Univ.-Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.English-language economic definitions generated from approved international institutional sources.
Economic analysis provides the evidence and interpretation needed to judge how the economy is evolving and how monetary-policy decisions may affect it. It covers current activity, labour-market conditions and price developments, while also considering forecasts, uncertainty and the forces shaping economic fluctuations. The analysis can extend to structural changes that influence productive capacity, inflation behaviour… read more »
A deposit facility is a standing monetary-policy arrangement through which eligible counterparties place funds overnight with a central bank. The central bank pays interest on these deposits at a rate announced in advance, rather than negotiating the return for each transaction. In the Eurosystem, the facility is accessed through the relevant national central bank. It… read more »
A close link exists when an individual or organization can exercise substantial influence over an undertaking, or when the same person or body has that influence over multiple undertakings. This includes holding at least 20% of an undertaking’s equity or voting power, directly or through an intermediary, as well as other arrangements that confer control…. read more »
In bond trading, the clean price is the security's quoted value before the settlement adjustment for interest accumulated since the most recent coupon date. Any applicable rebate is also left out, while costs already embedded in the quoted amount remain reflected. The figure is contrasted with the dirty price, which incorporates the accrued interest due… read more »
A CCP link is a cooperative framework that enables two independent clearing houses to handle eligible transactions across their respective participant networks. It gives a participant access to clearing through its existing CCP rather than requiring direct membership of the other clearing house.
In public-sector statistics, central government refers to institutions exercising authority for the country as a whole. This category generally covers national ministries, executive bodies, and comparable publicly controlled entities with nationwide responsibilities. It does not include bodies governing provinces, regions, municipalities, or separately recorded social-protection schemes. The classification is used to present national-level public revenue,… read more »
In ERM II, central parity is the euro value jointly assigned to a participating country’s currency. It is used as the anchor for monitoring whether the currency remains within the arrangement’s agreed exchange-rate band. Actual market quotations can vary from this reference value, subject to the applicable limits.
Within ERM II, the central rate is the agreed euro-denominated value assigned to a participating currency. It anchors the mechanism’s monitoring of that currency and is used to establish the range within which its market exchange rate may normally move.
A central securities depository (CSD) operates the infrastructure used to register, safeguard, and transfer securities. It maintains authoritative records of investors' holdings and supports the completion of trades without routinely moving paper certificates. Depending on the market, the underlying instruments may be stored as immobilised documents or represented entirely by electronic entries. A CSD may… read more »
Chaining is a settlement arrangement in which the completion of one instruction helps make the assets or credit needed for another instruction available. By linking mutually dependent transactions, a payment or securities system may settle a larger set of queued instructions than would be possible if each instruction had to rely solely on resources already… read more »