Owing to the growing importance of the services sector, which now accounts for roughly 70% of GDP in the euro area, the relative weight of the energy-intensive industrial sector has declined since the 1970s.
• Therefore, the financial year of the Bank now ends on 31 July instead of 31 December, in line with the recent change in Government’s fiscal year. • In addition, section 56 of the RBF Act states that the audited accounts must be completed within three months following the end of the year.