natgillin/translations-raw huggingface dataset:
« The Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions » , July 2007 ( online only ) .
„Productivity developments and monetary policy » , januar 2008 . STATISTIKA NA KRATKO ( STATISTICS POCKET BOOK ) Na razpolago vsak mesec od avgusta 2003 .
« Fifth SEPA progress report » , July 2007 ( online only ) . « Potential impact of Solvency II on financial stability » , July 2007 .
SERIJA PRAVNIH DELOVNIH ZVEZKOV 4 „Privileges and immunities of the European Central Bank » , G. Gruber in M. Benisch , junij 2007 .
« The role of central counterparties -- issues related to central counterparty clearing » , ECB-Fed Chicago conference , 3-4 April 2006 , July 2007 .
5 „Legal and institutional aspects of the currency changeover following the restoration of the independence of the Baltic States » , K. Drēviņa , K. Laurinavičius in A. Tupits , julij 2007 .
« European legislation on financial markets : Settlement Finality Directive , Financial Collateral Directive , Winding-Up Directive for Credit Institutions » , July 2007 .
SERIJA OBČASNI DOKUMENTI 69 „Fiscal policy in Mediterranean countries -- Developments , structures and implications for monetary policy » , M. Sturm in F. Gurtner , avgust 2007 .
« Payment and securities settlement systems in the European Union ( Blue Book ) » , Vol. 1 : euro area countries , Vol. 2 : non-euro area countries , August 2007 .
70 „The search for Columbus » egg : Finding a new formula to determine quotas at the IMF » , M. Skala , C. Thimann in R. Wölfinger , avgust 2007 .
« EU banking structures » , October 2007 ( online only ) .
71 „The economic impact of the Single Euro Payments Area » , H. Schmiedel , avgust 2007 .
« TARGET2-Securities progress report » , October 2007 ( online only ) . « Fifth progress report on TARGET2 » with Annex 1 « Infomation guide for TARGET2 users » ( version 1.0 ) , Annex 2 « User information guide to TARGET2 pricing » and Annex 3 « TARGET2 compensation scheme , claim form » , October 2007 ( online only ) .
72 „The role of financial markets and innovation in productivity and growth in Europe » , P. Hartmann , F. Heider , E. Papaioannou in M. Lo Duca , september 2007 . 73 „Reserve accumulation : objective or by-product ?"
« EU banking sector stability » , November 2007 ( online only ) .
, J. O. de Beaufort Wijnholds in L. Søndergaard , september 2007 .
« Euro money market survey » , November 2007 ( online only ) .
74 „Analysis of revisions to general economic statistics » , H. C. Dieden in A. Kanutin , oktober 2007 .
« Review of the Lamfalussy framework : Eurosystem contribution » , November 2007 ( online only ) .
75 „The role of other financial intermediaries in monetary and credit developments in the euro area » , uredil P. Moutot , koordinirali D. Gerdesmeier , A. Lojschová in J. von Landesberger , oktober 2007 .
« Correspondent central banking model ( CCBM ) : procedures for Eurosystem counterparties » , December 2007 .
76 „Prudential and oversight requirements for securities settlement » , D. Russo , G. Caviglia , C. Papathanassiou in S. Rosati , november 2007 .
« Financial Stability Review » , December 2007 .
77 „Oil market structure , network effects and the choice of currency for oil invoicing » , E. Mileva in N. Siegfried , november 2007 .
« Bond markets and long-term interest rates in non-euro area Member States of the European Union » , January 2008 ( online only ) .
78 „A framework for assessing global imbalances » , T. Bracke , M. Bussière , M. Fidora in R. Straub , januar 2008 .
« Oversight framework for card payment schemes -- standards » , January 2008 ( online only ) .
79 „The workings of the Eurosystem : monetary policy preparations and decision-making -- selected issues » , P. Moutot , A. Jung in F. P. Mongelli , januar 2008 .
« The role of money -- money and monetary policy in the twenty-first century -- proceedings of the Fourth ECB Central Banking Conference 2006 » , February 2008 .
