Rules of Procedure of the European Central Bank
Date: 1998-07-07
Institutions: European Central Bank
Subjects: European Central Bank, rules of procedure

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II

(Acts whose publication is not obligatory)

EUROPEAN CENTRAL BANK

RULES OF PROCEDURE

THE GOVERNING COUNCIL OF THE EUROPEAN
CENTRAL BANK,

2.3. The President may also convene meetings of the
Governing Council whenever he/she deems it necessary.

Having regard to the Protocol on the Statute of the Euro-
pean System of Central Banks and of
the European
Central Bank (hereinafter referred to as the ‘Statute') and
in particular to Article 12(3) thereof,

HAS DECIDED TO ADOPT THESE RULES OF
PROCEDURE:

PRELIMINARY CHAPTER

Article 1

Treaty and Statute

These Rules of Procedure shall supplement the Treaty
(hereinafter
the European Community
establishing
referred to as the ‘Treaty') and the Statute. The terms in
these Rules of Procedure shall have the meaning which
they have in the Treaty and the Statute.

CHAPTER I

THE GOVERNING COUNCIL

Article 2

Date and place of Governing Council meetings

2.1. The date of the meetings shall be decided by the
Governing Council on a proposal from the President. The
Council shall, in principle, meet regularly following a
schedule determined by the Governing Council in good
time before the start of each calendar year.

2.2. The President shall convene a meeting of
the
Governing Council if a request for a meeting is submitted
by at least three members of the Governing Council.

2.4. The Governing Council shall normally hold its
meetings on the premises of the European Central Bank
(hereinafter referred to as the ‘ECB').

2.5. Meetings may also be held by means of teleconfer-
encing, unless at least three Governors object.

Article 3

Attendance at Governing Council meetings

the Governing Council

3.1. Except as provided hereto, attendance at meetings
of
shall be restricted to its
members, the President of the Council of the European
Union, and a member of the Commission of the Euro-
pean Communities.

3.2. Each Governor may normally be accompanied by
one person for those parts of the meetings which are not
related to monetary policy deliberations.

If a Governor is unable to attend, he/she may
3.3.
appoint,
in writing, an alternate without prejudice to
Article 4. This written communication shall be sent to the
President in due time before the meeting.

3.4. The Governing Council may also invite other
persons to attend its meetings if it deems it appropriate to
do so.

Article 4

Voting

4.1.
In order for the Governing Council to vote, there
shall be a quorum of two-thirds of the members. If the
quorum is not met, the President may convene an extra-
ordinary meeting at which decisions may be taken
without regard to the quorum.

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4.2. The Governing Council shall proceed to vote at the
request of the President. The President shall also initiate a
voting procedure if any member requests him/her to do
so.

4.3. Abstentions shall not prevent the adoption by the
Governing Council of decisions under Article 41(2) of the
Statute.

4.4.
If a member of the Governing Council is prevented
from voting for a prolonged period (of more than one
month), he/she may appoint an alternate as a member of
the Governing Council.

4.5.
In accordance with Article 10(3) of the Statute, if a
Governor is unable to vote on a decision to be taken
under Articles 28, 29, 30, 32, 33 and 51 of the Statute,
his/her appointed alternate may cast his/her weighted
vote.

4.6. The President may initiate a secret ballot
if
requested to do so by three members of the Governing
Council. If members of the Governing Council are per-
sonally affected by a prospective decision under Articles
11(1), 11(3) or 11(4) of the Statute, there shall always be
secret balloting. In such cases the members concerned
shall not participate in the vote.

4.7. Decisions may also be taken by written procedure,
unless at least three members of the Governing Council
object. A written procedure shall require: (i) normally not
less than five working days for consideration by every
member of the Governing Council; (ii) the personal signa-
ture of each member of
(or
his/her alternate in accordance with Article 4(4)); and (iii)
a record of any such decision to be made in the minutes
of the next meeting of the Governing Council.

the Governing Council

CHAPTER II

THE EXECUTIVE BOARD

Article 6

Date and place of Executive Board meetings

6.1. The date of the meetings shall be decided by the
Executive Board on a proposal from the President.

6.2. The President may also convene meetings of the
Executive Board whenever he/she deems it necessary.

Article 7

Voting

7.1.
In order for the Executive Board to vote, in accord-
ance with Article 11(5) of the Statute, there shall be a
quorum of two-thirds of the members. If the quorum is
not met, the President may convene an extraordinary
meeting at which decisions may be taken without regard
to the quorum.

