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2020 | OriginalPaper | Buchkapitel

6. Institutional Aspects of the European Central Bank

verfasst von : Christos V. Gortsos

Erschienen in: European Central Banking Law

Verlag: Springer International Publishing

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Abstract

This chapter discusses the institutional aspects of the European Central Bank (ECB). The first section systematically presents the related European Union (EU) framework and then briefly discusses the legal personality, the seat, as well as the privileges and immunities of the ECB. The following section is on the bodies of the ECB, presenting, in turn, its decision-making bodies (Governing Council, Executive Board and General Council) established by virtue of primary EU law, and its internal bodies established by the Single Supervisory Mechanism (SSM) Regulation (Supervisory Board, Administrative Board of Review and Mediation Panel). The third section then sets out the ECB’s regulatory powers under the Treaty on the Functioning of the European Union (TFEU), the Statute of the European System of Central Banks and the ECB and the SSM Regulation, as well as its sanctioning powers, as laid down in secondary EU law. The fourth section addresses its independence, accountability and transparency both under the TFEU and the Statute and under the SSM Regulation. The final section looks into other important institutional aspects, such as communication between the ECB and other EU institutions, the judicial review of the acts and/or omissions of the ECB and the national central banks, as well as the ECB’s aspects of liability.

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Vorheriges Kapitel The Systems and Mechanisms of the European Central Bank and National Central Banks

Nächstes Kapitel The Basic Tasks of the European Central Bank Within the Eurosystem and Issuance of Banknotes and Coins

TEU, Article 13(1), second sub-paragraph, sixth point.

These are included in ECB Decision of 19 February 2004 (ECB/2004/2) (OJ L 80, 18.3.2004, pp. 33–41), as in force, and were adopted on the basis of Article 12.3 ESCB/ECB Statute. The most recent unofficial consolidated version, of September 2016, is available at: https://www.ecb.europa.eu/ecb/legal/1001/1009/html/index.en.html.

ECB Rules of Procedure, Articles 9, 9a, 9b, 10 and 11, respectively.

Ibid., Articles 13m and 21, respectively.

These are included in ECB Decision 2014/179/EU of 22 January 2014 (OJ L 95, 29.3.2014, pp. 56–63) and were adopted on the basis of Articles 25(2) and 26(12) SSMR. The most recent unofficial consolidated version, of December 2014, is available at: https://www.bankingsupervision.europa.eu/legalframework/ecblegal/framework/html/index.en.html.

TFEU, Article 282(3), first sentence and ESCB/ECB Statute, Article 9.1.

This decision was taken on the basis of Article 37 ESCB/ECB Statute, which, as already discussed in Chap. 2, was repealed by the Treaty of Lisbon.

Available at: https://www.ecb.europa.eu/ecb/legal/pdf/en_headquarters_agreement_final.pdf.

TFEU, Article 343, second sentence and ESCB/ECB Statute, Article 39.

OJ C 202 (Consolidated version), 7.6.2016, pp. 266–272.

Protocol (No 7), Article 22.

TFEU, Articles 129(1) and 282(2), first sentence and ESCB/ECB Statute, Article 8.

TFEU, Article 141(1) and ESCB/ECB Statute, Article 44.1.

These are included in ECB Decision of 12 October 1999 (ECB/1999/7) (OJ L 314, 8.12.1999, pp. 34–35), were adopted on the basis of Articles 8 and 24 of the ECB Rules of Procedure and supplement its provisions.

These are included in ECB Decision of 17 June 2004 (ECB/2004/12) (OJ L 230, 30.6.2004, pp. 61–63) and were adopted on the basis of Article 46(4) ESCB/ECB Statute. For an overview of these bodies, see also Smits (1997), pp. 95–102, Louis (2009), pp. 177–190 and Zilioli and Athanassiou (2018), pp. 619–621.

TFEU, Article 283(1) and ESCB/ECB Statute, Article 10.1. The Governors of the NCBs of the Member States with a derogation do not participate in the meetings of the GC (ESCB/ECB Statute, Article 42.4–42.6, with reference to Articles 10.1 and 10.3).

See, on this, Sect. 6.3.1, when discussing ECB Opinions.

ESCB/ECB Statute, Articles 12.1, first sub-paragraph and 12.4–12.5. The ECB Rules of Procedure contain additional specific provisions on the body’s meetings, including the rotation scheme of voting rights in the GC. Under this, as from the date on which the number of GC members exceeds 21, i.e. the number of NCB Governors with voting rights exceeds 15, the principle of equal voting rights will cease to apply, given that the six Executive Board members will retain their permanent right to one vote each, but the number of Governors with a voting right will be 15 (on the basis of a rotation scheme. However, the GC may decide with a majority of two-thirds of the members having a voting right to postpone the start of the rotation system until the number of NCB Governors exceeds 18. This system entered recently into force, on 1 January 2015, following the admission into the GC a 19th Governor-member, the Governor of the Central Bank of Lithuania. The implementation of this rotation scheme is further diversified if the number of Governors members exceeds 22. On Article 6 ESCB/ECB Statute, see details in Smits (1997), pp. 420–428.

