natgillin/translations-raw huggingface dataset:
Ìå ôçí ôñïðïðïßçóç ôïõ Åóùôåñéêïý Êáíïíéóìïý ôçò ÔñÜðåæáò , ôï ¢ ñèñï 25.4 ôïõ Íïìïèåôéêïý ÄéáôÜãìáôïò ôñïðïðïéåßôáé áíáëüãùò .
The amendment of the Bank s By-Laws amends Article 25.4 thereof accordingly .
1 êáé 2 , ôïõ Ðñïåäñéêïý ÄéáôÜãìáôïò 148/31 . 3.1988 , ðïõ èÝóðéæå ôï äéêáßùìá ôçò ÔñÜðåæáò êáé ôïõ UIC íá äéá ÷ åéñßæïíôáé ôá åðßóçìá óõíáëëáãìáôéêÜ äéáèÝóéìá êáé íá äéåíåñãïýí ðñÜîåéò óå óõíÜëëáãìá êáôÜ ôçí åðéäßùîç ôùí èåóìéêþí ôïõò óêïðþí âÜóåé ôùí áñìïäéïôÞôùí ðïõ ôïõò Ý ÷ ïõí áíáôåèåß , äåí ðñïÝâëåðå ôç ìåôáâßâáóç áõôþí ôùí äéáèåóßìùí óôï ÅÓÊÔ êáé äåí áíáãíþñéæå ôéò áñìïäéüôçôåò ôçò ÅÊÔ óôïí ôïìÝá áõôü .
Dealing in foreign exchange and the management of official foreign exchange reserves Article 4 , first and second paragraphs , of the Presidential Decree No. 148 of 31 March 1988 , which established the power of the Bank and the UIC to manage the official foreign exchange reserves and to conduct foreign exchange operations in pursuit of their institutional aims on the basis of the powers assigned to them , did not envisage the transfer of such reserves to the ESCB and did not recognise the ECB s powers in this field .
Ôï ¢ ñèñï 7 ôïõ íïìïèåôéêïý äéáôÜãìáôïò ïñßæåé üôé ç ÔñÜðåæá õðï ÷ ñåïýôáé íá ìåôáâéâÜóåé ôá óõíáëëáãìáôéêÜ äéáèÝóéìá óôçí ÅÊÔ óýìöùíá ìå ôï ¢ ñèñï 30 ôïõ Êáôáóôáôéêïý .
Article 7 of the legislative decree provides that the Bank is required to transfer foreign exchange reserves to the ECB in compliance with Article 30 of the Statute .
ÅðéðëÝïí , ç ÔñÜðåæá åîïõóéïäïôåßôáé íá äéá ÷ åéñßæåôáé ôá åðßóçìá óõíáëëáãìáôéêÜ äéáèÝóéìá óýìöùíá ìå ôï ¢ ñèñï 31 ôïõ Êáôáôáóôéêïý .
In addition , the Bank is empowered to manage the official foreign exchange reserves in conformity with Article 31 of the Statute . 326
áíáãíþñéæáí ôéò åîïõóßåò ôçò ÅÊÔ óôïí åí ëüãù ôïìÝá . Ôá ¢ ñèñá 6.2 êáé 6.3 ôïõ íïìïèåôéêïý äéáôÜãìáôïò ðñïâëÝðïõí ôçí êáôÜñãçóç ôùí ùò Üíù äéáôÜîåùí ôïõ êùäéêïðïéçìÝíïõ íüìïõ ôïõ 1910 ðåñß Åêäïôéêþí Ôñáðåæþí êáé ôùí Üëëùí íüìùí ðïõ èÝóðéæáí ôç äõíáôüôçôá íá ÷ ñçóéìïðïéïýíôáé ïñéóìÝíá åßäç ÷ ñçìáôïïéêïíïìéêþí ìÝóùí ùò åìðñÜãìáôç áóöÜëåéá ãéá ðñïêáôáâïëÝò .
2.2.2 Instruments - Articles 26 , 27 , 29 , 60 and 62 of the 1910 codified law on the Banks of Issue and Articles 41 , 42 and 45 ( 2 ) to 53 of the Bank s By-Laws , as well as various other laws on securities which specified and regulated the operations , classified by type , in which the Bank could engage and the securities which it could accept on an exhaustive basis , did not recognise the ECB s powers in this field .
Ôá ¢ ñèñá 6.2 êáé 6.3 ôïõ íïìïèåôéêïý äéáôÜãìáôïò ðñïâëÝðïõí üôé ïé åñãáóßåò ôçò ÔñÜðåæáò õðüêåéíôáé óôï Êáôáóôáôéêü êáé óôéò äéáôÜîåéò ðïõ èá õéïèåôåß ç ÅÊÔ êáô  åöáñìïãÞí ôïõ Êáôáóôáôéêïý ôçò .
Articles 6.2 and 6.3 of the legislative decree provide for the repeal of the above provisions of the 1910 codified law on the Banks of Issue and the other laws which established the eligibility of certain types of instruments to be used as security for advances .
