ddrg/super_eurlex huggingface dataset:
Official Journal of the European Union

Special report No 5/2022

Cybersecurity of EU institutions bodies and agencies – level of preparedness overall not commensurate with the threats

(2022/C 142/04)

The European Court of Auditors has published its special report No 5/2022: ‘Cybersecurity of EU institutions bodies and agencies – level of preparedness overall not commensurate with the threats’.

The report can be consulted directly or downloaded at the European Court of Auditors’ Internet: https://www.eca.europa.eu/en/Pages/DocItem.aspx?did=60922
Official Journal of the European Union

Special report 23/2022:

‘Synergies between Horizon 2020 and European Structural and Investment Funds – Not yet used to full potential’

(2022/C 442/02)

The European Court of Auditors has published its special report 23/2022: ‘Synergies between Horizon 2020 and European Structural and Investment Funds – Not yet used to full potential’.

The report can be consulted directly or downloaded at the European Court of Auditors’ website: https://www.eca.europa.eu/en/Pages/DocItem.aspx?did=62446
Official Journal of the European Union

Special report 12/2022

‘Durability in rural development – Most projects remain operational for the period required, but there are opportunities to achieve longer lasting results’

(2022/C 238/06)

The European Court of Auditors has published its special report 12/2022: ‘Durability in rural development – Most projects remain operational for the period required, but there are opportunities to achieve longer lasting results’.

The report can be consulted directly or downloaded at the European Court of Auditors’ website: https://www.eca.europa.eu/en/Pages/DocItem.aspx?did=61262
VII.

