List of acronyms associated with the Eurozone crisis

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Economy of the European Union
Headquarters European Central Bank in Frankfurt, Germany
Currency 1 Euro (€) = 100 cents
Statistics
GDP ranking 1st (2013)
GDP (Nominal) US$17.372 trillion (2013)
€13.070 trillion (2013)
GDP (PPP) US$16.260 trillion (2013)
GDP growth rate 0,1% (2013)
GDP per capita US$34,300 (nominal)
US$32,152 (PPP) (2013)
GDP by sector (2006) 70.5% services
27.3% industry
  2.1% agriculture
Inflation 1.5 % (2013)
Population below poverty threshold 17%
Labour force 240.2 million[1]
Labour force by occupation (2011) 69.8% services
25.2% industry
  5.0% agriculture
Unemployment 10.4% (April 2014)
Sources: [2] [3] [4] [5]

[6] [7]

Trading partners
Export of goods €1.737 trillion (2013)
$2.302 trillion (2013)
Export of services €657.4 billion (2013)
$880 billion (2013)

Export goods (2013)

machinery and transport equipment 40.7%; other manufactured goods 22.1%; chemicals and related products 15.7%; food, drinks and tobacco 6.0%; mineral fuels and lubricants 7.0%; raw materials 2.6%; commodities and transactions 5.8%

Main export partners (2013)

 United States 16.5%
  Switzerland 9.7%
 China 8.5%
 Russia 6.9%
 Turkey 4.5%
 Japan 3.1%
 Norway 2.9%
Import of goods €1.682 trillion (2013)
$2.235 trillion (2013)
Import of services €510.6 billion (2012)
$667.0 billion (2013)

Import goods (2013)

machinery and transport equipment 25.8%; other manufactured goods 22.7%; mineral fuels and lubricants 29.6%; chemicals and related products 9.4%; food, drinks and tobacco 5.6%; raw materials 4.5%; commodities and transactions 2.4%

Main import partners (2013)

 China 16.6%
 Russia 12.2%
 United States 11.6%
  Switzerland 5.6%
 Norway 5.3%
 Japan 3.64%
 Turkey 3.0%
FDI inward stock € 3.947 trillion (2012)
FDI outward stock € 5.206 trillion (2012)
Sources: [8] [9] [10] [11] [12] [13] [14] [15] [16]
Balance of Payments
Current account € 155.736 billion (2013)
Sources: [17]
Public finances
Government debt € 11,386.0 billion
(87.1% of GDP) (2013)
Deficit spending € -437.3 billion
(-3.3% of GDP) (2013)
Expenditure 49.0% of GDP (2013)
Revenue 45.7% of GDP (2013)
Sources: [18] [19] [20] [21]

This is a list of acronyms associated with the Eurozone crisis.

A[edit]

B[edit]

C[edit]

D[edit]

E[edit]

F[edit]

  • FDI (Foreign direct investment): investment by foreign nationals into a country; measure of attractiveness of country's economic conditions and prospects. Total FDI in Europe fell as a result of the crisis.
  • FST (Fiscal Stability Treaty): see EFC, def. #1.

G[edit]

  • GDP (Gross domestic product): the market value of all goods and services produced within a country in a given period, usually one year. (See also GNP)
  • GFC (Global financial crisis): term denoting the world financial crisis that began in 2008.
  • GNP (Gross National Product): the market value of all goods and services produced by the residents of a country in a given period, usually one year. (See also GDP)
  • Grexit (Greek Euro Area exit): slang term introduced in 2012 in world business trading, referring to the possibility that Greece could leave the Eurozone, and possibly re-adopt its old currency, the drachma.

