PRESS RELEASE

Statement by the Executive Board of the European Central Bank (ECB)on the distribution of responsibilities among its members for the businessareas of the ECB

4 June 1998

The Executive Board of the European Central Bank (ECB) held its first formal meeting under the chairmanship of the President of the ECB on 2 June 1998. The Executive Board agreed on the distribution of responsibilities among its members for the business areas of the ECB.

In addition to his statutory duties as Chairman of the Executive Board, the Governing Council and the General Council, as well as his role as the external representative of the ECB and of the ESCB, the President, Mr. Willem F. Duisenberg, will be responsible for the External Relations, Secretariat & Protocol and Internal Audit of the ECB.

In addition to his statutory duties as deputy to the President, the Vice-President, Mr. Christian Noyer, willbe responsible for the Administration & Personnel, Legal Services and Middle Office of the ECB.

Mr. Eugenio Domingo Solans will be responsible for the Statistics, Banknotes and Information Systems areas of the ECB

Ms Sirkka Hämäläinen will be responsible for the Operations and Controlling & Organisation areas of the ECB.

Mr. Otmar Issing will be responsible for the Economics and Research areas of the ECB.

Mr. Tommaso Padoa-Schioppa will be responsible for the International & European Relations, Payment Systems and Prudential Supervision areas of the ECB.

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