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ECB glossary

premium

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

price stability

The primary objective of the Eurosystem. The Governing Council considers that price stability is best maintained by aiming for 2% inflation over the medium term. The target is symmetric: negative and positive deviations from the target are considered equally undesirable.

private sector credit flow

Annual transactions on debt securities issued and loans taken out by non-financial corporations and households (including non-profit institutions serving households). The private sector credit flow-to-GDP ratio is defined as the ratio of private sector credit flow to GDP at current market prices.

private sector debt

Outstanding amounts at the end of the year of securities issued and loans taken out by non-financial corporations and households (including non-profit institutions serving households). The private sector debt-to-GDP ratio is defined as the ratio of private sector debt to GDP at current market prices.

provisions

Amounts set aside before arriving at the profit and loss figure in order to provide for any known or expected liability or risk, the cost of which cannot be accurately determined.