ECB-PUBLIC  
 
 
DECISION OF THE EUROPEAN CENTRAL BANK 
of 27 November 2014  
amending the Conditions of Employment for Staff of the European Central Bank and  
the Conditions of Short-Term Employment  
as regards the ethics framework 
(ECB/2014/NP24)  
 
THE GOVERNING COUNCIL OF TH E EUROPEAN CENTRAL BANK, 
 
Having regard to the Statute of the European System  of Central Banks and of the European Central Bank, 
and in particular Article 36.1 thereof, 
Having regard to the Rules of Procedure of the European Central Bank1, and in particular Article 21 
thereof, 
Having regard to the proposal of the Executive Board, 
Having regard to the opinion of the Staff Committee, Having regard to the contribu tion of the General Council, 
 
Whereas: (1) The European Central Bank (ECB) as a Union in stitution is entrusted with tasks in the public 
interest. 
(2) The staff of the ECB are expected to live up to  the highest standards of integrity, competence, 
effectiveness and efficiency, tran sparency and accountability and team spirit in the performance of 
their tasks in accordance with the ECB values.  
(3) Staff should strive to live up to the highest standards of professional ethics and to remain 
independent at all times. They must at all times ac t solely in the interest of the Union and the ECB 
and conduct themselves in a manner compatible with the dignity of thei r public service role. 
(4) Staff of the ECB are expected to refrain from co nduct liable to impinge on the proper functioning 
of the institution or likely to pr ejudice the reputation of the ECB. 
(5) Article 3 of the Conditions of Employment lays down some general ethical standards which are 
specified further in the ECB’s ethics framework. The wording of these provisions should be 
                                                      
1 As laid down in Decision ECB/2004/2 of 19 February 20 04 adopting the Rules of Procedure of the European Central 
Bank (OJ L 80, 18.3.2004, p. 33). 
ECB-PUBLIC  
2 enhanced for greater clarity. 
(6) In accordance with Article 31(3) of Council Regulation (EU) No 1024/20132 ‘the ECB shall 
establish and maintain comprehensive and formal  procedures including ethics procedures and 
proportionate periods to assess in advance and prevent possible conflicts of interest resulting from 
subsequent employment within two years of … ECB staff members engaged in supervisory 
activities.’ For the implementation of this provision, the ECB should define post-employment restrictions consisting of notification obligatio ns and proportionate cooling-off periods for 
managers, advisers and experts engaged in superv isory activities if and to the extent that the 
envisaged occupational activities could lead to a co nflict of interest. Similar restrictions should 
apply to managers and advisers working in other ar eas to the extent that conflicts of interest may 
also arise in these areas. The Conditions of Employment and the ethics framework laid down in the 
European Central Bank Staff Rules (hereinafter th e ‘Staff Rules’) should define the cooling-off 
periods and specify the conditions under which they apply. They should also specify under which conditions staff members who are prevented from undertaking specific occupations may be compensated by a special monthly allowance. These post-employment restrictions are without 
prejudice to the duty of staff members to maintain professional secrecy even after their duties have 
ceased. 
(7) The Conditions of Employment and the Conditions of Short-Term Employment should be amended 
accordingly, 
 
HAS ADOPTED THIS DECISION:  
Article 1  
Amendments to the Conditions of Employment  
The Conditions of Employment are amended as follows: 
1. Article 3 is replaced by the following: 
‘3.  The conduct of members of staff shall ne ither undermine their professional independence 
and impartiality nor harm the ECB’s reputation. Members of staff shall comply with the provisions of the ECB’s ethics framework and in particular: 
(a) respect the ECB’s common values and conduct themselves in their professional and 
private lives in a manner befitting the charac ter of the ECB as a European institution; 
(b) perform their duties conscientiously, honestly and without regard to self-interest or 
national interests; 
                                                      