7.2. Decisions may also be taken by written procedure,
unless at
the Executive Board
object.

two members of

least

7.3. Members of the Executive Board personally affected
by a prospective decision under Articles 11(1), 11(3) or
11(4) of the Statute shall not participate in the vote.

Article 8

Organisation of Executive Board meetings

Article 5

The Executive Board shall decide on the organisation of
its meetings.

Organisation of Governing Council meetings

5.1. The agenda for each meeting shall be adopted by
the Governing Council. A provisional agenda shall be
drawn up by the Executive Board and shall be sent,
together with the related documents, to the members of
the Governing Council and other authorised participants
at least eight days before the relevant meeting, except in
emergencies, in which case the Executive Board shall act
appropriately with a view to the circumstances. The
Governing Council may decide to remove items from or
add items to the provisional agenda on a proposal from
the President or
the Governing
Council. An item shall be removed from the agenda at
the request of at least three of its members if the related
documents were not sent to the members in due time.

from a member of

5.2. The minutes of the proceedings of the Governing
Council shall be submitted to its members for approval at
the next meeting (or earlier, if necessary, by written pro-
cedure) and shall be signed by the President.

CHAPTER III

THE ORGANISATION OF THE EUROPEAN CENTRAL
BANK

Article 9

Committees of the European System of Central
Banks

9.1. Committees of
the European System of Central
Banks (hereinafter referred to as ‘ESCB committees'),
composed of representatives of
the
national central bank of each participating Member State,
will be formed to assist in the work of the European
System of Central Banks (hereinafter referred to as the
‘ESCB').

the ECB and of

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shall

lay down the
9.2. The Governing Council
mandates of the ESCB committees and appoint their
chairpersons. As a rule, the chairperson shall be a repres-
entative of the ECB. Both the Governing Council and the
Executive Board shall have the right to request studies of
specific topics by ESCB committees.

9.3. ESCB committees shall report to the Governing
Council via the Executive Board. The Banking Super-
visory Committee shall not be obliged to report via the
Executive Board whenever it acts as a forum for consulta-
tion on issues which are not related to the supervisory
functions of the ESCB as defined in the Treaty and in the
Statute.

9.4. The national central bank of each non-participating
Member State may also appoint a representative to take
part in the meetings of an ESCB committee whenever it
deals with matters which fall within the field of compet-
ence of the General Council. The representatives may also
be invited to take part
in meetings whenever this is
deemed appropriate by the chairperson of a committee
and the Executive Board.

specific matters of direct

to the
9.5. For
Commission of the European Communities, represent-
atives of
the Commission services may be invited to
attend meetings of ESCB committees. Representatives of
other Community bodies and of third parties may also be
invited if and where deemed appropriate.

interest

9.6. The ECB shall provide secretarial assistance to the
ESCB committees.

Article 10

Article 11

Staff of the ECB

11.1. Each member of the staff of the ECB shall be
informed of his/her position within the structure of the
ECB, his/her
reporting line and his/her professional
responsibilities.

11.2. Without prejudice to Articles 36 and 47 of the
Statute, the Executive Board shall enact organisational
rules (hereinafter referred to as ‘Administrative Circulars').
Such rules shall be obligatory for the staff of the ECB.

11.3. The Executive Board shall enact and update a
Code of Conduct for the guidance of its members and of
members of its staff.

CHAPTER IV

INVOLVEMENT OF THE GENERAL COUNCIL IN THE
TASKS OF THE EUROPEAN SYSTEM OF CENTRAL
BANKS

Article 12

Relationship between the Governing Council and
the General Council

12.1. The General Council of the ECB shall be given
the opportunity to submit observations before the
Governing Council adopts:

— opinions under Article 4 and Article 25(1) of the

Statute,

— ECB recommendations in the statistical field, under

Article 42 of the Statute,

— the annual report,
— the rules on the standardisation of accounting rules

and reporting of operations,

— the measures for the application of Article 29 of the

Internal structure

Statute,

10.1. Having consulted the Governing Council,
the
Executive Board shall decide upon the number, name and
respective competence of each of the work units of the
ECB. This decision shall be made public.

10.2. All work units of the ECB shall be placed under
the managing direction of the Executive Board. The Exec-
utive Board shall decide upon the individual responsibil-
ities of its members with respect to the work units of the
ECB, and shall
the
General Council and the staff of the ECB thereof. Any
such decision shall be taken only in the presence of all
the members of the Executive Board, and may not be
taken against the vote of the President.

inform the Governing Council,

— the conditions of employment of the staff of the ECB,
— in the context of the preparations for the irrevocable
fixing of exchange rates, an ECB opinion either under
Article 109L(5) of the Treaty or concerning EC legal
acts to be adopted when a derogation is abrogated.

