Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

December 2007

Operational issues

Assessment of the securities settlement systems of Cyprus and Malta against Eurosystem standards

In view of the entry of Cyprus and Malta to the euro area on 1 January 2008, the Governing Council, on 7 December 2007, assessed the eligibility of the securities settlement systems of both countries for their use in Eurosystem credit operations. A press release will be published on the ECB’s website on 28 December 2007.

Joint central bank measures to address elevated pressures in short-term funding markets

On 11 December 2007 the Governing Council decided to take joint action with the Federal Reserve by offering US dollar funding to Eurosystem counterparties designed to address elevated pressures in short-term funding markets. A press release on the joint action announced by the Bank of Canada, the Bank of England, the ECB, the Federal Reserve and the Swiss National Bank was published on the ECB’s website on 12 December 2007.

Annual review of non-regulated markets

On 13 December 2007 the Governing Council took note of the annual reassessment of the non-regulated markets. This assessment concluded that no changes were required to the current list of acceptable non-regulated markets for the Eurosystem’s collateral management purposes and that there were no new markets to assess at present.

Verification of the implementation of the monetary policy operations legal framework by the Central Bank of Cyprus and the Central Bank of Malta

On 17 December 2007 the Governing Council took note of the assessment of the implementation by the Central Bank of Cyprus and the Central Bank of Malta of the monetary policy operations legal framework, in view of their accession to the Eurosystem on 1 January 2008 following the adoption of the euro in both countries.

Amendment to the Agreement on the operating procedures for an exchange rate mechanism in Stage Three of Economic and Monetary Union

On 20 December 2007 an Agreement was signed amending the Agreement of 16 March 2006 (as last amended on 21 December 2006) between the ECB and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in Stage Three of Economic and Monetary Union. The Agreement will be published shortly in the Official Journal of the EU and on the ECB’s website.

Payment Systems and Market Infrastructure

Public consultation on TARGET2 – Securities User Requirements and economic impact analysis

On 17 December 2007 the Governing Council took note of the TARGET2 – Securities user requirements and launched a public consultation on the related documents to end on 2 April 2008. The comments received in the course of this public consultation will be assessed in the course of May 2008 and the decision whether to move to the next phase of the project is expected to be taken by the Governing Council in the summer of 2008. A press release announcing the launch of this public consultation was published on the ECB’s website on 18 December 2007.

Advice on legislation

ECB Opinion on the supervision of foreign exchange cash operations in Slovenia

On 23 November 2007, at the request of the Slovenian Ministry of Finance, the Governing Council adopted an Opinion on new tasks for Banka Slovenije relating to the supervision of foreign exchange cash operations (CON/2007/38). The Opinion is available on the ECB’s website.

ECB Opinion on Cypriot legislation on protecting the currency against counterfeiting

On 30 November 2007, at the request of the Central Bank of Cyprus, the Governing Council adopted an Opinion on the scope of the protection of legal tender against counterfeiting and other illicit activities (CON/2007/39). The Opinion is available on the ECB’s website.

ECB Opinion on Bulgarian payment services legislation

On 12 December 2007, at the request of the Българска народна банка (Bulgarian National Bank), the Governing Council adopted an Opinion on the introduction of a licensing regime for entities providing money remittance services (CON/2007/40). The Opinion is available on the ECB’s website.

ECB Opinion on German statistical reporting requirements

On 12 December 2007, at the request of the German Federal Ministry of Economy and Technology, the Governing Council adopted an Opinion on reporting provisions for payments and for direct investments in domestic and foreign economic territories in connection with the creation of the Single Euro Payments Area (SEPA) (CON/2007/41). The Opinion is available on the ECB’s website.

ECB Opinion on Community legislation relating to the protection of the euro against counterfeiting

On 17 December 2007, at the request of the EU Council, the Governing Council adopted an Opinion on the authorisation of the transport of counterfeit notes and coins among competent national authorities as well as EU institutions and bodies as a measure for the detection of counterfeits (CON/2007/42). The Opinion will be published shortly in the Official Journal of the EU and on the ECB’s website.

ECB Opinion on Slovak preparation for adoption of the euro

On 19 December 2007, at the request of the Slovak Ministry of Finance, the Governing Council adopted an Opinion on the legal framework in preparation for the adoption of the euro (CON/2007/43). The Opinion is available on the ECB’s website.

Statistics

ECB Regulation on the consolidated balance sheet of the monetary financial institutions sector

On 29 November 2007 the Governing Council adopted a Regulation amending Regulation ECB/2001/13 concerning the consolidated balance sheet of the monetary financial institutions sector (ECB/2007/18). The Regulation was published in the Official Journal of the EU on 15 December 2007 and is also available on the ECB’s website.

HICP statistical development, including the treatment of owner-occupied housing

On 13 December 2007 the Governing Council took note of the progress report on the Harmonised Index of Consumer Prices (HICP) which will now be forwarded to Eurostat and the national statistical institutes. This report will be updated by the end of 2008.

Corporate Governance

ECB Decision on the allocation of monetary income

On 22 November 2007 the Governing Council adopted a Decision amending Decision ECB/2001/16 on the allocation of monetary income of the national central banks of participating Member States from the financial year 2002 (ECB/2007/15). The Decision was published in the Official Journal of the EU on 19 December 2007 and is also available on the ECB’s website.

ECB Recommendation on the external auditors of the Central Bank of Malta

On 29 November 2007 the Governing Council adopted a Recommendation to the EU Council on the external auditors of the Central Bank of Malta (ECB/2007/17). The Recommendation was published in the Official Journal of the EU on 15 December 2007 and is also available on the ECB’s website.

ECB Guideline on accounting and financial reporting

On 17 December 2007 the Governing Council adopted a Guideline amending Guideline ECB/2006/16 on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2007/20). The Guideline will be published shortly in the Official Journal of the EU and on the ECB’s website.

ECB Decision on the ECB’s annual accounts

On 17 December 2007 the Governing Council adopted a Decision amending Decision ECB/2006/17 on the annual accounts of the European Central Bank (ECB/2007/21). The Decision will be published shortly in the Official Journal of the EU and on the ECB’s website.

Issuance of banknotes and coins

ECB Decision on the volume of coin issuance by the euro area Member States in 2008

On 23 November 2007 the Governing Council adopted a Decision on the approval of the volume of coin issuance in 2008 (ECB/2007/16). The Decision was published in the Official Journal of the EU on 5 December 2007 and is also available on the ECB’s website.

ECB Decision on the issue of euro banknotes

On 7 December 2007 the Governing Council adopted a Decision amending Decision ECB/2001/15 of 6 December 2001 on the issue of euro banknotes (ECB/2007/19). The Decision will be published shortly in the Official Journal of the EU and on the ECB’s website.

Annual progress report on the framework for the detection of counterfeits and fitness sorting by credit institutions and other professional cash handlers

On 14 December 2007 the Governing Council, having taken note of the annual progress report on the implementation of the Banknote Recycling Framework (BRF), decided that the national central banks would closely monitor compliance with the BRF by credit institutions and other professional cash handlers in 2008.

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