Glossary

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E

Effective exchange rate for the euro 

The weighted average of the bilateral exchange rates for the euro and the currencies of the euro area's main trading partners. The European Central Bank publishes the nominal effective exchange rates for the euro in relation to two groups of trading partners: The EER-22, made up of the 12 Member States of the European Union that do not belong to the euro area, and the 10 main trading partners outside the EU; and the EER-42, made up of the EER-22 and a further 20 countries. The weightings used reflect the share of each partner in euro-area trade, as well as their competition in third markets. Real effective exchange rates are nominal effective exchange rates deflated by a weighted average of external costs or prices in relation to prices or costs inside the euro area. As such, they are measurements of competitiveness in terms of prices and costs.

EONIA 

Interest rate prevailing in the euro interbank overnight market. It is calculated and published daily by the ECB as a weighted average of the interest rates on unsecured overnight lending transactions denominated in euros, as reported by the 50 most active credit institutions in the interbank market.

EURIBOR 

Offered interest rate at which credit institutions are willing to lend each other funds in euros. The European Banking Federation publishes it daily for fifteen maturity terms ranging from one week to one year. The EURIBOR is calculated as the average of the daily offer rates of a representative panel of fifty of the most active credit institutions in the interbank market. The one-year EURIBOR is the most widely used official benchmark rate for mortgage loans in Spain since 1 January 2000. Operations which were formalised prior to that date used the one-year MIBOR as the official benchmark, which was the equivalent interbank rate in pesetas for markets.

Euro area PMI survey 

Manufacturing and service sector activity surveys conducted in some euro area countries and used to prepare indexes. The euro area manufacturing industry PMI is a weighted indicator which is calculated based on production, new order, employment, supplier delivery term and purchasing inventory indexes. The services sector survey includes questions on sector activity, expectations relative to future activity, outstanding transactions, new transactions, employment, input prices and prices charged. The euro area composite or synthetic index is calculated combining the results of the surveys conducted in the manufacturing and services sectors.

European Commission Opinion Survey 

Harmonised economic surveys of business and/or consumer opinion conducted on behalf of the European Commission in each of the EU Member States. Questions are addressed to managers in manufacturing, construction, retail and services sectors as well as to consumers. From each monthly survey, composite indicators are calculated that summarise the replies to a number of different questions in a single indicator (confidence indicators).

European System of Accounts 1995 (ESA 95) 

A detailed and integrated system of macroeconomic accounts based on a set of internationally agreed statistical concepts, definitions, classifications and accounting standards aimed at achieving a harmonised quantitative description of the economies of the EU Member States. The ESA 95 is the Community's version of the United Nations' System of National Accounts (SNA 93).

Eurostat 

A statistics office dependent upon the European Commission which is responsible for standardising, preparing and publishing European Union statistics. Most of the data stem from institutions that produce statistics in Member States, such as national statistics institutes and national central banks.

Eurosystem Economic Projections 

Estimations by ECB and national central bank experts on the economic outlook of the euro area. Specifically, they present projections on the harmonised index of consumer prices and the gross domestic product and its components. They are published in ECB monthly bulletins, are instrumental in nature and support the decisions taken by the ECB Governing Council, who analyses them in relation to their monetary policy strategy.

Eurosystem liquidity in foreign currency 

It comprises the Eurosystem international reserves and other assets and liabilities in Eurosystem foreign currencies, including net positions with respect to residents within the euro area.

Expert economic outlook survey 

Quarterly survey carried out by the ECB since 1999 which reflects the macroeconomic forecasts made by experts from EU financial and non-financial institutions on inflation, real GDP growth and unemployment in the euro area.