WRITTEN QUESTION P-0275/03 by Wolfgang Ilgenfritz (NI) to the Commission. Transfer of currency reserves.
Date: 2003-01-31
Institutions: European Parliament, Provisional data
Subjects: Belgium, European Central Bank, European System of Central Banks, Italy, Netherlands, central bank, foreign-exchange reserves, private-sector liquidity

6.2.2004

EN

Official Journal of the European Union

C 33 E/37

In addition, a summary of Community’s initial requests was published in July 2002 on the Commission’s
Web Site (DG TRADE) (2) and on 12 November 2002 the Commission launched an unprecedented public
to the Community by publishing a
consultation on the requests addressed by WTO members
comprehensive consultative document in all official
languages outlining the main issues raised in the
requests. The public consultation has been met with a large public response. The Commission has
subsequently analysed the comments submitted and has considered these as it has prepared the draft
Community offer. The Commission welcomes the many contributions it has received that have helped it
identify issues of current concern or interests to all stakeholders.

With respect to what access members of the public will have to the initial requests tabled by the
Community and other WTO Members in these negotiations, the Commission would refer the Honourable
Members to its answer to Written Question E-2446/02 by Mr Deva (3). As regards the Community’s offer
in the services negotiations the Commission has announced that the EU’s offer will be made public once it
has been sent to our trading partners. This is an unprecedented step.

The Commission believes
safeguarding its ability to negotiate.

the above efforts show its

strong commitment

to transparency while

(1) OJ C 11 E, 15.1.2004, p. 27.
(2) http://europa.eu.int/comm/trade/wto_overview/index_en.htm.
(3) OJ C 110 E, 8.5.2003, p. 55.

(2004/C 33 E/034)

WRITTEN QUESTION P-0275/03

by Wolfgang Ilgenfritz (NI) to the Commission

(31 January 2003)

Subject: Transfer of currency reserves

Transfers of currency reserves are reported to have been made in Belgium, the Netherlands and Italy
without being challenged by any EU bodies.

Were currency reserves actually transferred by the national banks, and are they then freely available for use
(to finance public road building or to fund research,
for example) on the basis of national budget
decisions?

Must such transfers be approved by EU bodies, and if so by which bodies, or can such a decision be taken
at purely national level?

How large is the volume of currency reserves available for such transfers in the individual countries?

Answer given by Mr Solbes Mira on behalf of the Commission

(5 March 2003)

The Commission does not have any information about recent transfers of currency reserves by national
central banks in favour of national governments.

There is limited availability of foreign reserves for transactions at the level of the Member States. For any
such transaction the approval by the European Central Bank’s (ECB’s) Governing Council is indispensable.

Indeed, according to Article 105(2) of the EC Treaty one of the basic tasks to be carried out through the
European System of Central Banks (ESCB), which is composed of the European Central Bank (ECB) and the
euro area national central banks (NCB), is to hold and manage the official foreign reserves (gold, foreign
currency, special drawing right (SDR)) of the euro area Member States. Thus, the euro area reserves consist
of both the ECB’s and those held by participating NCBs. Reserve assets of the ECB are those which are
pooled under Article 30 of the Statute of the ESCB according to the capital subscription key. All other
reserve assets are retained by the NCBs in relation to Article 30(4) as long as no transfer of ownership

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Official Journal of the European Union

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6.2.2004

takes place. According to Article 31(2) of the Statute of the ESCB all other operations in foreign reserves
remaining with the NCBs shall, above a certain limit, be subject to further approval by the ECB to ensure
that these operations will not interfere with the monetary and exchange rate policies of the euro area.
Transactions undertaken by NCBs in fulfilment of their obligations vis-à-vis international organisations,
such as the International Monetary Fund (IMF) and the Bank for International Settlements (BIS), are exempt
from this requirement.

The amount of reserves held by NCBs that could be used in transactions is limited, because Council
Regulation (EC) No 1010/2000 of 8 May 2000 concerning further calls of foreign reserve assets by the
European Central Bank (1) provides the ECB with the option to ask for the transfer of additional foreign
reserve assets. The type of reserves that can be considered for transactions is also subject to a constraint,
the 1999 Central Bank Gold Agreement. Among its signatories are the ECB and 11 euro area NCBs (all
except the Bank of Greece). They agreed not to sell gold for five years (until September 2004 with a
possible extension) unless such sales had already been planned before. Furthermore, operations in foreign
reserves are subject to all other parts of the legal framework of the euro area, in particular to Article 101
(central bank financing of the budget) and to Article 7 of the Protocol on the Statute of the ESCB
(independence).

The Member States do not have foreign reserves at their disposal for transfers between the NCBs and the
national governments for budgetary purposes.

(1) OJ L 115, 16.5.2000.

(2004/C 33 E/035)

WRITTEN QUESTION E-0329/03

by Alexandros Alavanos (GUE/NGL) to the Commission

(10 February 2003)

Subject: Recognition by Unesco of ‘olive and olive oil routes’ as the fourth cultural heritage route

Unesco has already received proposals from many quarters that it should sponsor the ‘olive and olive oil
routes’ by officially proclaiming them the fourth world cultural heritage route.

Events along the ‘olive and olive oil routes’ are organised every year by various bodies (cid:1) such as chambers
of trade, local councils and agricultural associations (cid:1) following an itinerary which starts in Greece, passes
along the Turkish coast and through the countries of the Middle East and North Africa and returns via
Spain, Portugal, France and Italy to the Peloponnese. Along this route there are cultural activities and
demonstrations focused around the theme of olives.

Olives and olive oil are not only prized by Mediterranean peoples for their gastronomic and therapeutic
qualities but have also influenced their lives over thousands of years, in terms of their daily routines,
customs, beliefs and religion; the olive-branch has prevailed as the global symbol of peace. In view of these
facts, is the Commission intending to back the proposal for Unesco recognition of the ‘olive and olive oil
routes’ in its meeting next May? If so, how is it intending to do so?

Answer given by Mrs Reding on behalf of the Commission

(18 March 2003)

The Commission, while acknowledging the historical, cultural and economic significance of olives and
olive oil for Europe, would draw the Honourable Member’s attention to the fact that it has no competence
to intervene in decisions of the United Nations Educational, Scientific and Cultural Organisation (Unesco).