Articles 7 to 13 Measures to facilitate supplementary supervision These articles provide for several measures in order to facilitate supplementary supervision .

( c ) facilitate the conduct of monetary policy

SECTION 2 MEASURES TO FACILITATE SUPPLEMENTARY SUPERVISION

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( b ) facilitating extradition between Member States

Eurosystem 's foreign exchange liquidity position this comprises the Eurosystem 's foreign reserve assets and the Eurosystem 's other foreign currency claims and liabilities , including positions vis à vis euro area residents such as , for instance , foreign exchange deposits placed with banking institutions resident in the euro area .

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( b ) facilitating extradition between Member States

Deposit facility Overnight deposits at a pre specified interest rate ( standing facility )

The interest rate on the marginal lending facility normally provides a ceiling for the overnight market interest rate .

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The marginal lending facility The deposit facility

Article 5 Measures for facilitating cross border payments 1 .

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It brings together the Heads of State or Government of the Member States and the President of the European Commission ( see also EU Council ) .

Its departments , called Directorates General , are responsible for the implementation of common policies and general administration in a specific area .

facilitate the disposal of the said products

to facilitate the exchange of information

It should be noted that the national central banks of those Member States which have not adopted the single currency in accordance with the Treaty retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the monetary policy of the Eurosystem . 82

It should be noted that national central banks of Member States which have not adopted the single currency in accordance with the Treaty retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the monetary policy of the Eurosystem .

The ECB is governed by the Governing Council and the Executive Board , and , as a third decision making body , by the General Council . European Monetary Institute ( EMI ) a temporary institution established at the start of Stage Two of Economic and Monetary Union on 1 January 1994 .

European Council provides the European Union with the necessary impetus for its development and defines the general political guidelines thereof . It brings together the Heads of State or Government of the Member States and the President of the European Commission ( see also EU Council ) .

It ensures that the tasks conferred upon the Eurosystem and the ESCB are implemented either through its own activities or through those of the NCBs , pursuant to the Statute of the ESCB . The ECB is governed by the Governing Council and the Executive Board , and , as a third decision making body , by the General Council .

It should be noted that the national central banks of those Member States which have not adopted the single currency in accordance with the Treaty retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the monetary policy of the Eurosystem .

VERY SHORT TERM FINANCING FACILITY

Euro area the area covering those EU Member States which have adopted the euro as the single currency in accordance with the Treaty .

A narrow interest rate corridor to smooth the transition

Overnight liquidity facility at a pre specified interest rate against eligible assets ( standing facility )

Overnight liquidity facility at a prespecified interest rate against eligible assets ( standing facility )

Deposit facility

Overnight deposits at a pre specified interest rate ( standing facility )

The marginal lending facility

Article 4 Measures for facilitating the automation of payments 1 .

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4.1 The marginal lending facility 4.2 The deposit facility

The euro area nominal effective exchange rate referred to in this Report is based on BIS calculations .

The ESCB will be exposed to equity price risk in its monetary policy operations to the extent that equities are considered to be eligible as tier two assets .

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2.3 . Deposit facility Fixed term deposits

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The marginal lending facility The deposit facility 21 21 22

It ensures that the tasks conferred upon the Eurosystem and the ESCB are implemented either through its own activities or through those of the NCBs , pursuant to the Statute of the ESCB .

Final transfer an irrevocable and unconditional transfer which effects a discharge of the obligation to make the transfer .

Foreign exchange swap simultaneous spot and forward transactions exchanging one currency against another . The Eurosystem can execute open market operations in the form