Organisational principles for the Eurosystem and the Single Supervisory Mechanism

For the Eurosystem, with due respect to the underlying principle of decentralisation:

Participation

All members of the Eurosystem and the Single Supervisory Mechanism (SSM) will contribute strategically and operationally to their goals.

Cooperation

All members of the Eurosystem and the SSM will perform all their functions in a spirit of cooperation and teamwork.

Transparency and accountability

All members of the Eurosystem and the SSM will act transparently and be fully responsible and accountable for the effectiveness of all their functions.

Distinguishing European and national activities

The European activities performed by national central banks and national competent authorities will be clearly identified and distinguished from those pertaining to national responsibilities.

Cohesion and unity

While respecting the legal status of their members, the Eurosystem will act as cohesive and unified entity and the SSM as a cohesive and coordinated entity. They will each work as a team and speak with one voice, aiming to be close to the citizens of Europe.

Exchange of resources

The members of the Eurosystem and the SSM will promote the exchange of personnel, know-how and experience.

Effectiveness and efficiency in decision-making

All decision-making and deliberative processes of both the Eurosystem and the SSM will pursue effectiveness and efficiency. Decision-making will focus on analysis and arguments as well as the expression of a variety of views.

Cost efficiency, measurement and methodology

The members of the Eurosystem and the SSM will manage all resources prudently and will promote effective and cost-efficient solutions in all their activities. The Eurosystem and the SSM will develop control systems and performance indicators to measure the fulfilment of their functions and alignment with their objectives. Comparable cost evaluation and cost-reporting methods will be further elaborated and utilised.

Exploit synergies and avoid duplications

Within both the Eurosystem and the SSM, while fully respecting the separation between monetary policy and supervisory tasks, potential synergies and economies of scale will be identified and exploited to the extent feasible. Unnecessary duplication of work and resources and excessive and inefficient coordination will be avoided. To this end, organisational options that ensure effectiveness, efficiency and prompt action, taking advantage of the experience available through intensified use of existing resources will be energetically pursued. The outsourcing of Eurosystem support functions and activities will be considered against the same criteria and will take security aspects into account.