Ç ôñïðïðïßçóç ôïõ Åóùôåñéêïý Êáíïíéóìïý ôçò ÔñÜðåæáò ôçò Éôáëßáò ðñïâëÝðåé ôçí êáôÜñãçóç ôùí ¢ ñèñùí 45 Ýùò 52 , êáèþò êáé ôñïðïðïßçóç ôùí ¢ ñèñùí 41 êáé 42 óýìöùíá ìå ôá ¢ ñèñá 6.2 êáé 6.5 ôïõ íïìïèåôéêïý äéáôÜãìáôïò . Ôï ¢ ñèñï 20 , ðáñ .
Articles 6.2 and 6.3 of the legislative decree foresee that the Bank s operations are subject to the Statute and to the provisions adopted by the ECB in the implementation of its Statute . The amendment of the Bank s By-Laws provides for the repeal of Articles 45 to 52 and an amendment of Articles 41 and 42 in accordance with Articles 6.2 and 6.5 of the legislative decree .
2 , óçìåßá 3 êáé 5 , ôïõ Åóùôåñéêïý Êáíïíéóìïý ôçò ÔñÜðåæáò , ôï ïðïßï ðåñéãñÜöåé ôç äõíáôüôçôá ôïõ Äéïéêçôéêïý Óõìâïõëßïõ íá èåóðßæåé ôïõò êáíüíåò êáé ôïõò üñïõò ðïõ äéÝðïõí ôéò åñãáóßåò ôçò ÔñÜðåæáò êáé íá äéïñßæåé ôïõò áíôáðïêñéôÝò ôçò ÔñÜðåæáò óôï åóùôåñéêü êáé ôï åîùôåñéêü äåí áíáãíþñéæå ôéò áñìïäéüôçôåò ôçò ÅÊÔ óôïí ôïìÝá áõôü .
- Article 20 , second paragraph , points 3 and 5 , of the Bank s By-Laws , which describes the power of the Board of Directors to establish rules and terms for the Bank s operations and to appoint the Bank s domestic and foreign correspondents , did not recognise the ECB s powers in this field .
Ôï ¢ ñèñï 6.4 ôïõ íïìïèåôéêïý äéáôÜãìáôïò ïñßæåé üôé ïé ùò Üíù áñìïäéüôçôåò ôïõ Äéïéêçôéêïý Óõìâïõëßïõ õðüêåéíôáé óôï Êáôáóôáôéêü êáé óôéò äéáôÜîåéò ðïõ èá õéïèåôåß ç ÅÊÔ êáô  åöáñìïãÞí ôïõ Êáôáóôáôéêïý ôçò .
Article 6.4 of the legislative decree states that the above powers of the Board of Directors are subject to the Statute and to the provisions adopted by the ECB in the implementation of its Statute .
Óå óõììüñöùóç ðñïò ôéò äéáôÜîåéò áõôÝò , ç ôñïðïðïßçóç ôïõ Åóùôåñéêïý Êáíïíéóìïý ôçò ÔñÜðåæáò ðñïâëÝðåé áíÜëïãç ôñïðïðïßçóç ôïõ ¢ ñèñïõ 20 .
In compliance with these provisions , the amendment of the Bank s By-Laws provides for a corresponding amendment of its Article 20 .
Ôá ¢ ñèñá 124 ( å ) , 128 êáé 131 ôïõ êùäéêïðïéçìÝíïõ íüìïõ ôïõ 1910 ó ÷ åôéêÜ ìå ôéò ÅêäïôéêÝò ÔñÜðåæåò , ôá ïðïßá èÝóðéæáí ôï äéêáßùìá ôïõ Õðïõñãïý Ïéêïíïìéêþí , Ðñïûðï -
- Articles 124 ( e ) , 128 and 131 of the 1910 codified law on the Banks of Issue ,
2.2.2 ÌÝóá Ôá ¢ ñèñá 26 , 27 , 29 , 60 êáé 62 ôïõ êùäéêïðïéçìÝíïõ íüìïõ ôïõ 1910 ó ÷ åôéêÜ ìå ôéò ÅêäïôéêÝò ÔñÜðåæåò êáé ôá ¢ ñèñá 41 , 42 êáé 45 ( 2 ) Ýùò 53 ôïõ Åóùôåñéêïý Êáíïíéóìïý ôçò ÔñÜðåæáò ôçò Éôáëßáò , êáèþò êáé äéÜöïñïé Üëëïé íüìïé ðåñß ÷ ñåïãñÜöùí , üðïõ áíáãñÜöïíôáí åîáíôëçôéêþò êáé ñõèìßæïíôáí ïé åñãáóßåò , ôáîéíïìïýìåíåò áíÜëïãá ìå ôï åßäïò ôïõò , ðïõ ìðïñåß íá áíáëÜâåé ç ÔñÜðåæá êáèþò êáé ôá ÷ ñåüãñáöá ðïõ ìðïñåß íá äÝ ÷ åôáé , äåí
which established the power of the Minister of the Treasury , Budget and Economic Planning to control compliance with the binding restrictions on the operations conducted by the Bank and the application of the official rate for such operations , did not recognise the ECB s powers in this field .
