Code of Conduct for the members of the Governing Council
Date: 2002-05-24
Institutions: European Central Bank
Subjects: European Central Bank, code of conduct, decision-making body (EU), staff

24.5.2002

EN

Official Journal of the European Communities

C 123/9

EUROPEAN CENTRAL BANK

CODE OF CONDUCT FOR THE MEMBERS OF THE GOVERNING COUNCIL

(2002/C 123/06)

THE MEMBERS OF THE GOVERNING COUNCIL OF THE EUROPEAN
CENTRAL BANK,

Whereas.

(1) The members of the Governing Council have a special
responsibility to maintain the integrity and reputation of
the European System of Central Banks (ESCB) and the
European Central Bank (ECB) as well as the effectiveness
of its operations and, therefore, have to ensure that their
conduct reflects this special responsibility.

(2) The members of the Governing Council have taken note of
the provisions of the Code of Conduct of the European
Central Bank adopted by the Executive Board of the ECB
on 10 October 2000 and addressed to all persons
employed by the ECB,

HAVE AGREED ON 16 MAY 2002 UPON THIS MEMORANDUM OF
UNDERSTANDING ON A CODE OF CONDUCT:

1. Scope of application

the ESCB, members of the Governing Council, when exer-
cising the powers and carrying out the tasks and duties
conferred upon them, shall not seek or take instructions
from any
from Community institutions or bodies,
government of a Member State or from any other body,
including any decision-making body that they belong to.

3.2. The members of the Governing Council shall act in the
general interest of the euro area. For decisions to be taken
in accordance with Article 10.3 of the Statute of the
ESCB, Governors may also take into account the interest
of their respective national central bank as shareholder.

3.3. Respect of the principle of independence is incompatible
with applying for, receiving or accepting from any source
except
rewards,
from within the ESCB any benefits,
in excess of a customary or
remuneration of gifts
negligible amount, whether
financial or non-financial,
which are connected in any way whatsoever with the
function as a member of the Governing Council.

and

alternates

appointed

This Code of Conduct gives guidance to and sets ethical
conventions, standards and benchmarks for members of the
Governing Council
in
their
accordance with Article 4.4 of the Rules of Procedure of the
European Central Bank (hereinafter referred to as the ‘members
of the Governing Council’) when exercising their functions as
members of the Governing Council of the ECB. The Code is
without prejudice to other rules of conduct addressed to central
bank Governors and the Code of Conduct of the European
Central Bank that gives guidance to the members of
the
Executive Board of the ECB.

2. Basic principles

independently,

the Governing Council shall observe the
The members of
highest standard of ethical conduct. They are expected to act
honestly,
impartially, with discretion and
without regard to self-interest and to avoid any situation
liable to give rise to a personal conflict of interests. They are
expected to be mindful of the importance of their duties and
responsibilities, to take into account the public character of
their
themselves in a way that
maintains and promotes the public's trust in the ECB.

function and to conduct

3.4. Members of

the Governing Council shall ensure that
non-ESCB activities, if any, whether remunerated or not,
have no negative impact on their obligations and will not
damage the image of the ECB. In scientific or academic
contributions, members of the Governing Council shall
make clear that the contribution is made in a personal
capacity and does not
the
Governing Council or the ECB. When making public
statements on ESCB-related matters, members of
the
Governing Council shall have due regard to their role
and duties in the Governing Council.

the views of

represent

3.5. Relations with interest groups shall be based upon an
approach that is compatible with their independence as
members of the Governing Council and the principle of
integrity.

3. Independence

3.1. In accordance with Article 108 of the Treaty establishing
the European Community and Article 7 of the Statute of

3.6. The members of the Governing Council shall once a year
send to the President of the ECB a list of their external
mandates, either public or private, which are to be
exercised during their term of office.

C 123/10

EN

Official Journal of the European Communities

24.5.2002

4. Conflict of interests

7. Ethics Adviser

interests arises where the members of

4.1. The members of the Governing Council shall avoid any
situation liable to give rise to a conflict of interests. A
the
conflict of
interests,
Governing Council have private or personal
which may
the
influence or
their duties.
impartial and objective performance of
Private or personal
the
interests of
Governing Council mean any potential advantage for
themselves, their families, their other relatives or their
circle of friends and acquaintances.

the members of

to influence

appear

4.2. In view of the impact of decisions to be taken by the
the
in a
independence and impartiality.

Governing Council
members of
position to act with full

the Governing Council

developments,

on market

shall be

4.3. The members of the Governing Council shall not use
information to which they have access for
confidential
the purpose of carrying out private financial transactions,
whether directly or indirectly via third parties or whether
conducted at their own risk and for their own account, or
at the risk and for the account of a third party.

5. Professional secrecy

ESCB,

requires

Professional secrecy, provided for in Article 38 of the Statute of
confidential
the
the non-divulgence of
information. This shall be taken into account,
in particular,
in public speeches or statements and in relations with media
with regard to monetary policy decisions that have not yet
been officially disclosed to the public. The members of the
Governing Council
to
ensure that the persons having access to their information
also respect the professional secrecy obligations imposed by
Article 38 of the Statute of the ESCB.

take all necessary measures

shall

6. Continuance of duties

their duties have ceased,

During the first year after
the
members of the governing Council shall continue to avoid
that could arise from any new
any conflict of
in particular,
private or professional activities. They shall,
inform the members of
in writing
whenever they intend to engage in such activities and shall
seek their advice before committing themselves.

the Governing Council

interests

The Governing Council shall appoint an Ethics Adviser to
provide guidance to the members of the Governing Council.

8. Publication

This Code of Conduct shall be published in the Official Journal
of the European Communities.

Made in one original copy, deposited in the vaults of the ECB.
Each party to this Memorandum of Understanding shall receive
a certified copy thereof.

Willem F. DUISENBERG

Christian NOYER

Jaime CARUANA

Vítor CONSTÂNCIO

Eugenio DOMINGO SOLANS

Antonio FAZIO

Sirkka HÄMÄLÄINEN

John HURLEY

Otmar ISSING

Klaus LIEBSCHER

Yves MERSCH

Tommaso PADOA-SCHIOPPA

Lucas D. PAPADEMOS

Guy QUADEN

Jean-Claude TRICHET

Matti VANHALA

Nout WELLINK

Ernst WELTEKE