2 Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank 
concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63). 
ECB-PUBLIC  
3 (c) avoid situations that give or may be perceived to give rise to conflicts of interest, 
including those arising from s ubsequent occupational activities; 
(d) adhere to the highest standards of professional ethics and act with loyalty to the Union 
and the ECB;  
(e) respect the ECB’s rules on private financial transactions; 
(f)  adhere to the ECB’s rules on dignity at work.  
Members of staff shall continue to be bound by these obligations while on leave from the ECB.’; 
2.  the following Article  4 shall be inserted: 
‘4.  With due regard to Article 37 of the Statut e of the European System of Central Banks and of 
the European Central Bank, members of staff shall refrain, even after their duties have 
ceased, from making unauthorised disclosure of any information that they have received in 
the performance of their duties, unless that information has already been made public.’;  
3.  the following Article 4a is inserted: 
‘4a.  Members of staff shall not, without prior authorisation from the Executive Board, disclose on 
any grounds whatsoever, in any administrative or legal proceedings, information of which 
they have knowledge by reason of their professional duties. The ECB shall authorise disclosure if (a) such disclosure is compatible with the interests of the ECB, and (b) refusal to authorise disclosure would give rise to criminal consequences for the member of staff 
concerned. Authorisation to make disclosure sh all not be necessary if a member of staff is 
summoned to give evidence before the Cour t of Justice of the European Union in 
proceedings between the ECB and current or former staff.’;  
4.  the following Article 4b is inserted: 
‘4b.  Under the conditions laid down in the Staff Rules, certain members of staff who intend to 
engage in a new occupational activity after the end of their employment with the ECB shall refrain for a specified period from engaging in an occupational activity that could lead to a 
conflict with the interests of the ECB (cooling-off period).’; 
5.  the following Article 36a is inserted: 
‘36a.  Under the conditions laid down in the Staff Rules, members of staff who, following the end 
of their employment with the ECB, are prohibited as a result of their cooling-off period from 
taking up a specific occupational activity and who cannot find a suitable alternative 
occupational activity and are as a result unem ployed, shall be entitled to the following 
benefits for the duration of the prohibition on undertaking the activity and as long as they remain unemployed:  
(a) a special monthly allowance equal to  
-
 80% of the last basic salary for the first year, 
- 60% of the last basic salary for the year thereafter; 
(b) household and child allowances;  
ECB-PUBLIC  
4 (c) cover under the ECB medical scheme and accident insurance scheme. 
The above benefits shall replace the unemployment benefits provided for in Article 36, where 
applicable, and are complementary to any other benefits of the same nature provided by other 
sources, including unemployment benefits. Members of  staff shall claim and declare such benefits, 
which shall be deducted from those payable by the ECB. 
The above benefits shall not be payable to members of staff on retirement.’  
 
Article 2  
Amendments to the Conditions of Short-Term Employment  
The Conditions of Short-Term Employment are amended as follows: 
1. Article 2 is replaced by the following: 
‘2. The conduct of short-term contract employees shall neither undermine their professional 
independence and impartialit y nor harm the ECB’s reputation. Short-term contract 
employees shall comply with the provisions of the ECB’s ethics framework laid down in the 
Staff Rules and in particular: 
(a) respect the ECB’s common values and conduct themselves in their professional and 
private lives in a manner befitting the charac ter of the ECB as a European institution; 
(b) perform their duties conscientiously, honestly and without regard to self-interest or 
national interests; 
(c) avoid situations that give or may be perceived to give rise to conflicts of interest, 
including those arising from s ubsequent occupational activities; 
(d) adhere to the highest standards of professional ethics and act with loyalty to the Union 
and the ECB; 
(e) respect the ECB’s rules on private financial transactions; 
(f)  adhere to the ECB’s rules on dignity at work. 
 Short-term contract employees shall continue to be bound by these obligations while on 
leave from the ECB.’; 
2. the following Article 3 is inserted: 
‘3.  With due regard to Article 37 of the Statut e of the European System of Central Banks and of 
the European Central Bank, short-term contract employees shall refrain, even after their duties have ceased, from making unauthorised di sclosure of any information that they have 
received in the performance of their duties, unless that information has already been made 
public.’; 
3. the following Article 4 is inserted: 
‘4.  Short-term contract employees shall not,  without prior authorisation from the Executive 
Board, disclose on any grounds whatsoever, in any administrative or legal proceedings, 
ECB-PUBLIC  
5 information of which they have knowledge by  reason of their professional duties. The ECB 
shall authorise disclosure if (a) such disclosure  is compatible with the interests of the ECB, 
and (b) refusal to authorise disclosure would give  rise to criminal consequences for the short-
term contract employee concerned. Authorisation to make disclosure shall not be necessary 
if a short-term contract employee is summoned to give evidence before the Court of Justice 
of the European Union in proceedings between the ECB and current or former staff.’;  
4. the following Article 4a is inserted: 
‘4a. Under the conditions laid down in the Sta ff Rules, certain short-term contract employees 
who intend to engage in a new occupational activ ity after the end of their employment with 
the ECB shall refrain for a specified period fro m engaging in an occupational activity that 
could lead to a conflict with the intere sts of the ECB (cooling-off period).’;  
 
5.  the following Article 31a is inserted: 
‘31a. Under the conditions laid down in the Staf f Rules, short-term co ntract employees who, 
following the end of their employment with the ECB, are prohibited as a result of their 
cooling-off period from taking up a specific occupational activity and who cannot find a 
suitable alternative occupational activity and ar e as a result unemployed, shall be entitled to 
the following benefits for the duration of th e prohibition on undertaking the activity and as 
long as they remain unemployed:  
(a) a special monthly allowance equal to  
-  80% of the last basic salary for the first year, -  60% of the last basic salary for the year thereafter;  
(b)  cover under the ECB medical scheme and accident insurance scheme. 
The above benefits are complementary to any other benefits of the same nature provided by 
other sources, including unemployment benefits . Short-term contract employees shall claim 
and declare such benefits, which shall be deducted from those payable by the ECB. 
The above benefits shall not be payable to sh ort-term contract employees on retirement.’ 
 
ECB-PUBLIC  
6 Article 3  
Entry into force  
 
This Decision shall enter into force on 1 January 2015.  
  
Done at Frankfurt am Main, 27 November 2014. 
 
[signed] 
 
The President of the ECB  
Mario DRAGHI