Opinion of the European Central Bank of 27 June 2000 at the request of the Bank of Greece on a draft law ratifying amendments to the Statute of the Bank of Greece (CON/00/15)
Date: 2000-06-27
Institutions: European Central Bank
Subjects: Eurosystem, Greece, central bank, monetary integration, money, national law

OPINION OF THE EUROPEAN CENTRAL BANK

of 27 June 2000

at the request of the Bank of Greece

on a draft law ratifying amendments to the Statute of the Bank of Greece

(CON/00/15)

1.

On 5 June 2000 the European Central Bank (ECB) received a request from the Bank of Greece for

an ECB Opinion on a draft law ratifying amendments to the Statute of the Bank of Greece which

were endorsed by its General Assembly of Shareholders on 25 April 2000 (the “draft law”).

2. 

The ECB’s competence to deliver an opinion is based on Article 2, paragraph one, third indent, of

the  Council  Decision  (98/415/EC)  of  29 June  1998  on  the  consultation  of  the  ECB  by  national

authorities  regarding  draft  legislative  provisions,  as  the  legislative  proposal  contains  provisions

concerning a national central bank. In accordance with Article 17.5, first sentence, of the Rules of

Procedure of the  European  Central  Bank,  this  ECB  Opinion  has  been  adopted  by  the  Governing

Council of the ECB.

3. 

The amendments to the Statute of the Bank of Greece aim at the integration of the Bank of Greece

in  the  Euro  system  upon  introduction  of  the  euro  by  Greece.  The  ECB  has  already  delivered  its

Opinion CON/00/07 on the amendments to the Statute of the Bank of Greece on 17 April 2000 and

it  has  also  addressed  such  amendments  in  its  May  2000  Convergence  Report  on  Greece  and

Sweden.  In  its  Opinion  and  Convergence  Report,  the  ECB  noted  that  the  ECB  should  also  be

consulted  on  the  draft  law  to  be  adopted  by  Parliament,  which  is  with  this  procedure  now

effectuated. 

4. 

The  draft  law  ratifies  in  Article  18  the  decision  of  the  General  Assembly  of  25 April 2000  and

reiterates  the  amendments  to  the  Statute  of  the  Bank  of  Greece  as  adopted  by  the  General

Assembly on that date. 

5. 

The ECB notes that Article 18 of the draft law contains provisions incorporating the observations

of  the  ECB  made  in  its  Opinion  CON/00/07  under  sections  5  to  24.  In  accordance  with  the

observation in section 16 of Opinion CON/00/07, the ECB notes that paragraph 37 of Article 18

recognises that the words “adoption of the euro as the national currency of Greece” throughout the

Statute  of  the  Bank  of  Greece  shall  be  replaced  by  the  “adoption  of  the  euro  as  the  currency  of

Greece”. The ECB welcomes this clarification.

6. 

In  accordance  with  the  ECB’s  Opinion  and  its  April  2000  Convergence  Report,  the  draft  law

repeals the core provisions of Law 2548/97 in Article 19. The provisions remaining in force amend

or repeal previous legislation, regulate issues relating to the interim period after the entry into force

of the draft law until the introduction of the euro or are of a transitional or technical  nature and,

consequently,  have  not been incorporated  in  the  Bank  of  Greece’s  Statute.  The  ECB  appreciates

that Law 2548/97 has now almost completely been abolished, but  that there are at the same time a

very limited number of provisions which, by nature, may be better placed in a law which can be

more easily amended rather than in the  Bank  of  Greece’s  Statute,  which  is  of  a  more  permanent

nature.    The  ECB  acknowledges  that  the  Bank  of  Greece’s  Statute  in  any  case  clearly  and

unambiguously elaborates, for example in Article 2, third paragraph, the Bank of Greece’s status as

an integral part of the Eurosystem and the implications thereof.

7. 

All  in  all,  the  ECB  welcomes  the  draft  law  and  notes  with  satisfaction  that  its  adoption  will

complete  the  legislative  procedure  to  make  the  Bank  of  Greece’s  Statute  compatible  with

requirements for the introduction of the euro as laid down in the Treaty establishing the European

Community and the Statute of the ESCB/ECB.

8. 

The  ECB  confirms  that  it  has  no  objection  to  this  ECB  Opinion  being  made  public  by  the

competent national authorities at their discretion.

Done at Frankfurt am Main on 27 June 2000.

The President of the ECB

[signed]

Willem F. Duisenberg

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