TFEU, Article 283(2) and ESCB/ECB Statute, Articles 11.1–11.2; the President and the Vice-President are appointed in positionem and are not elected in these positions by the GC or the Executive Board.

ESCB/ECB Statute, Articles 12.1, second sub-paragraph, 12.2 and 11.6. Its meetings are governed by the ECB’s Rules of Procedure (Articles 6–8) and its own, on a subsidiary basis.

Ibid., Article 44.2. The responsibilities of the General Council are laid down in Article 46 ESCB/ECB Statute and further specified in Articles 6–8 of its Rules of Procedure.

Even if this were envisaged, it would have required an amendment to Article 282(2) TFEU, which, given the tight schedule for the adoption of the SSMR, was unrealistic.

SSMR, Articles 26(1), first sub-paragraph and 26(5). The Chair and the Vice-Chair are appointed by the Council in accordance with the procedure laid down in Article 26(3) SSMR. The Supervisory Board establishes from among its members a Steering Committee in order to prepare its meetings, which, nevertheless, has no decision-making powers (ibid., 26(10)).

Ibid., Article 26(4) first and second sub-paragraphs.

This Article is presented in detail in Chap. 8, Sect. 8.2.

On ECB supervisory Decisions, see Sect. 6.3.1.

SSMR, Article 26(8).

OJ L 175, 14.6.2014, pp. 47–53; this was adopted on the basis of Article 24(10).

SSMR, Articles 24(1), 24(5), first sentence and 24(7), first sentence and Decision 2014/360/EU, Articles 4(1)–(3), 7(1), 16(1)–(2) and 16(5).

SSMR, Articles 24(2) and 24(4), first sentence; on the ABOR, see Gortsos (2015), pp. 255–262 and Brescia Morra et al. (2017).

SSMR, Articles 25(1)–(2) and 25(4); see also ECB Rules of Procedure, Article 13k. The latter aspect is reinforced by the above-mentioned provision of Article 26(5).

OJ L 300, 18.10.2014, pp. 57–62.

SSMR, Article 25(5).

OJ L 179, 19.6.2014, pp. 72–76; this was adopted on the basis of Article 25(3).

For an analysis of Article 25 and the related ECB Decisions, see Gortsos (2016) and D’Ambrosio (2019), pp. 158–160.

TFEU, Article 132(1) and ESCB/ECB Statute, Article 34.

All these categories of ECB legal acts and instruments are, in principle, not binding for Member States with a derogation and for their NCBs, nor for the UK and the Bank of England [Protocol (No 15), paragraph 4]. Not being specifically required and for the sake of simplicity, the following analysis makes no further reference to the relevant paragraphs of Articles 132(1) TFEU, 34 ESCB/ECB Statute and 17 of the ECB Rules of Procedure. For an overview, see also Zilioli and Athanassiou (2018), pp. 621–624.

These fields, exclusively enumerated in Article 132(1), first point TFEU, are governed by Articles 3.1, first point, 19.1, 22 and 25.2 ESCB/ECB Statute, respectively.

On these three issues, see details in Chap. 7.

See Chap. 2, Sect. 2.4.2.

By August 2019, all ECB Decisions bar none had been issued by the GC.

See Chap. 2, Sect. 2.3.4.

ESCB/ECB Statute, Article 40.3, and ECB Rules of Procedure, Article 17.4, second to fourth sub-paragraphs.

OJ L 189, 3.7.1998, pp. 42–43.

TFEU, Articles 127(4), first sub-paragraph and 282(5) and ESCB/ECB Statute, Article 4, point (a).

TFEU, Article 127(4), second sub-paragraph and ESCB/ECB Statute, Article 4, point (b); Articles 127(4) TFEU and 4 ESCB/ECB Statute apply to all Member States, with the exception of the UK (Protocol (No 15), paragraphs 4 and 7).

TEU, Article 48(6), second sub-paragraph. The relevant provision of the TEU previously applicable (Article 48, second sub-paragraph, point b) was activated in 2003, upon request for an ECB Opinion (issued on 19 September of the same year) with respect to the provisions of the Draft Treaty establishing a Constitution for Europe (CONV/2003/20). Following the last revision of the Treaties by the Treaty of Lisbon, the relevant provision (fully integrated within the new institutional framework governing amendment of the Treaties) was activated again in 2011, when an Opinion of the ECB was requested (and issued on 17 March) with respect to the draft decision of the European Council on amending Article 136 TFEU for the establishment of the legal basis of the ESM (see Chap. 2, Sect. 2.4.4).

ESCB/ECB Statute, Article 46.1, first point (with a reference to Article 43).

SSMR, Article 4(3), first sub-paragraph.

This ECB “Guide to Banking Supervision” of November 2014 (the ‘ECB 2014 Guide to Banking Suprevision’) is available at: https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssmguidebankingsupervision201411.en.pdf.

