuted by the Eurosystemmainly in order to adjust the structural liquidity position of the financial sectorvis-à-vis the Eurosystem.
%+0 N฀ VIRALLISIA฀ J U LfiK AI S U JA %+0฀ ฀ %URO J � R J E S TfiE L M �฀ JA฀%UROOPAN฀ KESKUSPANKKI J � R J E S TfiE L M �฀ %+0*฀ +UUKAUSIKATSAUS฀ 4 A M M I K U U %+0฀ ฀ %UROOPAN฀ KESKUSPANKKI J � R J E S TfiE L M �N ฀ INSTITUTIONAALINEN฀ RAKENNE ฀ +UUKAUSIKATSAUS฀ ( EI N � K U U %+0฀ �� NE S T Y S MENETTELYN฀ MUKAUTTAMINEN฀ %+0 N฀ NEUVOS TOSSA฀ +UUKAUSIKATSAUS฀ 4 O U K O K U U %+0 n฀ 6 U O S I KER T O M U K SE T
Swap: an agreement to exchange future cash flows according to a prearrangedformula (see foreign exchange swap).
-UUTA฀AINEISTOA %-) ฀ , � H E N T Y M I S RA P O R T T I ฀ ฀ - A ALI S K U U
Tier one asset: a marketable asset fulfilling certain uniform euro area-wideeligibility criteria specified by the European Central Bank (ECB).
0ADOA 3 C H I O P P A ฀ 4 ฀ ฀4HE฀ EURO ฀ G OflE S฀ % A S T ฀ % S I TfiE L M �฀ KONFERENSSISSA฀ v T H
Other documents Buldorini, L., S. Makrydakis and C. Thimann (2002), The effective exchangerates of the euro, ECB Occasional Paper No 2, February Gaspar, V., P. Hartmann, O. Sleijpen (eds.) (2003), The transformation of the European financial system(Second ECB Central Banking Conference), June Genre, V. and R. Gómez-Salvador (2002), Labour force developments in the euroarea since the 1980s, ECB Occasional Paper No 4, July Tumpel-Gugerell, G. (2003), The volatility of financial markets, speechdelivered at the Third Encuentro Financiero Internacional hosted by the Caja Madrid, Madrid, 1 and 2 July 2003 Santillán, J., M. Bayle and C. Thygesen (2000), The impact of the euro on moneyand bond markets, ECB Occasional Paper No 1, July
$OMINGO 3 O L A N S฀ % ฀ ฀ / F F I C I A L ฀ S TA T I S T I C S฀ F O R ฀ A ฀ G LO B A L ฀ E C ON O M Y ฀ 0 U HE฀ KANSAIN V � LISEN฀ TILASTOLAITOKSEN฀ ) N TER N A TION A L ฀ 3 TA T I S T I C A L ฀ )NSTITUTE฀ ฀ KOKOUKSESSA฀"ERLII NfiI S S �฀ ( E R R ERO ฀ !฀ ' A S PAR ฀ 6 ฀ ( OstO G D U IN฀ , ฀ - O R G A N฀ * ฀ JA฀ 7 I N K L E R ฀ " ฀ TOI M ฀ ฀7HY฀PRICE฀ STABILITY ฀ %+0 N฀ ENSIM M � I NEN฀ KESKUSPANKKI KONFERENSSI฀ +ES � K U U )SSING฀ / ฀ ฀4HE฀ %UROSYSTEM฀ 4 RA N S PAR E N T ฀ AND฀ ! C C O U N TA B L Efi฀ *OURNAL฀ OF฀ # O M M ON฀ - A R K E T ฀ 3 T U D I E S฀ V O L ฀ ฀ ฀ S฀ n )SSING฀ / ฀ ฀4HE฀MONETARY฀ POLICY฀ OF฀ THE฀ %UROPEAN฀ # E N T RA L ฀ " A N K ฀ STRATEGY฀ AND฀ I M P L E MEN TA TION ฀ + R E D I T ฀ U N D ฀ + A P I TAL ฀ V O L ฀ ฀ S฀ n )SSING฀ / ฀ TOI M ฀ ฀ " A C K G R O U N D ฀ S T U D I E S฀ F O R ฀ THE฀ % # " S฀ E V A L U A TION ฀ OF฀ I T S฀ MONETARY฀ POLICY฀ STRATEGY฀ - A R RA S K U U )SSING฀ / ฀ ' A S PAR ฀ 6 ฀ !
