natgillin/translations-raw huggingface dataset:
Deposit facility: a standing facility of the Eurosystem which counterparties may use to makeovernight deposits, remunerated at a pre-specified interest rate, at an NCB (see also key ECBinterest rates).
% K O NOMISK ฀ ANALYS฀ EN ฀ AV ฀ DE ฀ P E L ARE ฀ F � R ฀ %#" S ฀ VERKSAMHET ฀ N � R ฀ DET ฀ G � L LER ฀ ATT ฀ GENOM F � RA ฀ EN ฀ OMFATTANDE ฀ ANALYS฀ AV ฀ HOT EN ฀ MOT ฀ PRISSTABILITET ฀ SOM ฀ UT G � R ฀ GRUNDVAL EN ฀ F � R ฀ %#" R � DETS ฀ PENNINGPOLITISKA ฀ BESLUT ฀ $EN฀ EKONOMISKA ฀ ANALYSEN฀ KONCENTRERAS฀ HUVUDSAKLIGEN฀ P �฀ ATT ฀ BE D � M A ฀ EKONOMISK ฀ OCH ฀ FINANSIELL ฀ UTVECKLING ฀ OCH ฀ UNDERLIGGANDE ฀ HOT ฀ MOT ฀ PRISSTABILITET ฀ P �฀ KORT ฀ OCH ฀ MEDEL L � N G ฀ SIKT ฀ UT I FR � N ฀ SAM S P E LET ฀ MELLAN ฀ UTBUD ฀ OCH ฀ EFTER FR � GAN ฀ P �฀ VAROR ฀ T J � N S TER ฀ OCH ฀ FAKTOR MARKNADER ฀ F � R ฀ DESSA ฀ TID S H O R ISO N TER ฀ ( � R ฀ UPP M � R K SAMMA S ฀ I ฀ STOR ฀ UT ST R � C K NING ฀ BEHOVET ฀ ATT ฀ IDENTIFIERA ฀ VILKA ฀ CHOCKER ฀ SOM ฀ P � VERKAR ฀ EKONOMIN ฀ DERAS ฀ EFFEKTER ฀ P �฀ KOSTNADER ฀ OCH ฀ PRISER ฀ SAMT ฀ HUR ฀ DE ฀ KOMMER ฀ ATT ฀ P � VERKA ฀ EKONOMIN ฀ P �฀ KORT ฀ OCH ฀ MEDEL L � N G ฀ SIKT ฀ SE ฀ � V EN ฀ M ON ET � R ฀ ANALYS
Direct investment: crossborder investment for the purpose of obtaining a lasting interest in anenterprise resident in another economy (assumed, in practice, for ownership of at least 10% of theordinary shares or voting power).
% K O NOMISKA ฀ OCH ฀ FINANSIELLA ฀ KOMMIT T � N ฀ % & + ฀ ETT ฀ R � D GIVANDE ฀ GEMENSKAPSORGAN ฀ SOM ฀ H J � L PER ฀ TILL ฀ ATT ฀ F � R BER E DA ฀ % 5 R � DETS ฀ ARBETE ฀ $ ES S ฀ UPPGIFTER ฀ INKLUDERAR฀ GRANSKNING ฀ AV ฀ DET ฀ EKONOMISKA ฀ OCH ฀ FINANSIELLA ฀ L � GET ฀ I ฀ MEDLEM S L � N DERNA ฀ OCH ฀ INOM ฀ GEMENSKAPEN฀ SAMT ฀ BUDGET � VER VAKNING ฀ % K O NOMISKA ฀ OCH ฀ M ON ET � RA ฀ UNIONEN฀ % -5 ฀ I ฀ %' F � R DRAGET ฀ FAST ST � LL S ฀ DE ฀ TRE ฀ E TA P PERNA ฀ F � R ฀ ATT ฀ UPP N �฀ DEN ฀ EKONOMISKA ฀ OCH ฀ M ON ET � RA ฀ UNIONEN฀ I฀%UROPEISKA฀ UNIONEN฀ % 5 ฀ % TA P P ฀ TRE ฀ DEN ฀ SISTA ฀ ETAPPEN ฀ INLEDDES ฀ DEN ฀ ฀ JANUARI ฀ ฀ D �฀ BE H � RIG HETEN ฀ ATT ฀ FATTA ฀ PENNINGPOLITISKA ฀ BESLUT ฀ � VER F � R DES ฀ TILL ฀ %UROPEISKA฀ CENTRALBANKEN ฀ OCH ฀ EURON ฀ IN F � R DES ฀ + ON TAN T UT BYTET ฀ DEN ฀ ฀ JANUARI ฀ ฀ AVSLUTADE ฀ I NR � T TAN DET ฀ AV ฀ % -5 ฀
Economic analysis: one pillar of the European Central Bank’s framework for conducting acomprehensive analysis of the risks to price stability, which forms the basis for the Governing Council’s monetary policy decisions. The economic analysis focuses mainly on the assessment ofcurrent economic and financial developments and the implied short to mediumterm risks to pricestability from the perspective of the interplay between supply and demand in goods, services andfactor markets at those horizons.
