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You searched for: Content Type Policy Brief Remove constraint Content Type: Policy Brief Publishing Institution Centre for European Policy Studies Remove constraint Publishing Institution: Centre for European Policy Studies Publication Year within 25 Years Remove constraint Publication Year: within 25 Years Topic International Trade and Finance Remove constraint Topic: International Trade and Finance
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  • Author: Daniel Gros
  • Publication Date: 02-1999
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The ECB has just published the opening balance sheet for the Eurosystem, which is the official name given to the ECB plus the 11 national central banks of the euro zone. All 15 national central banks are part of the ESCB, but the participation of the four outsiders is purely formal. The balance sheet, which is reproduced at the end of this Commentary, reveals two very interesting facts: During 1998, the national central banks of the euro zone increased their holdings of dollar foreign exchange reserves by the equivalent of about 38 bn euro. This means that they de facto intervened consistently to support the dollar during that year. The ECB starts with huge foreign exchange reserves: 237 bn euro plus gold worth 100 bn euro. This is much more than the amount held by the US Federal Reserve and constitutes a major share of the reserves held by all OECD countries.
  • Topic: Economics, International Trade and Finance, Regional Cooperation
  • Political Geography: Europe
  • Author: Karel Lannoo
  • Publication Date: 02-1999
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: With the successful launch of the euro, the start of ESCB monetary policy operations and the operation of Target payment system, the previously national interbank bank markets have been integrated at once in a unified euro interbank market. Outstanding public debt was redenominated in euro, trading conventions harmonised and all EMU stock markets have started quoting in euro. This does not, however, bring us at once to a US-style capital market. Euroland remains profoundly different from the US in the weight of the regions and the importance of banks.
  • Topic: International Trade and Finance
  • Political Geography: United States, Europe
  • Author: Francesca di Mauro
  • Publication Date: 10-1998
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: No abstract is available.
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: United States