12.2. Whenever the General Council
is requested to
submit observations under the above paragraph, it shall be
given a reasonable period of time within which to do so,
which may not be less than 10 working days. In a case of
urgency (which must be justified in the request),
the
period may be reduced to five working days. The Pres-
ident may decide to use written procedure.

12.3. The President shall inform the General Council,
in accordance with Article 47(4) of the Statute, of de-
cisions adopted by the Governing Council.

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Article 13

Relationship between the Executive Board and the
General Council

13.1. The General Council of the ECB shall be given
the opportunity to submit observations before the Exec-
utive Board:

— implements legal acts of the Governing Council for
which, in accordance with Article 12(1), the contribu-
tion of the General Council is required,

— adopts, by virtue of powers delegated by the
Governing Council in accordance with Article 12(1) of
the Statute, legal acts for which, in accordance with
Article 12(1) of these Rules, the contribution of the
General Council is required.

13.2. Whenever the General Council
is requested to
submit observations under the above paragraph, it shall be
given a reasonable period of time within which to do so,
which may not be less than 10 working days. In a case of
the
urgency (which must be justified in the request),
period may be reduced to five working days. The Pres-
ident may decide to use written procedure.

CHAPTER V

SPECIFIC PROCEDURAL PROVISIONS

15.2. For assistance in matters related to the budget of
the ECB, the Governing Council shall establish a Budget
Committee and lay down its mandate and composition.

Article 16

Reporting and annual accounts

16.1. The competence to adopt
report
required under Article 15(3) of the Statute shall pertain to
the Governing Council.

the annual

16.2. The competence to adopt and publish the quar-
terly reports under Article 15(1) of the Statute, the weekly
consolidated financial statements under Article 15(2) of
the Statute, the consolidated balance sheets under Article
26(3) of the Statute and other reports shall be delegated to
the Executive Board.

16.3. The Executive Board shall, in accordance with the
principles established by the Governing Council, prepare
the annual accounts of the ECB within the first month of
the subsequent financial year. These shall be submitted to
the external auditor.

16.4. The Governing Council shall adopt the annual
accounts of the ECB within the first quarter of the sub-
sequent year. The external auditor’s
shall be
submitted to the Governing Council before their adop-
tion.

report

Article 14

Legal instruments of the ECB

Article 17

Delegation of powers

14.1. The delegation of powers of
the Governing
to the Executive Board under Article 12(1),
Council
second paragraph, last sentence, of the Statute shall be
notified to the parties concerned, or published if appro-
priate, in matters having legal effects on third parties. Acts
adopted by way of delegation shall be promptly notified
to the Governing Council.

14.2. The Book of Authorised Signatories of the ECB,
established pursuant to decisions adopted under Article
39 of the Statute, shall be circulated to interested parties.

Article 15

Budgetary procedure

15.1. The Governing Council, acting upon a proposal
from the Executive Board in accordance with any prin-
ciples laid down by the former, shall adopt, before the
end of each financial year, the budget of the ECB for the
subsequent financial year.

17.1. ECB Regulations
the
Governing Council and signed on its behalf by the Pres-
ident.

adopted by

shall be

17.2. ECB guidelines shall be adopted by the Governing
Council and signed on its behalf by the President. They
shall state the reasons on which they are based. Noti-
fication of the national central banks may take place by
means of telefax, electronic mail or telex or in paper
form.

17.3. The Governing Council may delegate its norm-
ative powers to the Executive Board for the purpose of
implementing its regulations and guidelines. The regula-
tion or guideline concerned shall specify the issues to be
implemented as well as the limits and scope of the del-
egated powers.

17.4. ECB Decisions and recommendations shall be
adopted by the Governing Council or the Executive
Board in their respective domain of competence, and
shall be signed by the President. They shall state the
reasons on which they are based. The recommendations
for secondary Community legislation under Article 42 of
the Statute shall be adopted by the Governing Council.

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17.5. Without prejudice to Article 44, second paragraph,
and Article 47(1), first indent, of the Statute, ECB opin-
shall be adopted by the Governing Council.
ions
However,
in exceptional circumstances and unless not
less than three Governors state their wish to retain the
competence of the Governing Council for the adoption of
specific opinions, ECB opinions may be adopted by the
Executive Board, in line with comments provided by the
Governing Council and taking into account the contribu-
the General Council. ECB opinions shall be
tion of
signed by the President.

