Tuesday, 28 October 2008

European Central Bank If: ESCB and ECB Statute

The legal framework of the European System of Central Banks (ESCB) and the European Central Bank (ECB) is set out at treaty level in the Treaty establishing the European Community (TEC) and in the Statute of the European System of Central Banks and of the European Central Bank (ESCB Statute).

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Article 107(4) TEC is the bridge between the treaty proper and the ESCB Statute:

4. The Statute of the ESCB is laid down in a Protocol annexed to this Treaty.


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ESCB Statute

We have referred to individual Articles of the ESCB Statute in a number of posts (and will do so again), because Protocol (No 18) on the Statute of the European System of Central Banks and of the European Central Bank (annexed to the latest consolidated version of the current treaties, OJ 29.12.2006 C 321 E/256─280) not only repeats, but elaborates on the treaty provisions.

This blog post is content to give you an overview of the ESCB Statute, by presenting a table of contents, which makes it easier to find what you want.


CHAPTER I
CONSTITUTION OF THE ESCB

Article 1 The European System of Central Banks


CHAPTER II
OBJECTIVES AND TASKS OF THE ESCB

Article 2 Objectives
Article 3 Tasks
Article 4 Advisory functions
Article 5 Collection of statistical information
Article 6 International cooperation


CHAPTER III
ORGANISATION OF THE ESCB

Article 7 Independence
Article 8 General principle
Article 9 The European Central Bank
Article 10 The Governing Council
Article 11 The Executive Board
Article 12 Responsibilities of the decision-making bodies
Article 13 The President
Article 14 National central banks
Article 15 Reporting commitments
Article 16 Banknotes


CHAPTER IV
MONETARY FUNCTIONS AND OPERATIONS OF THE ESCB

Article 17 Accounts with the ECB and the national central banks
Article 18 Open market and credit operations
Article 19 Minimum reserves
Article 20 Other instruments of monetary control
Article 21 Operations with public entities
Article 22 Clearing and payment systems
Article 23 External operations
Article 24 Other operations


CHAPTER V
PRUDENTIAL SUPERVISION

Article 25 Prudential supervision


CHAPTER VI
FINANCIAL PROVISIONS OF THE ESCB

Article 26 Financial accounts
Article 27 Auditing
Article 28 Capital of the ECB
Article 29 Key for capital subscription
Article 30 Transfer of foreign reserve assets to the ECB
Article 31 Foreign reserve assets held by national central banks
Article 32 Allocation of monetary income of national central banks
Article 33 Allocation of net profits and losses of the ECB


CHAPTER VII
GENERAL PROVISIONS

Article 34 Legal acts
Article 35 Judicial control and related matters
Article 36 Staff
Article 37 Seat
Article 38 Professional secrecy
Article 39 Signatories
Article 40 Privileges and immunities


CHAPTER VIII
AMENDMENT OF THE STATUTE AND COMPLEMENTARY LEGISLATION

Article 41 Simplified amendment procedure
Article 42 Complementary legislation


CHAPTER IX
TRANSITIONAL AND OTHER PROVISIONS FOR THE ESCB

Article 43 General provisions
Article 44 Transitional tasks of the ECB
Article 45 The General Council of the ECB
Article 46 Rules of Procedure of the General Council
Article 47 Responsibilities of the General Council
Article 48 Transitional provisions for the capital of the ECB
Article 49 Deferred payment of capital, reserves and provisions of the ECB
Article 50 Initial appointment of the members of the Executive Board
Article 51 Derogation from Article 32
Article 52 Exchange of banknotes in Community currencies
Article 53 Applicability of the transitional provisions

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ECB Rules of Procedure

The ECB Rules of Procedure supplement the Treaty establishing the European Community and the Statute of the European System of Central Banks and of the European Central Bank, and they define the term ‘Eurosystem’ to mean the European Central Bank (ECB) and the national central banks of those Member States whose currency is the euro.

In other words, for added detail on the operating rules of the ECB, you can go to the Decision of the European Central Bank of 19 February 2004 adopting the Rules of Procedure of the European Central Bank (ECB/2004/2); OJ 18.3.2004 C 080/33.

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ECB General Council Rules of Procedure

Since the European Union is doomed to have non-euro area national central banks for the forseeadle future, the European Central Bank has adopted Rules of Procedure of the ‘transitional’ General Council:

Decision of the European Central Bank of 17 June 2004 adopting the Rules of Procedure of the General Council of the European Central Bank (ECB/2004/12); OJ 30.6.2004 L 230/61.


Ralf Grahn