The management report is an integral part of the ECB's Annual Accounts and is designed to provide readers with contextual information related to the financial statements. Given that the ECB's ...activities and operations are undertaken in support of its policy objectives, the ECB's financial position and result should be viewed in conjunction with its policy actions. To this end, the management report presents the ECB's main tasks and activities, as well as their impact on its financial statements. Furthermore, it analyses the main developments in the balance sheet and the profit and loss account during the year and includes information on the ECB's net equity. Finally, it describes the risk environment in which the ECB operates, providing information on the specific risks to which the ECB is exposed, and the risk management policies used to mitigate risks.
Der Managementbericht ist Bestandteil des erweiterten Jahresabschlusses der EZB und soll den Lesern Hintergrundinformationen zum Jahresabschluss liefern. Die Aktivitäten und Geschäfte der EZB sind ...auf ihre Ziele ausgerichtet. Daher ist auch die Finanz- und Ertragslage der EZB im Kontext ihrer Maßnahmen zu sehen. Zu diesem Zweck erläutert der Managementbericht die Hauptaufgaben und ‑aktivitäten der EZB sowie deren Auswirkungen auf den Jahresabschluss. Darüber hinaus enthält er eine Analyse der wichtigsten Entwicklungen in der Bilanz und der Gewinn- und Verlustrechnung im Jahresverlauf sowie Informationen zum Nettoeigenkapital der EZB. Der Bericht erläutert außerdem das Risikoumfeld, in dem die EZB tätig ist. Er liefert Informationen zu den spezifischen Risiken, denen die EZB ausgesetzt ist, sowie zu den Risikomanagementrichtlinien, die zur Risikominderung angewandt werden.
The management report is an integral part of the ECB's Annual Accounts and is designed to provide readers with contextual information related to the financial statements. Given that the ECB's ...activities and operations are undertaken in support of its policy objectives, the ECB's financial position and result should be viewed in conjunction with its policy actions. To this end, the management report presents the ECB's main tasks and activities, as well as their impact on its financial statements. Furthermore, it analyses the main developments in the balance sheet and the profit and loss account during the year and includes information on the ECB's net equity. Finally, it describes the risk environment in which the ECB operates, providing information on the specific risks to which the ECB is exposed, and the risk management policies used to mitigate risks.
The Consolidated Annual Activity Report (CAAR) provides a comprehensive and detailed account of EIGE's activities in 2022 in implementing its mandate and achieving the objectives set in the annual ...work programme (AWP) - the Single Programming Document 2022-2024 (2022-2024 SPD).
The management report is an integral part of the ECB's Annual Accounts and is designed to provide readers with contextual information related to the financial statements. Given that the ECB's ...activities and operations are undertaken in support of its policy objectives, the ECB's financial position and result should be viewed in conjunction with its policy actions. To this end, the management report presents the ECB's main tasks and activities, as well as their impact on its financial statements. Furthermore, it analyses the main developments in the Balance Sheet and the Profit and Loss Account during the year and includes information on the ECB's financial resources. Finally, it describes the risk environment in which the ECB operates, providing information on the specific risks to which the ECB is exposed, and the risk management policies used to mitigate risks.
To support the EU in 'making equality between women and men a reality for all Europeans and beyond' the European Institute for Gender Equality (EIGE) was established by the European Parliament and ...the Council. It is the only European Union agency focusing solely on gender equality. EIGE's mandate and objectives are set out in its founding regulation (Regulation (EU) 1922/2006 on establishing a European Institute for Gender Equality). EIGE was established 'to contribute to and strengthen the promotion of gender equality, including gender mainstreaming in all Community policies and the resulting national policies, and the fight against discrimination based on sex, and to raise EU citizens' awareness of gender equality by providing technical assistance to the Community institutions, in particular the Commission, and the authorities of the Member States.
