2003/517/EC: Council Decision of 15 July 2003 on the statistical data to be used for the adjustment of the key for subscription to the capital of the European Central Bank
Date: 2003-07-15
Institutions: Council of the European Union
Subjects: European Central Bank, European accounting system, central bank, statistical method

19.7.2003

EN

Official Journal of the European Union

L 181/43

COUNCIL DECISION

of 15 July 2003

on the statistical data to be used for the adjustment of the key for subscription to the capital of
the European Central Bank

(2003/517/EC)

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Com-
munity, and in particular Article 107(6) thereof and Article
29.2 of the Protocol on the Statute of the European System of
Central Banks (ESCB) and of the European Central Bank (ECB)
annexed thereto (hereinafter referred to as ‘the Statute’),

Having regard to the proposal from the Commission (1),

Having regard to the opinion of the European Parliament (2),

(7)

Having regard to the opinion of the European Central Bank (3),

Whereas:

(1)

(2)

(3)

(4)

(5)

(6)

Pursuant to Decision 98/382/EC (4), the Council adopted
rules on the statistical data to be used for the determina-
tion of the initial subscription key to the ECB's capital.

According to Article 29.3 of the Statute, the weighting
of the national central banks in the key for subscription
of the ECB's capital is to be adjusted every five years.

Upon one or more countries becoming Member States
of the European Union, their national central banks will
become members of the European System of Central
Banks (ESCB) and subscribers to the ECB's capital. The
weighting of the national central banks in the key for
subscription of the ECB's capital needs to be adjusted
accordingly.

It is necessary to lay down rules for the provision of the
statistical data to be used for the adjustments of the
weighting of the national central banks in the key for
subscription of the ECB's capital.

The nature of, and sources for, the data to be used and
the method of calculation of
the
national central banks in the key for subscription of the
ECB's capital should be defined.

the weighting of

Council Regulation (EC) No 2223/96/EC of 25 June
1996 on the European system of national and regional
accounts in the Community (5) provides for a metho-
dology on common standards, definitions, classifications
and accounting rules intended to be used for compiling

(1) Proposal of 14 March 2003 (not yet published in the Official

Journal).

(2) Opinion delivered on 3 July 2003 (not yet published in the Official

Journal).

(3) OJ C 102, 29.4.2003, p. 11.
(4) OJ L 171, 17.6.1998, p. 33.
(5) OJ L 310, 30.11.1996, p. 1. Regulation as last amended by Regula-
tion (EC) No 359/2002 of the European Parliament and of the
Council (OJ L 58, 28.2.2002, p. 1).

accounts and tables on comparable bases for the purpose
of the Community and provides for a programme for
transmitting for Community purposes the accounts and
tables compiled according to that Regulation on precise
dates. That Regulation takes account of the most recent
standards and developments in statistical methodology
and the definitions therein should therefore be used for
the purposes of this Decision.

Since the key for the ECB capital subscription determines
the respective shares of the national central banks in the
capital of
the ECB and in the pooling of external
reserves, as well as their voting weights in the ECB
for all decisions to be taken by
Governing Council
weighted votes (in accordance with Article 10.3 of the
Statute) and the distribution among them of the mone-
tary income of the ESCB, it is important that the calcula-
tion of their weighting in this key is carried out in an
accurate manner. The Commission should therefore
consult the relevant committees on the data on popula-
tion and on gross domestic product at current market
prices,

HAS DECIDED AS FOLLOWS:

Article 1

Subject matter

The statistical data to be used for the adjustment of
the
weighting of the national central banks in the key for subscrip-
tion of the capital of the European Central Bank (ECB) shall be
provided by the Commission in accordance with the rules laid
down in this Decision.

Article 2

Population

1.
‘Population’ shall mean the total population as defined in
Regulation (EC) No 2223/96 compiled as an average of the
year and rounded to the nearest thousand people.

L 181/44

EN

Official Journal of the European Union

19.7.2003

For the adjustment of the weightings assigned to the
2.
national central banks in accordance with Article 29.3 of the
Statute, the data on population shall be taken for the penulti-
mate year preceding the year in which the key is adjusted.

The various steps of calculation shall use sufficient digits
4.
to ensure their accuracy. The weighting of the national central
banks in the key for the subscription of the ECB's capital shall
be expressed to four decimal places.

Article 3

Article 6

Gross domestic product at current market prices

Information of Committees

1.
‘Gross domestic product at market prices’ shall mean the
gross domestic product at current market prices as defined in
Regulation (EC) No 2223/96 for a calendar year and expressed
in the national currency with the highest precision available to
permit the compilation of the shares with the required accu-
racy.

2.
For the adjustment of the weightings assigned to the
national central banks in accordance with Article 29.3 of the
Statute, the data on gross domestic product at current market
prices shall be taken for the five years preceding the penulti-
mate year before the year in which the key is adjusted.

As regards data on population, the Commission shall inform
the Statistical Programme Committee set up by Article 1 of
Council Decision 89/382/EEC, Euratom of 19 June 1989 estab-
lishing a Committee on the Statistical Programmes of
the
European Communities (1).

As regards data on GDP at current market prices, the Commis-
sion shall inform the Committee set up by Article 6 of Council
Directive 89/130/EEC, Euratom of 13 February 1989 on the
harmonisation of the compilation of gross national product at
market prices (2).

Article 4

Exchange rates

1.
The annual exchange rate for conversion of the gross
domestic product at current market prices shall be the arith-
metic mean of the daily exchange rates for all working days in
a calendar year.

2.
The daily exchange rates shall be the ecu reference rates
before 1999 as compiled by the Commission. They will be the
euro reference rates from 1999 onwards as compiled by the
ECB.

Article 5

Calculation and accuracy

1.
The share of a Member State in the population of the
Community shall be its share in the sum of the population of
the Member States, expressed as a percentage.

2.
The share of a Member State in GDP at current market
prices of the Community shall be its share in the sum of GDP
at current market prices of the Member States over five years,
expressed as a percentage.

3.
The weighting of a national central bank in the key for
the subscription of the ECB's capital shall be the arithmetic
mean of the shares of the Member State concerned in the
population and in GDP at current market prices of
the
Community.

Article 7

New Member States

Upon one or more countries becoming Member States and
their respective national central banks becoming part of the
ESCB, the reference periods to be used for the statistical data
on population and gross domestic product at current market
prices shall be identical to those applied for the latest quin-
quennial adjustment as defined in Articles 29.1 and 29.3 of the
Statute.

Article 8

Provision of the data

The data on population, gross domestic product at current
market prices and the annual exchange rates referred to in this
Decision shall be provided by the Commission to the ECB for
all Member States separately not later than two months before
the date on which the adjustment of weighting of the national
central banks in the key for subscription of the capital of the
ECB takes effect.

Done at Brussels, 15 July 2003.

For the Council

The President

G. TREMONTI

(1) OJ L 181, 28.6.1989, p. 47.
(2) OJ L 49, 21.2.1989, p. 26.