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 What's new


Wim Duisenberg: Introductory statement to the press conference on 3 April 2003, [EN], [IT], Rome, 3 April 2003. English version updated with questions and answers.

Calendars and events...


TARGET Annual Report 2002, 14 April 2003.

80 architects selected for the first phase of the ECB's architectural competition, [DA], [DE], [EL], [EN], [ES], [FI], [FR], [IT], [NL], [PT], [SV], 7 April 2003.

Monetary policy decisions, [DA], [DE], [EL], [EN], [ES], [FI], [FR], [IT], [NL], [PT], [SV], 3 April 2003.

Decoration for Dr. Willem F. Duisenberg, President of the European Central Bank, 2 April 2003.

Press releases...


ECB Monthly Bulletin: April 2003, pdf 1120 kB, 10 April 2003.

Annual Accounts of the ECB 2002 (excerpt from the ECB’s Annual Report 2002), [DA], [DE], [EL], [EN], [ES], [FI], [FR], [IT], [NL], [PT], [SV], (pdf 130 kB), March 2003.

Periodical publications...


Sirkka Hämäläinen: The euro: making progress, Confederation of Swedish Enterprises, Seminar on the implementation of the euro Stockholm, 7 April 2003. Presentation: pdf 1000 kB.

Wim Duisenberg: Address by Dr. Willem F. Duisenberg, President of the European Central Bank on the occasion of an audience by Dr. Carlo Azeglio Ciampi President of the Italian Republic, in the context of the meeting of the Governing Council of the European Central Bank in Rome, Rome, 2 April 2003.

Key speeches...


Structural factors in the EU housing markets, pdf 470 kB, March 2003.

Memorandum of Understanding on the exchange of information among credit registers for the benefit of reporting institutions, pdf 132 kB, March 2003.



Summary of comments received on the measures proposed to improve the operational framework for monetary policy,
[DA], [DE], [EL], [EN], [ES], [FI], [FR], [IT], [NL], [PT], [SV], pdf 25 kB, 23  January 2003.

Public consultations...


Recommendation of the European Central Bank of 6 March 2003 to the Council of the European Union on the external auditors of the Deutsche Bundesbank (ECB/2003/3), pdf 80 kB, [DA], [DE], [EL], [EN], [ES], [FI], [FR], [IT], [NL], [PT], [SV], Source: Official Journal of the European Union, C 75, 27 March 2003.

Guideline of the European Central Bank of 20 March 2003 on the enforcement of measures to counter non-compliant reproductions of euro banknotes and on the exchange and withdrawal of euro banknotes (ECB/2003/5) (2003/206/EC), pdf 1628 kB, [DA], [DE], [EL], [EN], [ES], [FI], [FR], [IT], [NL], [PT], [SV], Official Journal of the European Union, L 78, 25 March 2003.

Decision of the European Central Bank of 20 March 2003 on the denominations, specifications, reproduction, exchange and withdrawal of euro banknotes (ECB/2003/4) (2003/205/EC), pdf 140 kB, [DA], [DE], [EL], [EN], [ES], [FI], [FR], [IT], [NL], [PT], [SV], Official Journal of the European Union, L 78, 25 March 2003.

Guideline of the European Central Bank of 5 December 2002 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2002/10), pdf 270 kB, [DA], [DE], [EL], [EN], [ES], [FI], [FR], [IT], [NL], [PT], [SV], Source: Official Journal of the European Union, L 58, 3 March 2003.
Corrigendum to the Spanish version: [ES], Source: Official Journal of the European Union, L 80, 27 March 2003.

Legal documents...


Call for papers: Third workshop of ECB-CFS Research Network: Capital markets and financial integration in Europe, hosted by the Bank of Greece in Athens, 20-21 November 2003.

Call for papers: International Research Forum on Monetary Policy, second conference, at the Federal Reserve Board, 14-15 November 2003.

Call for papers: Prices, Productivity and Growth,
A Joint ECB, Banco de España and CEPR Conference, Madrid 17/18 October 2003.

Call for papers: What explains the pattern of labour supply in Europe?, CEPR/ECB workshop, Frankfurt am Main, 23-24 June 2003.

Call for papers: Workshop: Monetary Policy and the Money Market,
Organised and sponsored by the European Central Bank and the Federal Reserve Bank of New York, Federal Reserve Bank of New York, 5-6 June 2003.

Announcement: First ECB/IMOP Workshop on Dynamic Macroeconomics in Hydra, Greece on 23-24 May 2003.

Calendars and events...


Inflation dynamics and subjective expectations in the United States, by Klaus Adam and Mario Padula, April 2003, (ECB Working Paper No. 222), (pdf 477 kB).

Estimating risk premia in money market rates, by Alain Durré, Snorre Evjen and Rasmus Pilegaard, April 2003, (ECB Working Paper No. 221), (pdf 595 kB).

The allocation of competencies in an international union: a positive analysis, by Michele Ruta, April 2003, (ECB Working Paper No. 220), (pdf 582 kB).

ECB Working Papers series...


TARGET Annual Report 2002, pdf 336 kB, April 2003. Press release



List of Monetary Financial Institutions in the accession countries
(as at end-December 2002), March 2003.

MFIs and Eligible assets...


Publication by the Group of Ten (G-10) of a report [pdf 74Kb] (BIS Website) of the G-10 Working Group on Contractual Clauses. The Working Group was chaired by Randal Quarles, US Treasury, and its members included representatives from the Belgian Ministry of Finance, the Bank of Canada, the European Central Bank, the French Ministry of Finance, the Deutsche Bundesbank, the Banca d’Italia, the Japanese Ministry of Finance, De Nederlandsche Bank, Sveriges Riksbank, the Swiss National Bank, the Bank of England and the US Treasury. A representative of the IMF participated as an observer.

Publication by the BIS of a report entitled Insolvency Arrangements and Contract Enforceability, produced by the G-10 Contact Group on the Legal and Institutional Underpinnings of the International Financial System. The Contact Group participants include central bank representatives from Italy, Japan, the Netherlands, the United Kingdom and the United States, as well as the BIS, ECB, IMF, OECD and the World Bank.
As the report is exploratory in nature, comments are welcome. Please send them to the BIS address by 30 April 2003.


Government activities affecting liquidity in the euro area, July 2002.

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