The HICP covers a wide range of consumer expenditure ( see Box 3.1 ) .

In the autumn , however , the drachma was affected by speculative pressures in the wake of the financial crisis in Asia ( see Box 1 ) .

Overnight 1 ) See Box 4.2 for a description of the types of open market transactions .

The Euro 2002 Information Campaign was successfully concluded in the second quarter of 2002 ( see Box 11 ) .

These operations could be conducted using reverse transactions , outright operations or the issuance of debt certificates ( see Box 4.2 ) .

Furthermore , the ECB 's independence is preserved by the Treaty prohibition of any provision of central bank credit to the public sector ( see Box 2.1 ) .

The 12 countries currently negotiating EU accession are Bulgaria , Cyprus , the Czech Republic , Estonia , Hungary , Latvia , Lithuania , Malta , Poland , Romania , Slovakia and Slovenia .

This development reflected to a large extent the increasing effect of the prospect of the euro cash changeover ( see Box 1 for further details ) .

Box

The HCB will not advance funds until it is certain that the counterparty 's securities are eligible and have been safely received by the CCB .

Finally , an appropriate communication of statistics is crucial . In particular , this relates to the HICP ( see Box 1 ) .

However , the significant ageing of the European population will make further adjustments necessary ( see Box 6 ) .

temporary changes in velocity from permanent changes so that the information in monetary developments can be interpreted appropriately .

Box 1

Box 2

Box 3

Recent progress with structural reforms in euro area product and labour markets is summarised in Box 4 .

Box 8

Box 9

Box 10

Box 11

Box 12

Box 4

Box 5

Box 7

Organisational matters of the ECB , in particular the launch of an international Box 11

This process is complex , may be changing over time and could exhibit differences across economies .

The following sections provide a more in depth assessment of the progress achieved in financial integration in the money markets , bond and equity markets and the banking markets , and highlight the main shortcomings . Box 1

Box A

Box B

INTEREST TERMS The certificates are issued at a discount , i.e. they are issued at below the nominal amount Box 1

Box 6

In principle , all credit institutions located in the euro area are potentially eligible counterparties of the Eurosystem ( see Box 4.1 ) .

Both fine tuning operations were carried out to facilitate the normal functioning of markets and to provide liquidity after the terrorist attacks in the United States on 11 September ( see Box 8 ) .

Box 6 ( continued ) Δm 1

Box 7 ( continued )

CHAPTER 7 Box 9 Minimum reserves

However , there are a number of institutional arrangements in order to ensure sound public finances at the EU level ( see Box 2.1 ) .

Most of the risks to the stability of the European financial system were the legacy of remaining domestic financial imbalances , notably in the corporate sector ( see also Box 2 ) .

In the context of the Article IV consultation , the IMF also prepared a euro area Report on Observance of Standards and Codes ( ROSC ) ( see Box 9 ) .

and demand in the goods , services and factor markets at shorter horizons . A key element in the economic analysis is the conduct of regular exercises projecting the main macroeconomic variables in the euro area ( see Box 1 ) .

( c ) Box 1 is replaced by the following

Well designed institutions that create incentives to pursue stability and sustainability oriented policies are essential in achieving such objectives .

The collateral framework of the Eurosystem is designed to protect the Eurosystem against incurring losses in its monetary policy and payment systems operations ( see Box 7 ) .

CHAPTER 1 Box 1