International and European cooperation: in order to present its views at the international and European level, the ECB participates in the meetings of various international and European fora. In December 1998, the ECB became the only central bank in the world to be granted observer status at the International Monetary Fund (IMF) and it now participates in all meetings of the IMF's Executive Board on issues relevant to Economic and Monetary Union. For this reason, the ECB has established a permanent representation in Washington D.C. Moreover, the ECB participates in meetings of the G7, the G20 and the Financial Stability Board. At the European level, the President of the ECB is regularly invited to attend meetings of the Eurogroup, the monthly informal gatherings of euro area finance ministers. Moreover, the ECB may participate in meetings of the EU Council whenever issues relating to the objectives and tasks of the Eurosystem are discussed.
Statutory reports: the reporting obligations are laid down in the Statute of the European System of Central Banks (Article 15). The ECB produces a Monthly Bulletin, a consolidated weekly financial statement of the Eurosystem and an Annual Report.
Monitoring financial risks: this involves assessing the risks of securities, either those purchased in the context of the investment of the ECB's own funds and foreign reserves or of those securities that have been accepted as collateral in Eurosystem credit operations.
Fulfilling advisory functions for Union institutions and national authorities: the ECB adopts "Opinions" on draft EU and national legislation, where it concerns the ECB's field of competence.
Running the IT systems: the ECB and the NCBs have established a number of common operational systems to make it easier to carry out decentralised operations. These systems provide the "logistical" support for the Eurosystem's functional integrity. These systems encompass information systems, applications and procedures. They are organised according to a "hub-and-spokes" approach, with the hub located at the ECB.
Strategic and tactical management of the ECB's foreign reserves: this involves the definition of the long-term risk return preferences of the foreign reserve assets (strategic asset allocation), the steering of the risk-return profile against the background of prevailing market conditions (tactical asset allocation) and the setting of the investment guidelines and the overall operational framework.
Banking Supervision (as of November 2014): Under the Single Supervisory Mechanism, the ECB will directly supervise approximately 130 credit institutions from November 2014, representing almost 85% of total banking assets in the euro area. It will work closely with the national competent authorities to indirectly supervise all other credit institutions under the overall oversight of the ECB. The ECB may decide at any time to take responsibility for a less significant credit institution.