% ON I A ฀ EURO ฀ OVERNIGHT ฀ INDEX ฀ AV E RA GE ฀ ETT ฀ M � T T ฀ P �฀ DEN ฀ EFFEKTIVA ฀ R � N TAN ฀ P �฀ INTERBANK MARKNADEN ฀ F � R ฀ DAGS L � N ฀ I ฀ EURO ฀ $ET฀ BER � K NAS ฀ SOM ฀ ETT ฀ VIKT AT ฀ GENOMSNITT ฀ AV ฀ R � N TAN ฀ F � R ฀ DAGS L � N ฀ I ฀ EURO ฀ UTAN ฀ S � KER HET ฀ SOM ฀ IN RAPPORTERATS ฀ AV ฀ EN ฀ PA N E L ฀ BANKER ฀
Economic and Financial Committee (EFC): a consultative Community body which contributesto the preparation of the work of the EU Council. Its tasks include reviewing the economic andfinancial situation of the Member States and of the Community, and budgetary surveillance.
% 2 - ฀ EXCHANGE ฀ RATE ฀ M E C HAN I S M ฀ ) ) ฀ DEN ฀ V � X E L KURS MEKANISM ฀ SOM ฀ UT G � R ฀ RAMEN ฀ F � R ฀ DET ฀ VALUTA POLITISKA ฀ SAMARBETET ฀ MELLAN ฀ L � N DERNA ฀ I ฀ EURO OM R � DET ฀OCH฀DE฀ % 5 MEDLEM S L � N DER ฀ SOM ฀ INTE ฀ DELTAR ฀ I ฀ E TA P P ฀ TRE ฀ AV ฀ % K O NOMISKA ฀ OCH ฀ M ON ET � RA ฀ UNIONEN
EONIA (euro overnight index average): a measure of the effective interest rate prevailing in theeuro interbank overnight market. It is calculated as a weighted average of the interest rates onunsecured overnight lending transactions denominated in euro, as reported by a panel ofcontributing banks.
%UROPEISKA฀ CENTRALBANKSSYSTEMET ฀ %#"3 ฀ BE ST � R ฀ AV฀%UROPEISKA฀ CENTRALBANKEN ฀ %#" ฀OCH฀DE฀ NATIONELLA ฀ CENTRALBANKERNA ฀ I ฀ DE ฀ ฀ MEDLEM S L � N DERNA ฀ D VfiS ฀ F � R UTOM ฀ MEDLEMMARNA ฀ I฀%UROSYSTEMET฀ � V EN ฀ DE ฀ NATIONELLA ฀ CENTRALBANKERNA ฀ I ฀ DE ฀ MEDLEM S L � N DER ฀ SOM ฀ INTE ฀ HAR ฀ IN F � R T ฀ EURON ฀ %#"3 ฀ STYRS ฀ AV฀%#" R � DET ฀ %#" S ฀ DIREKTION ฀ OCH ฀ ALL M � N N A ฀ R � DET ฀ SOM ฀ TREDJE ฀ BESLUTANDE฀ ORGAN
Equity market: the market in which equities are issued and traded.
%UROPEISKA฀ NATIONAL R � KEN SKA P S SYSTEMET ฀ ฀ %.
Euro area: the area encompassing those Member States in which the euro has been adopted as thesingle currency in accordance with the Treaty and in which a single monetary policy is conductedunder the responsibility of the Governing Council of the European Central Bank. The euro areacurrently comprises Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland.
3 ฀ ฀ ETT ฀ SYSTEM ฀ MED ฀ ENHETLIGA ฀ STATISTISKA ฀ DEFINITIONER฀OCH฀KLASSIFICERINGAR฀SOM฀SYFTAR฀TILL฀EN฀HARMONISERAD฀KVANTITATIV฀BESKRIVNING฀AV฀MED L E M S L � N DER S ฀ EKONOMIER ฀ %. 3 ฀ ฀ � R ฀ GEMENSKAPENS ฀ VERSION ฀ AV ฀ 3 Y S TEM ฀ OF ฀ . A TION A L ฀ ! C C O U N T S ฀ ฀ 3. ! ฀
European System of Accounts 1995 (ESA 95): a system of uniform statistical definitions andclassifications aimed at achieving a harmonised quantitative description of the economies of the Member States. The ESA 95 is the Community’s version of the world System of National Accounts 1993 (SNA 93).
%UROSYSTEMET฀ EURO OM R � DETS ฀ CENTRALBANKSSYSTEM ฀ $ET฀ OMFATTAR฀ %UROPEISKA฀ CENTRALBANKEN ฀OCH฀DE฀ NATIONELLA ฀ CENTRALBANKERNA ฀ I ฀ DE ฀ MEDLEM S L � N DER ฀ SOM฀HAR฀ IN F � R T ฀ EURON ฀ UNDER ฀ DEN ฀ TREDJE ฀ ETAPPEN ฀ AV ฀ DEN ฀ EKONOMISKA ฀ OCH ฀ M ON ET � RA ฀ UNIONEN฀
The ESCB isgoverned by the Governing Council and the Executive Board of the ECB, and, as a thirddecision-making body of the ECB, by the General Council.
