EN ECB-PUBLIC  
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 18 December 2013 
on the containment of public expenditure as regards the Banca d’Italia 
(CON/2013/92) 
 
Introduction and legal basis 
On 25 November 2013, the European Central Bank (ECB) received a request from the Italian Ministry of 
Economy and Finance for an opinion on the proposed amendments to the draft law relating to the provisions for drawing up the annual and pluriannual budge t of the State (hereinafter the ‘draft law’), and 
in particular to Article 9, paragraph 27- quattuordecies  thereof (hereinafter the ‘draft amendment’). The 
draft law was approved by the Italian Senate on 27 November, without any material changes
1, and is 
currently under consideration by the Chamber of Depu ties. This opinion is delivered on the basis of the 
draft amendment attached to the request. 
The ECB’s competence to deliver an  opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union 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 provisions2, as the draft law relates to the Banca d’It alia. 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 draft law aims at, inter alia , stabilising the public finances by rationalising and reducing public 
expenditure relating to civil service recruitment,  remuneration and pensions. The draft amendment 
provides that the Banca d’Italia will take into account , within its legal remit, the principles of public 
expenditure containment laid down in  Articles 11 and 12 of the draft law3. These principles will be 
implemented by means of collective agreements ne gotiated between the Banca d’Italia and the trade 
unions. In the absence of collective agreements, the Banca d’Italia will adopt appropriate implementing 
measures. 
                                                 
1 However, Article 9(27- quattuordecies ) has been renumbered as Article 1(201) whereas Articles 11 and 12 have been 
renumbered as Article 1(306) to (326), respectively. 
2 OJ L 189, 3.7.1998, p. 42. 
3 Article 1(306) to (326) of the draft law, as approved by the Senate, lay down provi sions on contract renewal, 
remuneration, recruitment policies, termination benefits and pensions for civil servants, the aim of which is to reduce 
public expenditure. 
ECB-PUBLIC  
2 2. Compliance with the central bank independence principle  
2.1. As underlined in the ECB’s Convergence Reports4 and several opinions5 on issues concerning 
autonomy in staff matters, which are an aspect of  the financial independence of national central 
banks (NCBs), Member States may not impair an NC B’s ability to recruit and retain the qualified 
staff necessary for the NCB to perform independently  the tasks conferred on it by the Treaty and 
the Statute of the European System of Central Ba nks and of the European Central Bank. Moreover, 
any amendment to the legislative provisions on the remuneration of members of an NCB’s decision-making bodies and its employees should be  decided in close and effective cooperation 
with the NCB to ensure the ongoing ability of th e NCB to independently carry out its tasks. 
Autonomy in staff matters extends to  issues relating to staff pensions. 
2.2 By virtue of Article 3(1) of Legislative D ecree No 165 of 30 March 2001 on general rules for the 
organisation of employment by the public authorities, the rules and principles applying to the Italian civil service do not currently apply to th e staff of the Banca d’Italia, and the draft 
amendment aims at extending the principles of  containing public expenditure to the Banca 
d’Italia’s staff, with regard to recruitment, remuneration and pensions. Consequently, the Banca 
d’Italia will have to take these principles in to account in relation to its own legal remit. 
2.3 The ECB understands that the draft amendment re quires the Banca d’Italia to (a) assess whether the 
draft amendment’s principles can be implemente d without prejudice to the Banca d’Italia’s 
autonomy in staff matters; and (b) take measures in  accordance with such pr inciples only if and to 
the extent compatible with its ability to independently carry out its task
6. Since Article 18(2), points 
4 to 6 of the Statute of the Banca d’Italia re main unchanged, the ECB also understands that the 
Board of Directors retains its power to adopt the Banca d’Italia internal regulations, determine the 
staffing level, recruit and dismiss employees and approve agreements negotiated with trade unions. 
Based on these understandings, the draft amendment can be considered compatible with the 
principle of financial independence. The ECB trus ts that it will be consulted on any future draft 
legislative provisions in this matter. 
 This opinion will be published on the ECB’s website.  Done at Frankfurt am Main, 18 December 2013. 
[signed] 
 
The President of the ECB 
Mario DRAGHI 
                                                 
4 See, for example, the ECB’s Convergence Report, 2013, p. 27. 
5 See, for example, Opinions CON/2010/42, CON/ 2010/56, CON/2010/69, CON/2010/80; CON/2011/104, CON/2011/106. 
All ECB opinions are published on the ECB’s website at www.ecb.europa.eu. 
6 See Opinion CON/2010/58.