期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2010
出版社：European Central Bank
摘要：This paper analyses the main drivers of the ECB’s balance sheet and profi t and loss account over the fi rst 11 years of the ECB’s existence. Furthermore, the paper assesses the fi nancial strength of the ECB. As monetary policy operations are normally conducted by national central banks under the impulse and instructions from the ECB, the Eurosystem balance sheet is the primary reference for the analysis of Eurosystem monetary policy operations. Three main drivers of the balance sheet and profi t and loss account are identifi ed. Firstly, fi nancial market developments and portfolio management decisions imply changes in the value of the foreign reserve and own funds portfolios, which represent a substantial part of the balance sheet (with the share of own funds becoming increasingly larger over the period under review). At the same time, the profi t and loss account depends to an important degree on interest income and expenses, realised gains and losses, and write-downs on these portfolios. Secondly, strong banknote demand has gradually increased the size of the balance sheet since the euro changeover in 2002. Banknotes in circulation also provide a strong base for seigniorage income, which is an important item of the profi t and loss account. Thirdly, the liquidity-providing operations in foreign currency, which the Eurosystem has undertaken since 2007 in response to the fi nancial crisis, increased signifi cantly the size of the ECB’s (and the Eurosystem’s) balance sheet. In terms of income and expenses, these operations were rather immaterial at the level of the ECB, although the income generated was substantial at the Eurosystem level. The ECB has remained fi nancially strong over the 11-year period. Factors that support the fi nancial position are strong legislative provisions on e.g. independence and income, the use of fi nancial buffers, seigniorage as a reliable income source and an effective loss-coverage mechanism. The main risk stems from adverse fi nancial market developments, in particular low interest rates and depreciating foreign reserve currencies, implying security price and currency write-downs.
关键词：central banking; central bank balance;sheet; fi nancial accounts; fi nancial strength
