natgillin/translations-raw huggingface dataset:
C H R O N O L O G Y O F M O N E TA R Y P O L I C Y MEASURES OF THE EUROSYSTEM1 8 JANUARY 2004 The Governing Council of the ECB decides that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 2.0% , 3.0% and 1.0% respectively . stance is pre-scheduled , rather than on the 24th day of the month .
Monetary analysis in real time , 2004 . október Economic integration in selected regions outside the European Union , 2004 .
1 APRIL , 6 MAY , 3 JUNE , 1 JULY , 5 AUGUST , 2 SEPTEMBER , 7 OCTOBER , 4 NOVEMBER , 2 DECEMBER 2004 AND 13 JANUARY 2005 The Governing Council of the ECB decides that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 2.0% , 3.0% and 1.0% respectively .
Oil prices and the euro area economy , 2004 . november .
12 JANUARY 2004 The Governing Council of the ECB decides to increase the allotment amount for each of the longer-term refinancing operations to be conducted in 2004 from Euros 15 billion to Euros 25 billion .
Extracting information from financial asset prices , 2004 .
This increased amount takes into consideration the higher liquidity needs of the euro area banking system anticipated for 2004 .
november .
The Eurosystem will , however , continue to provide the bulk of liquidity through its main refinancing operations .
Developments in the EU framework for financial regulation , supervision and stability , 2004 .
The Governing Council may decide to adjust the allotment amount again at the beginning of 2005 .
The new Basel Capital Accord : main features and implications , 2005 . január .
14 JANUARY 2005 The Governing Council of the ECB decides to increase the allotment amount for each of the longer-term refinancing operations to be conducted in 2005 from Euros 25 billion to Euros 30 billion .
Financial flows to emerging market economies : changing patterns and recent developments , 2005 . január .
This increased amount takes into consideration the higher liquidity needs of the euro area banking system anticipated for 2005 . The Eurosystem will , however , continue to provide the bulk of liquidity through its main refinancing operations .
Bank market discipline , 2005 . február .
The Governing Council may decide to adjust the allotment amount again at the beginning of 2006 . 5 FEBRUARY , 4 MARCH 2004 The Governing Council of the ECB decides that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 2.0% , 3.0% and 1.0% respectively .
Initial experience with the changes to the Eurosystem 's operational framework for monetary policy implementation , 2005 . február .
3 FEBRUARY , 3 MARCH 2005 The Governing Council of the ECB decides that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 2.0% , 3.0% and 1.0% respectively .
Euro area balance of payments and international investment position vis-à-vis main counterparts , 2005 . február .
10 MARCH 2004 In accordance with the Governing Council 's decision of 23 January 2003 , the maturity of the Eurosystem 's main refinancing operations is reduced from two weeks to one week and the maintenance period for the Eurosystem 's required reserve system is redefined to start on the settlement day of the main refinancing operation following the Governing Council meeting at which the monthly assessment of the monetary policy
STATISZTIKAI ZSEBKÖNYV ( STATISTICS POCKET BOOK ) Megjelenik 2003 augusztusától havonta . MŰHELYTANULMÁNYOK ( OCCASIONAL PAPERS ) 9 .
1 The chronology of monetary policy measures of the Eurosystem taken between 1999 and 2003 can be found on pages 176 to 180 of the ECB 's Annual Report 1999 , on pages 205 to 208 of the ECB 's Annual Report 2000 , on pages 219 and 220 of the ECB 's Annual Report 2001 , on pages 234 and 235 of the ECB 's Annual Report 2002 and on pages 217 and 218 of the ECB 's Annual Report 2003 respectively . ECB Annual Report 2004
Briotti , M. G. : Fiscal adjustment in 1991 -- 2002 : stylised facts and policy implications , 2004 .
GLOSSARY This glossary contains selected terms that are used in the Annual Report .
február .
Acceding countries : refers to those ten countries which signed the EU Accession Treaty in 2003 before they joined the EU on 1 May 2004 : the Czech Republic , Estonia , Cyprus , Latvia , Lithuania , Hungary , Malta , Poland , Slovenia and Slovakia .