The management report is an integral part of the ECB's Annual Accounts and is designed to provide readers with contextual information related to the financial statements. Given that the ECB's ...activities and operations are undertaken in support of its policy objectives, the ECB's financial position and result should be viewed in conjunction with its policy actions. To this end, the management report presents the ECB's main tasks and activities, as well as their impact on its financial statements. Furthermore, it analyses the main developments in the Balance Sheet and the Profit and Loss Account during the year and includes information on the ECB's financial resources. Finally, it describes the risk environment in which the ECB operates, providing information on the specific risks to which the ECB is exposed, and the risk management policies used to mitigate risks.
The mandate of the ECB Ioannidis, Michael; Hlásková Murphy, Sarah Jane; Zilioli, Chiara
2021, 2021, Volume:
276 / September 2021
Journal Article
Open access
This paper offers an overview of the mandate of the European Central Bank (ECB), as defined by its objectives, the instruments available to achieve them and the constitutional framework that the ECB ...shall observe in pursuing them. The objectives include the primary objective of maintaining price stability and the secondary objective of supporting the general economic policies in the Union. The price stability objective enjoys primacy amongst the ECB objectives. The Treaties do not provide for a hierarchy of the "general economic policies" that the ECB shall support, although a number of criteria derived from primary law can help in guiding the ECB's priorities in this respect. The ECB is also tasked with contributing to the "smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system". As for the instruments available, these include both measures that directly pursue the objectives and measures that are instrumental in achieving them. Finally, the other constitutional rules that set out the framework within which the ECB pursues its objectives include the principles of conferral, institutional balance, proportionality, equal treatment and non-discrimination, as well as the principle of an open market economy and the prohibition of monetary financing.
The onset of the coronavirus pandemic in early 2020 affected the work of the European Council in many ways. One was operational. The European Council switched in March from in-person meetings to ...video-conferencing. During the year, the European Council held eight video-conferences and met five times in person. Meeting via video-conference, notably in March-April, during the first wave of the pandemic, and in October-November, during the second wave, allowed the European Council to apply itself immediately to damage control and crisis management. Going beyond immediate concerns, the European Council addressed the immense challenge of socio-economic recovery. In what was by far the most consequential development for the EU in 2020, the Union's Heads of State or Government negotiated a momentous agreement for an ambitious recovery fund linked to the new Multiannual Financial Framework (MFF) for 2021-2027. The complex and contentious negotiations on the MFF and the recovery fund, culminating in an epic special summit in July, will forever be remembered in the history of the European Council. So will the lingering dispute over rule of law conditionality, which, although in principle resolved by the end of the year with respect to the financial package, remained a deeply divisive issue among EU leaders. Despite the pressure of Covid-19 related business, EU leaders had to address other issues in 2020, such as climate change and external affairs. Relations with China, Russia and Turkey, in particular, required the European Council's attention. So did relations with the United Kingdom, which became a third country after it left the Union at the end of January.
The year 2019 provided a respite for the European Council from crisis management, but was not without major challenges. Three stood out: the Spitzenkandidaten process for selecting the next President ...of the European Commission; Brexit, which unexpectedly remained on the agenda of the European Council throughout the year; and policy towards climate change. The European Council had mixed feelings about the Spitzenkandidaten process, with one of its leading members being adamantly opposed. That set the stage for a bruising battle, which culminated in an epic special summit, lasting from 30 June to 2 July. None of the transnational parties' lead candidates received the European Council's nomination. Instead, the European Council nominated a relative outsider, Ursula von der Leyen, as part of a package of appointments to leading EU positions, the cleverness of which managed to overcome differences among national leaders. Meanwhile, the inability of the UK government to win parliamentary support for the Withdrawal Agreement obliged the UK to request extensions of the deadline. Much to its surprise, the European Council met in the Article 50 format on four occasions in 2019, the last one being on 13 December, to discuss preparations for the negotiations on future EU-UK relations after the UK's eventual departure, which happened on 31 January 2020. Climate was another issue to the fore in 2019, as the European Council sought to reach unanimity on a commitment by the EU to cut net carbon emissions to zero by 2050. Failure to reach unanimity, during difficult negotiations at the December summit, was seen as a setback for the new President of the European Council, Charles Michel, who was attending his first meeting of the institution in that capacity.
