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	<title>IAI Review.org &#187; ecb</title>
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	<link>http://www.iaireview.org</link>
	<description>Alternative Investment Industry</description>
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		<title>ECB PUBLISHES THE 2010 STRUCTURAL ISSUES REPORT ON ENERGY MARKETS AND THE EURO AREA MACROECONOMY</title>
		<link>http://www.iaireview.org/2010/06/ecb-publishes-the-2010-structural-issues-report-on-energy-markets-and-the-euro-area-macroeconomy/</link>
		<comments>http://www.iaireview.org/2010/06/ecb-publishes-the-2010-structural-issues-report-on-energy-markets-and-the-euro-area-macroeconomy/#comments</comments>
		<pubDate>Tue, 08 Jun 2010 07:18:53 +0000</pubDate>
		<dc:creator>staff</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[ecb]]></category>

		<guid isPermaLink="false">http://www.iaireview.org/?p=2402</guid>
		<description><![CDATA[The European Central Bank (ECB) is publishing its Structural Issues Report today. This year, it deals with “Energy markets and the euro area macroeconomy”. The aim of this year’s report is to analyse the impact of energy price fluctuations on the euro area macroeconomy. The response of euro area output to large energy price changes is determined by the energy dependency and the intensity of production, as well as by the degree of flexibility of the economy more generally. Output losses due to energy price hikes tend to be lower, the more flexible economies are. As regards inflation, first-round effects (via the energy prices paid by consumers and energy costs in the production process) and second-round effects (via wage and price-setting behaviour more generally) both contribute to the impact of energy prices on consumer prices in a substantive way. While monetary policy cannot address first-round effects, it should tackle second-round ...]]></description>
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		<slash:comments>0</slash:comments>
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		<title>DISTRIBUTION OF RESPONSIBILITIES AMONG THE MEMBERS OF THE EXECUTIVE BOARD OF THE ECB</title>
		<link>http://www.iaireview.org/2010/06/distribution-of-responsibilities-among-the-members-of-the-executive-board-of-the-ecb/</link>
		<comments>http://www.iaireview.org/2010/06/distribution-of-responsibilities-among-the-members-of-the-executive-board-of-the-ecb/#comments</comments>
		<pubDate>Thu, 03 Jun 2010 13:42:05 +0000</pubDate>
		<dc:creator>staff</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[ecb]]></category>

		<guid isPermaLink="false">http://www.iaireview.org/?p=2311</guid>
		<description><![CDATA[Within the framework of its collective responsibility for the overall functioning of the business areas of the European Central Bank (ECB), the Executive Board of the ECB agreed yesterday on the following distribution of responsibilities among its members, with immediate effect:  
In addition to his statutory duties as President of the Executive Board, the Governing Council and the General Council, the President, Mr Jean-Claude Trichet, will be responsible for the following areas: Communications; Internal Audit; Secretariat and Language Services.
In addition to his statutory duties as deputy to the President, the Vice-President, Mr Vítor Constâncio, will be responsible for the following areas: Administration and Financial Stability.
Ms Gertrude Tumpel-Gugerell will be responsible for the following areas: Human Resources, Budget and Organisation; Payment Systems and Market Infrastructure and Target2 Securities.
Mr José Manuel González-Páramo will be responsible for the following areas: Banknotes; Market Operations and Research.
Mr Lorenzo Bini Smaghi will be responsible for the ...]]></description>
		<wfw:commentRss>http://www.iaireview.org/2010/06/distribution-of-responsibilities-among-the-members-of-the-executive-board-of-the-ecb/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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		<title>Transmission embargo until 10 a.m. CET on Tuesday, 25 May 2010</title>
		<link>http://www.iaireview.org/2010/05/transmission-embargo-until-10-a-m-cet-on-tuesday-25-may-2010/</link>
		<comments>http://www.iaireview.org/2010/05/transmission-embargo-until-10-a-m-cet-on-tuesday-25-may-2010/#comments</comments>
		<pubDate>Tue, 25 May 2010 13:25:26 +0000</pubDate>
		<dc:creator>staff</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[ecb]]></category>