17.6. ECB instructions shall be adopted by the Exec-
utive Board and signed on its behalf by the President or
any two Executive Board members. Notification of the
national central banks may take place by means of telefax,
electronic mail or telex or in paper form.

instruments shall be numbered
17.7. All ECB legal
sequentially for ease of
identification. The Executive
Board shall ensure the safe custody of the originals, the
notification of the addressees or consulting authorities,
and the immediate publication in all the official Euro-
pean Union languages in the Official Journal of the
European Communities in the case of ECB Regulations,
ECB opinions on draft Community legislation and those
instruments whose publication has been
ECB legal
expressly decided.

Article 18

Procedure under Article 105a(2) of the Treaty

The approval provided for in Article 105a(2) of the Treaty
shall be adopted by the Governing Council in a single
decision for all participating Member States within the
last quarter of every year and for the following year.

Article 19

Procurement

19.1.
In the procurement of goods and services for the
ECB due regard shall be given to the principles of
publicity, transparency, equal access, non-discrimination
and efficient administration.

European Monetary Institute (hereinafter referred to as
the ‘EMI').

Article 20

Selection, appointment and promotion of staff

20.1. All members of staff shall be selected, appointed
and promoted by the Executive Board.

20.2. Members of staff shall be selected, appointed and
promoted with due regard to the principles of profes-
sional qualification, publicity, transparency, equal access
and non-discrimination. An Administrative Circular shall
further specify the rules and procedures for recruitment
and for internal promotion.

20.3. The Executive Board may recruit for the ECB
members of
the EMI (under liquidation)
without specific recruitment rules and procedures.

the staff of

Article 21

Conditions of Employment

21.1. The employment relationship between the ECB
and its staff shall be determined by the Conditions of
Employment and the Staff Rules.

21.2. The Conditions of Employment shall be approved
and amended by the Governing Council upon a proposal
from the Executive Board. The General Council shall be
consulted under the procedure laid down in these Rules
of Procedure.

21.3. The Conditions of Employment shall be imple-
mented by Staff Rules, which shall be adopted and
amended by the Executive Board.

21.4. The Staff Committee shall be consulted before the
adoption of new Conditions of Employment or Staff
Rules. Its opinion shall be submitted, respectively, to the
Governing Council or the Executive Board.

Article 22

Communications and announcements

19.2. Without derogation to the principle of efficient
administration, exceptions may be made to the above
principles in cases of urgency; for reasons of security or
secrecy; where there is a sole supplier; for supplies from
the national central banks to the ECB; to ensure the
continuity of a supplier; and for assets acquired from the

General communications and announcements of de-
cisions taken by the decision-making bodies of the ECB
may be effected through the Official Journal of the
European Communities and by means of wire services
common to financial markets.

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Article 23

Confidentiality of and access to ECB documents
and archives

23.1. The proceedings of the decision-making bodies of
the ECB and of any committee or group established by
them shall be confidential unless the Governing Council
authorises the President to make the outcome of their
deliberations public.

23.2. All documents drawn up by the ECB shall be
confidential unless the Governing Council decides other-
wise. The Governing Council shall specify the access
criteria applicable to ECB documentation and archives.
Such a decision shall be published in the Official
Journal of the European Communities.

23.3. Access to documents held in the archives of the
EMI shall be governed by Decision No 9/97 of
the
Council of the EMI until this is replaced by a Decision of
the Governing Council. In view of the liquidation of the
EMI,

— all responsibilities of
decision shall be
Council,

the EMI Council under this
transferred to the Governing

— all responsibilities of the Secretary-General of the EMI

shall be transferred to the Executive Board.

23.4. Documents held in the archives of the Committee
of Governors of the Central Banks of the Member States
of the European Economic Community, of the EMI and

of the ECB shall be freely accessible after 30 years. In
special cases the Governing Council may shorten this
period.

CHAPTER VI

FINAL PROVISIONS

Article 24

Amendments to these Rules of Procedure

The Governing Council may amend these Rules of Pro-
cedure. The General Council may propose amendments
and the Executive Board may adopt supplementary rules
within its field of competence.

Article 25

Publication

These Rules of Procedure shall be published in the Offi-
cial Journal of the European Communities.

Done at Frankfurt am Main, 7 July 1998.

For and on behalf of the Governing
Council

Willem F. DUISENBERG

President