361 ëïãéóìïý êáé Ïéêïíïìéêïý Ðñïãñáììáôéóìïý íá åëÝã ÷ åé ôç óõììüñöùóç ìå ôïõò äåóìåõôéêïýò ðåñéïñéóìïýò åðß ôùí åñãáóéþí ðïõ åêôåëåß ç ÔñÜðåæá êáé ôçí åöáñìïãÞ ôïõ åðßóçìïõ åðéôïêßïõ åðß ôùí åñãáóéþí áõôþí , äåí áíáãíþñéæáí ôéò áñìïäéüôçôåò ôçò ÅÊÔ óôïí ôïìÝá áõôü .
Article 6.2 of the legislative decree provides for the repeal of these provisions .
2.2.3 × ñçìáôïïéêïíïìéêÝò äéáôÜîåéò Ôï ¢ ñèñï 11 ôïõ Íüìïõ 483/26 . 111993 , ôï ïðïßï ðåñéÝ ÷ åé ôçí õðï ÷ ñÝùóç ôçò ÔñÜðåæáò íá êáôáâÜëëåé åéóöïñÜ ðñïò ôï Õðïõñãåßï Ïéêïíïìéêþí , Ðñïûðïëïãéóìïý êáé Ïéêïíïìéêïý Ðñïãñáììáôéóìïý ó ÷ åôéêÜ ìå ôï åéóüäçìá ðïõ ðñáãìáôïðïéåß áðü ôç äéá ÷ åßñéóç ôùí õðï ÷ åùôéêþí êáôáèÝóåùí , äåí áíáãíþñéæå ôéò áñìïäüôçôåò ôçò ÅÊÔ óôïí ôïìÝá áõôü .
2.2.3 Financial provisions Article 11 of Law No. 483 of 26 November 1993 , which contained an obligation for the Bank to pay a contribution to the Ministry of the Treasury , Budget and Economic Planning related to the income accruing from the management of compulsory reserves , did not recognise the ECB s powers in this field . Article 8.4 of the legislative decree provides for the repeal of this provision .
Ôï ¢ ñèñï 8.4 ôïõ íïìïèåôéêïý äéáôÜãìáôïò ðñïâëÝðåé ôçí êáôÜñãçóç ôçò ðáñáðÜíù äéÜôáîçò . ÅðéðëÝïí , ìå óêïðü ôçí Ýíôáîç ôçò ÔñÜðåæáò óôï ÅÓÊÔ , ôï ¢ ñèñï 8.1 ôïõ íïìïèåôéêïý äéáôÜãìáôïò ðñïâëÝðåé üôé , êáôÜ ôçí êáôÜñôéóç ôïõ éóïëïãéóìïý ôçò , ç ÔñÜðåæá ìðïñåß íá åíáñìïíßóåé ôéò ëïãéóôéêÝò ôçò ìåèüäïõò êáèþò êáé
Moreover , for the purpose of the integration of the Bank in the ESCB , Article 8.1 of the legislative decree provides that , in drawing up its annual accounts , the Bank may harmonise its accounting and financial reporting methods with the corresponding rules and recommendations issued by the ECB . 3
Ìå ôçí ðñïûðüèåóç üôé ïé ôñïðïðïéÞóåéò ôïõ Åóùôåñéêïý Êáíïíéóìïý ôçò ÔñÜðåæáò ðïõ õéïèåôÞèçêáí áðü ôç ÃåíéêÞ ÓõíÝëåõóç ôùí Ìåôü ÷ ùí èá êõñùèïýí ìå ðñïåäñéêü äéÜôáãìá êáé èá ôåèïýí åãêáßñùò óå éó ÷ ý , êáèþò êáé ìå ôçí ðñïûðüèåóç üôé ïé äéáôÜîåéò óôéò ïðïßåò áíáöÝñåôáé ôï ¢ ñèñï 11.1 ôïõ Íïìïèåôéêïý ÄéáôÜãìáôïò õð  áñéè .
Assuming that the amendments to the Bank s By-Laws adopted by the General Meeting of Shareholders are approved by a Presidential Decree and that they will enter into force on time , and assuming that the provisions referred to in Article 11.1 of the Legislative Decree No. 43 dated 10 March 1998 will enter into force on the 327
43 / 10.3.1998 èá ôåèïýí óå éó ÷ ý ôï áñãüôåñï êáôÜ ôçí çìåñïìçíßá ßäñõóçò ôïõ ÅÓÊÔ , ôï êáôáóôáôéêü ôçò ÔñÜðåæáò ôçò Éôáëßáò èá åßíáé óõìâáôü ìå ôïõò üñïõò ôçò ÓõíèÞêçò êáé ôïõ Êáôáóôáôéêïý ãéá ôï Ôñßôï ÓôÜäéï .
date of the establishment of the ESCB at the latest , the statute of the Banca d Italia will be compatible with Treaty and Statute requirements for Stage Three .
¼ óïí áöïñÜ ôç ëïéðÞ íïìïèåóßá , ôï ÅÍÉ äåí Ý ÷ åé õðüøç ôïõ Üëëåò êáôáóôáôéêÝò äéáôÜîåéò ðïõ èá ÷ ñåéÜæïíôáí ðñïóáñìïãÞ âÜóåé ôïõ ¢ ñèñïõ 108 ôçò ÓõíèÞêçò .
As far as other legislation is concerned , the EMI is not aware of any other statutory provisions which would require adaptation under Article 108 of the Treaty .
