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European Central Bank system and its operation do


European System of Central Banks and the European Central Bank, including all EU member states have not yet joined the euro zone composed of members of the Central Bank, the European Central Bank Governing Council and Executive Board of the European Central Bank's two main decision-making body. To maintain price stability and maintaining the independence of the central bank is the European Central Bank's two main principles, and through open market operations, liquidity and reserve systems often convenient to achieve its monetary policy objectives. 1992, the EU summit in Maastricht, the Netherlands signed the implement a single currency, the euro and the euro countries in the implementation of a uniform monetary policy, from 1 January 2002, the euro banknotes and coins into circulation. The United Kingdom, Sweden and Denmark decided not to join the euro, at present, countries using the euro for Germany, France, Italy, the Netherlands, Belgium, Luxembourg, Ireland, Greece, Spain,[link widoczny dla zalogowanych], Portugal, Austria, Finland 12 countries, also known as the euro area . European Central Bank monetary policy as a supranational body, the organizational framework, objectives, tasks, and transport mechanism has been done is that people are concerned about and discuss important issues. First, the framework of the European Central Bank's monetary policy in the euro area through the European System of Central Banks shall be implemented. European System of Central Banks by the European Central Bank and all EU member states have not yet joined the euro area member states, including the Central Bank. Within the euro zone, European Central Bank is the highest monetary authority, with its headquarters in Germany, the flange may be blessing, the staff 500 people. European Central Bank member countries an integral part of the central bank, responsible for the daily work of the euro zone monetary policy, but the European Central Bank system, all the activities of the European Central Bank must accept the supervision and management decision-making body. European Central Bank Governing Council and Executive Board of the European Central Bank's two main decision-making body. The Governing Council is responsible for formulating and implementing monetary policy in the euro area monetary policy to outline the main responsibilities is to determine the objectives of monetary policy in the euro area, the central bank key interest rate level and quantity of the reserve system. At present, the Governing Council by the Executive Board members and central bank governors of the euro area member states, each member has one vote, decided by simple majority voting system to implement monetary policy, as President of the European Central Bank governing President, and has appeared in the vote in favor of good against the equal powers of final decision. The Executive Board is responsible for implementation of monetary policy. Executive Board by the European Central Bank and five other members, term of 8 years after the expiration shall not continue in office. Because not all EU member states in January 1, 1999 to participate in the euro zone, European Central Bank also set up by the European Central Bank Governing Council and not to participate in the euro area composition of central bank The third decision-making body, the General Council, responsible for the coordination of EU and non-euro area monetary policy in the euro area. EU enlargement to 27 countries, the existing one country, one vote system will enable the European Central Bank Governing Council has become very large and difficult to carry out rapid and effective decision-making, for which the European Central Bank will use countries such as Belgium, Austria, Sweden, Finland, Poland, 8 votes, or 14 countries in each of eight countries have the right to vote; 8 small countries such as Cyprus, Estonia, Lithuania, Luxembourg, 3 votes, 3 per year countries have the right to vote. 6 Executive Board members have permanent voting rights. Second, the European Central Bank's main responsibilities to maintain price stability and maintaining the independence of the central bank is the European Central Bank's two main principles. According to While the European Central Bank as an obligation to support the euro-zone economic growth, employment and social security and other economic policies, but only if it is not the overall goal of price stability. And compared with other central banks, the European Central Bank is a new institution. To enhance the credibility of the European Central Bank, monetary policy, shall not accept instructions and advice of any institution in the replacement of the European Central Bank and the Council members, all members must be unanimous consent of the government and parliament. Similarly, the Financially, the European Central Bank member countries to implement the fiscal deficit and public debt European Central Bank, the consolidated financial statements published weekly, monthly activity reports the central bank system. About the activities of the central banking system and monetary policy must be submitted to the annual report of the European Parliament, European Council and the European Commission. European Central Bank Executive Board member asked to attend a European Parliament hearing of the Committee. EU Council President and members of the European Commission to the European Central Bank Governing Council meeting, but no voting rights. President of the European Council in the Council of the European Central Bank to move on, for the European Central Bank Council.