( AR M ON I SER AT ฀ INDEX ฀ F � R ฀ KONSUMENTPRISER ฀ ( ) + 0 ฀ ETT ฀ KONSUMENTPRISINDEX ฀ SOM ฀ SAMMAN ST � LL S ฀ AV ฀ % UR O ST AT ฀ OCH ฀ SOM ฀ � R ฀ HARMONISERAT ฀ � VER ฀ ALLA ฀ % 5 L � N DER
Eurosystem: the central banking system of the euro area. It comprises the European Central Bank and the NCBs of the Member States that have adopted the euro in Stage Three of Economicand Monetary Union.
(UVUDSAKLIG฀ REFINANSIERINGSTRANSAKTION ฀ EN ฀ REGELBUNDEN฀ � P PEN ฀ MARKNADSOPERATION฀ SOM ฀ GENOM F � R S ฀ AV ฀ %UROSYSTEMET฀ I ฀ FORM฀AV฀EN฀REVERSERAD฀ TRANSAKTION ฀ & R � N ฀ OCH ฀ MED ฀ DEN ฀ ฀ MARS ฀ ฀ GENOM F � R S ฀ S � D ANA ฀ TRANSAKTIONER ฀ VARJE ฀ VECKA ฀ GENOM ฀ ETT ฀ STANDARD I SER AT ฀ ANBUD S F � R FARANDE ฀ MED ฀ EN ฀ N O R M A L ฀ L � P TID ฀ P �฀ EN ฀ VECKA ) M PL I C IT ฀ VOLATILITET ฀ ETT ฀ M � T T ฀ P �฀ F � R V � N TAD ฀ VOLATILITET ฀ STANDARD AVVIKELSER ฀ N � R ฀ DET ฀ G � L LER ฀ PROCENTUELLA ฀ � R LIGA ฀ F � R � N D RINGAR ฀ I ฀ PRISERNA ฀ P �฀ TILL ฀ EXEMPEL฀OBLIGATIONER฀OCH฀AKTIER฀ ELLER ฀ MOTSVARANDE ฀ TERMINSKONTRAKT ฀ SOM ฀ KAN ฀ H � R LEDA S ฀ FR � N ฀ OPTIONS PRISER
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 maintainbudgetary discipline, defines the criteria for a budgetary position to be considered an excessivedeficit and regulates steps to be taken following the observation that the requirements for thebudgetary balance or government debt have not been fulfilled.
) NL � NING S FACILITET฀ EN ฀ ST � EN DE ฀ FACILITET฀ I฀%UROSYSTEMET฀ SOM฀MOTPARTER฀ KAN ฀ AN V � N DA ฀ F � R ฀ IN S � T T NING ฀ � VER ฀ NATTEN ฀ HOS ฀ EN ฀ NATIONELL ฀ CENTRALBANK ฀ TILL ฀ EN ฀ P �฀ F � R HAND ฀ BE ST � M D ฀ R � N TA ฀ SE ฀ %#" S ฀ STYR R � N TOR
Executive Board: one of the decisionmaking bodies of the European Central Bank (ECB). Itcomprises the President and the Vice-President of the ECB and four other members appointed bycommon accord by the Heads of State or Government of the countries that have adopted the euro.
+ AS SAKRAV ฀ DE ฀ M IN I M I RESERVER฀ SOM ฀ ETT ฀ KREDITINSTITUT ฀ SKALL ฀ H � LL A ฀ HOS ฀ %UROSYSTEMET฀ + AS SAKRAV ET ฀ BER � K NAS ฀ P �฀ BASIS ฀ AV฀ETT฀ DAGSGENOMSNITT฀ AV ฀ BALANS R � K NINGARNA ฀ UNDER ฀ EN฀UPPFYLLANDEPERIOD฀ P �฀ OMKRING ฀ EN ฀ M � NAD
Fine-tuning operation: a non-regular open market operation executed by the Eurosystemmainly in order to deal with unexpected liquidity fluctuations in the market.
+ AS SAKRAV S B AS ฀ SUMMAN ฀ AV ฀ DE ฀ POST E R ฀ I ฀ BALANS R � K NINGEN ฀ S � R SKILT ฀ SKULDER ฀ SOM ฀ UT G � R ฀ UNDERLAG ฀ F � R ฀ BER � K NINGEN ฀ AV฀ETT฀ KREDITINSTITUT S ฀ KASSAKRAV
General Council: one of the decisionmaking bodies of the European Central Bank (ECB). Itcomprises the President and the Vice-President of the ECB and the governors of all EU NCBs.