A greater effort is needed to effectively implement the supervisory and control systems and to address their weaknesses, so as to improve the handling of the attendant risks in the following areas, where payments are still materially affected by errors. (a) In the case of CAP expenditure, the Court found recurrent evidence that expenditure which is not subject to IACS, or where IACS has been inadequately applied, poses greater risk because control systems are not as effective. Post-payment checks for CAP subsidies not covered by IACS do not provide reasonable assurance as to compliance with Community legislation. The Court concluded that CAP expenditure, viewed as a whole, was still materially affected by errors. (b) In the case of structural measures, the Court again found weaknesses in the management and control systems which show the need, in varying degrees, for improvement in order to fully comply with the regulatory requirements for effective day-to-day management checks and/or independent sample checks of operations for the 2000 to 2006 programming period. For both programming periods (1994 to 1999 and 2000 to 2006), numerous errors of legality and regularity were detected in the expenditure included in the declarations leading to payments by the Commission. (c) In the case of internal policies, despite the progress made in certain areas, the Court's audit findings related to the supervisory and control systems and the underlying transactions do not provide sufficient assurance as regards the legality and regularity of payments. It is likely that the risk of errors will persist unless the legal framework is changed so as to simplify cost reimbursement systems and clarify the procedures and instructions governing the different programmes. (d) In the case of external actions, the improvements of the Commission's supervisory and control systems have not yet had an impact at implementing organisation level, where a relatively high number of errors at the level of payments in terms of frequency and financial impact were detected which were linked to the lack of a comprehensive approach to the supervision, control and audit of these organisations.
OPINION OF THE EUROPEAN MONETARY INSTITUTE
on a consultation from the Swedish Ministry of Finance under Article 109f (6) of the Treaty
establishing the European Community (the “Treaty”) and Article 5.3 of the Statute of the EMI as
elaborated in the Council Decision of 22nd November 1993 (93/717/EC) on a draft proposal for the
amendment of legislation concerning clearing and settlement operations.
CON/95/18
1. The present consultation was initiated on 28th November 1995 by the Swedish Ministry of
Finance which requested an opinion by the end of January 1996.
2. The EMI’s competence to deliver an opinion is based on Article 1, section 1, fourth and fifth
indents, of the Council Decision of 22nd November 1993 /93/717/EC) as the draft legislation
concerns clearing and settlement operations, particularly in the field of payments and securities,
and includes provisions aiming to enhance the stability of financial institutions and markets.
3. At present, statutory provisions on clearing operations in Sweden, a s laid down in the Act
governing Securities Exchanges and Clearing Operations, apply only to the clearing of options
and futures.  The above draft legislation aims at an extension of these provisions to other
clearing operations and, in particular, at the introduction of compulsory authorisation for clearing
operations involving equity, bonds, other financial instruments and payments including payments
in foreign currencies.  Such authorisation must be obtained from the Swedish Financial
Supervisory Authority which, inter alia, assess the soundness of clearing and settlement systems,
their capitalisation, the level of safety standards and the existence of risk management plans.
The draft legislation also includes provisions on participation in clearing and settlement systems,
the liability of its operators and adaptations of Swedish legislation as a result of the Investment
Services Directive.  The draft legislation is based on principles of free access, equal treatment
and uniform application to operations of a similar kind, whilst it takes account of recent
developments in the financial markets in areas such as netting.
4. The EMI welcomes the draft legislation as its enhances the soundness of clearing and settlement
systems in Sweden and thus the stability of financial markets and institutions.  The EMI supports
in particular the attention which is paid in the draft legislation to matters such as compulsory
authorisation by a public authority for the operation of and participation in clearing and settlement
- 2 -
systems, safety standards, a clear division of responsibilities and liabilities,
- 3 -
netting, uniform application of statutory provisions to clearing operations of a similar kind and
principles of free access and equal treatment.  The EMI, having reviewed the draft legislation
itself, was not, however, in the position within the limited time available to assess the impact
thereof on the various laws which the draft legislation aims to amend.
5. The EMI agrees that this opinion may be made public by the c ompetent Swedish authorities at
their discretion.
30th January 1996
OPINION OF THE EUROPEAN MONETARY INSTITUTE 
on a consultation from the Commission of the European Communities under Article 105(4) and
109 f (8) of the Treaty and Article 5(3) of Council Regulation No 2494/ 95 of 23rd October 1995;
on a draft Commission Regulation on minimum standards for prices used in HICPs  (No XX/96)
(“Draft Regulation”).
CON/96/1
1. The present consultation was initiated on 18th January 1996 by the Commission of the
European Communities which, for this purpose, transmitted to the EMI document D(96) 30201containing the Draft Regulation.
2. The objective of the Draft Regulation is to ma intain the target sample from month to month
where monthly collection is the requirement, or from period to period where less frequent
collection is planned for harmonised indices of  consumer prices (HICPs) from January 1997.
Articles 8.1 and 8.2 of the above Council Regula tion require monthly price collection for
HICPs, but the Commission (Eurostat) may allow less frequent collection as long as
comparability is not affected. Present practice of substituting missing monthly observations is
regarded to fail the comparability requirement of HICPs.
3. The EMI welcomes the measures aiming to improve comparability, particularly that
(i) the regulation applies to all goods and services covered by HICPs.
(ii) estimations are to be used when an obs ervation is missing or not required; carrying
forward previous prices is prohibited, unless they provide the best estimate.
(iii) estimations may be used only for a limited time.
4. The EMI is aware that there are sound reasons against more constraining rules and that the
trade-off between cost and accuracy does not in a ll cases justify a strict obligation for monthly
price collection of all goods and services. Furt hermore, it is acknowledged that more precise
rules can probably only be defined in conjunc tion with the envisaged regulation on sampling,
since the sample size and the variability of pr ices influence the required standard for prices
used in HICPs.
- 2 -
5. However, the EMI is not fully satisfied with  the required minimum standards for prices and
thus regards the Draft Regulation as a startin g point for further improvements after 1997. The
present Draft Regulation defines clearly neither  the conditions to be fulfilled for granting
exemptions from monthly price collection, nor a threshold for the application of estimated
prices instead of actual pri ces, nor comparable methods for deriving the estimates.
6. In view of these remaining uncertainties, quality control over national practices becomes
particularly important. The EMI therefore suppor ts the Draft Regulation only with the proviso
that appropriate measures for quality control will be defined in due course in order to ensure
compliance with the requirements of the Council Regulation on HICP.
7. Subject to these reservations the EMI considers the Draft Regulation to be conducive to
comparable consumer price i ndices in the European Union.
15th February 1996
7 February 1997
OPINION OF THE EUROPEAN MONETARY INSTITUTE
on a consultation from the Commission of the European Communities under Article 5(2) of
Council Regulation No. 2494/95 of 23  October 1995 on a proposal by the Commission to
grant a derogation from the initial implementing measures required under Commission
Regulation No.  1749/96 concerning harmonised indices of consumer prices (HICP) to
Denmark
CON/97/01
1. In a letter dated 16  January  1997 from Mr.  Franchet, Director General of Eurostat, the
Commission consulted the EMI on the derogation requested by Denmark from Commission
Regulation No.  1749/96.
 
