Code of Conduct of the European Central Bank in accordance with Article 11.3 of the Rules of Procedure of the European Central Bank
Date: 2001-03-08
Institutions: European Central Bank
Subjects: European Central Bank, code of conduct, duties of civil servants, rules of procedure

C 76/12

EN

Official Journal of the European Communities

8.3.2001

EUROPEAN CENTRAL BANK

CODE OF CONDUCT OF THE EUROPEAN CENTRAL BANK

in accordance with Article 11.3 of the Rules of Procedure of the European Central Bank

(2001/C 76/11)

1. PRELIMINARY STATEMENTS

This Code of Conduct (hereinafter referred to as the (cid:145)Code(cid:146))
gives guidance in matters of professional ethics to all persons
employed by the European Central Bank (hereinafter referred to
as the (cid:145)addressees(cid:146)) and serves as a reference for the public with
regard to the standard of conduct that third parties are entitled
to expect in their dealings with the European Central Bank
(ECB). The Code makes explicit the ethical conventions and
standards by which the ECB considers it necessary for the
addressees
the benchmarks against
which fulfilment of the obligations already assumed by the
addressees will be measured. The Code draws on, and is
without prejudice to, the terms of individual contracts of the
members
of
Executive Board,
Employment for Staff of the European Central Bank (hereinafter
referred to as the (cid:145)conditions of employment(cid:146)) and all texts
implementing them. Similarly,
the Code gives guidance to
and sets ethical conventions, standards and benchmarks for
the members of the Executive Board of the ECB.

to abide and clarifies

the Conditions

the

of

2. BASIC PRINCIPLES

The addressees are expected to act with exclusive loyalty to the
ECB, honestly, independently, impartially, with discretion and
without regard to self-interest or national interests, to subscribe
to high standards of professional ethics, and to avoid any
situation liable to give rise to a conflict of interest.

are

in their

addressees

encouraged

The
inter-personal
relationships within the ECB to behave as Europeans and
the European Union, with no national bias,
citizens of
drawing on the cross-cultural heritage of the Member States,
and achieving a level of teamwork and team spirit which goes
beyond cultural differences.

unwelcome physical, verbal or non-verbal conduct(cid:146) (1). The
addressees need both to show sensitivity to and respect for
seen as offensive by
others and to stop any behaviour
another person at his/her
the
first
addressees shall be prejudiced in any way whatsoever for
preventing or reporting harassment or bullying.

indication. None of

2.2. Diligence, efficiency, responsibility

The addressees are expected always to carry out diligently,
efficiently and to the best of their abilities the responsibilities
and the duties entrusted to them. They are expected to be
mindful of the importance of their duties and responsibilities,
to take into account the expectations of the public concerning
their moral behaviour, to conduct themselves in a way that
maintains and boosts the public’s trust in the ECB, and to
contribute to the efficiency of the administration of the ECB.

2.3. Legal compliance

According to the protocol on the privileges and immunities of
the privileges and immunities
the European Communities,
enjoyed by the addressees are accorded solely in the interests
of the ECB. These privileges and immunities shall in no way
exempt the addressees from fulfilling their private obligations
or
In
laws and police regulations in force
particular, the criminal
in Germany are to be respected in full by the addressees.

from complying with the applicable national

laws.

3. RELATIONS WITH THE OUTSIDE WORLD

3.1. Independence

3.1.1. Avoidance of external influence

2.1. Equal treatment and non-discrimination

The addressees should avoid any form of discrimination and, in
particular, any discrimination based on race, nationality,
gender, age, physical disability,
sexual preference, political
opinions, philosophical views or religious convictions.

Sexual harassment or psychological or physical bullying of any
kind whatsoever will not be tolerated by the ECB. Community
legislation defines sexual harassment as (cid:145)unwanted conduct of a
sexual nature, or other conduct based on sex affecting the
dignity of women and men at work. This can include

The principle of independence is laid down in Article 7 of the
Statute of the European System of Central Banks and of the
European Central Bank (hereinafter referred to as the (cid:145)Statute(cid:146)).
In all external relations the addressees should support
the
commitment of
in accordance with the
principle of independence. Accordingly, addressees should not
seek or take instructions from any government, authority,
organisation or person outside the ECB.

the ECB to act

(1) Commission Recommendation of 27 November 1991 on the
protection of the dignity of women and men at work (OJ L 49,
24.2.1992, p. 1).