+ AS SAKRAV S PROCENT ฀ DEN ฀ PROCENTSATS ฀ SOM ฀ CENTRALBANKEN ฀ FAST ST � L LER ฀ F � R ฀ VARJE ฀ KATEGORI ฀ AV ฀ BALANS R � K NING S POST E R ฀ I ฀ KASSAKRAVSBASEN ฀ 0 R O CENTSATS ERNA ฀ AN V � N D S ฀ F � R ฀ ATT ฀ BER � K N A ฀ KASSAKRAV ENS ฀ STORLEK
Governing Council: the supreme decisionmaking body of the European Central Bank (ECB).It comprises all the members of the Executive Board of the ECB and the governors of the NCBs ofthe countries that have adopted the euro.
+ R E D IT INSTITUT฀ ฀ ETT ฀ F � R E TAG ฀ VARS ฀ VERKSAMHET ฀ BE ST � R ฀ I ฀ ATT ฀ FR � N ฀ ALL M � N HETEN ฀ TA ฀ EMOT ฀ IN S � T T NINGAR ฀ ELLER ฀ANDRA฀ � TER BE TAL BARA ฀ MEDEL ฀ OCH ฀ ATT ฀ BEVILJA ฀ KREDITER ฀ F � R ฀ EGEN ฀ R � K NING ฀ ELLER ฀ ฀ANDRA฀ F � R E TAG ฀ ELLER ฀ JURIDISK A ฀ PERSONER ฀ � N ฀ DE ฀ SOM ฀ AVSES ฀ I ฀ PUNKT ฀ ฀ VILKA ฀ GER ฀ UT ฀ BETALNINGSMEDEL ฀ I ฀ FORM ฀ AV ฀ ELEKTRONISKA ฀ PENGAR
Harmonised Index of Consumer Prices (HICP): a measure of consumer prices that is compiledby Eurostat and harmonised for all EU Member States.
+ R E D IT RISK ฀ RISKEN฀ ATT ฀ EN ฀ MOTPART ฀ INTE ฀ KOMMER ฀ ATT ฀ FULL G � RA ฀ ETT ฀ � TAGANDE ฀ ANTINGEN฀ P �฀ F � R FALL O DAGEN ฀ ELLER ฀ VID ฀ N � G ON ฀ TIDPUNKT฀ D � R EFTER ฀ + R E D IT RISK ฀ OMFATTAR฀ E R S � T T NING S KOSTNAD S RISK ฀ OCH ฀ FULL ฀ KREDITRISK ฀ $EN฀ OMFATTAR฀ � V EN ฀ RISKEN฀ F � R ฀ DEN ฀ AVVECKLA N DE ฀ BANKENS ฀ OF � R M � G A ฀ ATT ฀ INFRIA ฀ SINA ฀ F � R PL I K T E L SER
Implied volatility: a measure of expected volatility (standard deviation in terms of annualisedpercentage changes) in the prices of, for example, bonds and stocks (or of corresponding futurescontracts), which can be extracted from option prices.
, I K VID I TETS RISK ฀ RISKEN฀ ATT ฀ EN ฀ MOTPART ฀ INTE ฀ KOMMER ฀ ATT ฀ FULL G � RA ฀ SINA ฀ � TAGANDE N ฀ TILL ฀ FULLT ฀ V � R DE ฀ P �฀ F � R FALL O DAGEN ฀ UTAN ฀ VID ฀ EN ฀ ICKE ฀ S P E C I FICERA D ฀ SENARE ฀ TIDPUNKT฀
Key ECB interest rates: the interest rates, set by the Governing Council, which reflect themonetary policy stance of the European Central Bank. They are the minimum bid rate on themain refinancing operations, the interest rate on the marginal lending facility and the interestrate on the deposit facility.
, � N G FRISTIGA ฀ REFINANSIERINGSTRANSAKTIONER ฀ EN ฀ REGELBUNDEN฀ � P PEN ฀ MARKNADSOPERATION฀ SOM ฀ %UROSYSTEMET฀ GENOM F � R ฀ I ฀ FORM฀AV฀EN฀REVERSERAD฀ TRANSAKTION ฀ 4 RAN S AKTIONER ฀ GENOM F � R S ฀ VARJE ฀ M � NAD ฀ GENOM ฀ ETT ฀ STANDARD I SER AT ฀ ANBUD S F � R FARANDE ฀ MED ฀ EN ฀ N O R M A L ฀ L � P TID ฀ P �฀ TRE ฀ M � NADER
Liquidity risk: the risk that a counterparty will not settle an obligation at its full value when duebut on some unspecified date thereafter.
, � G S TA ฀ ANBUD S R � N TA ฀ DEN ฀ L � G S TA ฀ R � N TA ฀ TILL ฀ VILKEN฀MOTPARTERNA฀ F � R ฀ L � M N A ฀ BUD฀ I ฀ ANBUD S F � R FARANDEN A ฀ MED ฀ R � R LIG ฀ R � N TA ฀ VID ฀ DE ฀ HUVUDSAKLIGA ฀ REFINANSIERINGSTRANSAKTIONERNA ฀ $ ETT A ฀ � R ฀ EN ฀ AV ฀ ฀ %#" S ฀ STYR R � N TOR ฀ SOM ฀ SPEGLAR ฀ PENNINGPOLITIKEN ฀
M1: a narrow monetary aggregate that comprises currency in circulation plus overnight depositsheld with MFIs and central government (e.g. at the post office or treasury).