2. Article 5(2) of the Council Regulation on HICPs provides for the mandatory consultation of the
EMI where the Commission is asked to grant a derogation. The present consultation relates to
HICPs starting from January 1997. The EMI underlines the importance of a more timely
submission of requests for derogations.
 
3. Article 5(2) of Council Regulation No  2494/95 enables a Member State to claim a derogation not
exceeding a period of one year where it has to make “significant adjustments” to its statistical
system. The EMI welcomes the considerable efforts undertaken by the Member States in order
to improve the comparability of consumer price statistics. The EMI underlines the need to
minimise claims for derogations, since each derogation granted reduces the progress in
comparability of HICPs at a time which is critical in the move to the final stage of Monetary
Union.
 
4. Against the background of the tight timetable for the introduction of HICPs, the EMI also
emphasises the importance of the timely implementation of all required changes to the statistical
system. In this context it points to the fact that Commission Regulation No.  1749/96 was enacted
by the Commission on 9  September 1996 and that the contents of the draft Regulation were
approved by the Statistical Programme Committee at its meeting in December 1995, i.e. more
than one year before the first HICPs were to be calculated.
- 2 -
5. Denmark seeks the granting of a derogation from Article 7 of Commission Regulation
No. 1749/96, which introduces two comparable formulae for calculating price indices for
elementary aggregates. The formula used by Denmark does not fulfil the above comparability
requirement and is expected to lead to systematically higher price indices. This is why the
Commission Regulation requires that it should normally not be used. Given the potential impact
on the comparability of HICPs, the EMI strongly supports the preconditions proposed by the
Commission for granting a derogation, which are to limit the derogation to August 1997 and to
apply the change in formula retrospectively to January 1997 at that date.
 
