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

Economic, monetary and financial situation

Seventh structural issues report

On 2 February 2006 the Governing Council approved the publication of the seventh structural issues report, entitled “Competition, productivity and prices in the euro area service sector”, which has been prepared by the Monetary Policy Committee. The report, which is expected to be published in March 2006, discusses how the service sector in the euro area has evolved over time and provides key facts and an analysis of how competition in the service sector affects productivity and prices.

Operational issues

Euro Money Market Survey 2005

On 18 January 2006 the Governing Council authorised the publication of a set of charts providing updated information for the year 2005 as an Annex to the Euro Money Market Study 2004. It is available on the ECB’s website. The next complete study will be published in 2007, with data covering the year 2006.

Payment Systems and Market Infrastructure

The single euro payments area (SEPA)

On 16 February 2006 the Governing Council authorised the publication of a report entitled “Towards a single euro payments area: objectives and deadlines - fourth progress report”, prepared by the Payment and Settlement Systems Committee (PSSC). A related press release has been published on the ECB’s website today.

Advice on legislation

ECB Opinion on Estonian minimum reserve requirements

On 13 January 2006, at the request of Eesti Pank, the Governing Council adopted an Opinion on minimum reserve requirements (CON/2006/3). The Opinion is available on the ECB’s website.

ECB Opinion on Cypriot preparation for adoption of the euro

On 27 January 2006, at the request of Central Bank of Cyprus, the Governing Council adopted an Opinion on amendments to the Central Bank of Cyprus’s statutes in preparation for the adoption of the euro (CON/2006/4). The Opinion is available on the ECB’s website.

ECB Opinion on Lithuanian settlement finality legislation

On 16 February 2006, at the request of Lietuvos bankas, the Governing Council adopted an Opinion on an extension of the scope of the legislation on settlement finality in payment and securities settlement systems (CON/2006/5). The Opinion is available on the ECB’s website.

ECB Opinion on Finnish emergency powers

On 16 February 2006, at the request of the Finnish Ministry of Justice, the Governing Council adopted an Opinion on emergency powers and ESCB competences (CON/2006/6). The Opinion is available on the ECB’s website.

Statistics

Quality and availability of statistics

The Governing Council took note of the annual assessment of the availability and quality of euro area statistics which are needed by the ECB. The report on the quality of the euro area balance of payments and international investment position statistics, which includes quantitative quality indicators, and a related press release have been published today on the ECB’s website.

Review of the ECB Guideline on government finance statistics

On 3 February 2006 the Governing Council adopted a Guideline (ECB/2006/2) amending Guideline ECB/2005/5. The amendment serves to align the timing of the biannual reporting of data sets by NCBs to the ECB with the new deadlines given in Council Regulation (EC) No 2103/2005 of 12 December 2005 in the context of the excessive deficit procedure. The Guideline was published in the Official Journal of the EU on 11 February 2006 and is also available on the ECB’s website.

Corporate Governance

ECB Recommendation on the external auditors of the Oesterreichische Nationalbank

On 1 February 2006 the Governing Council adopted a Recommendation to the EU Council on the external auditors of the Oesterreichische Nationalbank (ECB/2006/1). The Recommendation was published in the Official Journal of the EU on 10 February 2006 and is also available on the ECB’s website.

New ECB premises project

Planning phase framework for the management, organisation, controlling and auditing

The Governing Council approved the framework concept for the management, organisation, controlling and auditing of the planning phase of the New ECB Premises project, including procurement and operational risk management.

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