- ฀ S N � V T ฀ PENNING M � N G D S M � T T ฀ / M FATTAR ฀ UT E L � PANDE ฀ SEDLAR ฀ OCH ฀ MYNT ฀ SAMT ฀ DAGS L � N ฀ SOM ฀ H � LL S ฀ AV฀- & )฀ OCH ฀ STATEN ฀ TILL ฀ EXEMPEL ฀ P �฀ POSTEN ฀ ELLER ฀ SOM ฀ STATSSKULD V � X LAR
M2: an intermediate monetary aggregate that comprises M1 plus deposits redeemable at a periodof notice of up to and including three months (i.e. shortterm savings deposits) and deposits withan agreed maturity of up to and including two years (i.e. shortterm time deposits) held with MFIsand central government.
- ฀ MELLANLIGGANDE ฀ PENNING M � N G D S M � T T ฀ / M FATTAR ฀฀ SAMT ฀ I NL � NING ฀ MED ฀ UPP S � G NING S TID ฀ UPP ฀ TILL ฀ TRE ฀ M � NADER ฀ D VfiS ฀ KORTFRISTIG ฀ S PA R I NL � NING ฀ SAMT ฀ I NL � NING ฀ MED ฀ AVTALAD฀ L � P TID ฀ UPP ฀ TILL ฀ TfiV �฀ � R ฀ D VfiS ฀ KORTFRISTIG ฀ TIDSBUNDEN ฀ I NL � NING ฀ SOM ฀ H � LL S ฀ HOS ฀ - & ) ฀ OCH ฀ HOS ฀ STATEN
M3: a broad monetary aggregate that comprises M2 plus marketable instruments, in particularrepurchase agreements, money market fund shares/units and debt securities with a maturity ofup to and including two years issued by MFIs.
- ฀ BRETT ฀ PENNING M � N G D S M � T T ฀ / M FATTAR ฀฀ OCH ฀ OM S � T T NINGSBARA ฀ INSTRUMENT ฀ S � R SKILT ฀ REPOAVTAL ฀ ANDELAR ฀ I ฀ PENNINGMARKNADSFONDER ฀ OCH ฀ R � N T E B � RANDE ฀ V � R DEPAPPER ฀ MED ฀ EN ฀ L � P TID ฀ UPP ฀ TILL ฀ TfiV �฀ � R ฀ UTGIVNA฀ AV ฀ - & )
Main refinancing operation: a regular open market operation executed by the Eurosystem inthe form of reverse transactions. As of 10 March 2004 such operations are carried out through aweekly standard tender and normally have a maturity of one week.
- & ) R � N TOR ฀ DE ฀ R � N TES AT SER ฀ SOM ฀ H E M M A H � RANDE ฀ - & ) ฀ EXKLUSIVE ฀ CENTRALBANKER ฀ OCH ฀ PENNINGMARKNADSFONDER ฀ TILL � M PA R ฀ P �฀ EURO DEN OM I NER AD ฀ I NL � NING ฀ OCH ฀ UT L � NING ฀ I ฀ F � R H � L LAN DE ฀ TILL ฀ HU S H � LL ฀ OCH ฀ ICKEFINANSIELLA ฀ F � R E TAG ฀ H E M M A H � RANDE ฀ I ฀ EURO OM R � DET
Marginal lending facility: a standing facility of the Eurosystem which counterparties mayuse to receive overnight credit from an NCB at a pre-specified interest rate against eligible assets(see also key ECB interest rates).
- & ) S ฀ UT L � NING ฀ TILL ฀ H E M M A H � RANDE ฀ I ฀ EURO OM R � DET ฀ OMFATTAR฀ - & ) S ฀ UT L � NING ฀ TILL ฀ H E M M A H � RANDE ฀ I ฀ EURO OM R � DET ฀ F � R UTOM ฀ - & ) ฀ INBEGRIPET ฀ DEN ฀ OFFENTLIGA ฀ SEKTORN ฀ OCH฀DEN฀PRIVATA฀ SEKTORN ฀ SAMT ฀ - & ) S ฀ INNEHAV ฀ AV ฀ V � R DEPAPPER ฀ AKTIER ฀ANDRA฀ RISK B � RANDE ฀ TILL G � N G AR ฀ OCH ฀ R � N T E B � RANDE ฀ V � R DEPAPPER ฀ UTGIVNA฀ AV ฀ H E M M A H � RANDE ฀ I ฀ EURO OM R � DET ฀ F � R UTOM ฀ - & )
MFIs (monetary financial institutions): financial institutions which together form the moneyissuing sector of the euro area. These include the European Central Bank, the NCBs of the euroarea countries, and credit institutions and money market funds located in the euro area.
