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ECB glossary

Delors Committee

A committee mandated by the European Council in June 1988 to study and propose concrete stages leading to economic and monetary union. The committee, which takes its name from that of its chairman, Jacques Delors (then President of the European Commission) had the following members: the governors of the central banks of the Member States of the then European Community (EC), Alexandre Lamfalussy (then General Manager of the Bank for International Settlements (BIS)), Niels Thygesen (Professor of economics, Denmark) and Miguel Boyer (then President of Banco Exterior de España). The conclusions reached by the committee, published in the so-called Delors Report, were that economic and monetary union should be achieved in three stages.

deposit facility

A standing facility of the Eurosystem which counterparties may use to make overnight deposits at a national central bank. Such deposits are remunerated at a pre-specified interest rate. See also standing facility


deposit facility rate


The difference between the par value of a security and its price when such price is lower than par.