This document presents the operational
framework chosen by the Eurosystem* for the
single monetary policy in the euro area. The
document, which forms part of the Eurosystem’s
legal framework for monetary policy instruments
and procedures, is intended to serve as the
“General Documentation” on the monetary
policy instruments and procedures of the
Eurosystem, and is aimed, in particular, at
providing counterparties with the information
they need in relation to the Eurosystem’s
monetary policy framework....
The last two decades have witnessed an extensive growth in foreign direct investment
(FDI) flows to developing countries. This has been accompanied by an increase in
competition amongst the developing countries to attract FDI, resulting in a rise in
investment incentives offered by the host governments and removal of restrictions on
operations of foreign firms in their countries. This has also led to an ever-increasing
number of bilateral investment treaties (BITs) and regional agreements on...
It is widely believed that changes in exchange rates have important implications for financial decision-making and for the profitability of firms. One of the central motivations for the creation of the euro was to eliminate exchange rate risk to enable European firms to operate free from the uncertainties of changes in relative prices
resulting from exchange rate movements. At the macro level, there is evidence that the creation of such currency unions results in a dramatic increase in bilateral trade (Frankel and Rose, 2002)....
Although the promotion of this policy space has to form part of bilateral and regional trade
agreements, it essentially includes a change in the operating mechanisms of the World
Trade Organisation (WTO).
And, despite the fact that the WTO usually presents itself as
an example of multilateral democratic governability (in the organisation every member
State has a vote, a system absent in other bodies such as the International Monetary
Fund –IMF– and the World Bank), several authors have identified deficiencies in this
The RBI operates the government bond market, and therefore acts as monetary authority and
debt manager, as well as regulator of the government bond market and its key participants—
primary dealers and banks.
Other participants are regulated by SEBI, the Insurance Regulatory
and Development Agency (IRDA), or the Provident Fund regulator. New securities are issued by
auction, with primary dealers required to participate. Trading is a mix of OTC bilateral
negotiation and an order matching system.
In addition, the Bundesbank also offers an electronic procedure intended specifically for the handling
of mass payments (credit transfers, cheques and direct debits), namely the Retail Payment System
(The principal features of the above-mentioned payment systems of the Deutsche Bundesbank are
described in Section 3.)
Apart from operating national payment systems with a European linkage to TARGET, the Bundesbank
also processes cross-border and cross-currency payments via AZV (Auslandszahlungsverkehr; Cross-
border Payment Services).
The workshop participants included: (a) general managers and high-level staff of social funds;
(b) representatives of central government institutions that oversee the operations of the funds;
(c) representatives of municipal governments that interact with social funds in the selection and
implementation of subprojects and of their regional associations; (d) representatives of nongov-
ernmental organizations (NGOs) and civil society organizations that work with social funds;
(e) staff of the World Bank and of other multilateral and bilateral development agencies that
finance, design, a...
The 250 workshop participants included: (a) general managers and high-level staff of social
funds; (b) representatives of central government institutions that oversee the operations of the
funds; (c) representatives of municipal governments that interact with social funds in the selec-
tion and implementation of subprojects and of their regional associations; (d) representatives of
nongovernmental organizations and civil society organizations that work with social funds; (e)
staff of the World Bank and of other multilateral and bilateral development agencies that fi-
nance, design, an...