PRESS RELEASE

Code of Conduct for the Members of the Governing Council

24 May 2002

On 16 May 2002 the members of the Governing Council of the European Central Bank (ECB) agreed upon a Code of Conduct for the members of the Governing Council. This Code reflects the special responsibility of Governing Council members to safeguard the integrity and reputation of the Eurosystem and to maintain the effectiveness of its operations. It emphasises that members shall act in the general interest of the euro area and sets ethical standards which they must uphold when exercising their official functions as members of the Governing Council.

The Code of Conduct for the members of the Governing Council was published today in the Official Journal of the European Communities and is available on the ECB's website. In October 2000 the Executive Board adopted a Code of Conduct addressed to all persons employed by the ECB, which is also available on the ECB's website.

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