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Statistics glossary

real effective exchange rate (EER) of the euro

Real euro EERs are nominal euro EERs deflated by a weighted average of foreign, relative to domestic, prices or costs. They are, thus, measures of price and cost competitiveness. See also


An aggregate in monetary statistics that comprises changes in the MFI balance sheet that are due to a change in the MFI reporting population, to corporate restructuring, to a reclassification of assets and liabilities and to the correction of reporting errors (whenever the reporting error can be totally removed from the series, no specific reclassification needs to be reported). The occurrence of these factors gives rise to breaks in the series and, hence, affects the comparability of successive end-of-period levels.



repurchase agreement

The process of borrowing money by combining the sale of an asset (usually a fixed income security) with the subsequent repurchase of that same asset for a slightly higher price (which reflects the borrowing rate).

repurchase operation

A liquidity-providing reverse transaction based on a repurchase agreement.

reserve assets (in a b.o.p. context)

External assets that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes (such as maintaining confidence in the currency and the economy, and serving as a basis for foreign borrowing). See also

reserve base

The sum of the eligible balance sheet items (in particular liabilities) that constitute the basis for calculating the reserve requirement of a credit institution. See also

reserve ratio

The ratio defined by the central bank for each category of eligible balance sheet items included in the reserve base. The ratios are used to calculate reserve requirements. See also

reserve-related liabilities

Predetermined and contingent short-term net drains on the Eurosystem, similar to reserve assets and other foreign currency assets of the Eurosystem.


The location (dwelling, place of production or other premises) within the economic territory of a country, from which an institutional entity engages and intends to continue engaging (indefinitely or for a finite period of, as a rule, one year or more) in economic activities and transactions on a significant scale. See also


An individual or entity defined in Council Regulation No 2533 of 23 November 1998 (as amended) concerning the collection of statistical information by the European Central Bank, and in line with the ESA 2010, as having a centre of predominant economic interest in the economic territory of a country, i.e. the euro area in the case of Eurosystem statistics. See also

residential property price indicator

A measure of the average changes over time in prices of residential dwellings (including both new and second-hand houses and flats). There is no harmonised methodology, and euro area aggregates are currently based on heterogeneous national indicators.

retail bank interest rates


retail sales

The turnover in the retail trade (excluding sales of motor vehicles and motorcycles and excluding repairs) invoiced during the reference period; all duties and taxes, with the exception of VAT, are included.

reverse transaction

An operation whereby the central bank buys or sells assets under a repurchase agreement or conducts credit operations against collateral.