The risk-corrected currency spread shall be calculated as the difference between the spread referred to in paragraph 2 and the portion of that spread that is attributable to a realistic assessment of expected losses or unexpected credit or other risk of the assets.

4. For each relevant country, the volatility adjustment to the risk-free interest rates referred to in paragraph 3 for the currency of that country shall, before application of the 65 % factor, be increased by the difference between the risk-corrected country spread and twice the risk-corrected currency spread, whenever that difference is positive and the risk-corrected country spread is higher than 100 basis points.

The risk-corrected currency spread shall be calculated as the difference between the spread referred to in paragraph 2 and the portion of that spread that is attributable to a realistic assessment of expected losses or unexpected credit or other risk of the assets.

2. For each relevant currency, the volatility adjustment to the relevant risk-free interest rate term structure shall be based on the spread between the interest rate that could be earned from assets included in a reference portfolio for that currency and the rates of the relevant basic risk-free interest rate term structure for that currency.

P. whereas the Commission report shows that the disparities between women and men have decreased in employment and education within the European Union, but that the pay gap between the two sexes has remained virtually the same, and clearly demonstrates that there has been no real progress in the implementation of the principle of equal pay for work of equal value, which was introduced thirty years ago by Council Directive 75/117/EEC of 10 February 1975 on the approximation of the laws of the Member States relating to the application of the principle of equal pay for men and women ; whereas in the Union of 15 the gap remained stable at ...[+++]about 16%, whilst the estimated figure for the Union of 25, which takes account of pay differences in the new Member States, is, at 15%, slightly lower,

14. Supports the two-pillar strategy by highlighting the many convergences which exist in practice between the ECB and other major central banks; recalls that the long-term link between money and inflation is recognised by most academics; stresses, however, that first-pillar management is complex and may be ill-suited for day-to-day decision-making; takes due note of the fact that the objective for M3 is only expressed in terms of reference value and that the ECB does not react mechanically to deviations in reference value; conced ...[+++]es that statistical improvements are difficult to make; remarks, however, that statistical improvements which are unveiled and immediately used to justify a policy move, as in May, were criticised on transparency grounds; calls on the ECB to pursue a detailed explanation policy over the content and the role of the first pillar;