- & ) S ฀ UT L � N D SKA ฀ NETTOTILL G � N G AR ฀ OMFATTAR฀ INNEHAVET ฀ AV ฀ UT L � N D SKA ฀ TILL G � N G AR ฀ HOS ฀ EURO OM R � DETS ฀ M ON ET � RA ฀ FINANSINSTITUT ฀ TILL ฀ EXEMPEL ฀ GULD ฀ UT L � N D SKA ฀ SEDLAR ฀ OCH ฀ MYNT ฀ V � R DEPAPPER ฀ UTGIVNA฀ AV ฀ H E M M A H � RANDE ฀ UTAN F � R ฀ EURO OM R � DET ฀ OCH ฀ UT L � NING ฀ TILL ฀ H E M M A H � RANDE ฀ UTAN F � R ฀ EURO OM R � DET ฀MINUS฀ DE ฀ UT L � N D SKA ฀ SKULDER ฀ SOM ฀ M ON ET � RA ฀ FINANSINSTITUT ฀ I ฀ EURO OM R � DET ฀ HAR ฀ TILL ฀ EXEMPEL ฀ I NL � NING ฀ AV ฀ H E M M A H � RANDE ฀ UTAN F � R ฀ EURO OM R � DET ฀ OCH ฀ REPOAVTAL ฀ SAMT ฀ DERAS ฀ INNEHAV ฀ AV ฀ ANDELAR ฀ I ฀ PENNINGMARKNADSFONDER ฀ OCH ฀ R � N T E B � RANDE ฀ V � R DEPAPPER ฀ MED ฀ EN ฀ L � P TID ฀ UPP ฀ TILL ฀ TfiV �฀ � R ฀ UTGIVNA฀ AV ฀ - & )
MFI credit to euro area residents: MFI loans granted to non-MFI euro area residents(including the general government and the private sector) and MFI holdings of securities(shares, other equity and debt securities) issued by non-MFI euro area residents.
- ON ET � R ฀ ANALYS฀ EN ฀ AV ฀ DE ฀ P E L ARE ฀ I ฀ %#" S ฀ VERKSAMHET ฀ N � R ฀ DET ฀ G � L LER ฀ ATT ฀ GENOM F � RA ฀ EN ฀ OMFATTANDE ฀ ANALYS฀ AV ฀ HOT ฀ MOT ฀ PRISSTABILITET ฀ SOM ฀ UT G � R ฀ GRUNDVAL EN ฀ F � R ฀ %#" R � DETS ฀ PENNINGPOLITISKA ฀ BESLUT ฀ - ON ET � R ฀ ANALYS฀ H J � L PER ฀ TILL ฀ ATT ฀ BE D � M A ฀ MEDEL L � N G A ฀ OCH ฀ L � N G A ฀ INFLATION S TRENDER ฀ P �฀ GRUNDVAL ฀ AV ฀ DET ฀ N � RA ฀ SAMBAND ฀ SOM ฀ F � R E LIGGER ฀ MELLAN ฀ PENNING M � N G D ฀ OCH ฀ PRISER ฀ � VER ฀ L � N G A ฀ TID S H O R ISO N TER ฀ $EN฀ M ON ET � RA ฀ ANALYSEN฀ TAR ฀ H � N SYN ฀ TILL ฀ UTVECKLINGEN ฀ I ฀ ETT ฀ BRETT ฀ URVAL ฀ M ON ET � RA ฀ INDIKATORER ฀ INKLUSIVE ฀฀ DESS ฀ KOMPONENTER ฀ OCH ฀ MOTPOSTER ฀ S � R SKILT ฀ KREDIT ฀ OCH ฀ OLIKA ฀ M � T T ฀ P �฀ � VER SKOTT S LIKVIDITET ฀ SE ฀ � V EN ฀ EKONOMISK฀ANALYS
MFI interest rates: the interest rates that are applied by resident MFIs, excluding central banksand money market funds, to eurodenominated deposits and loans vis-à-vis households and nonfinancial corporations resident in the euro area.
- ON ET � RA ฀ FINANSINSTITUT ฀ - & ) ฀ FINANSIELLA ฀ INSTITUTIONER ฀ SOM ฀ UT G � R ฀ DEN ฀ PENNING UTGIVANDE ฀ SEKTORN ฀ I ฀ EURO OM R � DET ฀ $ E ฀ OMFATTAR฀ %#" ฀ DE ฀ NATIONELLA ฀ CENTRALBANKERNA ฀ I ฀ EURO L � N DERNA ฀ SAMT ฀ EURO OM R � DETS ฀ KREDITINSTITUT ฀ OCH ฀ PENNINGMARKNADSFONDER
MFI longerterm financial liabilities: deposits with an agreed maturity of over two years,deposits redeemable at a period of notice of over three months, debt securities issued by euroarea MFIs with an original maturity of more than two years and the capital and reserves of theeuro area MFI sector.