6. The EMI agrees that this opinion may be made public by the competent authorities at their
discretion.
8 May 1998
OPINION OF THE EUROPEAN MONETARY INSTITUTE
at the request of the United Kingdom under Article 109f (6) of the Treaty establishing the
European Community (the “Treaty”) and Article 5.3 of the Statute of the EMI concerning
certain subordinate legislation in connection with the Bank of England Act 1998
(CON/98/24)
1. On 21 April 1998 the EMI received from the Bank of England a request for an opinion on
certain subordinate legislation proposed to be made by way of Orders of HM Treasury in
connection with the Bank of England Act 1998 and under authority deriving from that Act (“the
Orders”). The orders are the Cash Ratio Deposits (Value Bands and Ratios) Order 1998, The
Cash Ratio Deposits (Eligible Liabilities) Order 1998, The Bank of England (Information
Powers) Order 1998, and The Bank of England Act 1998 (Consequential Amendments of
Subordinate Legislation) Order 1998.
2. The EMI’s competence to deliver an opinion is based on Article 1.1, second and fifth indents, of
the Council Decision of 22 November 1993 (93/717/EC) (the “Council Decision”) on
consultation of the EMI by the authorities of the Member States on draft legislative provisions, as
the Orders contain inter alia provisions concerning the powers of the Bank of England (the
“Bank”) and rules applicable to financial institutions in so far as they influence the stability of
financial institutions and markets.
3. The EMI has already given detailed comments on the then current provisions of the Bank of
England Bill in its opinion CON/97/27 dated 21 January 1998. Since the Orders are intended to
implement certain parts of that legislation, no new comments of principle arise. Reference should
be made, however, to the EMI’s earlier opinion for the EMI’s comments on the matters which
three of the orders cover, namely cash ratio deposits and the collection of information.
4. In particular, it was noted in the earlier opinion as follows.
- 2 -
a) The provisions relating to cash ratio deposits are established as part of the arrangements
for financing the Bank. Whilst the EMI acknowledges that they are not intended to be
used as a monetary policy instrument, it notes that the holding of minimum reserves might
be a monetary policy instrument in Stage Three and that such cash ratio deposits might in
the future need to be reviewed accordingly.
b) The Bank of England Act empowers HM Treasury to determine what statistical data will
be reported to the Bank for monetary policy purposes. Such a right may be inconsistent
with Article 5 of the Statute of the ESCB and ECB, which requires the ECB, assisted by
the national central banks, to collect the statistical information necessary for the ESCB to
carry out its tasks. This Article 5 applies to the United Kingdom notwithstanding its status
under the Treaty. However, the EMI notes that the proposed range of the financial affairs
of an undertaking about which the Bank will be empowered to obtain information are very
comprehensively drafted in the relevant Orders.
5. The EMI has no objection to its opinion being made public.
8 May 1998
THE VICE-PRESIDENT
OPINION OF THE EUROPEAN CENTRAL BANK
at the request of the Portuguese Ministry of  Finance on a Decree-Law dealing with the
production of paper money
(CON/99/14)
1. On 2 September 1999 the European Central Bank (ECB) received a request from the Portuguese
Ministry of Finance for an ECB Opinion concerning a legislative act which endows to thePortuguese Central Bank the competence (i) to produce and print paper money and other
security documents, (iii) to perform the distribution of banknotes and (iii) to develop services
related to the pursuance of such activities.
2. The ECBs competence to deliver an opinion is based on Article 105 (4) of the Treaty and
Article 2 (1), first, second and third indents, of Council Decision (EC) No. 98/415 of 29 June
1998 on the consultation of the European Central Bank by national authorities regarding draftlegislative provisions, as the legislative act deals with currency matters, means of payment andnational central banks. In accordance with Article 17.5, first sentence, of the Rules of Procedureof the European Central Bank, this opinion has been adopted by the Governing Council of the
ECB. The legislative act was submitted to the ECB in its official original version in Portuguese
accompanied by a courtesy translation in English.
3. In general, the adoption of national legislative provisions within the field of competence of the
ECB before opening the consultation procedure laid down in the Council Decision of 29 June1998 (98/415/EC), does not allow for due consid eration of the ECB's opinion as foreseen in
Article 4 of such Council Decision. In the present consultation, the Portuguese Government,adopted the legislative act submitted for consultation before initiating this consultationprocedure. However, in the meanwhile, it suspended the national legislative procedure by not
publishing the legal act and by consulting the ECB. It is understood that this actions of the
2
Portuguese Government would allow the Portugue se Authorities to take due consideration of
the ECB opinion should it gave rise to the need of introducing any changes in the legislative act.
4. The legislative act is intended to clarify the role of the Portuguese Central Bank (Banco de
Portugal) in the field of production of paper money taking into account its integration in the
European System of Central Banks (ESCB) and its responsibilities in ensuring the authenticity
and security of monetary circulation. The ECB has no substantive comments to the Decree-Lawsubmitted for consultation, which is deemed to be in conformity with the relevant provisions ofcommunity law. 
5. The ECB confirms that it has no objections to this ECB Opinion being made public by the
competent national authorities at their discretion.
Done at Frankfurt am Main on 24 September 1999.
The Vice-President of the ECB
(Signed)
C. Noyer
10.

