Opinion of the European Central Bank of 11 April 2003 at the request of the Council of the European Union on a proposal for a Council decision on the statistical data to be used for the adjustment of the key for subscription to the capital of the European Central Bank (CON/2003/5)
Date: 2003-04-11
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, European accounting system, central bank, statistical method

29.4.2003

EN

Official Journal of the European Union

C 102/11

EUROPEAN CENTRAL BANK

OPINION OF THE EUROPEAN CENTRAL BANK
of 11 April 2003
at the request of the Council of the European Union on a proposal for a Council decision on the
statistical data to be used for the adjustment of the key for subscription to the capital of the
European Central Bank

(CON/2003/5)
(2003/C 102/08)

1. On 24 March 2003, the European Central Bank (ECB) received a request from the Council of the
European Union for an opinion on a proposal for a Council decision on the statistical data to be used
for the adjustment of the key for subscription to the capital of the ECB (the draft decision).

2. The ECB's competence to deliver an opinion is based on Article 107(6) of the Treaty establishing the
European Community. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of
the European Central Bank, the Governing Council of the ECB has adopted this opinion.

3. The objective of the draft decision is to define the rules which the Commission must follow when
providing statistical data to be used for the quinquennial adjustments of the weightings of the national
It will replace Council Decision
central banks in the key for subscription to the ECB's capital.
98/382/EC of 5 June 1998 on the statistical data to be used for the determination of the key for
subscription of the capital of the European Central Bank (1), which is limited to the determination of the
initial key. The main differences between this Decision and the draft decision are that the latter: (i)
establishes a permanent regime which will not only cover the future regular adjustments of the key but
also future adjustments triggered by the enlargement of the European System of Central Banks upon
accession of new Member States to the European Union;
(ii) takes into account the most recent
developments in statistical methodology, in particular the European system of Integrated Economic
Accounts as adopted by the Council
in its Regulation (EC) No 2223/96 of 25 June 1996 on the
European system of national and regional accounts in the Community (2).

4. The ECB welcomes the draft decision, in particular, the establishment of a regime which does not only
provide for the next and future regular adjustments of the key but also those which will be necessary
upon any enlargement. Moreover, the ECB supports the principle that the Commission (EUROSTAT)
will continue to collect the statistical data in accordance with established procedures. It regards as
important the validation of the data by the Statistical Programme Committee set up by Council
Decision 89/382/EEC (3) as regards data on population, and of the Committee set up by Council
Directive 89/130/EEC (4) as regards data on gross domestic product. Finally,
it welcomes the
provision by the Commission of the relevant data for all Member States separately not later than
two months before the date on which the adjustment of weightings of the national central banks in
the key for subscription to the capital of the ECB takes effect.

5. This opinion shall be published in the Official Journal of the European Union.

Done at Frankfurt am Main, 11 April 2003.

The President of the ECB

Willem F. DUISENBERG

(1) OJ L 171, 17.6.1998, p. 33.
(2) OJ L 310, 30.11.1996, p. 1. Regulation as last amended by Regulation (EC) No 359/2002 of the European

Parliament and of the Council (OJ L 58, 28.2.2002, p. 1).

(3) Council Decision 89/382/EEC, Euratom, of 19 June 1989 establishing a Committee on the Statistical Programmes of

the European Communities (OJ L 181, 28.6.1989, p. 47).

(4) Council Directive 89/130/EEC, Euratom, of 13 February 1989 on the harmonisation of the compilation of gross

national product at market prices (OJ L 49, 21.2.1989, p. 26).