Third, the European Central Bank monetary policy mechanism European Central Bank's monetary policy will be uniform standards and conditions for all member countries. However, the European Central Bank's monetary policy can only be members of the central bank to implement, therefore, the European Central Bank monetary policy mechanism to reflect the different mechanism of monetary policy, members of features. Currently, the European Central Bank Central Bank member countries and strive to appear different approaches to minimize the possibility of its monetary policy mechanism is not a member of any replica of the monetary policy framework. European Central Bank's monetary policy mechanisms include: 1, open market operations within the system of the European Central Bank open market operations will be guided interest rates, management, money market, give policy signals to the market play a major role. European Central Bank, mainly through repurchase agreements to buy, sell assets, credit and other reverse transactions, open market operations. There are four ways to open market operations, namely the main refinancing operations, members of the central bank once a week under the bidding process, due two weeks, issued a policy signal to the market. Refinancing regulation of the European Central Bank interest rate is the most important lever of economic interest. The second is long-term financing business, members of the central bank once a month under the bidding process, three-month maturity. Third, fine-tuning operation, the central bank by the Member States through the bidding process under certain circumstances and bilateral procedures. Fourth, the structure of operation, as long as the European Central Bank to adjust the capital structure to be adopted by the members of the Central Bank bidding procedures and bilateral procedures. 2, often to facilitate liquidity management (Standing Facility) European Central Bank regularly by management to facilitate the provision of liquidity and absorb overnight liquidity, the overnight call rate requirements, and by changing the overnight to give the market call rate policy letter
next number. European Central Bank to facilitate the use of the following two regular, one marginal lending facilities, banks and credit institutions in accordance with pre-agreed interest rate from the central bank to obtain overnight liquidity, which provides pre-agreed interest rate market, the highest overnight borrowing interest rate. Second, savings facilities, overnight liquidity needs of banks and credit institutions to deliver a pre-agreed interest rate margin overnight. This provides for pre-agreed interest rate market, the lowest overnight lending rate. 3, reserve system within the euro zone banks and credit institutions must be based on the provisions of the European Central Bank system, the standards and conditions in the host country to maintain the central bank account for a minimum gold, but set up branches outside the euro area is not restricted. Foreign exchange rate policies and exchange rate policy coordination euro area monetary policy is an important part of ensuring price stability in the euro zone will be developed under the premise of the exchange rate policy. 1, the exchange rate policy-making mechanism euro exchange rate policies is vested in the Council of Europe, the European Central Bank and the European Commission also played an important role. In the coordination of exchange rate policy, the European Council according to the economic development of oversight on the euro exchange rate, the European Central Bank views on the Council, the European Central Bank is responsible for organizing the exchange rate policy established by the Council of Europe. European Council to decide to sign the agreement on the exchange rate regime, to determine with third countries and international organizations relating to the exchange rate policy stance. 2, foreign exchange management and intervention European Central Bank has foreign exchange reserves, 50 billion euros, the central bank foreign exchange by the member states according to the country's population and economic output ratio of contributions. According to the European System of Central Banks of the Act provides that the European Central Bank may freely dispose of the 500 million euros in foreign exchange reserves, when necessary, members can also use the central bank's foreign exchange reserves. Central banks in the euro area Member States to use its foreign exchange reserves, must obtain the approval of the European Central Bank in order to prevent members of the central bank foreign exchange business with the euro exchange rate policy appears inconsistent. European Central Bank may be under the direction of the Council of Europe, when necessary, and the U.S. dollar against the euro, yen and other currencies for foreign exchange intervention. Council of the European Central Bank foreign exchange intervention to determine how to allocate the terms of reference and in accordance with the credit reputation, competitive prices, asset size and other standards for foreign exchange intervention in selected banks and credit institutions. Five trans-European automated real-time settlement system real-time trans-European automated clearing system January 1, 1999 to become fully operational, it consists of two parts, one for each member in the EU The total settlement to establish a real-time transfer system, the second is to establish a connection member interconnecting mechanism for real-time clearing system. It guarantees the payment in euros for quick and efficient transfer from one member to another member. Real-time non-EU countries with the euro clearing system if the capacity of the liquidation, but also can automatically real-time settlement system across the European interconnection. European Central Bank system work proved more than three years of the European System of Central Banks was a success, in particular in: (1) The European Central Bank intervention to gradually adjust the euro gained the basic idea about the euro zone price stability first, do not deliberately pursue the euro exchange rate stability or strong; (2) the gradual establishment of a sound euro clearing system, which is the basis for successful operation of a currency, international trade in euros increased from 1998 at the end of 18% to 24% in 2001; (3) financial instruments denominated in euros significantly expanded, especially the growth in the euro bond issue is very clear, the world's bond issuance in euro-denominated debt accounts for 47%, more than the U.S. dollar bonds ; (4) successfully resisted the euro zone because of the Kosovo crisis, the collective resignation of the European Commission, national election in 2000, oil prices, such as the U.S. new economy bubble and the various economic and political shocks, the economy in 2000 reached the highest in ten years growth rate of 3.4% in the second half of 2001 did not like the United States and Japan, a recession; (5) the operation of the euro by the European national identity, the European Union and other non-euro countries such as Britain's attitude to join the euro tends to positive. <BR