Backé , P. -- Thimann , C. , benne : Arratibel , O. -- Calvo-Gonzalez , O. -- Mehl , A. -- Nerlich , C. : The acceding countries » strategies towards ERM II and the adoption of the euro : an analytical review , 2004 .
Balance of payments ( b.o.p. ) : a statistical statement that summarises , for a specific time period , the economic transactions of an economy with the rest of the world .
február .
Benchmark portfolio : in relation to investments , a reference portfolio or index constructed on the basis of the objectives for the liquidity and risk of , as well as the return on , the investments .
Winkler , A. -- Mazzaferro , F. -- Nerlich , C. -- Thimann , C. : Official dollarisation / euroisation : motives , features and policy implications of current cases , 2004 .
The benchmark portfolio serves as a basis for comparison of the performance of the actual portfolio .
február .
Central counterparty : an entity that interposes itself between the counterparties to trades , acting as the buyer to every seller and the seller to every buyer . Central government : the government as defined in the European System of Accounts 1995 but excluding regional and local governments ( see also general government ) .
Anderton , R. -- di Mauro , F. -- Moneta , F. : Understanding the impact of the external dimension on the euro area : trade , capital flows and other international macroeconomic linkages , 2004 . április .
Central securities depository ( CSD ) : an entity that holds and administrates securities and enables securities transactions to be processed by book entry .
Enria , Andrea -- Cappiello , L. -- Dierick , F. -- Grittini , S. -- Maddaloni , A. -- Molitor , P. -- Pires , F. -- Poloni , P. : Fair value accounting and financial stability , 2004 .
Securities can be held in a physical ( but immobilised ) or dematerialised form ( i.e. so that they exist only as electronic records ) .
április .
In addition to the safekeeping and administration of securities , a CSD may incorporate clearing and settlement functions . Collateral : assets pledged ( e.g. by credit institutions with central banks ) as a guarantee for the repayment of loans , as well as assets sold ( e.g. to central banks by credit institutions ) under repurchase agreements .
14 . Baele , L. -- Ferrando , A. -- Hördahl , P. -- Krylova , E. -- Monnet , C. : Measuring financial integration in the euro area , 2004 .
Consolidated balance sheet of the MFI sector : a balance sheet obtained by netting out interMFI positions ( e.g. inter-MFI loans and deposits ) in the aggregated MFI balance sheet .
április .
It provides statistical information on the MFI sector 's assets and liabilities vis-à-vis residents of the euro area not belonging to this sector ( i.e. general government and other euro area residents ) and vis-à-vis non-euro area residents .
15 Ahnert , H. -- Kenny , G. : Quality adjustment of European price statistics and the role for hedonics , 2004 .
It is the main statistical source for the calculation of monetary aggregates , and it provides the basis for the regular analysis of the counterparts of M3 . Corporate governance : procedures and processes according to which an organisation is directed and controlled .
Gonzales , F. -- Haas , F. -- Johannes , R. -- Persson , M. -- Toledo , L. -- Violi , R. -- Wieland , M. -- Zins , C. : Market dynamics associated with credit ratings : a literature review , 2004 . június .
The corporate governance structure specifies the distribution of rights and responsibilities among the different participants in the organisation -- such as the board , managers , shareholders and other stakeholders -- and lays down the rules and procedures for decision-making . ECB Annual Report 2004
17 . Maddaloni , A. -- Pain , D. : Corporate excesses and financial market dynamics , 2004 .
Counterparty : the opposite party in a financial transaction ( e.g. any party transacting with a central bank ) .
július . 18 .
Credit institution : ( i ) an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credit for its own account ; or ( ii ) an undertaking or any other legal person , other than those under ( i ) , which issues means of payment in the form of electronic money .
Geis , A. -- Mehl , A. -- Wredenborg , S. : The international role of the euro : Evidence from bonds issued by non-euro area residents , 2004 . július .
Credit risk : the risk that a counterparty will not settle an obligation at full value , either when it becomes due or at any time thereafter .
19 . An MPC task force of the ESCB : Sectoral specialisation in the EU : a macroeconomic perspective , 2004 .
Credit risk includes replacement cost risk and principal risk .
július .
Debt security : a promise on the part of the issuer ( i.e. the borrower ) to make one or more payment ( s ) to the holder ( the lender ) at a specified future date or dates .
