Banco de España - General Glossary

General Glossary

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General Council of the ECB: One of the governing bodies of the European Central Bank (ECB). It comprises the President and the Vice-president of the ECB and the governors of all the central banks of the European Union. The four remaining members of the Executive Board of the ECB may participate, without voting rights, in the Council's meetings. It is a "temporary body" in charge of the tasks that must still be carried out in the third stage of EMU due to the fact that several EU Member States have not yet joined and, therefore, have not adopted the euro or participate in the formulation and enforcement of single monetary policy. Its functions include advisory and statistical tasks and the standardisation of accounting rules. It also contributes to the preparations for the irrevocable fixing of exchange rates with respect to the euro of the currencies of those Member States which have not yet adopted the euro as the single currency. The President of the General Council is also the President of the ECB and, unless stated otherwise, decisions are taken by simple majority.
Giro: A business instrument used to pay or settle a transaction. It normally implies a money transfer in cash.
Government debt indexed to inflation: Debt securities issued by general governments, whose coupon payments and capital are linked to a specific consumer price index.
Guarantee: A synonym of surety: It assures that a person complies with the commitment he/she has subscribed.