80 „China 's and India 's roles in global trade and fi nance : twin titans for the new millennium ?" , M. Bussière in A. Mehl , januar 2008 .
INFORMATION BROCHURES « A single currency : an integrated market infrastructure » , September 2007 .
RAZISKOVALNI BILTENI Research Bulletin , št . 6 , junij 2007 .
ECB Annual Report 2007 255
ECB Letno poročilo 2007
GLOSSARY This glossary contains selected terms that are used in the Annual Report . A more comprehensive and detailed glossary can be found on the ECB 's website .
SERIJA DELOVNIH ZVEZKOV 836 „Reporting biases and survey results : evidence from European professional forecasters » , J. A. García in A. Manzanares , december 2007 .
Balance of payments ( b.o.p. ) : a statistical statement that summarises , for a specific period of time , the economic transactions of an economy with the rest of the world .
837 „Monetary policy and core infl ation » , M. Lenza , december 2007 .
The transactions considered are those involving goods , services and income ;
838 „Securitisation and the bank lending channel » , Y. Altunbas , L. Gambacorta in D. Marqués , december 2007 .
those involving financial claims on , and liabilities to , the rest of the world ; and those ( such as debt forgiveness ) that are classified as transfers .
839 „Are there oil currencies ? The real exchange rate of oil exporting countries » , M. M. Habib in M. Manolova Kalamova , december 2007 .
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 .
840 „Downward wage rigidity for different workers and fi rms : an evaluation for Belgium using the IWFP procedure » , P. Du Caju , C. Fuss in L. Wintr , december 2007 . 841 „Should we take inside money seriously ?"
The benchmark portfolio serves as a basis for comparison of the performance of the actual portfolio .
, L. Stracca , december 2007 .
Bond market : the market in which longer-term debt securities are issued and traded .
842 „Saving behaviour and global imbalances : the role of emerging market economies » , G. Ferrucci in C. Miralles , december 2007 .
Candidate countries : countries for which the EU has accepted an application for EU membership .
843 „Fiscal forecasting : lessons from the literature and challenges » , T. Leal , J. J. Pérez , M. Tujula in J. - P. Vidal , december 2007 .
Accession negotiations with Croatia and Turkey began on 3 October 2005 , while those with the former Yugoslav Republic of Macedonia have not yet started .
844 „Business cycle synchronisation and insurance mechanisms in the EU » , A. Afonso in D. Furceri , december 2007 .
Central counterparty : an entity that interposes itself between the counterparties to the contracts traded in one or more financial markets , becoming the buyer to every seller and the seller to every buyer .
845 „Run-prone banking and asset markets » , M. Hoerova , december 2007 . 846 „Information combination and forecast ( st ) ability : evidence from vintages of time-series data » , C. Altavilla in M. Ciccarelli , december 2007 .
Central government : the government as defined in the European System of Accounts 1995 but excluding regional and local governments ( see also general government ) .
Monetary integration , eastern enlargement and competitiveness in the European Union » , G. Ottaviano , D. Taglioni in F. di Mauro , december 2007 .
Central securities depository ( CSD ) : an entity that i ) enables securities transactions to be processed and settled by book entry , and ii ) plays an active role in ensuring the integrity of securities issues .
848 „Economic growth and budgetary components : a panel assessment for the EU » , A. Afonso in J. González Alegre , januar 2008 .
Securities can be held in physical ( but immobilised ) or dematerialised form ( i.e. so that they exist only as electronic records ) .
849 „Government size , composition , volatility and economic growth » , A. Afonso in D. Furceri , januar 2008 .
Collateral : assets pledged or otherwise transferred ( e.g. by credit institutions to central banks ) as a guarantee for the repayment of loans , as well as assets sold ( e.g. by credit institutions to central banks ) under repurchase agreements .
850 „Statistical tests and estimators of the rank of a matrix and their applications in econometric modelling » , G. Camba-Méndez in G. Kapetanios , januar 2008 .
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 .
