1 W H Y C A N C E N T R A L B A N K S I N F L U E N C E ( E X A N T E ) R E A L I N T E R E S T R AT E S ?

( iv ) T i m e l i n e s s

O t h e r s e r v i c e s a l l ow e l e c t ro n i c confirmation of payments .

( iv ) T i m e l i n e s s 10 .

( iv ) T i m e l i n e s s 17 .

P l a i n M e s s a g e

N o H T M L M e s s a g e

N o H T M L M e s s a g e

EN ( b ) L e g a l n a t u r e

I N F L U E N C E I N T E R E S T R AT E S ?

C O M PAT I B I L I T Y O F N AT I O N A L L E G I S L AT I O N W I T H T H E T R E AT Y

CHAPTER VIII A M E N D M E N T O F T H E S TA T U T E A N D C O M P L E M E N TA R Y L E G I S L AT I O N Article 41 Simplified amendment procedure 41.1 .

6.3 FINANCIAL PROVISIONS C O M PAT I B I L I T Y O F N AT I O N A L L E G I S L AT I O N W I T H T H E T R E AT Y

By risks associated with holding nominal assets over l owe r n o m i n a l i n t e re s t r a t e s , p r i c e s t a b i l i t y

( e ) P a y m e n t r u l e s 1 .

Fo r a l l t h e s e re a s o n s , s t a f f m a c ro e c o n o m i c strategy .

re m a i n e d t h e re s p o n s i b i l i t y o f t h e n a t i o n a l

THE S I N G L E E U RO P AY M E N T S A R E A ( S E PA ) A N I N T E G R AT E D R E TA I L PAY M E N T M A R K E T

( c ) Pr i c i n g ru l e s 1 .

M O N T H LY B U L L E T I N 10 T H A N N I V E R S A RY O F THE ECB

( c ) O b l i g a t i o n s a n d l i a b i l i t i e s o f t h e providing NCB and the connected NCB 1 .

w h i c h re f l e c t s t h e m o n e t a r y a n d f i n a n c i a l

6 These are the features of financial independence C O M PAT I B I L I T Y O F N AT I O N A L L E G I S L AT I O N W I T H T H E T R E AT Y

You're V I O L E N T.

3 . 3 C O L L E C T I O N , C O M P I L AT I O N A N D D I S T R I B U T I O N O F M O N E TA R Y , F I N A N C I A L , B A N K I N G , PAY M E N T S Y S T E M S A N D B A L A N C E O F PAY M E N T S S TAT I S T I C S The ECB 's powers in relation to the collection of statistical information are set out in Article 5 of the Statute .

N o n m a r k e t a b l e d e b t i n s t r u m e n t s

E U RO P E A N C E N T R A L B A N K T H E I M P L E M E N TAT I O N O F M O N E TA RY P O L I C Y I N T H E E U RO A R E A

M O N E TA RY P O L I C Y I N S T R U M E N T S

N O T E O N T H E A L L O C AT I O N O F L O S S E S This note is not part of the financial statements of the ECB for the year 2003 . It is published in the Annual Report for information purposes only .

C E N T R A L B A N K

A N N U A L R E P O RT

S o m e key p r i n c i p l e s o f a

C R E AT I N G T H E S I N G L E E U RO PAY M E N T S A R E A

C R E AT I N G T H E S I N G L E E U RO PAY M E N T S A R E A

( d ) A n n o u n c e m e n t o f b i l a t e r a l o p e r a t i o n s Bilateral operations are normally not announced publicly in advance .

( c ) P r i c i n g r u l e s 1 .

In other words , the i n f l a t i o n m e a s u re d b y t h e i n d e x i s o n l y a n changes faced by each individual consumer .

S I N G L E E U RO PAY M E N T S A R E A End to end straight through processing

( iv ) P u r p o s e o f l o a n s 10 .

re m a i n i n g u n c h a n g e d , f i r m s w i l l t h u s r a i s e aggregate supply curve is therefore upward sloping .

the special status of Governors in their capacity as members of the ECB 's General Council is fully respected and C O M PAT I B I L I T Y O F N AT I O N A L L E G I S L AT I O N W I T H T H E T R E AT Y

substantial declines in the prices of computers t e c h n o l o g i c a l p ro g re s s .

e m p l oy m e n t a n d p ro d u c t i o n w i l l a l s o b e employment at the higher level and will thus be reduced by higher inflation in the long run , This means that the long term aggregate supply

The Governing Council evaluates them encompassing role in the ECB 's monetary policy p ro j e c t i o n s p l ay a n i m p o r t a n t b u t n o t a l l

2003 A N N UA L R E P O R T