I[edit]

L[edit]

  • LCDS: See CDS.
  • LIBOR (London Inter-Bank Offered Rate): the average interest rate that leading banks in London charge when lending to other banks. It is widely used as a reference rate for many financial instruments, including sovereign loans. LIBORs are commonly used for Sterling and US dollar-denominated instruments, just as Euribors are used as a reference rate for Euro-denominated instruments. (See also Libor scandal.)
  • LLR (Lender of last resort): term denoting an institution willing to extend credit when no one else will. In the Eurozone, the lender of last resort for banks is the European Central Bank (ECB).
  • LTRO (Long-term refinancing operation): ECB programme of low-interest loans to European banks but not to European states, accepting loans from the portfolio of the banks as collateral.

M[edit]

  • Moneyval (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism): institution within the Council of Europe and answerable directly to the Committee of Ministers, having the task of monitoring the status and implementation of anti-money laundering measures in Europe.

N[edit]

  • NAMA (National Asset Management Agency): institution created by the Government of Ireland, in late 2009, in response to the Irish financial crisis and the deflation of the Irish property bubble. It functions as a bad bank, acquiring property development loans from Irish banks in return for government bonds, primarily with a view to improving the availability of credit in the Irish economy.
  • NCB (National central bank): the institution that manages a nation's currency, money supply, and interest rates. The NCBs of Eurozone's member-states have ceded to the European Central Bank most rights for major central-bank operations.
  • NIIP (Net international investment position); also, sometimes, NIP : the difference between a country's external financial assets and its external financial liabilities. A country's IIP (international investment position) is the financial statement setting out the value and composition of that country's external financial assets & liabilities.
  • NPM (New public management): government policies that aim to modernise and render more effective the public sector. Part of IMF and ECB recommendations to Eurozone countries.
  • NTMA (National Treasury Management Agency): government agency, established in 1990, which manages the assets and liabilities of the Government of Ireland, borrows for the exchequer, and manages the national debt.

O[edit]

  • OMT (Outright Monetary Transactions): ECB's purchases ("outright transactions") in sovereign-bond secondary markets, under certain conditions, of bonds issued by Eurozone member-states. OMT replaces the bank's Securities Markets Programme (SMP).
  • OSI: See PSI.

P[edit]

S[edit]

  • SDR (Special drawing rights): supplementary foreign-exchange reserve assets maintained by the International Monetary Fund (IMF), which represent a claim to currency held by IMF member-countries for which they may be exchanged. An SDR functions as the unit of account for the IMF.
  • SGP (Stability and Growth Pact): agreement among the member-states of the European Union, to facilitate and maintain the stability of the Economic and Monetary Union. In order for member-states to join the Eurozone, they would have to abide by the criteria for public finances which the Maastricht Treaty defined, such as member-states having (a) an annual budget deficit no greater than 3% of GDP, and (b) a national debt no greater than 60% of GDP.
  • SMP: See OMT.
  • SONIA (Sterling OverNight Index Average): reference rate for transactions in the British Sterling market, calculated as the weighted average rate of all unsecured overnight sterling transactions brokered in London by members of The Wholesale Markets Brokers' Association.
  • SPE (Special purpose entity); also SPV (Special purpose vehicle): legal entity created to fulfill narrow, specific and/or temporary objectives. Usually a limited company of some type or a limited partnership.
  • SPV : See SPE.
  • SRM (Single Resolution Mechanism): tentative decision-making process, intended to apply only to banks covered by the Single Supervisory Mechanism. The SRM would eventually cover all banks established in the Eurozone.
  • SSM (Single Supervisory Mechanism): tentative term for the mechanism through which, per the European Commission's proposal, the European Central Bank shall assume specific supervisory tasks on the biggest and most important Eurozone-based banks.
  • S&P (Standard & Poor's): American financial services company and one of the biggest credit-rating agencies in the world.

T[edit]

  • TARGET (Trans-European, Automated, Real-time, Gross Settlement, Express Transfer system): interbank payment system for the real-time processing of cross-border money transfers throughout the European Union.
  • TARGET2: the current, 2nd generation of TARGET, in place since November 2007.

See also[edit]