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   Реферат: Европейская денежная система

 

4.4 Procedures

 The ECB will have many counterparties and be subject to close public scrutiny. It has therefore set up procedures for informing its counterparties and the public about its monetary policy instruments in a robust and transparent manner.

 The ECB will inform its counterparties and the public through a document detailing its monetary policy instruments and procedures and through the regular publication of various materials on its Internet site.

 

General Documentation

 The ECB has produced a document describing its monetary policy instruments and procedures in detail. This is called "General Documentation on ESCB Monetary Policy Instruments and Procedures". A revised version of this document was published recently. This revised version includes all the newly specified elements of the monetary policy framework of the ECB, including for instance the minimum reserve system. This document also includes a calendar for the standard tender operations in 1999 (both main refinancing and longer term refinancing operations). Calendars of standard tender operations will be published by the ECB every year.

 

Publications on the ECB's Internet site

 The list of assets that are eligible as guarantees for liquidity providing operations will be made public on the Internet site of the ECB. The list will be updated on a weekly basis and users will be able to subscribe to an e-mailing facility for receiving certain designated parts of the list on a regular basis. Users will also be able to query the list, which will contain a large number of assets.

 The list of institutions subject to minimum reserves, that is, credit institutions established in the euro area, will also be available on the Internet site of the ECB, together with the list of all monetary and financial institutions in the European Union.

 

5. Concluding remarks

 We are less than three months away from the moment when monetary policy sovereignty is transferred from the NCBs to the ESCB. The bulk of the preparatory work has already been completed, but major decisions - above all, the choice of a monetary policy strategy - still have to be made. The public can be certain that we will always inform them, regularly and comprehensively, about our considerations and deliberations. We will make all our decisions transparent. I have no doubt that we will be well prepared for the moment at which we take over responsibility for monetary policy in the euro area.


The euro as an international currency

Speech delivered by Eugenio Domingo Solans,

Member of the Governing Council and the Executive Board of the

European Central Bank,

at The Athens Summit '99,

in Athens on 18 September 1999

     Thank you for inviting me to the Athens Summit '99 and for giving      me the opportunity to speak to you at this important event.

     I should like to share with you my views, and the ECB's views, on      the importance of the euro as an international currency. I      understand that this issue may be of interest to experts from      Greece, a "pre-in" country which intends to join the euro area,      and to many participants from countries outside the euro area and      the European Union, some of which currently have exchange rate      regimes related to the euro.

     Nowadays the euro is the second most widely used currency in the      world economy, behind the US dollar and ahead of the Japanese      yen. As we all know, any currency fulfils three basic functions:      it is a store of value, a medium of exchange and a unit of      account. As a store of value the use of the euro as an investment      and financing currency is rapidly increasing, as investors      understand the advisability of diversifying their portfolio      currencies among those which are more stable and more      internationally used. The euro is developing at a slower pace as      a medium of exchange or payment currency in the international      exchange of goods and services. This fact can easily be explained      by the combined and reinforcing effects of network externalities      and economies of scale in the use of a predominant international      currency as a medium of exchange, as is the case with the US      dollar. The use of the euro as a unit of account is linked to its      use as a store of value and a medium of exchange. The value      stored in euro or the payments made in euro will tend to be      counted in euro.

     There are good reasons to expect an increase in international      public use of the euro as a reserve, intervention and pegging      currency, inasmuch as the public authorities understand that it      is worthwhile to allocate their foreign reserves among the main      international currencies and to give the euro a relevant share in      accordance with its internal and external stability and the      economic and financial importance of the euro area.

     In connection with the use of the euro as a pegging currency,      approximately 30 countries outside the euro area currently have      exchange rate regimes involving the euro to a greater or lesser      extent. These exchange rate regimes are currency boards      (Bosnia-Herzegovina, Bulgaria, Estonia); currencies pegged to the      euro (Cyprus, the Former Yugoslav Republic of Macedonia and 14      African countries in which the CFA franc is the legal tender);      currencies pegged to a basket of currencies including the euro,      in some cases with a fluctuation band (Hungary, Iceland, Poland,      Turkey, etc.); systems of managed floating in which the euro is      used informally as the reference currency (Czech Republic, Slovak      Republic and Slovenia); and, last but not least, European Union      currencies pegged to the euro through a co-operative arrangement,      namely ERM II. As you well know, Denmark and Greece joined ERM II      on 1 January 1999 with a ±2.25% fluctuation band for the Danish      krone and a ±15% fluctuation band for the Greek drachma. Although      the euro remains in second position after the US dollar in terms      of its official use, the role of the euro will increase in the      future, without a doubt, especially after the year 2002 when the      euro banknotes and coins will begin to circulate.

     Taking the current situation as a starting point, the      Eurosystem's position concerning the future international role of      the euro is crystal clear: we shall not adopt a belligerent      stance in order to force the use of the euro upon the world      economy. We are convinced that the use of the euro as an      international currency will come about anyway. It will happen      spontaneously, slowly but inexorably, without any impulses other      than those based on free will and the decisions of market      participants, without any logic other than that of the market. In      other words, the internationalisation of the euro is not a policy      objective of the Eurosystem; it will neither be fostered nor      hindered by us. The development of the euro as an international      currency will be a market-driven process, a free process.

     The euro fulfils the necessary conditions to be a leading      international currency with the US dollar and not against it.      There is enough room for both currencies in the world economy.      The necessary conditions for a currency to become an      international currency are based on two broad factors: low risk      and large size. The low risk factor is related to the confidence      inspired by the currency and its central bank, which in turn      mainly depends on the internal and external stability of the      currency. The low risk factor tends to lead to diversification      among international currencies, since diversification is a means      to reduce the overall risk; it acts, so to speak, as a      centrifugal force. By contrast, the large size factor relates to      the relative demographic economic and financial importance of the      area which supports the currency; in other words, the "habitat"      of the currency. The large size factor, which concerns the      demographic, economic and financial dimension, generally tends to      lead to centralisation around one or a few key international      currencies. It can be seen as a centripetal force, as a virtuous      circle, which will tend to lead to an increasing use of the euro      as an international currency. Let us consider these two factors      in more detail.

     The first factor concerns low risk, credibility and stability.      The stability of the euro is a priority for the ECB. Compared      with the idea of stability, the strength of the euro is of lesser      importance. This does not mean that the exchange rate of the euro      does not constitute an element to be considered in the second      pillar of the monetary policy strategy of the ECB, which consists      of a broadly based assessment of the outlook for price      developments and risks to stability obtained from a wide range of      economic indicators, the euro exchange rate being one of them.      However, the basic factor that will determine the importance of      the euro as a widely used currency in the world economy, in      addition to the demographic, economic and financial dimensions of      the euro area, is, without a doubt, the stability of the new      currency, understood as a means to maintain the purchasing power      of savings.

     Stability is the basic requirement for a good currency. It is      what we at the ECB want for the euro. We want a stable euro and      we are convinced that, in the long term, the euro will derive      strength from its stability.

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