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3.1.2. Negotiating prospective employment outside the ECB

The addressees should behave with integrity and discretion in
respect of both any negotiations concerning prospective
employment and the acceptance of professional positions
after they have ceased to hold office at the ECB, in particular
if such positions are taken with a financial institution or with
one of the ECB’s suppliers. As soon as any such negotiations
are under way or such a perspective exists, the addressees
concerned are expected to abstain from any matter that may
relate to the prospective employer, if the continuation of such
relationship may lead to their being reproached for a conflict
of interest or for having misused their position at the ECB.

3.1.3. Gifts and honours

Respect of the principle of independence is incompatible with
applying for, receiving or accepting from any source outside
the ECB or from subordinates any benefits, rewards, remun-
eration or gifts in excess of a customary or negligible amount,
whether financial or non-financial, which are connected in any
way whatsoever with an addressee’s activity within the ECB.

As regards the acceptance of honours or decorations granted to
addressees by national authorities on the grounds of services to
the ECB, addressees should give prior notification to and seek
clearance by the President of the ECB.

3.1.4. External activities

Addressees may undertake non-remunerated and non-financial
activities outside working hours in domains such as culture,
science, education, sports, charity, religion, social work or other
benevolent work, on condition that such activities do not have
a negative impact on the addressees’ obligations with regard to
this nature and other
the ECB. Remunerated activities of
activities outside working hours require prior approval
in
accordance with the conditions of employment.

The addressees are requested to employ prudence and caution
in any political activities so as to preserve the independence
and neutrality of the ECB.
In particular, the ECB is not in
favour of senior management acquiring or maintaining any
prominent position in political parties. The addressees should
not carry out political activities within working hours, using
the facilities of the ECB, or on its premises.

The addressees may associate with academic societies and
contribute to their material and scientific development.
In
the addressees may engage in research, deliver
particular,
lectures, write articles or books or pursue any other similar
activities involving a subject matter related to topics covered by
their work, subject to the approval of the Executive Board.
such scientific or
However,
academic contributions by the addressees are made in a
personal capacity and do not involve the ECB. The addressees
should in no way appear to represent an institutional position
held by the ECB, unless they have been authorised to the
contrary in advance.

it must be made clear

that

The addressees shall neither solicit nor receive remuneration
financial or of any other kind for any external
whether
activities carried out
their duties,
in the performance of
except where strictly required to cover their expenses, unless
duly authorised to do so by the Executive Board.

3.2. Confidentiality and public access to documentation

Professional secrecy, provided for in Article 38 of the Statute,
in the conditions of employment and in all texts implementing
them, requires the non-divulgence of confidential information
obtained by the addressees in the performance of their duties.
Permission to give evidence, whether as a witness in legal
proceedings or otherwise, shall be requested and it shall be
granted whenever a refusal to give evidence would involve
the addressee in criminal proceedings. Permission shall not,
however, be required in the event of an addressee being
Justice of
summoned to give evidence before the Court of
the European Communities in a case between the ECB and a
current or former member of its staff.

The obligations with regard to professional secrecy do not
to information and documents as
prevent public access
determined in the ECB Decision of 3 November 1998
(ECB/1998/12 and subsequent modifications).

3.3. Relations with the public

3.3.1. Basic principles

Accessibility, efficiency, correctness and courtesy should guide
the addressees in their relations with the public. The addressees
shall ensure, to the extent possible, that members of the public
information they request. Such
are provided with the
to provide the
information, as well as any reason not
information, shall be clear and understandable.

3.3.2. Data protection

Addressees dealing with personal data concerning individual
citizens shall respect
the principles laid down in Directive
95/46/EC of the European Parliament and of the Council of
24 October 1995 on the protection of individuals with regard
to the processing of personal data and on the free movement
of such data (1). Such addressees shall,
in particular, avoid
processing personal data for non-legitimate purposes or the
transmission of such data to non-authorised persons.