Dierick , F. : The supervision of mixed financial services group in Europe , 2004 . augusztus .
Such securities usually carry a specific rate of interest ( the coupon ) and / or are sold at a discount to the amount that will be repaid at maturity . Deposit facility : a standing facility of the Eurosystem which counterparties may use to make overnight deposits , remunerated at a pre-specified interest rate , at an NCB ( see also key ECB interest rates ) .
Russo , D. -- Hart , T. -- Malaguti , M. C. -- Papathanassiou , C. : Governance of securities clearing and settlement systems , 2004 . október .
Direct investment : cross-border investment for the purpose of obtaining a lasting interest in an enterprise resident in another economy ( assumed , in practice , for ownership of at least 10 % of the ordinary shares or voting power ) .
Musso , A. -- Westermann , T. : Assessing potential output growth in the euro area -- a growth accounting perspective , 2005 .
ECOFIN Council : the EU Council meeting in the composition of the ministers of economy and finance .
január .
Economic analysis : one pillar of the European Central Bank 's framework for conducting a comprehensive analysis of the risks to price stability , which forms the basis for the Governing Council 's monetary policy decisions .
Berg , J. -- Van Rixtel , A. -- Ferrando , A. -- de Bondt , G. -- Scopel , S. : The bank lending survey for the euro area , 2005 . február .
The economic analysis focuses mainly on the assessment of current economic and financial developments and the implied short to medium-term risks to price stability from the perspective of the interplay between supply and demand in goods , services and factor markets at those horizons . In this respect , due attention is paid to the need to identify the nature of shocks affecting the economy , their effects on cost and pricing behaviour and the short to medium-term prospects for their propagation in the economy ( see also monetary analysis ) .
Genre , V. -- Momferatou , D. -- Mourre , G. : Wage diversity in the euro area -- an overview of labour cost differentials across industries , 2005 . február .
Economic and Financial Committee ( EFC ) : a consultative Community body which contributes to the preparation of the work of the EU Council .
FÜZETEK ( WORKING PAPERS ) 419 .
Its tasks include reviewing the economic and financial situation of the Member States and of the Community , and budgetary surveillance .
Hallerberg , M. -- Srauch , R. -- von Hagen , J. : The design of fiscal rules and forms of governance in European Union countries , 2004 .
Economic and Monetary Union ( EMU ) : the Treaty describes the process of achieving EMU in the EU in three stages . Stage Three , the last stage , started on 1 January 1999 with the transfer of monetary competence to the European Central Bank and the introduction of the euro .
Detken , C. -- Gaspar , V. -- Winkler , B. : On prosperity and posterity : the need for fiscal discipline in a monetary union , 2004 . december .
Effective exchange rates ( EERs ) of the euro ( nominal / real ) : weighted averages of bilateral euro exchange rates against the currencies of the euro area 's important trading partners .
Schuknecht , L. : EU fiscal rules : issues and lessons from political economy , 2004 .
The European Central Bank publishes nominal EER indices for the euro against two groups of
december .
trading partners : the EER-23 ( comprising the 13 non-euro area EU Member States and 10 main trading partners outside the EU ) and the EER-42 ( composed of the EER-23 and 19 additional countries ) .
422 . Tujula , M. -- Wolswijk , G. : What determines fiscal balances ?
The weights used reflect the share of each partner country in euro area trade and account for competition in third markets . Real EERs are nominal EERs deflated by a weighted average of foreign , relative to domestic , prices or costs .
An empirical investigation in determinants of changes in OECD budget balances , 2004 . december .
EONIA ( euro overnight index average ) : a measure of the effective interest rate prevailing in the euro interbank overnight market . It is calculated as a weighted average of the interest rates on unsecured overnight lending transactions denominated in euro , as reported by a panel of contributing banks .
Loupias , C. -- Ricart , R. : Price setting in France : new evidence from survey data , 2004 . december .
Equities : securities representing ownership of a stake in a corporation . They comprise shares traded on stock exchanges ( quoted shares ) , unquoted shares and other forms of equity .
424 . Breedon , F. -- Vitale , P. : An empirical study of liquidity and information effects of order flow on exchange rates , 2004 .
Equities usually produce income in the form of dividends .
december .
