Occasional Paper Series

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68: The securities custody industry

Daniela Russo, Simonetta Rosati, Diana Chan and Florence Fontan

67: Towards harmonised balance of payments and international investment position statistics - the experience of the European compilers

Carlos Sánchez Muñoz and Jean-Marc Israël

66: Structural reforms in EMU and the role of monetary policy: a survey of the literature

Roger Stiegert, Nadine Leiner-Killinger, Víctor López Pérez and Giovanni Vitale

65: The performance of credit rating systems in the assessment of collateral used in Eurosystem monetary policy operations

Fernando González, François Coppens and Gerhard Winkler

64: The use of portfolio credit risk models in central banks

Ulrich Bindseil, Kai Sotamaa, Ricardo Amado, Noëlle Honings, Gigliola Chiappa, Bérénice Boux, Wolfgang Föttinger, Pierre Ledoyen, Henrik Schwartzlose, Han van der Hoorn, Fernando Monar, Ken Nyholm and Dan Rosen

63: Corporate finance in the euro area - including background material

Philippine Cour-Thimann, Carmelo Salleo, Romain Perrard, Maarten Hendrikx, Walter Waschiczek, Paula Antão, Anssi Rantala, Laurent Nahmias, Annie Sauvé, Thomas Reininger, Zoltan Walko, Peter Drejer, Ioannis Grintzalis, Franco Bevilacqua, Peter Mc Goldrick, Katia Tombois, Angela Maddaloni, Annalisa Ferrando, Yener Altunbas, Marco Laganá, Carmen Martinez-Carrascal, David Marques-Ibanez, Stefano Borgioli, Francesco Drudi, Petra Köhler-Ulbrich, Vanessa Baugnet, Elmar Stoess, Thomas Vlassopoulos and Laure Lalouette

62: Inflation-linked bonds from a Central Bank perspective

Adrian Van Rixtel and Garcí­a, Juan Angel

61: Determinants of growth in the central and eastern European EU member states - a production function approach

Olga Arratibel, Frigyes Ferdinand Heinz, Reiner Martin, Marcin Przybyla, Lukasz Rawdanowicz, Roberta Serafini and Tina Zumer

60: Commodity price fluctuations and their impact on monetary and fiscal policies in Western and Central Africa

Adalbert Winkler, André Geis and Uwe Böwer

59: The ECB survey of professional forecasters (SPF) - A review after eight years' experience

Geoff Kenny, Veronique Genre, Carlos Bowles, Roberta Friz, Aidan Meyler and Tuomas Rautanen

58: Long-term growth prospects for the Russian economy

Roland Beck, Annette Kamps and Elitza Mileva

57: Understanding price developments and consumer price indices in south-eastern Europe

Sabine Herrmann and Éva Katalin Polgár

56: Assessing fiscal soundness: theory and practice

Nicola Giammarioli, Christiane Nickel, Philipp Rother and Jean-Pierre Vidal

55: Globalisation and euro area trade - interactions and challenges

Filippo di Mauro and Ursel Baumann

54: Quantitative quality indicators for statistics: an application to euro area balance of payment

Carmen Picón Aguilar and Violetta Damia

53: Labour productivity developments in the euro area

Jarkko Turunen, Alberto Musso, Marc Stocker and Ramón Gómez-Salvador

52: Cross-border labour mobility within an enlarged EU

Frigyes Ferdinand Heinz and Melanie Ward-Warmedinger

51: Macroeconomic implications of demographic developments in the euro area

Thomas Westermann, Melanie Ward-Warmedinger, Philipp Rother, Alberto Musso and Angela Maddaloni

50: Implications for liquidity from innovation and transparency in the European corporate bond market

Marco Laganá, Martin Peřina, Isabel von Köppen-Mertes and Avinash Persaud

49: Credit risk mitigation in central bank operations and its effects on financial markets: the case of the Eurosystem

Ulrich Bindseil and Francesco Papadia

48: Macroeconomic and financial stability challenges for acceding and candidate countries

Adalbert Winkler, Klaus-Dieter Geisler, Pedro del Río, Cyril Pouvelle, Brian Golden, Marina Vasjukova, Zoltán Szalai, Miquel Dijkman, Anca Adriana Gǎlǎţescu, Matjaž Noč, Cristiana de-Alessi, Tina Winther Frandsen, Adam Gersl, Peter Backé, Oscar Calvo-Gonzalez, Roland Beck, François Gurtner, Zbigniew Polański, Rita Bessone Basto, Jorim Schraven, Jorge da Silva, Anthony de Lannoy and Kalin Hristov