		<guid isPermaLink="false">http://www.iaireview.org/?p=2124</guid>
		<description><![CDATA[Euro area investment fund statistics March 2010
In March 2010, the amount outstanding of shares/units issued by euro area investment funds other than money market funds was higher than one quarter earlier in December 2009. This increase was due both to increases in share/unit prices and to net issues of shares/units. 
The amount outstanding of shares/units issued by euro area investment funds other than money market funds increased to EUR 5,291 billion in March 2010, from EUR 4,965 billion in December 20091. Over the same period, the amount outstanding of shares/units issued by euro area money market funds decreased to EUR 1,174 billion from EUR 1,202 billion.
The transactions in shares/units issued by euro area investment funds other than money market funds amounted to EUR 130 billion in the first quarter of 2010, while the transactions in shares/units issued by money market funds amounted to EUR -44 billion.
The annual growth rate of ...]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Transmission embargo until 10 a.m. CET on 21 May 2010</title>
		<link>http://www.iaireview.org/2010/05/transmission-embargo-until-10-a-m-cet-on-21-may-2010/</link>
		<comments>http://www.iaireview.org/2010/05/transmission-embargo-until-10-a-m-cet-on-21-may-2010/#comments</comments>
		<pubDate>Fri, 21 May 2010 15:44:53 +0000</pubDate>
		<dc:creator>staff</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[ecb]]></category>

		<guid isPermaLink="false">http://www.iaireview.org/?p=2077</guid>
		<description><![CDATA[EURO AREA BALANCE OF PAYMENTS IN MARCH 2010
In March 2010 the seasonally adjusted current account of the euro area recorded a surplus of EUR 1.7 billion. In the financial account, combined direct and portfolio investment recorded net outflows of EUR 38 billion (nonseasonally adjusted). 
Current account
The seasonally adjusted current account of the euro area recorded a surplus of EUR 1.7 billion in March 2010 (see Table 1). This reflected surpluses in services (EUR 4.0 billion) and goods (EUR 3.8 billion), which were partly counterbalanced by deficits in current transfers (EUR 5.1 billion) and in income (EUR 0.9 billion). Preliminary results, based on monthly data, for the first quarter of 2010 show a deficit of EUR 4.5 billion in the seasonally adjusted current account.
The 12-month cumulated seasonally adjusted current account recorded a deficit of EUR 41.7 billion in March 2010 (around 0.5% of euro area GDP – see Chart 1), compared ...]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Transmission embargo until 5 p.m. CET on Wednesday, 19 May 2010</title>
		<link>http://www.iaireview.org/2010/05/19-may-2010-transmission-embargo-until-5-p-m-cet-on-wednesday-19-may-2010/</link>
		<comments>http://www.iaireview.org/2010/05/19-may-2010-transmission-embargo-until-5-p-m-cet-on-wednesday-19-may-2010/#comments</comments>
		<pubDate>Wed, 19 May 2010 15:26:30 +0000</pubDate>
		<dc:creator>staff</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[ecb]]></category>

		<guid isPermaLink="false">http://www.iaireview.org/?p=1992</guid>
		<description><![CDATA[ECB LAYS THE FOUNDATION STONE FOR ITS NEW PREMISES
Today, the ECB marked the official start of construction works by laying the foundation stone for its new premises at the site of the former Grossmarkthalle in Frankfurt am Main.  
“The ceremony marks the transition from planning to reality”, Jean-Claude Trichet, President of the ECB, said, adding, “I am very confident that we will continue the very good cooperation between all parties that has characterised this project so far. Our common goal is to ensure that the new building complex will become reality as planned to provide the ECB with healthy and functional headquarters, while keeping the building costs within the foreseen budget. I wish our new building and all of us good luck and a smooth construction phase.”
The welcome address by the ECB’s President was followed by good wishes from Petra Roth, Lord Mayor of the City of Frankfurt, and Wolf ...]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Transmission embargo until 10 a.m. CET on Wednesday, 12 May 2010</title>
		<link>http://www.iaireview.org/2010/05/transmission-embargo-until-10-a-m-cet-on-wednesday-12-may-2010/</link>
		<comments>http://www.iaireview.org/2010/05/transmission-embargo-until-10-a-m-cet-on-wednesday-12-may-2010/#comments</comments>
		<pubDate>Wed, 12 May 2010 14:04:47 +0000</pubDate>
		<dc:creator>staff</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[ecb]]></category>

