In each case, close attention must be paid to the context of the text because this term, which is particularly important for the financial world, is not understood in a uniform manner. – At the ECB, generally monetary amounts that have an agreed maturity or period of notice of more than five years. – In the ECB’s issue statistics, securities – with a maturity longer than one year, – with optional maturities, one of which is at least longer than one year, and – with maturities of any length are regarded as long-term securities. – In the economics literature, “long-term” is also not clearly defined; however, the word generally refers to a period of more than twenty-four months in relation to financial markets. – See Short-term, London short, Medium-term. – For further details on the definition and classification, see the explanatory notes under the heading “Financial markets” in the annex “Euro area statistics” to the respective ECB Monthly Bulletin.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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