OPINION OF THE EUROPEAN MONETARY INSTITUTE
at the request of the Banca d’Italia under Article 109f (6) of the Treaty establishing the
European Community (the “Treaty”),  Article 5.3 of the Statute of the EMI and Council
Decision 93/717/EC of 22 November 1993, concerning draft amendments to some provisions
of the Statute of Banca d’Italia (the “Draft Statute Amendments”)
(CON/98/07)
1. On 29 January 1998, the EMI received a request for an opinion on the Draft Statute
Amendments from the Governor of Banca d’Italia. An Explanatory Memorandum was also
submitted to the EMI. This opinion is based on the English translation of the draft submitted to
the EMI by the consulting authority.
2. The EMI’s competence to deliver an opinion is based on Article 1.1, seco nd indent, of the
Council Decision (93/717/EC) of 22 November 1993 on the consultation of the EMI by the
authorities of the Member States on draft legislative provisions, as the Draft Statute
Amendments contain provisions concerning the status and powers of the national central bank.
3. The EMI has analysed the proposed amendments to the Statute of Banca d’Italia (the
“Statute”). Such amendments are required by Article 10 of the draft legislative decree
implementing Article 108 of the Treaty, on which the EMI has already given its opinion
(CON/97/32), and by Article 108 of the Treaty itself. In conformity with the analysis contained
in its Legal Convergence Report, the EMI welcomes the changes introduced into the Statute to
bring it into line with those introduced by the Legislative Decree and with the requirements of the
Statute of the ESCB. In particular, the EMI considers it appropriate to clarify at the beginning of
its Statute both the new status of Banca d’Italia as integral part of the ESCB and the new limits
of its competences in Stage Three. Also, the EMI welcomes the substitution for the exhaustive
list of operations which can be undertaken by the Bank of a much more flexible and appropriate
general clause allowing Banca d’Italia to undertake all acts and operations allowed by the
Statute of the ESCB and by its implementing measures.
4. However, some further amendments are necessary in order to meet fully the requirements of the
Treaty. In the first place, the EMI considers that the independence of the members of the
decision-making bodies, in particular of the members of the Board of Directors, has been
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improved by the change of Article 17 of the Statute proposed in the Draft Statute Amendments.
However, the Statute should also ensure that no conflict of interest can arise between the
ESCB-related tasks of the members of the Board of Directors and their other functions. Even
though important cases of incompatibilities are already covered by Article 60 of the Statute, a
clause in this sense should be added, either in Article 17 or in Article 60.
5 Moreover, on the question of the competences of the Board of Directors, the EMI understands
that paragraph 19 of Article 20 has to be read in the light of the first paragraph of Article 20: this
means that only tasks related to the general administration of the Bank can be submitted to the
Board of Directors by the Governor. However, to enhance legal certainty, this limitation should
be clarified in the text of Paragraph 19.
6 Also, concerning Article 42, similarly to what already observed in the EMI opinion on the Draft
Legislative Decree, a reference should be added to the relevant ECB provisions contained in
Chapter IV of the Statute of the ESCB.
7 Finally, the EMI understands that the obligation of sec recy imposed on officials and employees
of Banca d’Italia by Article 62 of the Statute continues to apply, for the matters which have
come to their knowledge in the exercise of their duties, after they leave the service of the Bank.
The EMI confirms that it has no objection to this opinion being made public by the competent Italian
authorities at their discretion.
19 February 1998