ËÏÕÎÅÌÂÏÕÑÃÏ 1 Íïìïèåóßá ç ïðïßá åìðßðôåé óôï ¢ ñèñï 108 ôçò ÓõíèÞêçò 2.1.1 ÈåóìéêÞ áíåîáñôçóßá Óýìöùíá ìå ôï óçìåñéíü íüìï , ç ÊõâÝñíçóç Ý ÷ åé ôïí  ôåëåõôáßï ëüãï  óôéò áðïöÜóåéò íïìéóìáôéêÞò ðïëéôéêÞò , ðñÜãìá ðïõ åßíáé áóõìâßâáóôï ìå ôïõò üñïõò ôçò ÓõíèÞêçò êáé ôïõ Êáôáóôáôéêïý ðåñß áíåîáñôçóßáò ôùí êåíôñéêþí ôñáðåæþí .
LUXEMBOURG 1 Legislation within the scope of Article 108 of the Treaty 2.1.1 Institutional independence
Ôá ¢ ñèñá 5 êáé 6 ôïõ íïìïó ÷ åäßïõ , ðïõ åðáíáëáìâÜíïõí ôï ðñþôï óêÝëïò ôçò áðáãüñåõóçò áðïäï ÷ Þò ïäçãéþí üðùò ðñïâëÝðåôáé óôï ¢ ñèñï 107 ôçò ÓõíèÞêçò , áíáèÝôåé óôï Óõìâïýëéï ôïõ ÍÉË ôçí áñìïäéüôçôá ãéá ôç ëÞøç áðïöÜóåùí óôï íïìéóìáôéêü ôïìÝá óå åèíéêü åðßðåäï . Óýìöùíá ìå ôï ¢ ñèñï 108 ôçò ÓõíèÞêçò , ÷ ñåéáæüôáí íá ôñïðïðïéçèåß ç áêüëïõèç íïìïèåóßá : ï Íüìïò ôçò 20Þò ÌáÀïõ 1983 ãéá ôçí ßäñõóç ôïõ Íïìéóìáôéêïý Éäñýìáôïò ôïõ Ëïõîåìâïýñãïõ , üðùò éó ÷ ýåé , ï Íüìïò ôçò 15çò Ìáñôßïõ 1979 ó ÷ åôéêÜ ìå ôï íïìéóìáôéêü êáèåóôþò ôïõ Ëïõîåìâïýñãïõ .
Under the present law , the last word in monetary policy decisions belongs to the The following legislation required adaptation Government , a situation which is incompatible under Article 108 of the Treaty : with Treaty and Statute requirements on central bank independence . Articles 5 and 6 - the Law of 20 May 1983 establishing ( draft ) , which reproduce the first part of the the Institut MonØtaire Luxembourgeois prohibition on seeking or taking instructions as amended ;
2.1.2 ÐñïóùðéêÞ áíåîáñôçóßá Ôï ¢ ñèñï 12.3 ïñßæåé üôé , óå ðåñßðôùóç ïõóéþäïõò äéáöùíßáò ìåôáîý ôçò ÊõâÝñíçóçò êáé ôçò Äéïßêçóçò ôïõ ÍÉË óå èÝìáôá ðïõ áöïñïýí ôçí ðïëéôéêÞ ôïõ ÍÉË êáé ôçí åêôÝëåóç ôùí êáèçêüíôùí ôïõ , ç ÊõâÝñíçóç , ìå ôç óýìöùíï ãíþìç ôïõ Ãåíéêïý Óõìâïõëßïõ ôïõ ÍÉË , äýíáôáé íá ðñïôåßíåé óôï ÌÝãá Äïýêá ôç óõëëïãéêÞ , êáé ìüíï ôç óõëëïãéêÞ , ðáýóç ôçò Äéïßêçóçò .
as laid down in Article 107 of the Treaty , vests responsibility for decisions in the - the Law of 15 March 1979 on the monetary domain at the national level in the monetary status of Luxembourg .
Ç  ïõóéþäçò äéáöùíßá  áðïôåëåß ëüãï ðáýóçò , ðñÜãìá ðïõ åßíáé áóõìâßâáóôï ìå ôï Áñèñï 14.2 ôïõ Êáôáóôáôéêïý .
Council of the IML .
ÕðÜñ ÷ åé ðñüèåóç íá ôáêôïðïéçèåß ôï æÞôçìá áõôü ìå ôï ¢ ñèñï 12.3 ôïõ íïìïó ÷ åäßïõ ôï ïðïßï åðáíáëáìâÜíåé áõôïëåîåß ôïõò ëüãïõò ðáýóçò üðùò áíáöÝñïíôáé óôï Êáôáóôáôéêü .
