Concerning the definition of standards , a number of standards have been fully defined and documented , notably in the field of credit transfers .

As regards external demand , exports were a main driver of real GDP growth in most new Member States , notably the Baltic States , the Czech Republic , Hungary and Poland . However , the contribution of net exports to real GDP growth varied significantly across the non euro area EU countries and was broadly neutral for the group as a whole .

At the same time , careful monitoring of upside risks to price stability continues to be necessary , notably in connection with persistently high oil prices .

Woe to the unbelievers for the terrible punishment (that awaits).

The competent authorities of the home Member State may restrict the scope of the authorisation , in particular as regards the type of AIF the AIFM is allowed to manage , as well as the delegation arrangements .

In certain areas , work still needs to be done , for example when it comes to harmonising the way securities are moved from seller to buyer across Europe . This is what TARGET2 Securities will do .

This Directive respects the fundamental rights and observes the principles recognised in particular by the Charter of Fundamental Rights of the European Union .

It shall respect their essential State functions , including those for ensuring the territorial integrity of the State , and for maintaining law and order and safeguarding internal security .

The homehost cooperation arrangements for foreign branches deserve particular attention in this context , notably with a view to ensuring adequate host country involvement with regard to large foreign branches .

Ladies and gentlemen, considerable progress has been made on the road to real convergence, particularly for the four cohesion countries, but also frankly, Mr Pohjamo, for the Objective 2 regions which had suffered some delays in terms of development, especially regarding infrastructure.

With respect to SDDs , key indicators should be provided .

The ECB performs a dual role with regard to CLS .

With respect to FCLs , key indicators should be provided .

7 The ECB performs a dual role with regard to the CLS .

Differences may also arise as balances in foreign currency are revalued at a different frequency ( quarterly as regards the accounting data , monthly as regards the statistical data ) .

This Directive respects the fundamental rights and observes the principles recognised in particular by the Charter of Fundamental Rights of the European Union , ( 25 )

For institutions that are allowed to act as intermediaries for indirect reserve holdings of other institutions , special reporting requirements are specified in the ECB Regulation on minimum reserves .

Moreover , the ESAs may , upon request or on their own initiative , provide advice to the European Parliament , the Council and the Commission or publish opinions , including with respect to the prudential assessments of cross border mergers and acquisitions .

In this respect , standardisation should be promoted as regards , in particular , the use of the International Bank Account Number ( IBAN ) and the Bank Identifier code ( BIC ) .

Finally , with regard to rescue measures undertaken by Member States during the financial market crisis , the ECB was not consulted in six cases , namely by the Belgian , Finnish , Latvian , Swedish , Hungarian and Greek authorities .

In some cases, an Article of the Charter may contain both elements of a right and of a principle, e.g.

Selling Securities Holders . Dilution ( for equity securities only ) .

( 5 ) This refers to issues in national denominations of the euro .

Some progress has been made with regard to privatisation and liberalisation .

The Commission will develop administrative arrangements related to this draft Regulation , in particular the practical modalities for the in depth monitoring visits and the modalities for selection of the experts assisting the Commission in these visits .

The union shall respect the equality of Member States before the constitution as well as their national identities, inherent in their fundamental structures, political and constitutional, inclusive of regional and local self government. it shall respect their essential State functions, including ensuring the territorial integrity of the State, maintaining law and order and safeguarding national security.

The decisions of European and national competition authorities also urgently need to be aligned , especially in terms of adopting a coherent stance across the euro area . This would greatly facilitate new market initiatives in particular .

In respect with all above listed priorities preferences will be given to

Protocol on external relations of the Member States with regard to the crossing of

Focusing on China , the economy continued to expand briskly last year .

( 4 )

A number of indicators show that market participants had significant concerns regarding the sustainability of convergence in Estonia .

To this end , particular requirements should apply to AIFM managing AIF which are in a position to exercise controlling influence over a listed or non listed company , in particular to notify the existence of this position and to disclose information to the company and all its other shareholders about the intentions of the AIFM with regard to the future business development and other planned changes of the controlled company .

As regards the oversight of the future TARGET2 system , the general organisational framework is in place .

with regard to employee matters , turnover , terminations , recruitment .

As regards fiscal policies , a number of countries have presented their 2006 budget plans .

There is a natural pecking order as regards the various liquidity sources .

There is a wide spectrum of opinion among scholars concerning these stories.

As regards structural reforms , recent achievements in the context of the Lisbon strategy are encouraging .

These expectations should give market participants guidance in the migration process .

( iv ) for securities , the time series transmitted to the ECB shall commence in December 1989 for outstanding amounts and January 1990 for flows

With regard to structural reforms , it is important that governments continue their efforts to make progress .

of interest might not arise from other functions of the IML s Council members . This is an inconsistency in the draft law which should be corrected urgently .

and provisions on mergers involving credit institutions in respect of the application of the minimum reserve system .

ECB Annual Report 2005 91