2004/257/EC: Decision of the European Central Bank of 19 February 2004 adopting the Rules of Procedure of the European Central Bank (ECB/2004/2)
Date: 2004-02-19
Institutions: European Central Bank
Subjects: European Central Bank, rules of procedure

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EUROPEAN CENTRAL BANK

DECISION OF THE EUROPEAN CENTRAL BANK

of 19 February 2004

adopting the Rules of Procedure of the European Central Bank

(ECB/2004/2)

(2004/257/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank,
and in particular to Article 12.3 thereof;

HAS DECIDED AS FOLLOWS:

Sole Article

The Rules of Procedure of the European Central Bank as amended on 22 April 1999, as further amended
by Decision ECB/1999/6 of 7 October 1999 amending the Rules of Procedure of the European Central
Bank (1), shall be replaced by the following which shall enter into force on 1 March 2004.

RULES OF PROCEDURE OF THE EUROPEAN CENTRAL BANK

PRELIMINARY CHAPTER

Article 1

Definitions

These Rules of Procedure shall supplement the Treaty establishing the European Community and the
Statute of the European System of Central Banks and of the European Central Bank. The terms in these
Rules of Procedure shall have the same meaning as in the Treaty and the Statute. The term ‘Eurosystem’
shall mean the European Central Bank (ECB) and the national central banks of those Member States whose
currency is the euro.

CHAPTER I

THE GOVERNING COUNCIL

Article 2

Date and place of Governing Council meetings

2.1.
The Governing Council shall decide on the dates of its meetings on a proposal from the President.
The Governing Council shall, in principle, meet regularly following a schedule that it shall determine in
good time before the start of each calendar year.

The President shall convene a meeting of the Governing Council if a request for a meeting is

2.2.
submitted by at least three members of the Governing Council.

(1) OJ L 314, 8.12.1999, p. 32.

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The President may also convene meetings of the Governing Council whenever he/she deems it

2.3.
necessary.

2.4.

The Governing Council shall normally hold its meetings on the premises of the ECB.

2.5. Meetings may also be held by means of teleconferencing, unless at least three Governors object.

Article 3

Attendance at Governing Council meetings

3.1.
Except as provided herein, attendance at meetings of the Governing Council shall be restricted to
its members, the President of the Council of the European Union and a member of the Commission of the
European Communities.

3.2.

Each Governor may normally be accompanied by one person.

3.3.
If a Governor is unable to attend, he/she may appoint, in writing, an alternate without prejudice to
Article 4. This written communication shall be sent to the President in due time before the meeting. Such
an alternate may normally be accompanied by one person.

The President shall appoint a member of staff of the ECB as Secretary. The Secretary shall assist the

3.4.
Executive Board in preparing the meetings of the Governing Council and shall draft the minutes thereof.

The Governing Council may also invite other persons to attend its meetings if it deems it appro-

3.5.
priate to do so.

Article 4

Voting

4.1.
In order for the Governing Council to vote, there shall be a quorum of two-thirds of the members.
If the quorum is not met, the President may convene an extraordinary meeting at which decisions may be
taken without regard to the quorum.

The Governing Council shall proceed to vote at the request of the President. The President shall

4.2.
also initiate a voting procedure upon request from any member of the Governing Council.

Abstentions shall not prevent the adoption by the Governing Council of decisions under Article

4.3.
41.2 of the Statute.

If a member of the Governing Council is prevented from voting for a prolonged period (i.e. more

4.4.
than one month), he/she may appoint an alternate as a member of the Governing Council.

4.5.
In accordance with Article 10.3 of the Statute, if a Governor is unable to vote on a decision to be
taken under Articles 28, 29, 30, 32, 33 and 51 of the Statute, his/her appointed alternate may cast his/her
weighted vote.

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The President may initiate a secret ballot if requested to do so by at least three members of the
4.6.
Governing Council. If members of the Governing Council are personally affected by a proposal for a deci-
sion under Articles 11.1, 11.3 or 11.4 of the Statute, a secret ballot shall be held. In such cases the
members of the Governing Council concerned shall not participate in the vote.

4.7.
Decisions may also be taken by written procedure, unless at least three members of the Governing
Council object. A written procedure shall require: (i) normally not less than five working days for consid-
eration by every member of the Governing Council; and (ii) the personal signature of each member of the
Governing Council (or his/her alternate in accordance with Article 4.4); and (iii) a record of any such deci-
sion in the minutes of the subsequent meeting of the Governing Council.