851 „Investigating infl ation persistence across monetary regimes » , L. Benati , januar 2008 . 852 „Determinants of economic growth : will data tell ?"
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 .
853 „The cyclical behaviour of equilibrium unemployment and vacancies revisited » , M. Hagedorn in I. Manovskii , januar 2008 . 854 „How do fi rms adjust their wage bill in Belgium ?
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 .
855 „Assessing the factors behind oil price changes » , S. Dées , A. Gasteuil , R. K. Kaufmann in M. Mann , januar 2008 .
Corporate governance : rules , procedures and processes according to which an organisation is directed and controlled .
856 „Markups in the euro area and the United States over the period 1981-2004 : a comparison of 50 sectors » , R. Christopoulou in P. Vermeulen , januar 2008 .
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 .
857 „Housing and equity wealth effects of Italian households » , C. Grant in T. Peltonen , januar 2008 . 858 „International transmission and monetary policy cooperation » , G. Coenen , G. Lombardo , F. Smets in R. Straub , januar 2008 .
Corporate profitability : a measure of the earnings performance of corporations , mainly in relation to their sales , assets or equity .
859 „Assessing the compensation for volatility risk implicit in interest rate derivatives » , F. Fornari , januar 2008 .
There are a number of different corporate profitability ratios based on company financial statements , such as the ratio of operating income ( sales minus ECB Annual Report 2007
860 „Oil shocks and endogenous markups : results from an estimated euro area DSGE model » , M. Sánchez , januar 2008 . ECB Letno poročilo 2007
operating expenses ) to sales , the ratio of net income ( operating and non-operating income , after tax , depreciation and extraordinary items ) to sales , the return on assets ( relating net income to total assets ) and the return on equity ( relating net income to shareholders » funds ) .
861 „Income distribution determinants and public spending effi ciency » , A. Afonso , L. Schuknecht in V. Tanzi , januar 2008 . 862 „Stock market volatility and learning » , K. Adam , A. Marcet in J. P. Nicolini , februar 2008 .
At the macroeconomic level , the gross operating surplus , based on national accounts , for instance in relation to GDP or value added , is often used as a measure of profitability .
863 „Population ageing and public pension reforms in a small open economy » , C. Nickel , P. Rother in A. Theophilopoulou , februar 2008 .
Correspondent central banking model ( CCBM ) : a mechanism established by the Eurosystem with the aim of enabling counterparties to use eligible assets on a cross-border basis .
864 „Macroeconomic rates of return of public and private investment : crowding-in and crowdingout effects » , A. Afonso in M. St. Aubyn , februar 2008 .
In the CCBM , NCBs act as custodians for one another .
865 „Explaining the Great Moderation : it is not the shocks » , D. Giannone , M. Lenza in L. Reichlin , februar 2008 .
Each NCB has a securities account in its securities administration for each of the other NCBs ( and for the European Central Bank ) .
866 „VAR analysis and the Great Moderation » , L. Benati in P. Surico , februar 2008 .
Cost of the external financing of non-financial corporations ( real ) : the cost incurred by nonfinancial corporations when taking up new external funds .
867 „Do monetary indicators lead euro area inflation ?" , B. Hofmann , februar 2008 .
For euro area non-financial corporations , it is calculated as a weighted average of the cost of bank lending , the cost of debt securities and the cost of equity , based on the amounts outstanding ( corrected for valuation effects ) and deflated by inflation expectations . Counterparty : the opposite party in a financial transaction ( e.g. any party transacting with a central bank ) .
868 „Purdah : on the rationale for central bank silence around policy meetings » , M. Ehrmann in M. Fratzscher , februar 2008 . 869 „The reserve fulfilment path of euro area commercial banks : empirical testing using panel data » , N. Cassola , februar 2008 .
Credit derivative : a financial instrument which separates the credit risk from an underlying financial transaction , enabling the credit risk to be priced and transferred separately .
870 „Risk management in action : robust monetary policy rules under structured uncertainty » , P. Levine , P. McAdam , J. Pearlman in R. Pierse , februar 2008 .
