report court auditor oper effici manag european monetari institut european central bank financi year repli european central bank content gt tabl gt introduct european central bank ecb replac european monetari institut emi june emi exist januari task contribut realis econom monetari union emu realis condit transit stage union introduct singl currenc court present report result audit carri part examin effici emi manag financi year ecb complet task prepar stage start emi account manag task previous carri year carri normal central bank activ transit period mark continu break work emi liquid june annual report present financi statement ecb decemb final account emi publish april court mandat regard emi ecb ident report effici manag emi month ecb remaind year section devot examin emi activ liquid examin emi activ emi main object carri preparatori work stage emu lead establish european system central bank escb pursuit singl monetari polici introduct singl currenc order achiev emi task strengthen coordin nation monetari polici aim ensur price stabil improv converg economi member state work form public studi work paper consult opinion recommend prepar member emi staff subcommitte work group expert emi nation central bank subject cover monetari polici exchang rate polici macroeconom monetari statist payment system issu euro banknot coin harmonis account rule standard inform commun system bank supervis legal question oper term involv develop test integr ecb escb system procedur complet strict time constraint consider number major project addit annual report financi year emi publish report import notabl report singl monetari polici stage emu progress report tran european autom real time gross settlement express transfer system target project report converg european union eu emi repli request consult area cover term refer council commiss relat propos commun regul author eu member state case draft nation text legisl execut natur establish emi financi invest gener total interest incom amount ecu million whilst extraordinari incom amount ecu million expens amount ecu million total break ecu million staff cost ecu million administr expens ecu million depreci ecu million valuat differ invest account ecu million full period liquid emi accord provis articl statut emi asset liabil emi automat pass ecb emi liquid june procedur liquid emi laid decis emi council neg balanc liquid emi amount ecu offset nation central bank contribut resourc emi activ number perman staff emploi emi decemb person total transfer ecb june subsequ sign contract employ ecb period extend decemb decemb ecb perman staff person held manageri posit ecb annual report describ firstli preparatori work stage emu changeov singl currenc activ escb legisl text adopt ecb context year start stage emu introduct euro ecb emi made signific progress prepar oper framework eurosystem surround implement monetari polici septemb ecb publish report present instrument monetari polici includ minimum reserv requir open market transact stand facil effici manag audit court observ recommend ecb manag warrant mention report budgetari manag monitor januari council emi adopt budget cover full financi year emi ecb time futur organis ecb precis rank mix initi staff complement remain decid ecb budget intend compris part part emi budget transfer ecb addit resourc need ecb uncertainti precis foundat date ecb emi manag decid assum juli start date ecb budget implement emi budget date decid includ item emi budget ecb budget review necess meet june govern council ecb confirm valid emi budget approv ecb budget half approv govern council juli provision level ecu million subsequ reduc septemb ecu million emi budget revis decis chang horizon decemb june report implement budget june attribut emi outturn ecu million expenditur half compar figur ecu million amount budget emi decemb give appar rate implement comparison provid term budget month month report implement budget decemb analysi budgetari implement half show sum total ecu million expenditur compar revis budget ecu million give implement rate includ emi expenditur invoic receiv june case regard budget implement half year analys paragraph inform consolid budget outturn year forward govern council due diverg account budgetari period servic respons budget monitor carri reconcili expenditur outturn expens shown profit loss account ecb period juli decemb emi month year consequ reliabl inform present verifi arithmet account check project manag monitor project monitor procedur improv render assess state progress project easier respect timepath budget utilis method adopt guarante monitor object reliabl progress project fact assess term consumpt resourc indic reflect project progress case complex interdepend project overrun resourc time limit point good time case foreign currenc reserv subledg fcr project weak accentu fact commit account system difficult track project develop simpli coher year period time project fact