Отказ от ответственности: CFD являются сложными инструментами и сопряжены с высоким риском быстрой потери денег из-за кредитного плеча.
Вам следует подумать, понимаете ли вы, как работают CFD, и можете ли вы позволить себе рискнуть потерять свои деньги.
Веб-трейдер MT5
E
European central bank (ECB)
The central bank of the eurozone, which is responsible for the monetary policy of 20 member countries of the European Union. The ECB is based in Frankfurt and its main job is to ensure price stability, which a medium-term symmetric inflation target of 2%.
These three rates, the main refinancing rate, the deposit facility rate, and the marginal lending facility rate, are determined by the Governing Council, which consists of the Executive Board with six members plus the governors of all the national central banks of the eurozone.
The ECB also regulates the eurozone’s biggest banks under the Single Supervisory Mechanism, manages foreign reserves, and monitors payment infrastructure. The decisions it makes have global ramifications because its monetary policy covers an economic region the size of the United States and is closely connected to global capital and currency markets.
Example: ECB Governing Council increases its deposit facility rate by 25 basis points. Within days, eurozone variable-rate mortgage holders receive new payment estimates, corporate loan costs start to adjust, and EUR/USD begins trading as traders reprice the ECB-Fed rate differential, illustrating the multitude of simultaneous channels that a single central bank decision activates across the real economy and financial markets.
European Commission
The executive arm of the European Union, which makes laws, executes decisions, enforces EU laws, and represents the EU in trade negotiations with other countries. Each member state is represented by one commissioner, who has a particular policy portfolio. In the EU’s institutional structure, the President of the Commission is the most visible figure in the executive leadership.
The Commission is important to the financial markets through two main channels: by proposing legislation in relation to financial services, capital markets regulation, banking legislation, and digital finance acts that change the way institutions are regulated throughout 27 member states; and by enforcing the EU fiscal rules, starting proceedings against countries that have excessive deficits.
The Commission is also responsible for EU budget programs and serves as a coordinator of joint fiscal responses in the event of a crisis.
Example: The European Commission proposes a regulation on AI liability in financial services. As it is not yet law, the Commission’s legislative proposal is being evaluated immediately by banks, insurers, and asset managers in Europe, who are starting to develop strategic plans while awaiting the final text before embarking on the adaptation process.
European Currency Unit (ECU)
A currency basket used within the European Monetary System prior to the euro’s launch. The ECU was not a physical currency but a unit of account a weighted composite of European Community member-state currencies used for pricing financial instruments, settling transactions between central banks, and denominating EU budget operations.
ECU weights were periodically revised to reflect each member state’s economic size and trade share. The Deutsche Mark, French franc, and British pound carried the highest weights given their economic dominance within the Community.
The ECU was replaced by the euro at a one-for-one conversion rate, giving the single currency direct lineage to its predecessor. Private ECU-denominated bonds, accounts, and contracts converted automatically at the fixed rate, providing market continuity without legal uncertainty.
Example: A European corporation that had issued ECU-denominated bonds in the early 1990s found those instruments automatically converted to euro obligations at the one-for-one fixed rate when the single currency launched. The seamless conversion no renegotiation, no market disruption was deliberate policy design ensuring all ECU financial contracts carried forward cleanly into the new monetary era.
European Economic and Monetary Union (EMU)
See Economic and Monetary Union (EMU) for the full description. The two terms are used interchangeably. “European” gets prepended in formal contexts to distinguish from other monetary unions, but within EU and ECB documentation, the simple “EMU” is standard. Example: Bulgaria’s accession to EMU on 1 January 2026 made it the 21st member state to fully adopt the euro and participate in the single monetary policy framework managed by the ECB.
European Economic Area (EEA)
A framework extending the EU’s single market free movement of goods, services, capital, and people to three non-EU countries: Norway, Iceland, and Liechtenstein. EEA members adopt the vast majority of EU single-market legislation without being EU members and without voting rights in the process that produces those rules.
The arrangement provides deep economic integration while maintaining formal political independence. For financial services, EEA membership has historically delivered passporting rights, allowing firms authorised in any EEA country to operate across the entire bloc without separate authorisation in each jurisdiction.
Switzerland is not an EEA member but maintains bilateral treaties with the EU approximating some single-market access a different model that has proven politically contentious and less legally stable than full EEA membership.
Example: A financial firm authorised in Norway uses its EEA passport to offer investment services to clients across all EU member states without obtaining separate regulatory authorisation in each country. The passport is contingent on Norway’s EEA membership and compliance with EU financial services directives the regulatory price of accessing a market of 450 million consumers without full EU membership.
European Financial Stability Facility
A temporary eurozone crisis mechanism established to provide financial assistance to members facing severe financing difficulties. The EFSF issued bonds guaranteed by eurozone states and lent the proceeds to countries accessing support at below-market rates, conditional on agreed adjustment programmes.
Always intended as a temporary institution, the EFSF was subsequently replaced by the permanent European Stability Mechanism. It provided significant lending during the eurozone sovereign debt crisis, supporting member states whose borrowing costs had risen to unsustainable levels and whose access to private capital markets had been severely impaired or closed entirely.
The EFSF is now in wind-down, managing its existing loan book as recipient-country repayments reduce outstanding exposures over time.
Example: A eurozone member state facing soaring sovereign yields and potential market exclusion applies for EFSF assistance. The Eurogroup and IMF negotiate a joint adjustment programme. Access to EFSF funding at manageable rates buys time for fiscal consolidation to take effect the core logic of conditional emergency lending: credible external financing buying the political space required for painful but necessary domestic adjustment.
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