and credit markets. the primary objective of the common monetary policy is price stability. the mandate, clear and unequivocal, given to the european system of central banks is based on two tenets held by the drafters of the treaty : that the stability of the value of money is a public good which does not hinder, but rather fosters, sustainable growth of the real economy ; and that maintaining stability depends crucially on the operation of monetary policy. the european system of central banks will enjoy complete autonomy ; it will regularly provide information on its activities and report on them to the other community institutions. in particular, the european central bank will be required, pursuant to article 109b of the treaty and article 15 of the statute of the european system of central banks, to publish periodic reports on the activities of the escb, with a description of the current and future stance of monetary policy. the european parliament will be able to debate these matters and invite the president and the other members of the executive board of the european central bank to be heard by its competent committees. in particular, the need for a “ single ” monetary policy will have to be reconciled with the principle of “ subsidiarity ”, which has also been embodied in the statute of the escb and is intended to permit the highest possible degree of decentralization in operational terms. more specifically, provision is made for a division of tasks along the following lines : - - the decision - making powers in monetary policy matters, especially with regard to interest rates and compulsory reserves, will be centralized in the european central bank. the ecb will exercise these powers through the governing council, comprising the governors of the national central banks and the executive board, composed of the president, the vice - president and four other members. the executive board will be responsible for implementing the decisions of the governing council on a continuous basis ; the operational implementation of monetary policy will be entrusted to the national central banks. each national central bank will thus have two tasks : it will contribute, through its governor, to the decisions of the governing council ; and it will implement these decisions in its own country. operations in the money and foreign exchange markets will normally be carried out by the national central banks. within this framework, the bank of italy will continue to carry out all the operational functions that it currently performs. the procedures for conducting monetary control operations will be different in part from those used today ; the draft legislative decree currently under discussion in parliament is designed to permit

gabriel makhlouf : protecting consumers remarks by mr gabriel makhlouf, governor of the central bank of ireland, at the publication of the oecd review of the central bank of ireland's consumer protection supervisory functions, dublin, 16 december 2024. * * * thank you and welcome to this special event to mark the publication of the oecd's report on the central bank's financial consumer protection role. this is the first review of its kind by the oecd and, given our shared commitment to financial consumer protection, we at the central bank are very pleased to be a pioneer in this work with you. we put ourselves forward for this review as we welcome the opportunity for our work to be assessed against global standards by an independent, objective third party. and we are very conscious of the oecd's central role in establishing the global standards through the g20 / oecd high - level principles on financial consumer protection. consumer protection is at the heart of everything we do in the central bank, aligned to our constant and predominant aim being the welfare of the people as a whole. over the last decade, we have, alongside other public institutions, played a significant role in strengthening the consumer protection framework in ireland, to ensure that our system and protections are in line with those global standards. while this strengthening of the framework has improved supports and outcomes for consumers, we also recognise the importance of ensuring that the framework – like all frameworks – continues to adapt and evolve so that it remains fit for purpose and futureready. the challenges and risks facing us are clear. the global economy is fragmenting and countries across the globe are undergoing significant economic transitions – in demography, in technology, in climate – while also experiencing a period of unprecedented innovation. consumers are adapting and in the face of a changing ecosystem, central banks, regulators, and businesses have to adapt, evolve and transform as well. the value provided by the oecd, given their knowledge of how countries and regulators across the globe are facing into these challenges, is clear. for our part, we are changing how we work and ensuring our frameworks reflect an increasingly digital world. as the financial services sector evolves, so too must our approach to supervision and regulation to ensure it remains fit for purpose. this need to adapt, evolve and transform is at the core of our strategy. a key element of this is the work we are finalising on our review of the consumer protection code