		<guid isPermaLink="false">http://www.iaireview.org/?p=1753</guid>
		<description><![CDATA[EURO AREA SECURITIES ISSUES STATISTICS: MARCH 2010
The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 6.3% in February 2010 to 6.0% in March. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate decreased from 3.0% in February 2010 to 2.8% in March. 
New issuance of debt securities by euro area residents totalled EUR 1,039 billion in March 2010. Redemptions came to EUR 919 billion and net issues amounted to EUR 120 billion. The annual growth rate of outstanding debt securities issued by euro area residents decreased from 6.3% in February 2010 to 6.0% in March.
As regards the sectoral breakdown, the annual growth rate of outstanding debt securities issued by nonfinancial corporations increased from 15.0% in February 2010 to 16.0% in March. For the monetary financial institutions (MFIs) sector, this growth rate increased from 0.6% ...]]></description>
		<wfw:commentRss>http://www.iaireview.org/2010/05/transmission-embargo-until-10-a-m-cet-on-wednesday-12-may-2010/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>CONSOLIDATED FINANCIAL STATEMENT OF THE EUROSYSTEM AS AT 7 MAY 2010</title>
		<link>http://www.iaireview.org/2010/05/consolidated-financial-statement-of-the-eurosystem-as-at-7-may-2010/</link>
		<comments>http://www.iaireview.org/2010/05/consolidated-financial-statement-of-the-eurosystem-as-at-7-may-2010/#comments</comments>
		<pubDate>Tue, 11 May 2010 16:22:14 +0000</pubDate>
		<dc:creator>staff</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[ecb]]></category>

		<guid isPermaLink="false">http://www.iaireview.org/?p=1729</guid>
		<description><![CDATA[Items not related to monetary policy operations
In the week ending 7 May 2010 the decrease of EUR 1 million in gold and gold receivables reflected the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2009). 
The net position of the Eurosystem in foreign currency decreased by EUR 0.5 billion to EUR 169.9 billion on account of customer and portfolio transactions.
The holdings by the Eurosystem of securities other than those held for monetary policy purposes increased by EUR 4 billion to EUR 308.5 billion. Banknotes in circulation increased by EUR 4.4 billion to EUR 802.6 billion. Liabilities to general government decreased by EUR 6.4 billion to EUR 98.6 billion.
Items related to monetary policy operations
The Eurosystem’s net lending to credit institutions decreased by EUR 14.1 billion to EUR 478 billion. On Wednesday, 5 May 2010, a main refinancing ...]]></description>
		<wfw:commentRss>http://www.iaireview.org/2010/05/consolidated-financial-statement-of-the-eurosystem-as-at-7-may-2010/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Transmission embargo until 3.15 a.m. CET on Monday, 10 May 2010</title>
		<link>http://www.iaireview.org/2010/05/transmission-embargo-until-3-15-a-m-cet-on-monday-10-may-2010-2/</link>
		<comments>http://www.iaireview.org/2010/05/transmission-embargo-until-3-15-a-m-cet-on-monday-10-may-2010-2/#comments</comments>
		<pubDate>Mon, 10 May 2010 13:07:43 +0000</pubDate>
		<dc:creator>staff</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[ecb]]></category>