- ON ET � RA ฀ INKOMSTER ฀ DE ฀ NATIONELLA ฀ CENTRALBANKERNAS ฀ INKOMSTER ฀ SOM ฀ UPP ST � R ฀ SOM ฀ EN ฀ FUNKTION ฀ AV ฀ % UR O SYSTEMETS ฀ PENNINGPOLITIK ฀ OCH ฀ SOM ฀ KOMMER ฀ FR � N ฀ TILL G � N G AR ฀ SOM ฀ � R ON M � R K T S ฀ I฀ENLIGHET฀MED฀ DE ฀ RIKTLINJER ฀ SOM ฀ FAST ST � L LT S ฀ AV฀%#" R � DET ฀ OCH ฀ SOM ฀ INNEHAS ฀ MOT ฀ UT E L � PANDE ฀ SEDLAR ฀ SAMT ฀ I NL � NING ฀ FR � N ฀ KREDITINSTITUT
MFI net external assets: the external assets of the euro area MFI sector (such as gold, foreigncurrency banknotes and coins, securities issued by noneuro area residents and loans granted tonon-euro area residents) minus the external liabilities of the euro area MFI sector (such as noneuro area residents’ deposits and repurchase agreements, as well as their holdings of moneymarket fund shares/units and debt securities issued by MFIs with a maturity of up to andincluding two years).
- O T PART ฀ DEN ฀ANDRA฀ PART EN ฀ I ฀ EN ฀ FINANSIELL ฀ TRANSAKTION ฀ TILL ฀ EXEMPEL ฀ VARJE ฀ PART ฀ SOM ฀ G � R ฀ TRANSAKTIONER ฀ MED ฀ EN ฀ CENTRALBANK
Minimum bid rate: lower limit to the interest rates at which counterparties may submit bids inthe variable rate tenders of the main refinancing operations.
/ B LIGA TION S MARKNAD ฀ DEN ฀ MARKNAD ฀ D � R ฀ L � N G FRISTIGA ฀ R � N T E B � RANDE ฀ V � R DEPAPPER ฀ UT GES ฀ OCH ฀ HANDLA S
Monetary income: income accruing to the NCBs in the performance of the Eurosystem’smonetary policy function, derived from assets earmarked in accordance with guidelinesestablished by the Governing Council and held against banknotes in circulation and depositliabilities to credit institutions.
/ PT I ON ฀ ETT ฀ FINANSIELLT ฀ INSTRUMENT฀SOM฀GER฀ INNEHAVARE N ฀ R � T T ฀ MEN ฀ INTE ฀ SKYLDIGHET ฀ ATT ฀ K � PA ฀ ELLER ฀ S � L J A ฀ EN ฀ VISS ฀ UNDERLIGGANDE ฀ TILL G � N G ฀ T E X ฀ EN ฀ OBLIGATION ฀ ELLER ฀ AKTIE ฀ TILL ฀ ETT ฀ F � R UT BE ST � MT ฀ PRIS ฀ L � SEN PRIS ฀ VID ฀ ELLER ฀ FRAM ฀ TILL ฀ EN ฀ BE ST � M D ฀ TIDPUNKT฀ F � R FALL O D AT U M ฀
Money market: the market in which shortterm funds are raised, invested and traded usinginstruments which generally have an original maturity of up to and including one year.
0 EN NING MARKNAD ฀ EN ฀ MARKNAD ฀ D � R ฀ KORTFRISTIGA ฀ MEDEL ฀ UPP L � NAS ฀ INVESTERA S ฀ OCH ฀ HANDLA S ฀ $ E ฀ INSTRUMENT ฀ SOM ฀ AN V � N D S ฀ HAR ฀ I ฀ ALL M � N HET ฀ EN ฀ URSPRUNGLIG฀ L � P TID ฀ UPP ฀ TILL ฀ ETT ฀ � R
Open market operation: an operation executed on the initiative of the central bank in thefinancial market. With regard to their aims, regularity and procedures, Eurosystem open marketoperations can be divided into four categories: main refinancing operations; longer-termrefinancing operations; fine-tuning operations; and structural operations.
0 O R T F � L J INVESTERINGAR ฀ H E M M A H � RANDE S ฀ I ฀ EURO OM R � DET ฀ NETTO TRANSAKTIONER POSITIONER฀ I ฀ V � R DEPAPPER ฀ UTGIVNA฀ AV ฀ ICKE H E M M A H � RANDE ฀ v TILL G � N G AR v ฀ OCH฀ICKE H E M M A H � RANDE S ฀ NETTO TRANSAKTIONER POSITIONER฀ I ฀ V � R DEPAPPER ฀ UTGIVNA฀ AV ฀ H E M M A H � RANDE ฀ v SKULDER v ฀ / M FATTAR ฀ AKTIER ฀ OCH ฀ R � N T E B � RANDE ฀ V � R DEPAPPER ฀ OBLIGATIONER ฀ STATSSKULD V � X LAR ฀ OCH ฀ PENNING MARKNAD S INSTRUMENT ฀ EXKLUSIVE ฀ BELOPP ฀ SOM ฀ REGISTRERAT S ฀ I ฀ DIREKTINVESTERINGAR ฀ ELLER ฀ RESERV TILL G � N G AR ฀
As for theinstruments used, reverse transactions are the main open market instrument of the Eurosystemand can be employed in all four categories of operations.