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 ;
871 „The impact of capital flows on domestic investment in transition economies » , E. Mileva , februar 2008 .
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 .
872 „Why do Europeans work part-time ? A cross-country panel analysis » , H. Buddelmeyer , G. Mourre in M. Ward , februar 2008 .
Credit risk : the risk that a counterparty will not settle an obligation for full value , either when due or at any time thereafter .
873 „The Feldstein-Horioka fact » , D. Giannone in M. Lenza , februar 2008 . 874 „How arbitrage-free is the Nelson-Siegel model ?"
Credit risk includes replacement cost risk and principal risk .
, L. Coroneo , K. Nyholm in R. VidovaKoleva , februar 2008 .
It also includes the risk of the failure of the settlement bank .
875 „Global macro-financial shocks and expected default frequencies in the euro area » , O. Castrén , S. Dées in F. Zaher , februar 2008 .
Debt security : a promise on the part of the issuer ( i.e. the borrower ) to make one or more payments to the holder ( the lender ) at a specified future date or dates .
876 „Are sectoral stock prices useful for predicting euro area GDP ?" , M. Andersson in A. D' Agostino , februar 2008 .
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 . Debt securities issued with an original maturity of more than one year are classified as long-term .
DRUGE PUBLIKACIJE „Government finance statistics guide » , januar 2007 . „Letter from the ECB President to Ms Pervenche Berès , Chairwoman of the Committee on Economic and Monetary Affairs , European Parliament » , januar 2007 .
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 ) .
„Letter from the ECB President to Mr Jean-Marie Cavada , Chairman of the Committee on Civil Liberties , Justice and Home Affairs , European Parliament » , januar 2007 .
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 ) . ECOFIN Council : the EU Council meeting in the composition of the ministers of economy and finance .
„Euro area balance of payments and international investment position statistics - Annual quality report » , februar 2007 . „List of Monetary Financial Institutions ( MFI ) and Institutions subject to minimum reserves » , februar 2007 ( samo spletna izdaja ) .
ECB Annual Report 2007 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 .
„Financial statistics for a global economy - Proceedings of the 3rd ECB conference on statistics » , februar 2007 . „Euro Money Market Study 2006 » , februar 2007 ( samo spletna izdaja ) ;
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 .
„Letter from the ECB President to Ms Pervenche Berès Chairwoman of the Committee on Economic and Monetary Affairs , European Parliament , » februar 2007 . „Monetary financial institutions and markets statistics sector manual » , marec 2007 .
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 ) .
„Financial integration in Europe » , marec 2007 . „TARGET2-Securities - The blueprint » , marec 2007 ( samo spletna izdaja ) .
Economic and Financial Committee ( EFC ) : a consultative Community body which contributes to the preparation of the work of the ECOFIN Council and the European Commission .
ECB Letno poročilo 2007 „TARGET2-Securities - Technical feasibility » , marec 2007 ( samo spletna izdaja ) .
Its tasks include reviewing the economic and financial situation of the Member States and of the Community , and budgetary surveillance .
„TARGET2-Securities - Operational feasibility » , marec 2007 ( samo spletna izdaja ) .
Economic and Monetary Union ( EMU ) : the process that led to the single currency , the euro , and the single monetary policy in the euro area , as well as to the coordination of the economic policies of the EU Member States .
„TARGET2-Securities - Legal feasibility » , marec 2007 ( samo spletna izdaja ) . „TARGET2-Securities - Economic feasibility » , marec 2007 ( samo spletna izdaja ) .
This process , as laid down in the Treaty , took place in three stages .
In cooperation with the Committee on the Global Financial System » , april 2007 .
Stage Three , the final stage , started on 1 January 1999 with the transfer of monetary competence to the European Central Bank and the introduction of the euro .
A short history of the euro banknotes and coins » , april 2007 . „Large banks and private equity-sponsored leveraged buyouts in the EU » , april 2007 .