2 Adaptation of the statute of the Institut MonØtaire Luxembourgeois 2.1.2 Personal independence
Ôï Óõìâïýëéï áðïôåëåßôáé êõñßùò áðü ìÝëç ðïõ äåí èá åêôåëïýí ôá êáèÞêïíôÜ ôïõò ãéá ëïãáñéáóìü ôïõ ÍÉË óå áðïêëåéóôéêÞ âÜóç , åíþ , ðáñÜëëçëá , äåí õðÜñ ÷ ïõí ñçôïß êáíüíåò Ï Íüìïò ôçò 20Þò ÌáÀïõ 1983 ãéá ôçí ßäñõóç ôïõ Íïìéóìáôéêïý Éäñýìáôïò ôïõ Ëïõîåìâïýñãïõ , üðùò éó ÷ ýåé , êáé ï Íüìïò ôçò 15çò Ìáñôßïõ 1979 ó ÷ åôéêÜ ìå ôï íïìéóìáôéêü êáèåóôþò ôïõ Ëïõîåìâïýñãïõ õößóôáíôáé Þäç ôñïðïðïßçóç þóôå íá ðëçñïýí ôïõò üñïõò ôçò ÓõíèÞêçò êáé ôïõ Êáôáóôáôéêïý ãéá ôï Ôñßôï ÓôÜäéï , ìå ôï Íüìï 3862 ( ôï  íïìïó ÷ Ýäéï ) .
- Article 12.3 states that , if there is a fundamental disagreement between the Government and the Management on the The Law of 20 May 1983 establishing the IML s policy and the execution of its tasks , Institut MonØtaire Luxembourgeois as the Government , with the consent of the amended and the Law of 15 March 1979 on Council of the IML , may propose to the the monetary status of Luxembourg are Grand-Duke the collective , and only the currently being amended to meet Treaty and collective , dismissal of the Management . Statute requirements for Stage Three with Fundamental disagreement is a ground Law No. 3862 ( the draft law ) .
Ç ÊõâÝñíçóç áíáìÝíåé üôé ôï íïìïó ÷ Ýäéï èá øçöéóôåß áðü ôï Êïéíïâïýëéï ôïí Áðñßëéï 1998 êáé èá ôåèåß óå éó ÷ ý ôçí 1ç ÌáÀïõ 1998 . Ôï ÖåâñïõÜñéï 1994 õðåâëÞèç óôï ÅÍÉ ãéá ãíùìïäüôçóç ìéá ðñïêáôáñêôéêÞ ìïñöÞ ôïõ íïìïó ÷ åäßïõ .
The for dismissal which is incompatible with Government expects the draft law to be Article 14.2 of the Statute and this is now adopted by Parliament before April 1998 so intended to be remedied in Article 12.3 that it may enter into force on 1 May 1998 .
Ôï íïìïó ÷ Ýäéï ðñïâëÝðåé ìåôïíïìáóßá ôïõ Íïìéóìáôéêïý Éäñýìáôïò ôïõ Ëïõîåìâïýñãïõ ( åöåîÞò , ÍÉË ) óå  ÊåíôñéêÞ ÔñÜðåæá ôïõ Ëïõîåìâïýñãïõ  êáôÜ ôçí çìåñïìçíßá ßäñõóçò ôïõ ÅÓÊÔ . 2.1
In of the draft law , which reproduces the February 1994 the EMI was consulted on an literal grounds for dismissal as laid down in initial draft .
2.2.2 ÊáèÞêïíôá Ôï ¢ ñèñï 2 , ôï ïðïßï áðáñéèìåß ôá êáèÞêïíôá ôïõ ÍÉË , äåí áíáãíùñßæåé ôéò áñìïäéüôçôåò ôçò ÅÊÔ ùò ðñïò ôçí åêôÝëåóç ïñéóìÝíùí êáèçêüíôùí ôïõ ÍÉË óôï Ôñßôï ÓôÜäéï . Óýìöùíá ìå ôï ¢ ñèñï 2.2 , ðñþôï åäÜöéï , êáé ôï ¢ ñèñï 6 ( á ) ôïõ íïìïó ÷ åäßïõ , ôï Óõìâïýëéï ôïõ ÍÉË èá åßíáé áñìüäéï íá « ÷ áñÜæåé » êáé íá áóêåß ôç íïìéóìáôéêÞ ðïëéôéêÞ « óå åèíéêü åðßðåäï » .
- According to Article 6 ( draft ) , the Council shall be the highest decision-making body within the IML . The Council is largely 2.1 Independence composed of members who will not fulfil their duties for the IML on the basis of With regard to the independence of the professional exclusivity , while , at the same IML , the following adaptations are envisaged time , no explicit rules ensure that conflicts in the draft law .
Áíáãíùñßæåôáé üôé ôá ¢ ñèñá 2.3 êáé 2.4 ( ôïõ íïìïó ÷ åäßïõ ) ïñßæïõí ñçôþò üôé ôï ÍÉË èá ãßíåé áíáðüóðáóôï ìÝñïò ôïõ ÅÓÊÔ ùò ÊåíôñéêÞ ÔñÜðåæá ôïõ Ëïõîåìâïýñãïõ êáé üôé èá õðï ÷ ñåïýôáé íá áóêåß ôá êáèÞêïíôÜ ôïõ óôï ðëáßóéï ôùí äéåèíþí óõìöùíéþí ðïõ óõíÜðôåé ôï Ëïõîåìâïýñãï óôï íïìéóìáôéêü ôïìÝá , üðùò ç ÓõíèÞêç .
of interest might not arise from other functions of the IML s Council members . This is an inconsistency in the draft law which should be corrected urgently .
