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All glossary entries


global systemically important bank


global systemically important institution

G-SII buffer

See global systemically important institutions (G-SII) buffer


generally accepted accounting principles


See gross domestic product (GDP)

general clearing member

A member of a clearing house that clears on its own behalf, on behalf of its customers and on behalf of other market participants. See also clearing member, direct clearing member, non-clearing member

General Council of the ECB

One of the decision-making bodies of the ECB. It comprises the President and the Vice-President of the ECB and the governors of the national central banks of all EU Member States. See also Executive Board, Governing Council

general government

A sector defined in the ESA 2010 as comprising resident entities that are engaged primarily in the production of non-market goods and services intended for individual and collective consumption and/or in the redistribution of national income and wealth. Included are central, regional and local government authorities as well as social security funds. Excluded are government-owned entities that conduct commercial operations, such as public enterprises. See also central government, state government


A United Nations standard (EDIFACT message) designed by Expert Group 6 (Statistics) of the e-Business Board for European Standardisation that allows partner institutions to exchange multi-dimensional statistical arrays in a generic but standardised way.


A message (a GESMES profile, previously called GESMES/CB) used to exchange statistical time series, related attributes and structural metadata in a standardised format.

gift card or voucher

A physical or virtual card entitling the recipient to receive goods or services of a specified value from the issuer.

global certificate

A single physical certificate that covers all or part of an issue of securities. See also global note

global custodian

A custodian that provides its customers with custody services in respect of securities traded and settled in several countries around the world.

global note

The term used when a global certificate relates to fixed income instruments (e.g. bonds). See also global certificate

global systemically important institutions (G-SII) buffer

A capital buffer that aims to reduce the moral hazard created by the implicit state support and guarantee of bail-out using taxpayers’ money that such institutions enjoy due to their size, cross-border activities and interconnectedness. It has been implemented in Europe via Article 131 CRD IV and amounts to 1-3.5% of total risk exposure amount, to be met with CET1 capital, depending on the degree of systemic importance of an institution.

goods (in a b.o.p. context)

An item in the current account covering moveable goods for which changes of ownership (between residents and non-residents) occur.


Procedures through which the objectives of a legal entity are set, the means of achieving them are identified and the performance of the entity is measured. This refers, in particular, to the set of relationships between the entity’s owners, board of directors, management, users and regulators, as well as other stakeholders that influence these outcomes.

Governing Council

The supreme decision-making body of the ECB. It comprises the President and the Vice-President of the ECB plus the other members of the Executive Board and the governors of the national central banks of those EU Member States whose currency is the euro. See also Executive Board, General Council of the ECB

government deficit/surplus

Net borrowing/lending by the general government sector.

government expenditure

The set of non-financial transactions defined in the ESA 2010 as decreasing general government net lending or increasing general government net borrowing, i.e. transactions that decrease the general government sector’s net worth.

government revenue

The set of non-financial transactions defined in the ESA 2010 as increasing general government net lending or decreasing general government net borrowing, i.e. transactions that increase the general government sector’s net worth.


A situation that can arise in a funds or securities transfer system in which a failure to execute one or more transfer orders prevents the execution of a substantial number of orders submitted by other participants. See also queuing, systemic risk

gross domestic product (GDP)

A measure of economic activity, namely the value of an economy's total output of goods and services, less intermediate consumption, plus net taxes on products and imports, in a specified period. GDP can be broken down by output, expenditure or income components. The main expenditure aggregates that make up GDP are household final consumption, government final consumption, gross fixed capital formation, changes in inventories, and imports and exports of goods and services (including intra-euro area trade).

gross external debt

The gross amount, at any given time, of disbursed and outstanding contractual liabilities of residents of a country for the repayment of principal (with or without interest) or the payment of interest (with or without principal) to non-residents.

gross margining

A mechanism whereby the margin that a participant posts in a central counterparty (CCP) for its customers’ positions is the sum of the requirements for individual customers.

gross monthly earnings

The gross monthly wages and salaries of employees, including employees’ social security contributions.

gross settlement

The settlement of transfer orders one by one. See also net settlement

gross settlement system

A transfer system in which transfer orders are settled one by one. See also net settlement system, real-time gross settlement (RTGS) system

guarantee fund

A fund which compensates non-defaulting participants for losses which they suffer in the event that one or more participants default on their obligations. See also clearing fund, collateral pool