0 R I M � R S A L DO ฀ DEN ฀ OFFENTLIGA ฀ SEKTORNS ฀ NETTO UPP L � NING ฀ ELLER ฀ NETTO UT L � NING ฀ EFTER ฀ ATT ฀ R � N T E BETALNINGARNA ฀ P �฀ DEN ฀ OFFENTLIGA ฀ SEKTORNS ฀ KONSOLIDERADE ฀ SKULD ฀ DRA GIT S ฀ I FR � N
In addition, the issuance of debtcertificates and outright transactions are available for structural operations, while outrighttransactions, foreign exchange swaps and the collection of fixed-term deposits are available forthe conduct of fine-tuning operations.
0 R I S STABILITET ฀ % UR O SYSTEMETS ฀ HU V U D M � L ฀ � R ฀ ATT ฀ UPP R � T T H � LL A ฀ PRISSTABILITET ฀ %#" R � DET ฀ DEFINIERAR ฀ PRISSTABILITET ฀ SOM ฀ EN ฀ � R LIG ฀ � K NING ฀ AV ฀ EURO OM R � DETS ฀ HARMONISERADE ฀ INDEX ฀ F � R ฀ KONSUMENTPRISER ฀ ( ) + 0 ฀ UNDER ฀ ฀ PROCENT ฀ %#" R � DET ฀ HAR ฀ O C K S �฀ F � R KLARA T ฀ ATT ฀ DET ฀ F � R ฀ ATT ฀ UPP R � T T H � LL A ฀ PRISSTABILITET ฀ SYFTAR ฀ TILL ฀ ATT ฀ H � LL A ฀ INFLATIONEN ฀ UNDER ฀ MEN ฀ N � RA ฀ ฀ PROCENT ฀ P �฀ MEDEL L � N G ฀ SIKT
Option: a financial instrument that gives the owner the right, but not the obligation, to buy or sellspecific assets (e.g. a bond or a stock) at a predetermined price (the strike or exercise price) at orup to a certain future date (the exercise or maturity date).
2 E F E RENS PORT F � L J ฀ I ฀ INVESTERING S SAMMANHANG ฀ EN ฀ R E F E RENS PORT F � L J ฀ ELLER ฀ ETT ฀ R E F E RENS INDEX ฀ SOM฀HAR฀ SAMMAN ST � L LT S ฀ P �฀ GRUNDVAL ฀ AV ฀ M � LEN ฀ F � R ฀ INVESTERINGAR NAS ฀ LIKVIDITET ฀ RISK ฀ OCH ฀ AVKASTNING ฀ 2 E F E RENS PORT F � L J EN ฀ LIGGER ฀ TILL ฀ GRUND ฀ F � R ฀ J � M F � R E L SER ฀ N � R ฀ DET ฀ G � L LER ฀ DEN ฀ VERK LIGA ฀ PORT F � L J ENS ฀ UTVECKLING
Portfolio investment: euro area residents’ net transactions and/or positions in securities issuedby non-residents of the euro area (“assets”) and non-residents’ net transactions and/or positions insecurities issued by euro area residents (“liabilities”). Included are equity securities and debtsecurities (bonds and notes, and money market instruments), excluding amounts recorded indirect investment or reserve assets.
2 E F E RENS V � R DE ฀ F � R ฀ - � K NINGEN ฀ DEN ฀ � R LIGA ฀ � K NING S TAKT ฀ I ฀฀ P �฀ MEDEL L � N G ฀ SIKT ฀ SOM ฀ � VER ENS ST � M MER ฀ MED ฀ UPP R � T T H � L LANDET ฀ AV ฀ PRISSTABILITET ฀ & � R ฀ N � R VARANDE ฀ � R ฀ R E F E RENS V � R DET ฀ F � R ฀ � K NINGEN ฀ ฀ I ฀฀ �฀ 2 E P O AVTAL ฀ ETT ฀ AVTAL ฀ OM ฀ F � R S � L J NING ฀ OCH ฀ � TER K � P ฀ AV ฀ EN ฀ TILL G � N G ฀ TILL ฀ ETT ฀ AN G I VET ฀ PRIS ฀ VID ฀ EN ฀ FRAMTIDA ฀ TIDPUNKT฀ ELLER ฀ P �฀ BE G � RAN ฀ % T T ฀ S � D AN T ฀ AVTAL ฀ LIKNAR฀ UPP L � NING ฀ MOT ฀ S � KER HET ฀ MEN ฀ SKILJER฀ SIG ฀ D � R I GENOM ฀ ATT ฀ S � L J AR EN ฀ INTE ฀ BE H � L LER ฀ � GAN DER � T TEN ฀ TILL ฀ V � R DEPAPPER EN ฀