Ùóôüóï , åðåéäÞ óôï Ôñßôï ÓôÜäéï ç íïìéóìáôéêÞ ðïëéôéêÞ èá ÷ áñÜæåôáé áðü ôï Äéïéêçôéêü Óõìâïýëéï ôçò ÅÊÔ êáé èá åöáñìüæåôáé áðü ôçí ÅêôåëåóôéêÞ ÅðéôñïðÞ ôçò ÅÊÔ , ïðïéáäÞðïôå åê ÷ þñçóç áñìïäéïôÞôùí ðñïò ôï Óõìâïýëéï ôïõ ÍÉË ðÝñáí ôçò åöáñìïãÞò ôçò íïìéóìáôéêÞò ðïëéôéêÞò áðïôåëåß áôÝëåéá ôïõ íïìïó ÷ åäßïõ ðïõ èá ðñÝðåé åðåéãüíôùò íá äéïñèùèåß . Óýìöùíá ìå ôï ¢ ñèñï 2.2 , ðÝìðôï åäÜöéï , êáé ôï ¢ ñèñï 17 ôïõ íïìïó ÷ åäßïõ , ôï ÍÉË åêäßäåé êÝñìáôá .
2.2 Legal integration in the ESCB With regard to the IML s legal integration in the ESCB , the following adaptations are envisaged in the draft law . 2.2.1 Statutory objective Article 2.2 , which states that the IML is responsible for promoting the stability of the currency , neither reflects the primacy of the ESCB s statutory objective nor anticipates the integration of the IML in the ESCB .
Oé äéáôÜîåéò áõôÝò äåí áíáãíùñßæïõí ôéò áñìïäéüôçôåò ôçò ÅÊÔ âÜóåé ôïõ ¢ ñèñïõ 105Á ( 1 ) ôçò ÓõíèÞêçò ó ÷ åôéêÜ ìå ôá ôñáðåæïãñáììÜôéá ïýôå ôéò áñìïäéüôçôÝò ôçò âÜóåé ôïõ ¢ ñèñïõ 105Á ( 2 ) , ðñþôï åäÜöéï , ôçò ÓõíèÞêçò ó ÷ åôéêÜ ìå ôá êÝñìáôá .
Article 2.1 ( 1 ) ( draft ) states explicitly that the IML s primary objective shall be to maintain price stability and Articles 2.3 and 2.4 ( draft ) provide that the IML shall become an integral part of the ESCB as the Central Bank of Luxembourg and that it will have to perform its tasks within the framework of international agreements in the monetary field entered into by Luxembourg , such as the Treaty .
Êáé óôçí ðåñßðôùóç áõôÞ ( âë . åðßóçò ðéï ðÜíù ) , ðáñüëï ðïõ ôá ¢ ñèñá 2.3 êáé 2.4 ( ôïõ íïìïó ÷ åäßïõ ) ïñßæïõí ñçôþò üôé ôï ÍÉË èá ãßíåé áíáðüóðáóôï ìÝñïò ôïõ ÅÓÊÔ ùò ÊåíôñéêÞ ÔñÜðåæá ôïõ Ëïõîåìâïýñãïõ êáé üôé èá õðï ÷ ñåïýôáé íá áóêåß ôá êáèÞêïíôÜ ôïõ óôï ðëáßóéï ôùí äéåèíþí óõìöùíéþí ðïõ óõíÜðôåé ôï Ëïõîåìâïýñãï óôï íïìéóìáôéêü ôïìÝá , üðùò ç ÓõíèÞêç ,
There is , however , a lack of legal clarity in the secondary objectives of the IML as set out in the draft law : Article 2.1 ( draft ) states that without prejudice to the objective of price stability , the IML supports the general economic policy . This implies that the IML may have to support the economic policy of the Luxembourg Government rather than the general economic policies in the Community as laid down in Article 105 ( 1 ) a of the Treaty , although a national economic policy can only be supported by an NCB insofar as this is compatible with its obligations as an integral part of the ESCB .
2.2.1 Êáôáóôáôéêüò óêïðüò Ôï ¢ ñèñï 2.2 , ðïõ ïñßæåé üôé ôï ÍÉË åßíáé áñìüäéï ãéá ôçí ðñïáãùãÞ ôçò óôáèåñüôçôáò ôïõ íïìßóìáôïò , äåí áíôáíáêëÜ ôçí ðñïôåñáéüôçôá ôïõ êáôáóôáôéêïý óêïðïý ôïõ ÅÓÊÔ ïýôå ðñïâëÝðåé ôçí Ýíôáîç ôïõ ÍÉË óôï ÅÓÊÔ . Ôï ¢ ñèñï 2.1 ( ôïõ íïìïó ÷ åäßïõ ) ïñßæåé ñçôþò üôé ï ðñùôáñ ÷ éêüò óêïðüò ôïõ ÍÉË åßíáé ç äéáôÞñçóç ôçò óôáèåñüôçôáò ôùí ôéìþí êáé ôá ¢ ñèñá 2.3 êáé 2.4 .
of the draft law , the Council of the IML shall have the task to define and implement monetary policy at a national level . It is recognised that Articles 2.3 and 2.4 ( draft ) explicitly state that the IML will become an integral part of the ESCB as the Central Bank of Luxembourg and that it will have to perform its tasks within the framework of international agreements in the monetary field entered into by Luxembourg , such as the Treaty .