3.3.3. Appeals

Addressees should ensure that any decision of the ECB which
may have an adverse effect on the rights or interests of a third
party shall contain an indication of the options available to
the competent appeal
challenge the decision, as well as
bodies and time-limits
such
the exercise of
required for
options.

(1) Directive 95/46/EC of the European Parliament and of the Council
of 24 October 1995 on the protection of individuals with regard to
the processing of personal data and on the free movement of such
data (OJ L 281, 23.11.1995, p. 31).

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3.4. Contacts with the media

Addressees should refrain from giving interviews or supplying
off-the-record information (i.e. information that is not available
in the public domain) on their own initiative or upon invi-
tation to the media without prior authorisation. When meeting
members of
the media on a social basis, addressees shall
exercise the utmost degree of discretion with regard to
matters related to the European System of Central Banks
(ESCB).

3.5. Relations with national central banks

forming part of

A spirit of close mutual cooperation should govern the
relations between the addressees and their colleagues at the
national central banks (NCBs)
the ESCB.
Such cooperation with the NCBs should be guided by the
treatment and the
principles of non-discrimination, equal
avoidance of national bias. It should be without prejudice to
the maintenance of confidentiality wherever appropriate.
In
this context it has to be borne in mind that not all members
of the ESCB form part of the Eurosystem, which has institu-
tional implications for the extent of this cooperation.

In any relationship with an NCB, the addressees should bear in
mind their obligations with regard to loyalty to the ECB and
the impartial role of the ECB within the ESCB.

interests which may
addressees have private or personal
influence or appear to influence the impartial and objective
performance of
interests
mean any potential advantage for themselves, their families,
their other relatives or their circle of friends and acquaintances.

their duties. Private or personal

3.7.2. Information on tenders for goods and services

During tender procedures the addressees should communicate
only through the official
channels and avoid providing
information orally.

3.7.3. Insider trading

Addressees shall comply with the rules on insider trading
established by the Executive Board.

3.8. Relations with interest groups

Relations with interest groups should be built upon the basic
rules of professional ethics. The addressees should ensure that
all representatives of
interest groups identify themselves as
such, clearly state the capacity in which they are acting and
give the names of any other addressee whom they have
contacted on the same subject.

3.6. European institutions and bodies and national auth-

orities

4. IN-HOUSE RELATIONS

Contacts, whether formal or informal, with representatives of
European institutions, other European bodies and national
authorities should always reflect the position of the ECB if
and when such a position exists; in the absence of an estab-
lished ECB position, the addressees should explicitly reserve
any ECB position on a given matter when advancing
personal views. Contacts with European institutions and
bodies require special attention and a high level of accessibility,
while the independence of the ECB and the maintenance of
professional secrecy as provided for in the Statute should be
ensured.

Addressees should inform their superiors of any attempt to
influence the ECB in the performance of
its tasks in an
improper manner.

3.7. Private financial activities and conflicts of interest

The tasks and activities of the ECB involve financial trans-
actions with financial institutions as well as a diverse set of
other business relationships. They also involve the analysis for
and the preparation of decisions which may have an impact on
market developments. In these and other professional activities,
the addressees should be in a position to act with full inde-
pendence and impartially.

3.7.1. Avoidance of potential conflicts of interest

The addressees should avoid any situation liable to give rise to
interest arise where the
a conflict of

interest. Conflicts of

4.1. Loyalty and cooperation

For the addressees, loyalty implies not only the fulfilment of
the tasks entrusted to them by their superiors and compliance
with the latters’ instructions and with the applicable reporting
lines, but also assistance, advice, openness and transparency in
all dealings with superiors and colleagues. In particular, the
addressees should keep other concerned colleagues informed
with regard to work in progress and enable them to contribute
to it. Withholding information that may affect the conduct of
business from superiors or colleagues, particularly in order to
gain a personal advantage, providing false, inaccurate or exag-
gerated information, refusing to cooperate with colleagues or
demonstrating any obstructive behaviour would be contrary to
the form of loyalty expected of the addressees.

