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

June 2012

Economic, monetary and financial situation

Structural Issues Report 2012

On 6 June 2012 the Governing Council approved the Structural Issues Report 2012, which was prepared by the Monetary Policy Committee (one of the Eurosystem/ESCB committees). The report, entitled “Euro area labour markets and the crisis”, describes the heterogeneity in the adjustment observed across euro area labour markets, ascertaining the role of different shocks, labour market institutions and policy responses, and analyses the medium-term consequences of these labour market developments. The report will be sent to the European Parliament and subsequently published on the ECB’s website as part of the Occasional Paper Series.

Market Operations

Details of refinancing operations from 11 July 2012 to 15 January 2013

On 6 June 2012 the Governing Council took several decisions relating to the Eurosystem’s main and longer-term refinancing operations and the tender procedures employed for such operations. More detailed information can be found in a press release published on the ECB’s website on that day.

Measures to increase collateral availability for counterparties

On 20 June 2012 the Governing Council decided on additional measures to increase collateral availability for counterparties in order to improve their access to Eurosystem operations and further support the provision of credit to households and non-financial corporations. More detailed information can be found in a press release published on the ECB’s website on 22 June 2012.

Payment systems and market infrastructure

TARGET Annual Report 2011

On 24 May 2012 the Governing Council took note of the TARGET Annual Report 2011. The report indicates that TARGET2 continues to be instrumental in promoting an integrated euro area money market, which is a prerequisite for the effective conduct of the single monetary policy, and contributes to the integration of the euro financial markets. The report and a related press release were published on the ECB’s website on 31 May 2012.

Eurosystem collateral management services and systems

On 15 June 2012 the Governing Council announced its decision to discontinue the preparations for the Collateral Central Bank Management (CCBM2) project in its current form. In the project detailing phase, a number of challenges in the field of harmonisation were identified and the Eurosystem has decided to address these issues first before proceeding further with a common technical platform. The existing correspondent central banking model (CCBM) for cross-border collateral management remains in place. A related press release was published on the ECB’s website on 15 June 2012.

Advice on legislation

ECB Opinion on limitations on cash payments in Denmark

On 10 May 2012 the Governing Council adopted Opinion CON/2012/37 at the request of the Danish Ministry for Economic Affairs and the Interior on behalf of the Ministry of Taxation.

ECB Opinion on the oversight of retail payment services and systems in Italy

On 21 May 2012 the Governing Council adopted Opinion CON/2012/38 at the request of the Banca d’Italia.

ECB Opinion on the recapitalisation and resolution framework for credit institutions in Greece 

On 22 May 2012 the Governing Council adopted Opinion CON/2012/39 at the request of the Greek Ministry of Finance.

ECB Opinion on debt arrangements for over-indebted individuals in Greece

On 22 May 2012 the Governing Council adopted Opinion CON/2012/40 at the request of the Greek Ministry of Labour and Social Security.

ECB Opinion on the introduction of legal framework for the operation of central counterparties in Poland

On 22 May 2012 the Governing Council adopted Opinion CON/2012/41 at the request of the Marshal of the Polish Parliament (Sejm).

ECB Opinion on the Law on the Magyar Nemzeti Bank 

On 31 May 2012 the Governing Council adopted Opinion CON/2012/43 at the request of the Hungarian Ministry for the National Economy.

ECB Opinion on the Law on Česká národní banka 

On 31 May 2012 the Governing Council adopted Opinion CON/2012/44 at the request of the Czech Ministry of Finance.

ECB Opinion on the increase of Hungary’s quota with the International Monetary Fund 

On 1 June 2012 the Governing Council adopted Opinion CON/2012/45 at the request of the Hungarian Ministry for the National Economy.

ECB Opinion on the reorganisation and sale of real estate assets in the Spanish financial sector

On 5 June 2012 the Governing Council adopted Opinion CON/2012/46 at the request of the Banco de España.

ECB Opinion on prevention of late payments in Slovenia

On 18 June 2012 the Governing Council adopted Opinion CON/2012/47 at the request of the Slovenian Ministry of Finance.

International and European cooperation

The 11th annual report on “The international role of the euro”

On 20 June 2012 the Governing Council approved the publication of the 11th annual report on “The international role of the euro”. The report, which covers developments in 2011, examines the role of the euro in global markets and countries outside the euro area and aims to enhance understanding of the current state of internationalisation of the euro, identifying the main developments and underlying trends. The report, together with a related press release, will be published on 9 July 2012 on the ECB’s website.

Corporate governance

ECB Recommendation to the Council of the European Union on the external auditors of Banka Slovenije

On 1 June 2012 the Governing Council adopted Recommendation ECB/2012/9 to the Council on the external auditors of Banka Slovenije. The Recommendation was published in the Official Journal of the European Union and is available on the ECB’s website.

Chairmanship of the Committee on Controlling (COMCO)

On 6 June 2012 the Governing Council appointed Mr Pentti Hakkarainen, Deputy Governor of Suomen Pankki – Finlands Bank, as Chairman of COMCO (one of the Eurosystem/ESCB committees), with immediate effect. His term of office will expire on 31 August 2013, on the same date as the terms of office of all the other Eurosystem/ESCB committee chairpersons, who were (re-)appointed by the Governing Council on 22 July 2010.

Revised Good Practices for the selection and mandate of External Auditors according to Article 27.1 of the ESCB/ECB Statute

On 14 June 2012 the Governing Council approved a revised version of the “Good Practices for the selection and mandate of External Auditors according to Article 27.1 of the ESCB/ECB Statute”, which were initially adopted in October 2008. The Good Practices, published on 22 June 2012 on the ECB’s website, enable the Governing Council to ensure that its recommendations to the EU Council on the appointment of NCBs’ external auditors are based on proper and harmonised selection criteria.

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