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
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.
A single physical certificate that covers all or part of an issue of securities. See also
A custodian that provides its customers with custody services in respect of securities traded and settled in several countries around the world.
The term used when a global certificate relates to fixed income instruments (e.g. bonds). See also
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.
The decision-making entity/ies responsible for the governance of an electronic payment instrument scheme or arrangement.
governance of an electronic payment arrangement
The function in charge of controlling the arrangement’s functionalities by (i) defining the respective rules or terms and conditions as well as ensuring (ii) the effective enforcement of the former. This does not exclude the delegation of responsibilities for certain functionalities to other actors.
governance of an electronic payment instrument scheme
The function of a scheme responsible for ensuring the overall functioning of the scheme by (i) setting formal, standardised and common rules for participation and/or the use of electronic payment instruments and (ii) effective enforcement. This does not exclude the delegation of responsibilities to other actors.
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
Net borrowing/lending by the general government sector.
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.
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.
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.