Ùóôüóï , åëëåßðåé íïìéêÞ óáöÞíåéá óôïõò äåõôåñåýïíôåò óêïðïýò ôïõ ÍÉË , üðùò ðñïâëÝðïíôáé óôï íïìïó ÷ Ýäéï : ôï ¢ ñèñï 2.1 ( ôïõ íïìïó ÷ åäßïõ ) ïñßæåé üôé , ìå ôçí åðéöýëáîç ôïõ ðñùôáñ ÷ éêïý óêïðïý ôçò óôáèåñüôçôáò ôùí ôéìþí , ôï ÍÉË óôçñßæåé ôç ãåíéêüôåñç ïéêïíïìéêÞ ðïëéôéêÞ .
These provisions recognise neither the competences of the ECB under Article 105a ( 1 ) of the Treaty with regard to banknotes nor its competences under Article 105a ( 2 ) , first sentence , of the Treaty with respect to coins .
Áõôü óçìáßíåé üôé ôï ÍÉË ðñÝðåé íá óôçñßæåé ôçí ïéêïíïìéêÞ ðïëéôéêÞ ôçò ÊõâÝñíçóçò ôïõ Ëïõîåìâïõñãïõ êáé ü ÷ é ôéò ãåíéêÝò ïéêïíïìéêÝò ðïëéôéêÝò óôçí Êïéíüôçôá , üðùò ðñïâëÝðåé ôï ¢ ñèñï 105 ( 1 ) ôçò ÓõíèÞêçò , ìïëïíüôé ìéá ÅèíÊÔ ìðïñåß íá óôçñßæåé ôçí åèíéêÞ ïéêïíïìéêÞ ðïëéôéêÞ ìüíïí åöüóïí åßíáé óõìâáôÞ ìå ôéò õðï ÷ ñåþóåéò ôçò ùò áíáðüóðáóôïõ ìÝñïõò ôïõ ÅÓÊÔ .
Again ( see also above ) , although Articles 2.3 and 2.4 ( draft ) explicitly state that the IML will become an integral part of the ESCB as the Central Bank of Luxembourg and that it will have to perform its tasks within the framework of international agreements in the monetary field entered into by Luxembourg , such as the Treaty , there is still a lack of clarity which merits further consideration .
2.2.3 MÝóá Ôá ¢ ñèñá 21 Ýùò 29 ó ÷ åôéêÜ ìå ôá ìÝóá ôïõ ÍÉË óôï íïìéóìáôéêü ôïìÝá åßíáé áóõìâßâáóôá ìå ôç ÓõíèÞêç êáé ôï Êáôáóôáôéêü åðåéäÞ äåí áíáãíùñßæïõí ôéò áñìïäéüôçôåò ôïõ ÅÊÔ óôïí ôïìÝá áõôü .
2.2.3 Instruments Articles 21 to 29 on the IML s instruments in the monetary field are incompatible with the Treaty and Statute as they do not respect the ECB s competences in this field .
Ôá ¢ ñèñá 21 Ýùò 27 ( ôïõ íïìïó ÷ åäßïõ ) ðñïâëÝðïõí ôñïðïðïßçóç ôùí ðáñáðÜíù Üñèñùí þóôå íá åðáíáëáâÜíïõí , êáôÜ ðåñßðôùóç , ôá ó ÷ åôéêÜ ¢ ñèñá ôïõ Êáôáóôáôéêïý .
Articles 21 to 27 ( draft ) provide for amendments of the former articles so as to reproduce , where appropriate , the relevant Articles of the Statute .
Ôï ¢ ñèñï 25 ( ôïõ íïìïó ÷ åäßïõ ) ïñßæåé üôé ôï ÍÉË ìðïñåß íá ðáñÝ ÷ åé ðéóôùôéêÝò äéåõêïëýíóåéò ðñïêåéìÝíïõ íá äéáóöáëßæåé ôç óôáèåñüôçôá ôùí óõóôçìÜôùí ðëçñùìþí , ÷ ùñßò íá áíáãíùñßæåé ôéò áñìïäéüôçôåò ôçò ÅÊÔ óôïí ôïìÝá áõôü .
2.2.2 Tasks Article 2 , which lists the IML s activities , does not respect the ECB s competences with regard to a number of the IML s activities in Stage Three .
Ôï íïìïó ÷ Ýäéï ó ÷ åôéêÜ ìå ôï íïìéóìáôéêü êáèåóôþò ôïõ Ëïõîåìâïýñãïõ ñõèìßæåé ôá ðáñáðÜíù èÝìáôá . Ùóôüóï , ôï ¢ ñèñï 2.1 ( ôïõ íïìïó ÷ åäßïõ ) ïñßæåé üôé ç ÊõâÝñíçóç ìðïñåß íá ÷ áñÜæåé ôéò ãåíéêÝò êáôåõèýíóåéò ðïëéôéêÞò ãéá ôç óõíáëëáãìáôéêÞ éóïôéìßá ôïõ öñÜãêïõ Ëïõîåìâïýñãïõ Ýíáíôé ôùí Üëëùí íïìéóìÜôùí .
