central banks of the Member States (hereinafter referred to as national central
banks) in favour of Community institutions or bodies, central governments,
regional, local or other public authorities, other bodies governed by public law, or
policy and exchange-rate policy the primary objective of both of which shall be
to maintain price stability and, without prejudice to this objective, to support the
general economic policies in the Community, in accordance with the principle of
fulfil the necessary conditions on the basis of the criteria set out in Article 121(1),
and abrogate the derogations of the Member States concerned.
3. A derogation referred to in paragraph 1 shall entail that the following articles
do not apply to the Me
forward its opinion to the Council, meeting in the composition of the Heads of
State or Government.
3. Taking due account of the reports referred to in paragraph 1 and the opinion of
the European Parliament referred to in paragraph 2, the Council, meeting
6 Decision ECB/2004/3 of 4 March 2004 on public access to European Central
documents (OJ L 80, 18.3.2004, p. 42).
6.3 ORGANISATIONAL STRUCTURE
The Executive Board determines the organisational structure of the ECB. Under
Article 10.2 of the ECBs
the EU Council and the President of the ECB. The managing director of the IMF
President of the World Bank, plus the chairpersons of the International Monetary
Financial Committee and Development Committee of the IMF and World Bank,
referred to in Article 45 of the Statute of the ESCB shall be constituted as a third
decision-making body of the ECB.
4. At the starting date of the third stage, the Council shall, acting with the
unanimity of the Member States without a derogation, on a
(d) measures concerning the entry and movement of persons as provided for in
(e) a common policy in the sphere of agriculture and fisheries;
(f) a common policy in the sphere of transport;
(g) a system ensuring that competition in the internal m
1. The ESCB shall be composed of the ECB and of the national central banks.
2. The ECB shall have legal personality.
3. The ESCB shall be governed by the decision-making bodies of the ECB
which shall be the Governing Council and the Executive
temporary and the ratio remains close to the reference value;
(b) whether the ratio of government debt to gross domestic product exceeds a
reference value, unless the ratio is sufficiently diminishing and approaching the
reference value at a satisfact
increasingly being opened to the central banks of the emerging market economies
that are of systemic importance.
5 Since November 2003, the ECB President has chaired the G10 meetings.
The G10 central bank governors have set up a number of permanent co
Community institutions and bodies and on the free movement of such data (OJ L 8,
12.1.2001, p. 1).
1 January 2002. The DPO ensures that personal data collected or processed by the
ECB are kept confidential.
In its procurement of good
Other instruments of monetary control
The Governing Council may, by a majority of two thirds of the votes cast, decide
upon the use of such other operational methods of monetary control as it sees fit,
respecting Article 2.
The Council shall, in accordanc
legal foundations and mission make it a public authority; at the same time, its
policies are mainly implemented by financial operations and its organisational
and working methods are similar to those of a private sector bank. The ECB is
5.4. The Council, in accordance with the procedure laid down in Article 42,
shall define the natural and legal persons subject to reporting requirements, the
confidentiality regime and the appropriate provisions for enforcement.
general economic policies in the Community with a view to contributing to the
achievement of the objectives of the Community as laid down in Article 2. The
ESCB shall act in accordance with the principle of an open market economy with
free competition, fa
As core and leader of the Eurosystem, the ECB has created a large number of job
opportunities requiring managerial and analytical skills. Most of these
professionals have studied economics at graduate or postgraduate level.
ECB staff are selected, appoint
examination of the operational efficiency of the management of the ECB.
Capital of the ECB
28.1. The capital of the ECB, which shall become operational upon its
establishment, shall be ECU 5 000 million. The capital may be increased by such
take strike action.
An independent Social Counsellor provides confidential counselling to staff
members on work-related matters and mediates in interpersonal conflicts at the
workplace. The ECB has also appointed an independent Equal Opportunities
11. As long as a Member State fails to comply with a decision taken in
accordance with paragraph 9, the Council may decide to apply or, as the case may
be, intensify one or more of the following measures:
to require the Member State concerned to publish
The President of the ECB shall present this report to the Council and to the
European Parliament, which may hold a general debate on that basis.
The President of the ECB and the other members of the Executive Board may, at
the request of the European Parl
this Treaty and the Statute of the ESCB;
make recommendations and deliver opinions.
2. A regulation shall have general application. It shall be binding in its entirety
and directly applicable in all Member States.
Recommendations and opinions shall have
banknotes issued by the ECB and the national central banks shall be the only such
notes to have the status of legal tender within the Community.
The ECB shall respect as far as possible existing practices regarding the issue and
design of banknotes.
On the basis of this conclusion, the Council shall, acting by a qualified majority,
adopt a recommendation setting out these broad guidelines. The Council shall
inform the European Parliament of its recommendation.
3. In order to ensure closer coordinatio
to examine, at least once a year, the situation regarding the movement of capital
and the freedom of payments, as they result from the application of this Treaty
and of measures adopted by the Council; the examination shall cover all
areas establish and implement a set of operational control procedures within their
sphere of responsibility. In addition, the ECBs Directorate Planning and
Controlling and the Risk Management Division advise the Executive Board on
specific bank-wide contr
protective measures referred to above.
4. Subject to Article 122(6), this Article shall cease to apply from the beginning
of the third stage.
1. The Commission and the EMI shall report to the Council on the progress
made in the fulfilment by t
Allocation of monetary income of national central banks
32.1. The income accruing to the national central banks in the performance of
the ESCBs monetary policy function (hereinafter referred to as monetary
income) shall be allocated at the end
14.2. The statutes of the national central banks shall, in particular, provide that
the term of office of a Governor of a national central bank shall be no less than
A Governor may be relieved from office only if he no longer fulfils the condi
As the supreme decision-making body for the administration and functioning of
the ECB, the Governing Council adopts the Rules of Procedure of the ECB and
is responsible, in particular, for its finances. On a proposal from the Executive
Board, it adopts th
3.1. In accordance with Article 105(2) of this Treaty, the basic tasks to be
carried out through the ESCB shall be:
to define and implement the monetary policy of the Community;
to conduct foreign-exchange operations consistent with the provisions
Community expresses a single position. The Commission shall be fully
associated with the negotiations.
Agreements concluded in accordance with this paragraph shall be binding on the
institutions of the Community, on the ECB and on Member States.
obligations on the Member State concerned: 3, 6, 9.2, 12.1, 14.3, 16, 18, 19, 20,
22, 23, 26.2, 27, 30, 31, 32, 33, 34, 50 and 52.
43.2. The central banks of Member States with a derogation as specified in
Article 122(1) of this Treaty shall retain their
2nd prize: ASP Schweger Assoziierte, Berlin, Germany;
3rd prize: 54f architekten/T. R. Hamzah & Yeang, Darmstadt,
All three prizewinners were then invited to participate in the projects revision
phase, which requires the arch
accordance with Article 29.3, or whenever the number of governors increases,
the size and/or composition of the groups shall be adjusted in accordance with
the above principles;
the Governing Council, acting by a two-thirds majority of all its members, w