The underlying assets can be bonds , such as the ten year German Bund , or bond futures contracts .

Excessive deficit procedure the provision defined in Article 104 of the Treaty and specified in the Protocol on the excessive deficit procedure requires EU Member States to maintain budgetary discipline , defines criteria for a budgetary position to be considered an excessive deficit and sets out the steps to be taken following the observation that the criteria for the budget balance or government debt have not been fulfilled .

Eurostat the Statistical Office of the European Communities .

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STEP initiative to establish common market standards ... The euro area market for short term debt securities has remained rather fragmented , as mentioned earlier .

Financing through the issuance of debt securities is smaller in the euro area than in the United States and Japan .

STEP undertakes to create a de facto integrated wholesale market for short term debt instruments through the convergence of existing European markets .

Certain euro area bond derivatives and direct securities lending transactions have also been eligible instruments since 1999 .

This initiative aims to integrate the fragmented European markets for short term debt instruments and to promote their development .

Debt securities issued

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A significant exception to the overall high level of integration of euro area money markets is the segment for short term debt securities ( i.e. commercial paper and certificates of deposit ) , which has remained much more fragmented .

That is the bag you fasten around your waist to carry all the props you need.

He could have kept it motionless if He liked.

Had He willed, He would have made it still.

And if He had willed He would have made it still.

Had He willed, He could have made it still.

(Had He wished He would have made it stand still.)

Had it been His will, He could have made it constant.

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Traditional covered bank bonds Credit institution debt instruments Debt instruments issued by corporate and other issuers ( 4 )

Debt instruments issued by nonfinancial corpora tions and other issuers ( 4 ) Other covered bank bonds ( 5 ) Agency debt instru ments ( 4 ) Supranational debt instruments

Local and regional government debt instruments Jumbo covered bank bonds ( 3 ) Agency debt instruments ( 4 ) Supranational debt instruments

Local and regional government debt instruments Jumbo covered bank bonds ( 2 ) Agency debt instruments ( 3 ) Supranational debt instruments

Other marketable debt instruments .

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Next, Francisco spots the onions, white and smooth.

Central government debt instruments Debt instruments issued by central banks ( 2 )

Central government debt instruments Debt instruments issued by central banks ( 1 )

GDP represents the value of all the goods and services produced by an economy over a specified period .

Traditional covered bank bonds Debt instruments issued by corporate and other issuers ( 3 )

Central government debt instruments

Marketable debt instruments ( 1 ) Non marketable debt instruments Equities traded on a regulated market

Underlying the weak issuance activity of the private sector was a notable decrease in the growth of the amounts outstanding of shortterm debt securities .