Any communication should demonstrate due respect for the
should be copied to any
reporting channels. Documents
colleagues concerned. Managers shall
instruct the addressees
working with them in a clear and understandable manner,
whether orally or in writing.

4.2. Use of the ECB’s resources

The addressees are expected to respect and protect the ECB’s
property and not to allow third parties to make use of the
ECB’s services and/or facilities. All equipment and facilities,
whatever their nature, are provided to the addressees by the
ECB for official use only, unless private use is permitted either
according to relevant internal rules or practices or on a discre-
tionary basis.

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The addressees are also expected to take all reasonable and
appropriate measures to limit the costs and expenses of the
ECB wherever possible, so that the available resources can be
employed in the most efficient manner.

5. IMPLEMENTATION

5.1. Role of the addressees

Proper implementation of this Code depends first and foremost
on the professionalism, conscience and common sense of the
addressees.

5.2. Ethics Adviser

Addressees who have any questions on the application of the
Code of Conduct should discuss the matter with the Ethics
Adviser mentioned in the staff rules. Conduct that is fully in
conformity with the advice and interpretative ethical rules
developed by the Ethics Adviser shall not give rise to a disci-
plinary procedure for non-compliance by the addressee with
his/her obligations
shall,
release the addressee from his/her external
however, not
liability.

the ECB. Such advice

vis-(cid:224)-vis

In addition to the vigilance which addressees in positions of
authority are expected to demonstrate, they are also expected
to behave in an exemplary fashion with regard to the
adherence to the principles and rules laid down in this Code.

5.3. Distribution and publication

A copy of this Code shall be distributed to each addressee. It
shall be published in the Official
the European
Communities.

Journal of

Part 1.2 of the ECB Staff Rules containing the rules on professional conduct and professional
secrecy

(2001/C 76/12)

1.2. Professional conduct and professional secrecy

The provisions of Articles 4(b), 4(c), 4(f) and 5(b) of the
conditions of employment are applied as follows:

1.2.1. The Executive Board shall appoint an Ethics
Adviser. The role of the Ethics Adviser shall be
to provide guidance in relation to all aspects of
professional conduct and professional secrecy. The
a
Ethics Adviser
consistent
trading
rules of the ECB. Without prejudice to such obli-
interpre-
the Ethics Adviser shall adopt
gation,
tative ethical criteria. The Ethics Adviser shall
perform his/her role under an obligation of strict
confidentiality.

shall
interpretation of

in particular

the insider

ensure

1.2.2.

(cid:145)Remuneration,
any
financial benefit and/or any non-financial benefit.

rewards or gifts(cid:146) means

1.2.3. A member of staff who is invited to attend an
event in his/her official capacity may not accept
a fee of any kind.

1.2.4. Normal hospitality and token gifts may be

accepted to avoid causing offence.

1.2.5. Where there is any doubt, a member of staff shall
obtain the approval of his/her Director-General/
Director before accepting any gift or hospitality

or, where this is not possible, report to him/her
immediately any gift or hospitality received.

1.2.6. Without

the prior permission of

the Executive
Board, members of staff shall not publish any
work or articles or give any lectures relating to
the ECB or its activities.

1.2.7.

1.2.8.

In view of the position held by the ECB and the
general economic and financial importance of the
issues with which it deals, members of staff shall
concerning
maintain
information relating to issues dealt with by the
ECB.

professional

secrecy

Information relating to issues dealt with by the
ECB (inside information) shall mean information
which is known to a member of staff, which
relates to the administration of
the ECB or to
transactions of any kind (including proposed
in connection with
transactions), which arises
the objectives and tasks of
the ECB, which is
confidential or which is or might be perceived
as being relevant to decisions to be made by the
Inside information relating to issues dealt
ECB.
with by the ECB can comprise a broad range of
information and may originate from any country
or business area within the ECB. Therefore, the
following items are examples only and this is
not to be considered as an exhaustive list: