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Table Of Contents

ABBREVIATIONS AND ACRONYMS
FOREWORD
ACKNOWLEDGEMENTS
INTRODUCTION
1 EMU,THE ECB AND THE EURO
1.1THE ROAD TO EMU AND THE EURO
1.1.1 First steps towards European monetary integration
Box 1The road to the euro
1.1.2 The European Monetary System and the Single European Act
1.1.3 The Treaty on European Union
1.1.4 The realisation of EMU and the changeover to the euro
Box 2Overview of the preparatory work carried out by the EMI
Box 3Irrevocably fixed euro conversion rates
Box 4Chronology of European integration
1.2LEGAL BASIS AND CHARACTERISTICS OF EMU
1.2.1 Legal basis
1.2.2 Characteristics
Box 5The Community framework for fiscal policies
Box 6Conditions necessary for the adoption of the euro
2.1 THE ECB,THE ESCB AND THE EUROSYSTEM
Chart 1The ESCB and the Eurosystem
2.1.2 The ECB as a specialised organisation of Community law
2.1.3 The euro area NCBs as an integral part of the Eurosystem
2.1.4 The NCBs of the non-participating EU Member States
2.2OBJECTIVES
2.2.1 The primary objective of price stability
Box 7The benefits of price stability
2.2.2 The support of general economic policies
2.2.3 The principle of an open market economy
2.3ASSIGNMENT OF TASKS BY THE TREATY
2.3.1 Basic tasks of the Eurosystem
2.3.2 Other tasks
2.4CENTRALISED DECISION-MAKING AND OPERATIONAL DECENTRALISATION
2.5 THE ECB’S ROLE IN THE EUROSYSTEM
• is the decision-making centre of the ESCB and the Eurosystem;
2.5.1 Decision-making centre of the ESCB and the Eurosystem
Box 8Members of the Governing Council (1 June 1998 to 1 July 2004)
2.5.2 Consistent implementation of policy decisions
2.5.3 The ECB’s regulatory powers
2.5.4 The ECB’s advisory activities
2.5.6 Performance of tasks taken over from the EMI
3 ECB POLICIES AND EUROSYSTEM ACTIVITIES
3.1THE CONDUCT OF MONETARY POLICY
3.1.1 Theoretical foundations
Box 9The transmission mechanism of monetary policy
3.1.2 The ECB’s monetary policy strategy
Box 10Why maintain a low positive rate of inflation?
Chart 2The stability-oriented monetary policy strategyof the ECB
Box 11The two pillars of the ECB’s monetary policy strategy
3.1.3 Monetary policy operations
Box 12Open market operations and standing facilities
3.2EXTERNAL OPERATIONS
Box 13Minimum reserve requirements
3.2.1 Foreign exchange operations
3.2.2 Management of foreign exchange reserves
Box 14Joint Statement on Gold (8 March 2004)
3.3PAYMENT AND CLEARING SYSTEMS
3.3.1 Provision of payment and securities settlement facilities
3.3.2 Oversight of payment and securities settlement systems
Box 15From design to circulation: preparing the euro banknotesand coins
3.5COLLECTION AND COMPILATION OF STATISTICS
3.6ECONOMIC RESEARCH
Box 16Key for subscription to the ECB’s capital
3.8INTRA-EUROSYSTEM FINANCIAL RELATIONSHIPS
Table 4Capital key of the ECB (%)
3.8.1 Financial resources of the ECB
3.8.2 Monetary incomesharing
4 THE ECB AND THE EUROPEAN COMMUNITY
4.1.1 Institutional independence
4.1.2 Legal independence
4.1.3 Personal independence
4.1.4 Functional and operational independence
4.1.5 Financial and organisational independence
4.2DEMOCRATIC ACCOUNTABILITY
4.2.1 Accountabilityas a core element of legitimacy
4.2.2 Nature and scope of the ECB’s accountability
4.2.3 Discharge of the accountabilityobligation
4.3.1 European Parliament
4.3.2 EU Counciland Eurogroup
4.3.3 European Commission
4.3.4 Economic and Financial Committee
4.3.5 Economic Policy Committee
4.3.6 Macroeconomic Dialogue
4.4THE ECB’S LINGUISTIC REGIME
4.5 JUDICIAL REVIEW BY THE EUROPEAN COURT OF JUSTICE
4.6SCRUTINY OF FINANCIAL MANAGEMENT AND INTEGRITY
5.1 BACKGROUND
5.2POLICY CONTENT OF THE ECB’S INTERNATIONAL RELATIONS
5.3ECB RELATIONS WITH INTERNATIONAL ORGANISATIONS
5.3.1 International Monetary Fund
5.3.2 Organisation for Economic Co-operation and Development
5.4.1G7 finance ministers and central bank governors
5.4.2 G10 finance ministers and central bank governors
5.4.3 G20 finance ministers and central bank governors
5.4.4 Financial Stability Forum
5.4.5 Bank for International Settlements and central bank fora
6 THE ECB AS A CORPORATE ENTITY
6.1MISSION STATEMENT
6.2CORPORATE GOVERNANCE
6.2.2 External and internal control layers
6.2.3 Access to the ECB’s archives
6.3 ORGANISATIONAL STRUCTURE
Chart 3The organisational structure of the ECB
6.4STAFF AND STAFF RELATIONS
6.4.2 ECB staff representation
6.4.3 Social Dialogue with regard to the ESCB
6.5 SEAT AND PREMISES
ANNEX I
ANNEX 2
GLOSSARY
BIBLIOGRAPHY
INDEX
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ecbhistoryrolefunctions2004en

ecbhistoryrolefunctions2004en

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Published by Mincu Ioan

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Published by: Mincu Ioan on Jan 16, 2011
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