ERM II ( exchange rate mechanism II ) : the exchange rate arrangement that provides the framework for exchange rate policy cooperation between the euro area countries and the EU Member States not participating in Stage Three of Economic and Monetary Union . EURIBOR ( euro interbank offered rate ) : the rate at which a prime bank is willing to lend funds in euro to another prime bank , computed daily for interbank deposits with different maturities of up to 12 months .
Ehling , P. -- Brito Ramos , S. : Geographic versus industry diversification : constraints matter , 2005 . január .
Euro area : the area encompassing those Member States in which the euro has been adopted as the single currency in accordance with the Treaty and in which a single monetary policy is conducted under the responsibility of the Governing Council of the European Central Bank . The euro area currently comprises Belgium , Germany , Greece , Spain , France , Ireland , Italy , Luxembourg , the Netherlands , Austria , Portugal and Finland .
Miller , D. P. -- Puthenpurackal , J. J. : Security fungibility and the cost of capital : evidence from global bonds , 2005 . január .
European Central Bank ( ECB ) : the ECB lies at the centre of the Eurosystem and the European System of Central Banks ( ESCB ) and has legal personality under Community law .
Kauko , K. : Interlinking securities settlement systems : a strategic commitment ? , 2005 .
It ensures that the tasks conferred upon the Eurosystem and the ESCB are implemented either through its own activities or through those of the NCBs , pursuant to the Statute of the ESCB .
Pons-Sanz , V. : Who benefits from IPO underpricing ? Evidence from hybrid bookbuilding offerings , 2005 .
The ECB is governed by the Governing Council and the Executive Board , and , as a third decision-making body , by the General Council .
Buch , C. M. -- Driscoll , J. C. -- Ostergaard , C. : Cross-border diversification in bank asset portfolios , 2005 .
European Monetary Institute ( EMI ) : a temporary institution established at the start of Stage Two of Economic and Monetary Union on 1 January 1994 .
január .
European System of Accounts 1995 ( ESA 95 ) : a system of uniform statistical definitions and classifications aimed at achieving a harmonised quantitative description of the economies of the Member States .
Da Rin , M. -- Nicodano , G. -- Sembenelli , A. : Public policy and the creation of active venture capital markets , 2005 .
The ESA 95 is the Community 's version of the world System of National Accounts 1993 ( SNA 93 ) .
január .
221 European System of Central Banks ( ESCB ) : composed of the European Central Bank ( ECB ) and the NCBs of all 25 EU Member States , i.e. it includes , in addition to the members of the Eurosystem , the NCBs of those Member States that have not yet adopted the euro .
Calzolari , G. -- Loranth , G. : Regulation of multinational banks : a theoretical inquiry , 2005 . január .
The ESCB is governed by the Governing Council and the Executive Board of the ECB , and , as a third decision-making body of the ECB , by the General Council . Eurosystem : the central banking system of the euro area .
432 . Chung Cheung , Y. -- de Jong , F. -- Rindi , B. : Trading European sovereign bonds : the microstructure of the MTS trading platforms , 2005 .
It comprises the European Central Bank and the NCBs of the Member States that have adopted the euro in Stage Three of Economic and Monetary Union .
január .
Excessive deficit procedure : the provision set out in Article 104 of the Treaty and specified in Protocol No 20 on the excessive deficit procedure requires EU Member States to maintain budgetary discipline , defines the criteria for a budgetary position to be considered an excessive deficit and regulates steps to be taken following the observation that the requirements for the budgetary balance or government debt have not been fulfilled . This is supplemented by Council Regulation ( EC ) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure , which is one element of the Stability and Growth Pact .
433 . Beetsma , R. -- Debrun , X. : Implementing the Stability and Growth Pact : enforcement and procedural flexibility , 2005 .
Executive Board : one of the decision-making bodies of the European Central Bank ( ECB ) .
január . 434 .
It comprises the President and the Vice-President of the ECB and four other members appointed by common accord by the Heads of State or Government of the countries that have adopted the euro . Fine-tuning operation : a non-regular open market operation executed by the Eurosystem mainly in order to deal with unexpected liquidity fluctuations in the market .