		<guid isPermaLink="false">http://www.iaireview.org/?p=1666</guid>
		<description><![CDATA[REACTIVATION OF US DOLLAR LIQUIDITY PROVIDING OPERATIONS
In response to the re-emergence of strains in U.S. dollar short-term funding markets in Europe, the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, and the Swiss National Bank are announcing the re-establishment of temporary U.S. dollar liquidity swap facilities. These facilities are designed to help improve liquidity conditions in U.S. dollar funding markets and to prevent the spread of strains to other markets and other financial centers. The Bank of Japan will be considering similar measures soon. Central banks will continue to work together closely as needed to address pressures in funding markets. 
ECB decisions
The Governing Council of the ECB decided to reactivate, in coordination with other central banks, the temporary liquidity swap lines with the Federal Reserve, and resume US dollar liquidity-providing operations at terms of 7 and 84 days. These operations will take the ...]]></description>
		<wfw:commentRss>http://www.iaireview.org/2010/05/transmission-embargo-until-3-15-a-m-cet-on-monday-10-may-2010-2/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Transmission embargo until 3.15 a.m. CET on Monday, 10 May 2010</title>
		<link>http://www.iaireview.org/2010/05/transmission-embargo-until-3-15-a-m-cet-on-monday-10-may-2010/</link>
		<comments>http://www.iaireview.org/2010/05/transmission-embargo-until-3-15-a-m-cet-on-monday-10-may-2010/#comments</comments>
		<pubDate>Mon, 10 May 2010 13:00:27 +0000</pubDate>
		<dc:creator>staff</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[ecb]]></category>

		<guid isPermaLink="false">http://www.iaireview.org/?p=1658</guid>
		<description><![CDATA[ECB DECIDES ON MEASURES TO ADDRESS SEVERE TENSIONS IN FINANCIAL MARKETS
The Governing Council of the European Central Bank (ECB) decided on several measures to address the severe tensions in certain market segments which are hampering the monetary policy transmission mechanism and thereby the effective conduct of monetary policy oriented towards price stability in the medium term. The measures will not affect the stance of monetary policy. 
In view of the current exceptional circumstances prevailing in the market, the Governing Council decided:
1.To conduct interventions in the euro area public and private debt securities markets (Securities Markets Programme) to ensure depth and liquidity in those market segments which are dysfunctional. The objective of this programme is to address the malfunctioning of securities markets and restore an appropriate monetary policy transmission mechanism. The scope of the interventions will be determined by the Governing Council. In making this decision we have taken note of ...]]></description>
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		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>MARTIN HARVEY, FIXED INCOME FUND MANAGER COMMENTS ON TODAY’S ECB DECISION</title>
		<link>http://www.iaireview.org/2010/05/martin-harvey-fixed-income-fund-manager-comments-on-today%e2%80%99s-ecb-decision/</link>
		<comments>http://www.iaireview.org/2010/05/martin-harvey-fixed-income-fund-manager-comments-on-today%e2%80%99s-ecb-decision/#comments</comments>
		<pubDate>Thu, 06 May 2010 15:42:02 +0000</pubDate>
		<dc:creator>staff</dc:creator>
				<category><![CDATA[Alternative Investments]]></category>
		<category><![CDATA[ecb]]></category>
		<category><![CDATA[Threadneedle]]></category>

		<guid isPermaLink="false">http://www.iaireview.org/?p=1602</guid>
		<description><![CDATA[
The ECB offered little new support to the region&#8217;s troubled bond markets at its monthly press conference.  There was a faint hope ahead of the meeting that the council would take bold steps to address the crisis, for example via discussing bond purchases or adding liquidity to shore up confidence. However, Jean-Claude Trichet&#8217;s opening statement was notable for its lack of acknowledgement that the crisis had reached a more serious plane, preferring to simply endorse  the latest Greek stability plan. 
The reactionary approach that has been taken to deal with the crisis so far has been viewed negatively by the markets, with authorities being forced onto the backfoot to defend the system. The ECB today missed an opportunity to take a more offensive stance to shore up confidence, preferring the status quo of reacting to events when forced to do so. The lack of leadership within Europe in recent months ...]]></description>
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		<slash:comments>4</slash:comments>
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