renumb name scale merg subdivid list appear budget monitor report fast clear identif monitor report provid inform transfer fund ascertain posit fund project case fcr project intrins link intend monitor foreign currenc reserv account dem million spent half year figur exceed total budget year adopt april dem million half year compet intern author formalis cost overrun retrospect mean transfer fcr budget fcr budget accept supplementari budget part amount commit date adopt fcr budget dem cover overrun fcr authoris addit firm consult engag begin juli contract sign octob contract question vagu consult remit oblig vi vi ecb deadlin cost end ecb design full time manag project essenti monitor work consult depart respons provid organis support market oper relat risk manag middl offic eurosystem softwar manag pool reserv softwar question prove inadequ autom solut part middl offic budget dem spent make system oper manual begin phase dem theoret fee consult need research develop comput specif spent analys softwar capabl produc set middl offic procedur extraordinari bonu march emi council capac budgetari author decid grant extraordinari bonu part emi staff occas establish ecb recognit effort made bonu top normal merit pai distribut year council set figur dem million total amount distribut extraordinari bonu result decis implement total cost dem million employe receiv bonus annual basic salari theoret maximum dem million overspend fund transfer normal merit pai budget execut servic decis appli normal merit pai procedur half decis transfer extraordinari bonu budget authoris council report adopt court auditor luxembourg meet april court auditor jan karlsson presid report publish offici journal oj oj oj articl protocol statut emi annex ec treati read quot provis articl treati appli examin oper effici manag emi quot articl protocol statut escb ecb annex ec treati read quot provis articl treati appli examin oper effici manag ecb quot articl protocol statut emi annex ec treati read quot accord articl treati emi liquid establish ecb asset liabil emi pass automat ecb liquid emi provis articl liquid complet begin stage quot eurosystem compris ecb nation central bank member state adopt euro stage emu administ govern council execut board ecb requir institut hold minimum reserv central bank minimum reserv framework eurosystem reserv requir credit institut calcul multipli reserv ratio fix categori item reserv base amount item institut balanc sheet oper execut ecb initi financi market involv transact bui sell asset outright spot forward bui sell asset repurchas agreement lend borrow underli asset collater issu central bank debt certif collect deposit foreign exchang swap domest foreign currenc ecb facil counterparti initi eurosystem offer stand facil margin lend facil counterparti receiv overnight credit deposit facil make overnight deposit ecb term project cover work fit build develop system work stage emu statist databas introduct banknot coin court annual report financi year paragraph oj addit budget merit payment word council decis quot direct receiv compens overtim perform differenti perform durat employ emi quot council decis stipul extraordinari bonu cover month period juli decemb measur implement annual perform rate multipli period servic long month highest year basic salari equal period month annex balanc sheet ecb decemb gt tabl gt gt tabl gt annex profit loss account ecb june decemb gt tabl gt gt tabl gt annex balanc sheet emi gt tabl gt gt tabl gt annex profit loss account emi period januari gt tabl gt gt tabl gt repli european central bank paragraph budget manag court observ establish annual summari reconcili ecb emphasis exercis suspend except basi except acknowledg ecb govern council year end quarterli budget monitor report march except deriv avail homogen data due differ account principl chart account system common practis establish annual summari reconcili resum year onward paragraph project manag emi project organis control procedur forc revis build lesson learn lifetim emi refer renam scale merger individu project unavoid oper circumst fast move environ duli examin authoris relev ecb decis make bodi order identifi project time individu project code similar budget centr number exist project ecb budget system mid onward code provid addit inform quarterli budget monitor report enhanc abil track project develop time paragraph extraordinari bonu ecb acknowledg word emi council decis lead conclus special budget dem million creat payment extraordinari bonu cover month period juli decemb send request emi council intent propos increas exist budget view cover extraordinari bonu reflect servic full lifetim emi half year account underspend normal merit pai budget utilis result surplu fund payment extraordinari bonu actual combin expenditur measur line budget enhanc manner highest extraordinari bonu amount year servic emi extraordinari bonu acknowledg compens high number extra hour work emi staff