Article 25 ( draft ) states that the IML may provide credit facilities to ensure the stability of payment systems without recognising the ECB s competences in this field . This is an imperfection in the draft law which merits further consideration .
áðü ôçí çìåñïìçíßá êáôÜ ôçí ïðïßá ôï Ëïõîåìâïýñãï èá õéïèåôÞóåé ôï åíéáßï íüìéóìá , ïé ðáñáðÜíù äéáôÜîåéò èá êáôáóôïýí áíåöÜñìïóôåò . 4
- Article 2.2 , first indent , and Article 6 lit . a ( draft ) state that the IML s Council shall define and implement monetary policy at a national level ;
Ìå ôçí ðñïûðüèåóç üôé ôï íïìïó ÷ Ýäéï èá õéïèåôçèåß üðùò åß ÷ å óôéò 24 Ìáñôßïõ 1998 êáé èá ôåèåß åãêáßñùò óå éó ÷ ý , äåí èá áðïìÝíïõí ðëÝïí áóõìâáôüôçôåò óôï êáôáóôáôéêü ôïõ Íïìéóìáôéêïý Éäñýìáôïò ôïõ Ëïõîåìâïýñãïõ , áí êáé õðÜñ ÷ ïõí äéÜöïñåò áôÝëåéåò , ïé ïðïßåò üìùò äåí èá èÝôïõí óå êßíäõíï ôç óõíïëéêÞ ëåéôïõñãßá ôïõ ÅÓÊÔ êáôÜ ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ . Ôï ¢ ñèñï 2.2 , ðñþôï åäÜöéï , êáé ôï ¢ ñèñï 6 ( á ) ( ôïõ íïìïó ÷ åäßïõ ) ïñßæïõí üôé ôï Óõìâïýëéï ôïõ ÍÉË ÷ áñÜæåé êáé åöáñìüæåé ôç íïìéóìáôéêÞ ðïëéôéêÞ óå åèíéêü åðßðåäï .
this is inconsistent with Article 2A )( 3 ) and ( 4 ) ( draft ) , which states that the IML becomes a part of the ESCB and fulfils its missions within the framework of international monetary treaties to which Luxembourg is a party . In addition , the Bank s Council is largely composed of members who will not fulfil their duties vis - - vis the IML on the basis of professional exclusivity , while , at the same time , no explicit rules ensure that conflicts of interest might not arise from other functions of the IML s Council members .
Áõôü äåí óõìöùíåß ìå ôï ¢ ñèñï 2Á ) ( 3 ) êáé ( 4 ) ( ôïõ íïìïó ÷ åäßïõ ) , ðïõ ðñïâëÝðåé üôé ôï ÍÉË èá ãßíåé ìÝñïò ôïõ ÅÓÊÔ êáé èá åêôåëåß ôçí áðïóôïëÞ ôïõ óôï ðëáßóéï ôùí äéåèíþí íïìéóìáôéêþí óõíèçêþí ôéò ïðïßåò óõíÜðôåé ôï Ëïõîåìâïýñãï .
- The IML s statutory objective as laid down in Article 2.1 ( draft ) does not unambiguously reflect the primacy of the ESCB s secondary statutory objective . - Article 2.2 , fifth indent , and Article 17 ( draft ) state that the IML shall issue monetary tokens , without recognising the competences of the ECB in this field .
Ï åí ëüãù íüìïò èÝôåé ôïõò üñïõò ðïõ äéÝðïõí ôçí Ýêäïóç êáé äéáíïìÞ ôñáðåæïãñáììáôßùí êáé êåñìÜôùí (¢ ñèñï 3 ) êáé äåí áíáãíùñßæåé ôéò áñìïäéüôçôåò ôçò ÅÊÔ êáé ôïõ Óõìâïõëßïõ ôçò ÅÅ óôïí ôïìÝá áõôü , üðùò ðñïâëÝðïíôáé óôï ¢ ñèñï 105Á ( 2 ) ôçò ÓõíèÞêçò .
3.1 The Law of 15 March 1979 on the monetary status of Luxembourg This law lays down provisions on the issuance and distribution of banknotes and coins ( Article 3 ) which do not recognise the ECB s and the EU Council s powers in this field as laid down in Article 105a ( 2 ) of the Treaty .
ÅîÜëëïõ , ï íüìïò áíáèÝôåé óôçí ÊõâÝñíçóç ôçí áðïêëåéóôéêÞ áñìïäéüôçôá ãéá ôçí Üóêçóç ðïëéôéêÞò óå ó ÷ Ýóç ìå ôç óõíáëëáãìáôéêÞ éóïôéìßá ôïõ öñÜãêïõ Ëïõîåìâïýñãïõ (¢ ñèñï 2 ) , ÷ ùñßò Ýôóé íá ðñïâëÝðåé ôçí õéïèÝôçóç ôïõ åõñþ ïýôå íá áíáãíùñßæåé ôéò áñìïäéüôçôåò ôçò Êïéíüôçôáò óôïí ôïìÝá ôùí óõíáëëáãìáôéêþí éóïôéìéþí .
Furthermore , the law attributes exclusive competence for the exchange rate policy with regard to the Luxembourg franc to the Government ( Article 2 ) , which neither envisages the introduction of the euro nor recognises the Community s powers in the field of exchange rates .