The cash changeover on 1 January 2002 completed the process of setting up EMU . Effective exchange rate ( EER ) of the euro ( nominal / real ) : weighted average of bilateral euro exchange rates against the currencies of the euro area 's important trading partners .
„TARGET Annual Report » , maj 2007 ( samo spletna izdaja ) . „European Union balance of payments : International investment position statistical methods » , maj 2007 .
The European Central Bank publishes nominal EER indices for the euro against two groups of trading partners : the EER-22 ( comprising the 12 non-euro area EU Member States and 10 main trading partners outside the EU ) and the EER-42 ( composed of the EER-22 and 20 additional countries ) .
„Bond markets and long-term interest rates in non-euro area Member States of the European Union : Statistical tables » , maj 2007 ( samo spletna izdaja ) . „The euro bonds and derivates markets » , junij 2007 ( samo spletna izdaja ) .
The weights used reflect the share of each partner country in euro area trade and account for competition in third markets .
„Review of the international role of the euro » , junij 2007 .
Real EERs are nominal EERs deflated by a weighted average of foreign , relative to domestic , prices or costs .
„Fourth Progress Report on TARGET2 , General Functional Specifications » , junij 2007 .
They are thus measures of price and cost competitiveness .
„Financial Stability Review » , junij 2007 .
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 .
„Monetary policy : a journey from theory to practice » , junij 2007 . „The Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions » , julij 2007 ( samo spletna izdaja ) .
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 .
„Peto poročilo o napredku SEPA » , julij 2007 ( samo spletna izdaja ) . „Potential impact of Solvency II on financial stability » , julij 2007 .
Equities usually produce income in the form of dividends .
„The role of central counterparties -- issues related to central counterparty clearing » , ECB-Fed Chicago conference , 3-4 April 2006 , julij 2007 .
Equity market : the market in which equities are issued and traded .
„European legislation on financial markets : Settlement Finality Directive , Financial Collateral Directive , Winding-Up Directive for Credit Institutions » , julij 2007 .
ERM II ( exchange rate mechanism II ) : the exchange rate mechanism which provides the framework for exchange rate policy cooperation between the euro area countries and the noneuro area EU Member States .
„Payment and securities settlement systems in the European Union , vol. 1 : euro area countries , vol. 2 : non-euro area countries » , ( Modra knjiga ) , avgust 2007 .
ERM II is a multilateral arrangement with fixed , but adjustable , central rates and a standard fluctuation band of ± 15 %.
„EU banking structures » , oktober 2007 ( samo spletna izdaja ) . „TARGET2-Securities progress report » , oktober 2007 ( samo spletna izdaja ) .
Decisions concerning central rates and , possibly , narrower fluctuation bands are taken by mutual agreement between the EU Member State concerned , the euro area countries , the European Central Bank ( ECB ) and the other EU Member States participating in the mechanism .
„Fifth progress report on TARGET2 » with Annex 1 „Information guide for TARGET2 users » ( version 1.0 ) , Annex 2 „User information guide to TARGET2 pricing » and Annex 3 „TARGET2 compensation scheme , claim form » , oktober 2007 ( samo spletna izdaja ) . „EU banking sector stability » , november 2007 ( samo spletna izdaja ) .
All participants in ERM II , including the ECB , have the right to initiate a confidential procedure aimed at changing the central rates ( realignment ) . ECB Annual Report 2007
„Review of the Lamfalussy framework : Eurosystem contribution » , november 2007 ( samo spletna izdaja ) . „Korespondenčni centralnobančni model ( CCBM ) : postopki za nasprotne stranke v Eurosistemu » , december 2007 .
EURIBOR ( euro interbank offered rate ) : the rate at which a prime bank is willing to lend funds in euro to another prime bank , as reported by a panel of contributing banks , computed daily for interbank deposits with different maturities of up to 12 months .
„Bond markets and long-term interest rates in non-euro area Member States of the European Union » , januar 2008 ( samo spletna izdaja ) . „Oversight framework for card payment schemes -- standards » , januar 2008 ( samo spletna izdaja ) .