Article 5

Organisation of Governing Council meetings

The Governing Council shall adopt the agenda for each meeting. A provisional agenda shall be
5.1.
drawn up by the Executive Board and shall be sent, together with the related documents, to the members
of the Governing Council and other authorised participants at least eight days before the relevant meeting,
except in emergencies, in which case the Executive Board shall act appropriately having regard to the
circumstances. The Governing Council may decide to remove items from or add items to the provisional
agenda on a proposal from the President or from any other member of the Governing Council. An item
shall be removed from the agenda at the request of at least three of the members of the Governing Council
if the related documents were not submitted to the members of the Governing Council in due time.

5.2.
The minutes of the proceedings of the Governing Council shall be submitted to its members for
approval at the subsequent meeting (or where necessary earlier by written procedure) and shall be signed
by the President.

5.3.

The Governing Council may lay down internal rules on decision-making in emergency situations.

CHAPTER II

THE EXECUTIVE BOARD

Article 6

Date and place of Executive Board meetings

6.1.

The date of the meetings shall be decided by the Executive Board on a proposal from the President.

The President may also convene meetings of the Executive Board whenever he/she deems it

6.2.
necessary.

Article 7

Voting

7.1.
In order for the Executive Board to vote, in accordance with Article 11.5 of the Statute, there shall
be a quorum of two-thirds of the members. If the quorum is not met, the President may convene an extra-
ordinary meeting at which decisions may be taken without regard to the quorum.

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Decisions may also be taken by written procedure, unless at least two members of the Executive

7.2.
Board object.

7.3. Members of the Executive Board personally affected by a prospective decision under Articles 11.1,
11.3 or 11.4 of the Statute shall not participate in the vote.

Article 8

Organisation of Executive Board meetings

The Executive Board shall decide on the organisation of its meetings.

CHAPTER III

THE ORGANISATION OF THE EUROPEAN CENTRAL BANK

Article 9

Eurosystem/ESCB Committees

The Governing Council shall establish and dissolve committees. They shall assist in the work of the

9.1.
decision-making bodies of the ECB and shall report to the Governing Council via the Executive Board.

9.2.
Committees shall be composed of up to two members from each of the Eurosystem NCBs and the
ECB, appointed by each Governor and the Executive Board respectively. The Governing Council shall lay
down the mandates of the committees and appoint their chairpersons. As a rule, the chairperson shall be a
staff member from the ECB. Both the Governing Council and the Executive Board shall have the right to
request studies of specific topics by committees. The ECB shall provide secretarial assistance to the commit-
tees.

The national central bank of each non-participating Member State may also appoint up to two staff
9.3.
members to take part in the meetings of a committee whenever it deals with matters falling within the
field of competence of the General Council and whenever the chairperson of a committee and the Execu-
tive Board deems this appropriate.

9.4.
Representatives of other Community institutions and bodies and any other third party may also be
invited to take part in the meetings of a committee whenever the chairperson of a committee and the
Executive Board deems this appropriate.

The Governing Council may decide to establish ad hoc committees in charge of specific advisory tasks.

Article 9a

Article 10

Internal structure

Having consulted the Governing Council, the Executive Board shall decide upon the number,
10.1.
name and respective competence of each of the work units of the ECB. This decision shall be made public.

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All work units of the ECB shall be placed under the managing direction of the Executive Board.
10.2.
The Executive Board shall decide upon the individual responsibilities of its members with respect to the
work units of the ECB, and shall inform the Governing Council, the General Council and the staff of the
ECB thereof. Any such decision shall be taken only in the presence of all the members of the Executive
Board, and may not be taken against the vote of the President.

Article 11

Staff of the ECB

11.1.
the ECB, his/her reporting line and his/her professional responsibilities.

Each member of the staff of the ECB shall be informed of his/her position within the structure of

11.2. Without prejudice to Articles 36 and 47 of the Statute, the Executive Board shall enact organisa-
tional rules (hereinafter referred to as Administrative Circulars) which are binding on the staff of the ECB.

11.3.
and of the members of staff of the ECB.