Official ECB publications ECB (1999), The stabilityoriented monetary policy strategy of the Eurosystem,Monthly Bulletin, January ECB (1999), Euro area monetary aggregates and their role in the Eurosystem’smonetary policy strategy, Monthly Bulletin, February ECB (2000), Statistical information collected and compiled by the ESCB, May ECB (2000), Monetary policy transmission in the euro area, Monthly Bulletin,July ECB (2000), Statistical requirements of the ECB in the field of general economicstatistics, August ECB (2000), The two pillars of the ECB’s monetary policy strategy, Monthly Bulletin, November ECB (2001), Assessment of general economic statistics for the euro area,Monthly Bulletin, April ECB (2001), Framework and tools of monetary analysis, Monthly Bulletin, May ECB (2001), A guide to Eurosystem staff macroeconomic projection exercises, June ECB (2001), Issues related to monetary policy rules, Monthly Bulletin, October ECB (2002), The stock market and monetary policy, Monthly Bulletin, February ECB (2002), Recent findings on monetary policy transmission in the euro area,Monthly Bulletin, October ECB (2002), The accountability of the ECB, Monthly Bulletin, November ECB (2002), Transparency in the monetary policy of the ECB, Monthly Bulletin, November ECB (2003), The outcome of the ECB’s evaluation of its monetary policystrategy, Monthly Bulletin, June ECB (2003), Inflation differentials in the euro area: potential causes and policyimplications, September
%+0 N฀ VIRALLISIA฀ J U LfiK AI S U JA %+0฀ %URO J � R J E S TfiE L M �N ฀ TOIMINTA KEHIKKO฀ KUVAUS฀ JA฀ ENSIM M � I NEN฀ ARVIOINTI฀ +UUKAUSIKATSAUS฀ 4 O U K O K U U %+0฀ 3IIRTYMINEN฀ VAIHTUVAKORKOISINA ฀ HUUTOKAUPPOINA฀ TOTEUTETTAVIIN฀ PERUS RAHOITUSOPERAATIOIHIN฀ +UUKAUSIKATSAUS฀ ( EI N � K U U %+0฀ %URO J � R J E S TfiE L M �N ฀ V A K U U S K � Y T �N T �฀ +UUKAUSIKATSAUS฀ ( U H T I K U U %+0฀ 6ASTAPUOLTEN฀ TARJOUKSET฀ EURO J � R J E S TfiE L M �N ฀ S �� N N � L L I S I S S �฀ AVOMARKKINAOPE RA AT I OflI S SA฀ +UUKAUSIKATSAUS฀ , O KfiA K U U %+0฀ ฀ %+0 N฀ LIKVIDITEETIN H A L L I N TA ฀ +UUKAUSIKATSAUS฀ 4 O U K O K U U
Official ECB publications ECB (1999), The operational framework of the Eurosystem: description and firstassessment, Monthly Bulletin, May ECB (2000), The switch to variable rate tenders in the main refinancingoperations, Monthly Bulletin, July ECB (2001), The collateral framework of the Eurosystem, Monthly Bulletin, April ECB (2001), Bidding behaviour of counterparties in the Eurosystem’s regularopen market operations, Monthly Bulletin, October ECB (2002), The liquidity management of the ECB, Monthly Bulletin, May ECB (2003), Changes to the Eurosystem’s operational framework for monetarypolicy, Monthly Bulletin, August ECB (2004), The implementation of monetary policy in the euro area: Generaldocumentation on Eurosystem monetary policy instruments and procedures,January
HIENO S �� T � OPERAATIO฀ ฀ n฀ HINTAVAKAUS฀ n฀ n฀ ฀ ฀ HINTAVAKAUTEEN฀KOHDISTUVAT฀RISKIT฀ n฀ ฀ ฀ n INFLAATIO฀ ฀ ฀ n฀ n฀ INFLAATIO ODOTUKSET฀ ฀ ฀ INFLAATIORISKIPREEMIO฀ ฀ INFLAATIOTAVOITTEESEEN฀PERUSTUVA฀ STRATEGIA฀ ฀ ฀ INVESTOINNIT฀ IRTISANOMISEHTOISET฀TALLETUKSET฀ JOHDANNAISMARKKINAT฀ ฀ JOHTOKUNTA฀ %+0 N฀ ฀ ฀ JOUKKOLAINAMARKKINAT฀ ฀ JULKINEN ฀ TALOUS ฀ JULKISYHTEI S � T ฀ n฀