47: The reform and implementation of the Stability and Growth Pact

Ludger Schuknecht, Richard Morris and Hedwig Ongena

46: Inflation persistence and price-setting behaviour in the euro area: a summary of the IPN evidence

Michael Ehrmann, Frank Smets and Filippo Altissimo

45: Output growth differentials across the euro area countries: some stylised facts

Nicholai Benalal, Juan Luis Diaz del Hoyo, Beatrice Pierluigi and Nick Vidalis

44: Competition, productivity and prices in the euro area services sector

Moreno Roma, Jürgen Janger, Mathijs Gerritsen, Fabiano Schivardi, Derry O'Brien, Valérie Chauvin, Paloma Lopez-Garcia, Elena Yusupová, João Amador, Erik Walch, Ad van Riet, Daphne Nicolitsas, Jörg Döpke, Wim Haine, David Cornille, Mika Kuismanen and Ilmo Pyyhtiä

43: The accumulation of foreign reserves

Ettore Dorrucci, Sergio Gavilá, Antje Kreye, Jouko Rautava, Teresa Balcao Reis, Maurizio Ghirga, Guy Levy-Rueff, Emiliano González-Mota, Gudrun Leichtlein, Angelika Lagerblom, Fabio Comelli, Georges Pineau, Michel Soudan, Philipp Maier, Lucía Cuadro Sáez and Laure Lalouette

42: The New Basel Capital Framework and its implementation in the European Union

Frank Dierick, Fatima Pires, Martin Scheicher and Kai Gereon Spitzer

41: Trends and patterns in working time across euro area countries 1970-2004: causes and consequences

Nadine Leiner-Killinger, Christophe Madaschi and Melanie Ward-Warmedinger

40: What does European institutional integration tell us about trade integration?

Francesco Mongelli, Ettore Dorrucci and Itai Agur

39: Labour productivity in the Nordic EU countries: a comparative overview and explanatory factors 1980-2004

Anatoli Annenkov and Christophe Madaschi

38: Economic reactions to public finance consolidation: a survey of the literature

Maria Gabriella Briotti

37: Financing conditions in the euro area

Alessandro Calza, Gabe de Bondt, Adrian Rixtel, Silvia Scopel, David Marques-Ibanez and Louis Be Duc

36: Economic and monetary integration of New Member States - helping to chart the route

Ignazio Angeloni, Michael Flad and Francesco Mongelli

35: The institutional framework for financial market policy in the USA seen from an EU perspective

Reinhard Petschnigg

34: Hedge funds and their implications for financial stability

Tomas Garbaravicius and Frank Dierick

33: Integration of securities market infrastructure in the euro area

Andreas Schönenberger and Heiko Schmiedel

32: Managing financial crises in emerging market economies - experience with the involvement of private sector creditors

Christian Thimann, John Drage, Minna Nikitin, Christian Just, Rolf Pauli, Marco Committeri, Pierre-François Weber, Santiago Fernández de Lis, Stephan von Stenglin, Ole Hollensen, Rita Bessone Basto, Regine Wölfinger and Thierry Bracke

31: Regional monetary integration in the member states of the Gulf Cooperation Council

Michael Sturm and Nikolaus Siegfried

30: Competitiveness and the export performance of the euro area

Robert Anderton, Wim Melyn, Axel Jochem, N M Pakinezou, Javier Torres, Rémy Lecat, Roberto Tedeschi, Jurriann Eggelte, Ildeberta Abreu, Helvi Kinnunen, Rodrigo Oliveira-Soares, Iris Nelissen, Emanuele Breda, Sonia Pokutova, Karin Wagner, Roberto De Santis, Thomas Warmedinger, Filippo di Mauro, Ekkehard Ernst, Matthias Sydow, Tina Zumer, Jian-Guang Shen, Tobias Sebastian Blattner, Laurent Maurin, Mark Cassidy, Erik Walch and Laure Lalouette

29: Wealth and asset price effects on economic activity

Alpo Willman, Karl Whelan, Filippo Altissimo, Evaggelia Georgiou, Teresa Sastre, Maria Valderrama, Gabriel Sterne, Marc Stocker and Mark Weth

28: Regulatory reforms in selected EU network industries

Reiner Martin, Moreno Roma and Isabel Vansteenkiste

27: The EU budget - how much scope for institutional reform?