Article 4 of the proposed regulation provides for a derogation system by means of authorisations granted by the designated authorities in the Member State where a medal or token is produced or first imported, or the Commission in the case of requests from third countries. The ECB notes that the authorisations granted pursuant to Article 4(1) would allow the use of the terms ‘euro’ or ‘euro cent’ under controlled conditions of utilisation in cases where no risk of confusion exists. However, Article 4(1) does not provide for specific derogations to authorise the use of the euro symbol. The ECB sees no justifiable reason for differentiating between the use of the euro symbol and that of the terms ‘euro’ and ‘euro cent’. Furthermore, in relation to Article 4(1) the Commission's explanatory memorandum expressly refers to specific derogations from Article 2(a) when, inter alia, the use of ‘the…euro symbol is practical’. The ECB therefore recommends including a reference to the euro symbol in Article 4(1) of the proposed regulation. The ECB also understands that where such an authorisation is granted the economic agent concerned within a Member State must be clearly identifiable on the surface of the medal or token and the indication ‘Not legal tender’ must be stamped on the obverse or the reverse of the medal or token. In this regard, the ECB would recommend that Article 4(1) include a reference to the minimum size of the words ‘Not legal tender’, as in the absence of such a specification there is a risk that barely legible lettering could be used. Furthermore, the ECB notes that the authorisations to be awarded under Article 4(2) concern medals and tokens whose size is inside the reference band, provided that no risk of confusion exists and that conditions on the combinations of diameter and edge height and the combinations of diameter and metal properties are met. The ECB does not have any objections to the system of derogation established in Article 4 of the proposed regulation, as the medals and tokens authorised under it must abide by stringent visual or physical conditions so as to eliminate any possible risk of confusion.
EN 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 14 Septem
ber 2009 
on Česká národní banka’s supervisory tasks relating to consumer credit  
(CON/2009/71) 
 
Introduction and legal basis  
On 25 August 2009 the European Central Bank (ECB) received a request from the Czech Ministry of 
Industry and Trade for an opinion on a draft law on consumer credit and ame nding certain other laws 
(hereinafter the ‘draft law’). 
The ECB’s competence to deliver an  opinion is based on Article 105(4) of the Treaty establishing the 
European Community and the third indent of Article 2(1) of Council Decision 98/415/EC of 29 June 1998 
on the consultation of the European Central Bank by  national authorities regarding draft legislative 
provisions1, as the draft law relates to Česká národní banka ( ČNB). In accordance with the first sentence 
of Article 17.5 of the Rules of Procedure of th e European Central Bank, the Governing Council has 
adopted this opinion.  1.  Purpose of the draft law 
The purpose of the draft law is to transpose into Czech law Directive 2008/48/EC of the European 
Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing 
Council Directive 87/102/EEC
2. Under the draft law3, the supervision of compliance with consumer 
credit obligations is included in the supervisory tasks of ČNB with regard to those entities falling under 
its supervision4. Non-banking entities carrying out business ac tivities on the basis of a trade licence will 
be supervised by the Czech Trade Inspectorate5.  
                                                 
 
1  OJ L 189, 3.7.1998, p. 42.  
2  OJ L 133, 22.5.2008, p. 66. 
3  See Article 21 and Part Five of the draft law. 
4  Pursuant to Article 44(1) of Law No 6/1993 Coll. on Česká národní banka, these entit ies include banks, foreign bank 
branches, cooperative banks, electronic money institutions, capi tal market entities, insurance corporations and pension 
funds. 
5  The Czech Trade Inspectorate supervises compliance with th e conditions laid down in the currently applicable consumer 
credit law, i.e. Law No 321/2001 Coll. on certain conditions of consumer credit and amending Law No 64/1986 Coll.    
2 2. Extension of ČNB’s supervisory tasks  
The ECB understands that the underlying reason for a llocating the supervisory tasks relating to consumer 
credit to ČNB is the fact that ČNB already has overall responsibility for the supervision of the Czech 
financial market. The ECB considers that the new tasks complement ČNB’s existing supervisory powers 
and thus contribute to the preservation of confidence in the marketplace. However, it should be ensured 
that ČNB has sufficient human and material resources to carry out these new tasks without affecting its 
capacity to carry out its ESCB-related tasks.  
 
This opinion will be published on the ECB’s website.  
  Done at Frankfurt am Main, 14 September 2009. 
 
[signed] 
 
The President of the ECB 
Jean-Claude TRICHET