Aksoy , Y. -- León-Ledesma , M. : Interest rates and output in the long run , 2005 . január .
Foreign exchange swap : simultaneous spot and forward transactions exchanging one currency against another . General Council : one of the decision-making bodies of the European Central Bank ( ECB ) .
435 . Schuknecht , L. -- Tanzi , V. : Reforming public expenditure in industrialised countries : are there trade-offs ?
It comprises the President and the Vice-President of the ECB and the governors of all EU NCBs .
, 2005 . február .
General government : a sector defined in the European System of Accounts 1995 as comprising resident entities that are engaged primarily in the production of non-market goods and services intended for individual and collective consumption and / or in the redistribution of national income and wealth .
Cappiello , L. -- Guéné , S. : Measuring market and inflation risk premia in France and in Germany , 2005 .
Included are central , regional and local government authorities as well as social security funds .
február .
Excluded are government-owned entities that conduct commercial operations , such as public enterprises . Governing Council : the supreme decision-making body of the European Central Bank ( ECB ) .
Papaioannou , E. : What drives international bank flows ? Politics , institutions and other determinants , 2005 .
It comprises all the members of the Executive Board of the ECB and the governors of the NCBs of the countries that have adopted the euro .
február .
Implied volatility : a measure of expected volatility ( standard deviation in terms of annualised percentage changes ) in the prices of , for example , bonds and stocks ( or of corresponding futures contracts ) , which can be extracted from option prices .
Afonso , A. -- Ebert , W. -- Schuknecht , L. -- Thöne , M. : Quality of public finances and growth , 2005 .
International investment position ( i.i.p. ) : the value and composition of an economy 's outstanding net financial claims on ( or financial liabilities to ) the rest of the world .
február .
Key ECB interest rates : the interest rates , set by the Governing Council , which reflect the monetary policy stance of the European Central Bank . They are the minimum bid rate on the main refinancing operations , the interest rate on the marginal lending facility and the interest rate on the deposit facility .
439 . Brousseau , V. -- Manzanares , A. : A look at intraday frictions in the euro area overnight deposit market , 2005 .
Liquidity risk : the risk that a counterparty will not settle an obligation at its full value when due but on some unspecified date thereafter .
február .
Such operations are carried out through a monthly standard tender and normally have a maturity of three months . M1 : a narrow monetary aggregate that comprises currency in circulation plus overnight deposits held with MFIs and central government ( e.g. at the post office or treasury ) .
Castrén , O. : Estimating and analysing currency options » implied risk-neutral density functions for the largest new EU Member States , 2005 . február .
M2 : an intermediate monetary aggregate that comprises M1 plus deposits redeemable at a period of notice of up to and including three months ( i.e. short-term savings deposits ) and deposits with an agreed maturity of up to and including two years ( i.e. short-term time deposits ) held with MFIs and central government . M3 : a broad monetary aggregate that comprises M2 plus marketable instruments , in particular repurchase agreements , money market fund shares / units and debt securities with a maturity of up to and including two years issued by MFIs .
Llaudes , R. : The Phillips curve and long-term unemployment , 2005 . február .
Main refinancing operation : a regular open market operation executed by the Eurosystem in the form of reverse transactions .
442 . Monnet , C. -- Quintin , E. : Why do financial systems differ ?
As of 10 March 2004 such operations are carried out through a weekly standard tender and normally have a maturity of one week .
History matters , 2005 . február .
Maintenance period : the period over which credit institutions » compliance with reserve requirements is calculated .
Rosati , S. -- Secola , S. : Explaining cross-border large-value payment flows : evidence from TARGET and EURO 1 data , 2005 .
As of 10 March 2004 the maintenance period begins on the settlement day of the first main refinancing operation following the meeting of the Governing Council at which the monthly assessment of the monetary policy stance is pre-scheduled .
február .
The European Central Bank publishes a calendar of the reserve maintenance periods at least three months before the start of the year . Marginal lending facility : a standing facility of the Eurosystem which counterparties may use to receive overnight credit from an NCB at a pre-specified interest rate against eligible assets ( see also key ECB interest rates ) .
Stracca , L. -- al-Nowaihi , A. : Keeping up with the Joneses , reference dependence , and equilibrium indeterminacy , 2005 . február .