During this period instrumental analysis becomes progressively dominant in the field.

The currencies of these Member States have been in ERM II for more than two years before the convergence examination , and none of their central rates were devalued in the period under review .

The Estonian kroon has been participating in ERM II for over two years prior to the convergence examination .

The Slovak koruna has been participating in ERM II for over two years prior to the convergence examination .

1.2 Communication tools In fact , the ECB has committed itself to going beyond these requirements .

Rapid growth in Denmark over the period under review was also attributable to an expansionary fiscal stance .

The episodes in which such deviations occurred were temporary , the degree of exchange rate volatility vis vis the Deutsche Mark was continuously very low ( see Table 9b ) and short term interest rate differentials against those EU countries with the lowest shortterm interest rates were insignificant .

Competent authorities shall review compliance with the previous sentence at least yearly .

For most of the period from 1996 to 2005 , inflation developments should be viewed against a background of fairly robust output growth .

The ECB continues to advise the public to remain alert to the possibility of 7 Defined as the total number of banknotes returned to NCBs in a given period divided by the average number of banknotes in circulation during that period .

In addition to the performance of the nominal exchange rate over the reference period from May 2000 to April 2002 , evidence relevant to the sustainability of the current exchange rate is briefly reviewed .

The second article reviews the conduct of Eurosystem open market operations during the recent period of financial market turbulence .

The Finnish markka has been participating in the ERM for around 16 months , i.e. for less than two years prior to the examination by the EMI .

Foreign currency transactions reflected in the Profit and Loss Account are valued at the average official rate for the period covered .

Profiler

Profiling

Profiling Data

Profiling Options

Sound Analysis

This balance reflects the acquisition of ECUs by the Swiss National Bank through swap operations with two EU central banks during the period under review .

Import prices were rather volatile during the period under review , mostly reflecting exchange rate and oil price developments , but their rate of change remained negative throughout the period 2001 to 2004 .

An examination of exchange rate volatility and short term interest rate differentials suggests the persistence of relatively calm conditions throughout the reference period .

For exchange rates , the period considered in this Report ends in February 1998 , the latest full month before the examination by the EMI was concluded .

The decrease was due mainly to the effects of the quarterly revaluation of assets and liabilities while customer and portfolio transactions carried out by Eurosystem central banks in the period under review resulted in a decrease of EUR 0.4 billion .

The increase was due mainly to the effects of the quarterly revaluation of assets and liabilities , while customer and portfolio transactions carried out by Eurosystem central banks in the period under review resulted in a decrease of EUR 0.2 billion .

The decrease was due mainly to the effects of the quarterly revaluation of assets and liabilities while customer and portfolio transactions carried out by Eurosystem central banks in the period under review resulted in an increase of EUR 0.1 billion .

EXAFS data analysis

Cost benefit analysis.

Fiscal Analysis TARGET Section

International Policy Analysis

Apart from reviewing the performance of nominal exchange rates over the reference period from April 1998 to March 2000 ,

The Lithuanian litas has been participating in ERM II for around 22 months , i.e. for less than two years prior to the examination by the ECB .

The Slovenian tolar has been participating in ERM II for around 22 months , i.e. for less than two years prior to the examination by the ECB .

Application Performance Profiler

EU Neighbouring Regions

Market Operations Analysis

Looking back over the years 1990 to 1997 , the Belgian debt to GDP ratio declined by 3.5 percentage points

Looking back over the years 1990 to 1997 , the Spanish debt to GDP ratio increased by 24.0 percentage points

Looking back over the years 1990 to 1997 , the Finnish debt to GDP ratio increased by 41.3 percentage points

Looking back over the years 1991 to 1997 , the United Kingdom s debt to GDP ratio increased by 17.8 percentage points .

Turning to the economic analysis , euro area economic activity has been expanding since mid 2009 , after a period of sharp decline .

Turning to the economic analysis , after a period of sharp decline , euro area economic activity has been expanding since mid 2009 .

Looking back over the years 1992 to 2001 , the Swedish debt to GDP ratio decreased overall by 9.2 percentage points .

Intuitionist definitions, developing from the philosophy of mathematician L.E.J.

The total liquidity absorbing effect of autonomous factors has increased over time to reach almost the same level as reserve requirements at the end of the period under consideration .