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

April 2008

Operational Issues

The Short-Term European Paper initiative (STEP) – Extension of the ESCB’s involvement

On 24 April 2008 the Governing Council approved, at the request of the European Banking Federation, the extension of the ESCB’s involvement in the STEP labelling process (which the Governing Council approved in April 2006) for a further two years until the end of June 2010.

Economic, Monetary and Financial situation

Ninth Structural Issues Report

On 24 April 2008 the Governing Council approved the ninth Structural Issues Report, which had been prepared by the Monetary Policy Committee (one of the Eurosystem/ESCB committees). The Report provides an overview of the main developments in labour supply and its determinants in the euro area over the period 1996-2007 and identifies the future challenges for policy-makers. The Report will be sent to the European Parliament and published on the ECB’s website on 25 June 2008.

Payment Systems and Market Infrastructure

Single Euro Payments Area (SEPA) compliance of infrastructures

On 24 April 2008 the Governing Council approved detailed terms of reference to complement the four SEPA compliance criteria which the Eurosystem had adopted in July 2007. These terms of reference will be published on the ECB’s website on 28 April 2008.

T2S governance for the specification phase

On 24 April 2008 the Governing Council approved the detailed arrangements for the T2S governance during the specification phase of the project which is expected to last until the end of 2009. Although the general governance arrangement for the current user requirements phase will continue to apply, minor modifications will be introduced. One of these modifications will be that only CSDs and users that explicitly support T2S will be part of the future T2S governance while, in the current phase, market participants are represented irrespective of whether or not they support the project.

Financial Stability and Supervision

Assessment of the Memorandum of Understanding on EU cooperation on cross-border financial stability

On 31 March 2008 the Governing Council endorsed the draft text of the Memorandum of Understanding on co-operation between the Financial Supervisory Authorities, Central Banks and Finance Ministries of the European Union on cross-border financial stability, which was subsequently signed by the Governors of the 27 national central banks of the European System of Central Banks, as well as the President of the ECB, at the Informal Ecofin meeting in Brdo pri Kranju on 4 April 2008.

Report on financial stability challenges in candidate countries

On 3 April 2008 the Governing Council approved the third edition of the Report on financial stability challenges in candidate countries, with a view to transmitting it to the High Level Economic Dialogue with the European Union candidate countries on 14 May 2008. This Report, which was prepared by the International Relations Committee (one of the Eurosystem/ESCB committees), focuses on the challenges relating to the management of the transition to deeper and more market-oriented financial systems. It will be published shortly in the form of an ECB Occasional Paper.

External Communication

Information kit on price stability

On 24 April 2008 the Governing Council took note of the positive feedback from users of the communication action launched in December 2005 aimed at teachers and secondary school pupils to increase the younger generations’ awareness of the importance and benefits of price stability. This information kit consists of an eight-minute animated film, a pupils’ leaflet and a teachers’ booklet. It is available in all official languages of the European Union and is accessible on the ECB’s website.

Advice on Legislation

ECB Opinion on codification of the Council Regulation on the application of the Protocol on the excessive deficit procedure

On 3 April 2008, at the request of the EU Council, the Governing Council adopted an Opinion on codification of the Council Regulation on the application of the Protocol on the excessive deficit procedure (CON/2008/15). The Opinion is available on the ECB’s website.

ECB Opinion on Finnish legislation relating to the integration of financial and insurance supervision

On 4 April 2008, at the request of the Finnish Ministry of Finance, the Governing Council adopted an Opinion on the integration of financial and insurance supervision (CON/2008/16). The Opinion is available on the ECB’s website.

ECB Opinion on Luxemburgish legislation relating to the modernisation of the financial sector and to the statutory pension scheme

On 15 April 2008, at the request of the Luxembourg Minister for the Treasury and the Budget, the Governing Council adopted an Opinion on the powers of the Banque centrale du Luxembourg and on its agents’ pension scheme (CON/2008/17). The Opinion is available on the ECB’s website.

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