Henrik Enderlein, Johannes Lindner, Oscar Calvo-Gonzalez and Raymond Ritter

26: Analysing banking sector conditions - How to use macro-prudential indicators

Jukka Vesala, Paolo Poloni, Leena Mörttinen and Patrick Sandars

25: Government debt management in the euro area - recent theoretical developments and changes in practices

Guido Wolswijk and Jakob de Haan

24: Wage diversity in the euro area - an overview of labour cost differentials across industries

Veronique Genre, Daphne Momferatou and Gilles Mourre

23: The bank lending survey for the euro area

Gabe de Bondt, Annalisa Ferrando, Jesper Berg, Adrian Rixtel and Silvia Scopel

22: Assessing potential output growth in the euro area - a growth accounting perspective, January 2005

Alberto Musso and Thomas Westermann

21: Governance of securities clearing and settlement systems

Daniela Russo, Terry L. Hart, Maria Chiara Malaguti and Chryssa Papathanassiou

20: The supervision of mixed financial services groups in Europe

Frank Dierick

19: Sectoral specialisation in the EU: a macroeconomic perspective

Fabrice Orlandi, Christian Barontini, Mark Cassidy, Sandro Trento, Erik Walch, Bouke Buitenkamp, Karin Wagner, Hugo Reis, Risto Herrala, Faisel Sethi, Esther Gordo, Ioanna Bardakas, Christophe Madaschi, Ekkehard Ernst, Alvaro Santos Rivera, Jörg Döpke, Vincent Labhard, Ad van Riet, Benoît Robert, Constantina Backinezos and Kurt Gustavsson

18: The international role of the euro: evidence from bonds issued by non-euro area residents

Arnaud Mehl, André Geis and Stefan Wredenborg

17: Corporate "excesses" and financial market dynamics

Angela Maddaloni and Darren Pain

16: Market dynamics associated with credit ratings: a literature review

Fernando González, François Haas, Ronald Johannes, Mattias Persson, Liliana Toledo, Roberto Violi, Martin Wieland and Carmen Zins

15: Quality adjustment of European price statistics and the role for hedonics

Geoff Kenny and Henning Ahnert

14: Measuring financial integration in the euro area

Lieven Baele, Annalisa Ferrando, Peter Hördahl, Elizaveta Krylova and Cyril Monnet

13: Fair value accounting and financial stability

Andrea Enria, Lorenzo Cappiello, Frank Dierick, Grittini Sergio, Andrew Haralambous, Angela Maddaloni, Philippe Molitor, Fatima Pires and Paolo Poloni

12: Understanding the impact of the external dimension on the euro area: trade, capital flows and other international macroeconomic linkages

Robert Anderton, Filippo di Mauro and Fabio Moneta

11: Official dollarisation/euroisation: motives, features and policy implications of current cases

Adalbert Winkler, Francesco Mazzaferro, Carolin Nerlich and Christian Thimann

10: The acceding countries’ strategies towards ERM II and the adoption of the euro: an analytical review

Peter Backé, Christian Thimann, Olga Arratibel, Oscar Calvo-Gonzalez, Arnaud Mehl and Carolin Nerlich

9: Fiscal adjustment between 1991 and 2002: stylised facts and policy implications

Maria Gabriella Briotti

8: An introduction to the ECB's survey of professional forecasters

Garcí­a, Juan Angel

7: Economic relations with regions neighbouring the euro area in the "euro time zone"

Christian Thimann, Francesco Mazzaferro, Arnaud Mehl, Michael Sturm and Adalbert Winkler

6: Banking integration in the euro area

Jukka Vesala, Inês Cabral and Frank Dierick

5: The evolution of clearing and central counterparty services for exchange-traded derivatives in the United States and Europe: a comparison

Daniela Russo, Terry L. Hart and Andreas Schönenberger

4: Labour force developments in the euro area since the 1980s

Veronique Genre and Ramón Gómez-Salvador

3: Estimating the trend of M3 income velocity underlying the reference value for monetary growth

Claus Brand, Dieter Gerdesmeier and Barbara Roffia

2: The effective exchange rates of the euro

Christian Thimann, Luca Buldorini and Stelios Makrydakis

1: The impact of the euro on money and bond markets

Javier Santillán, Marc Bayle and Christian Thygesen