Eurostat the Statistical Office of the European Communities .

Debt securities issued

Marketable debt instruments ( 1 ) Non marketable debt instruments Equities traded on a regulated market

Traditional covered bank bonds Credit institution debt instruments Debt instruments issued by corporate and other issuers ( 4 )

Debt instruments issued by nonfinancial corpora tions and other issuers ( 4 ) Other covered bank bonds ( 5 ) Agency debt instru ments ( 4 ) Supranational debt instruments

Local and regional government debt instruments Jumbo covered bank bonds ( 3 ) Agency debt instruments ( 4 ) Supranational debt instruments

Local and regional government debt instruments Jumbo covered bank bonds ( 2 ) Agency debt instruments ( 3 ) Supranational debt instruments

BOND AND STOCK MARKETS The size of bond markets differs across acceding countries , while government is the main issuer of debt securities in most of the countries .

Other marketable debt instruments .

Central government debt instruments Debt instruments issued by central banks ( 2 )

Central government debt instruments Debt instruments issued by central banks ( 1 )

GDP represents the value of all the goods and services produced by an economy over a specified period .

Traditional covered bank bonds Debt instruments issued by corporate and other issuers ( 3 )

Central government debt instruments

1 ) Non marketable debt instruments

General Council 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 .

marketable debt instruments with limited liquidity

The debt instrument must be denominated in euro ( 13 ) .

Local and regional government debt instruments Jumbo covered bank bonds ( 3 ) Traditional covered bank bonds

The main distinction between equity and debt is that equity does not have to be repaid , whereas debt is a financial claim which usually does have to be repaid ( in specific amounts at a certain interest rate ) .

6.2 FINANCIAL INTEGRATION TEN YEARS AFTER THE INTRODUCTION OF THE EURO OVERVIEW Considerable progress in financial integration The ECB 's financial integration indicators reveal that the progress achieved in the euro area varies considerably across market segments .

debt instruments with restricted liquidity and special features

The debt instrument must be transferable in book entry form .

The underlying assets can be bonds , such as the ten year German Bund , or bond futures contracts .

Credit institution debt instruments ( unsecured )

Certain euro area bond derivatives and direct securities lending transactions have also been eligible instruments since 1999 .

The portfolio is invested in euro denominated fixed income assets .

CURRENCY OF DENOMINATION The debt instrument must be denominated in euro .

However , all asset backed securities are included in cat egory V , regardless of the classification of the issuer , and jumbo covered bank bonds are included in category II , while tradi tional covered bank bonds , other covered bank bonds and other debt instruments issued by credit institutions are included in category III and IV .

Credit institution debt instruments ( unsecured ) Debt instruments issued by financial corporations other than credit institu tions ( unsecured )

ECB debt certificates Other marketable debt instruments ( 3 )

ECB debt certificates Other marketable debt instruments ( 3 ) Credit claims

Covered bonds in the Eurosystem collateral framework

Debt instruments other than covered bank bonds that are issued by credit institutions are only eligible if they are admitted to trading on a regulated market as defined above .

This will play an important part in fostering further progress in the integration of the European short term securities market during the coming years .

While the post trading infrastructure is fragmented for bonds , it is even more fragmented for equities .

SETTLEMENT PROCEDURES The debt instrument must be transferable in book entry form .

Excessive deficit procedure the provision defined in Article 104 of the Treaty and specified in the Protocol on the excessive deficit procedure requires EU Member States to maintain budgetary discipline , defines criteria for a budgetary position to be considered an excessive deficit and sets out the steps to be taken following the observation that the criteria for the budget balance or government debt have not been fulfilled .

NEW ASSETS FOR THE SINGLE LIST FOREIGN DEBT INSTRUMENTS

Debt instruments issued by central banks ( 2 )

Technical modalities of the purchase programme for covered bonds

Euro Bond Market Study 2004

ECB debt certificates Other marketable instruments ( 1 ) ( 2 ) debt

However , all asset backed securities are included in category V , regardless of the classification of the issuer , and jumbo covered bank bonds are included in category II , while traditional covered bank bonds and other debt instruments issued by credit institutions are included in categories III and IV .'

Agency debt instruments 4 ) Supranational debt instruments 1 ) In general , the issuer classification determines the liquidity category . However , all asset backed securities are included in category V , regardless of the classification of the issuer , and Jumbo covered bank bonds are included in category II , while traditional covered bank bonds and other debt instruments issued by credit institutions are included in categories III and IV .