The Executive Board shall adopt and up-date a Code of Conduct for the guidance of its members

CHAPTER IV

INVOLVEMENT OF THE GENERAL COUNCIL IN THE TASKS OF THE EUROPEAN SYSTEM OF CENTRAL
BANKS

Article 12

Relationship between the Governing Council and the General Council

12.1.
Governing Council adopts:

The General Council of the ECB shall be given the opportunity to submit observations before the

— opinions under Articles 4 and 25.1 of the Statute,

— recommendations in the statistical field, under Article 42 of the Statute,

— the annual report,

— the rules on the standardisation of accounting rules and reporting of operations,

— the measures for the application of Article 29 of the Statute,

— the conditions of employment of the staff of the ECB,

— in the context of the preparations for the irrevocable fixing of exchange rates, an ECB opinion either
under Article 123(5) of the Treaty or concerning Community legal acts to be adopted when a deroga-
tion is abrogated.

12.2. Whenever the General Council is requested to submit observations under the first paragraph of
this Article, it shall be given a reasonable period of time within which to do so, which may not be less
than ten working days. In a case of urgency to be justified in the request, the period may be reduced to
five working days. The President may decide to use the written procedure.

12.3.
decisions adopted by the Governing Council.

The President shall inform the General Council, in accordance with Article 47.4 of the Statute, of

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Article 13

Relationship between the Executive Board and the General Council

13.1.
Executive Board:

The General Council of the ECB shall be given the opportunity to submit observations before the

— implements legal acts of the Governing Council for which, in accordance with Article 12.1 above, the

contribution of the General Council is required,

— adopts, by virtue of powers delegated by the Governing Council in accordance with Article 12.1 of the
Statute, legal acts for which, in accordance with Article 12.1 of these Rules, the contribution of the
General Council is required.

13.2. Whenever the General Council is requested to submit observations under the first paragraph of
this Article, it shall be given a reasonable period of time within which to do so, which may not be less
than ten working days. In a case of urgency to be justified in the request, the period may be reduced to
five working days. The President may decide to use written procedure.

CHAPTER V

SPECIFIC PROCEDURAL PROVISIONS

Article 14

Delegation of powers

14.1.
The delegation of powers of the Governing Council to the Executive Board under the last sentence
of the second paragraph of Article 12.1 of the Statute shall be notified to the parties concerned, or
published if appropriate, where decisions taken by means of delegation have legal effects on third parties.
The Governing Council shall be promptly informed of any act adopted by way of delegation.

14.2.
Article 39 of the Statute, shall be circulated to interested parties.

The Book of Authorised Signatories of the ECB, established pursuant to decisions adopted under

Article 15

Budgetary procedure

The Governing Council, acting upon a proposal from the Executive Board in accordance with any
15.1.
principles laid down by the former, shall adopt, before the end of each financial year, the budget of the
ECB for the subsequent financial year.

15.2.
Budget Committee and lay down its mandate and composition.

For assistance in matters related to the budget of the ECB, the Governing Council shall establish a

Article 16

Reporting and annual accounts

16.1.

The Governing Council shall adopt the annual report required under Article 15.3 of the Statute.

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The competence to adopt and publish the quarterly reports under Article 15.1 of the Statute, the
16.2.
weekly consolidated financial statements under Article 15.2 of the Statute, the consolidated balance sheets
under Article 26.3 of the Statute and other reports shall be delegated to the Executive Board.

The Executive Board shall,

16.3.
in accordance with the principles established by the Governing
Council, prepare the annual accounts of the ECB within the first month of the subsequent financial year.
These shall be submitted to the external auditor.

16.4.
The Governing Council shall adopt the annual accounts of the ECB within the first quarter of the
subsequent year. The external auditor's report shall be submitted to the Governing Council before their
adoption.

Article 17

Legal instruments of the ECB

17.1.
President.

ECB Regulations shall be adopted by the Governing Council and signed on its behalf by the

17.2.
ECB Guidelines shall be adopted by the Governing Council, and thereafter notified, in one of the
official languages of the European Communities, and signed on the Governing Council's behalf by the
President. They shall state the reasons on which they are based. Notification of the national central banks
may take place by means of telefax, electronic mail or telex or in paper form. Any ECB Guideline that is to
be officially published shall be translated into the official languages of the European Communities.

17.3.
The Governing Council may delegate its normative powers to the Executive Board for the purpose
of implementing its regulations and guidelines. The regulation or guideline concerned shall specify the
issues to be implemented as well as the limits and scope of the delegated powers.

17.4.
ECB Decisions and Recommendations shall be adopted by the Governing Council or the Executive
Board in their respective domain of competence, and shall be signed by the President. ECB Decisions
imposing sanctions on third parties shall be signed by the President, the Vice-President or any two other
members of the Executive Board. ECB Decisions and Recommendations shall state the reasons on which
they are based. The Recommendations for secondary Community legislation under Article 42 of the
Statute shall be adopted by the Governing Council.

