Government’s main goal is reducing unemployment and ensuring that economic growth and development benefit all communities. In accordance with this policy stance, government’s deficit was well-contained in the fiscal year 2002/03. The non-financial public-sector borrowing requirement amounted to only 1 per cent of gross domestic product in that year.
Before the crisis, the Eurosystem operated on the concept of a single list. Its purpose was to enhance the level playing field across the euro area, to promote equal treatment for counterparties and issuers, and to increase the overall transparency of the collateral framework.