17.5. Without prejudice to the second paragraph of Article 44 and the first indent of Article 47.1 of
the Statute, ECB opinions shall be adopted by the Governing Council. However, in exceptional circum-
stances and unless not less than three Governors state their wish to retain the competence of the
Governing Council for the adoption of specific opinions, ECB opinions may be adopted by the Executive
Board, in line with comments provided by the Governing Council and taking into account the contribution
of the General Council. ECB opinions shall be signed by the President.

17.6.
ECB Instructions shall be adopted by the Executive Board, and thereafter notified, in one of the
official languages of the European Communities, and signed on the Executive Board's behalf by the Presi-
dent or any two Executive Board members. Notification of the national central banks may take place by
means of telefax, electronic mail or telex or in paper form. Any ECB Instruction that is to be officially
published shall be translated into the official languages of the European Communities.

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All ECB legal instruments shall be numbered sequentially for ease of identification. The Executive
17.7.
Board shall take steps to ensure the safe custody of the originals, the notification of the addressees or
consulting authorities, and the publication in all the official languages of the European Union in the Official
Journal of the European Union in the case of ECB Regulations, ECB opinions on draft Community legislation
and those ECB legal instruments whose publication has been expressly decided.

17.8.
The principles of Council Regulation (EC) No 1 determining the language to be used by the Euro-
pean Economic Community (1) of 15 April 1958 shall apply to the legal acts specified in Article 34 of the
Statute.

Article 18

Procedure under Article 106(2) of the Treaty

The approval provided for in Article 106(2) of the Treaty shall be adopted for the following year by the
Governing Council in a single decision for all participating Member States within the final quarter of every
year.

Article 19

Procurement

19.1.
transparency, equal access, non-discrimination and efficient administration.

Procurement of goods and services for the ECB shall give due regard to the principles of publicity,

19.2.
Except for the principle of efficient administration, derogations may be made from the above prin-
ciples in cases of urgency; for reasons of security or secrecy; where there is a sole supplier; for supplies
from the national central banks to the ECB; to ensure the continuity of a supplier.

Article 20

Selection, appointment and promotion of staff

20.1.
Board.

All members of staff of the ECB shall be selected, appointed and promoted by the Executive

20.2.
All members of staff of the ECB shall be selected, appointed and promoted with due regard to the
principles of professional qualification, publicity, transparency, equal access and non-discrimination. The
rules and procedures for recruitment and for internal promotion shall be further specified by means of
Administrative Circulars.

Article 21

Conditions of Employment

21.1.
between the ECB and its staff.

The Conditions of Employment and the Staff Rules shall determine the employment relationship

21.2.
the General Council shall adopt the Conditions of Employment.

The Governing Council, upon a proposal from the Executive Board and following consultation of

21.3.
Employment.

The Executive Board shall adopt

the Staff Rules,

that shall

implement

the Conditions of

(1) OJ 17, 6.10.1958, p. 385.

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21.4.
Staff Rules. Its opinion shall be submitted to the Governing Council or the Executive Board respectively.

The Staff Committee shall be consulted before the adoption of new Conditions of Employment or

Article 22

Communications and announcements

General communications and announcements of decisions taken by the decision-making bodies of the ECB
may be published on the ECB website, in the Official Journal of the European Union, or by means of wire
services common to financial markets or any other media.

Article 23

Confidentiality of and access to ECB documents

The proceedings of the decision-making bodies of the ECB and of any committee or group estab-
23.1.
lished by them shall be confidential unless the Governing Council authorises the President to make the
outcome of their deliberations public.

23.2.
Governing Council.

Public access to documents drawn up or held by the ECB shall be governed by a decision of the

23.3.
Documents drawn up by the ECB shall be classified and handled in accordance with the rules laid
down in an Administrative Circular. They shall be freely accessible after a period of 30 years unless
decided otherwise by the decision making bodies.

CHAPTER VI

FINAL PROVISION

Article 24

Amendments to these Rules of Procedure

The Governing Council may amend these Rules of Procedure. The General Council may propose amend-
ments and the Executive Board may adopt supplementary rules within its field of competence.

Done at Frankfurt am Main, 19 February 2004.

The President of the ECB

Jean-Claude TRICHET