SSMR, Article 4(3), second sub-paragraph. Article 17a of the ECB Rules of Procedure lays down specific rules with regard to the ECB legal instruments which are related to its supervisory tasks, which do not apply to non-participating Member States.

SSM Framework Regulation, Article 25(1), with reference to Articles 22 and 26–35 [the latter do not apply to procedures carried out by the ABoR (ibid., Article 25(2)].

Ibid., Articles 26 and 28; a party may be represented by its legal or statutory representatives or by any other specifically designated representative (ibid., Article 27(1)).

Ibid., Articles 29(1)–(2), 30(1)–(2) and 30(4), respectively.

Article 31 SSM Framework Regulation is more detailed on this aspect.

Ibid., Article 22(1); see, on this, also Article 41 of the Charter of Fundamental Rights of the European Union, analysed in Voet van Vormizeele (2019).

SSMR, Article 22(2), first sub-paragraph and SSM Framework Regulation, Article 32.

SSMR, Article 22(2), second sub-paragraph and SSM Framework Regulation, Article 33–34; this applies without prejudice to Articles 278 TFEU (analysed in Schwarze und Voet van Vormizeele (2019)) and 24(8) SSMR. Article 35 lays down detailed provisions on the alternative ways in which the ECB must notify its supervisory Decisions to the parties concerned; for more details on this aspect, see D’Ambrosio (2013).

TFEU, Article 132(3) and ESCB/ECB Statute, Article 34.3.

See Chap. 2, Sect. 2.4.2.

OJ L 318, 27.11.1998, pp. 4–7.

OJ L 264, 12.10.1999, pp. 21–26.

OJ L 141, 14.5.2014, pp. 51–53.

The most recent unofficial consolidated version of this legal act, of 16 November 2017, is available at: https://www.ecb.europa.eu/ecb/legal/1002/1328/html/index.en.html.

Regulation ECB/2014/18, Article 1, point (1), introducing (a new) Article 1a in Regulation ECB/1999/4.

OJ L 27, 3.2.2015, pp. 1–6.

Council Regulation (EU) 2015/159, Article 1(2), introducing a new Article 1a in Council Regulation (EC) No 2532/98.

Council Regulation (EC) No 2532/98, (new) Articles 4a, 4b and 4c, respectively, inserted by Article 1(5) of Council Regulation (EU) 2015/159.

This case is regulated in Article 18(7) SSMR, which is presented later.

SSMR, Article 18(1). The application of Article 18(1) only to significantsupervised entities can be deduced from Article 134 SSM Framework Regulation.

The total annual turnover of a subsidiary of a parent undertaking is that resulting from the consolidated account of the ultimate parent undertaking in the preceding business year (ibid., Article 18(1)–(2)); the term ‘total annual turnover’ is defined in Article 67 CRD IV.

SSMR, Article 18(3); The ECB must apply these provisions (which apply mutatis mutandis also in respect of supervised entities and groups in participating Member States under the ‘close cooperation’ regime (SSM Framework Regulation, Article 113), in accordance with the legal acts of Article 4(3), including the procedures contained in Article 4b of Council Regulation (EC) No 2532/98, as appropriate. Specific procedural rules govern the establishment of an independent Investigating Unit composed of investigating officers designated by the ECB, the referral of alleged breaches to this Unit and its powers, the relevant procedural rights and the examination of the file by the Supervisory Board (SSMR, Article 18(4) and SSM Framework Regulation, Articles 123–127).

The relevant NCA must notify the ECB of the completion of a penalty procedure initiated at the request of the latter and, in particular, of the penalties imposed, if any, and may also ask the ECB to request it to open proceedings in such cases. NCAs may also open proceedings on their own initiative regarding the application of national law for tasks not conferred on the ECB by the SSMR (ibid., Article 18(5) and SSM Framework Regulation, Articles 134–135).

SSMR, Article 18(7) and SSM Framework Regulation, Articles 120, point (b) and 122.

The procedural rules applicable to periodic penalty payments are laid down in Article 129 SSM Framework Regulation, complement those laid down in Article 4b(2)–(3) of Council Regulation (EC) No 2532/98 and must be applied in accordance with Article 25–26 SSMR on mediation and the Supervisory Board (SSM Framework Regulation, Article 121(2)).

SSM Framework Regulation, Articles 130 (reflecting the content of Article 4c(1)–(3) of Council Regulation (EC) No 2532/98), 131 (reflecting the content of Article 4c(4) of that Council Regulation), 132 (on the basis of Article 18(6) SSMR), 133 and 136–137. For a summary of various administrative penalties and the division of competences between the ECB and the NCAs, see Table 6.1.

Protocol (No 15), paragraph 4.

TFEU, Article 130, first sub-paragraph.

Ibid., Articles 130, second sub-paragraph (and 282(3), fourth sentence). On this Article and the adequacy and sufficiency of the provisions of primary EU law on the ECB’s this aspect of independence (also as in force according to Article 108 of the TEC which has not been amended), see de Haan and Gormley (1997), Smits (1997), pp. 176–178, Brentford (1998), Häde (1999), Smits (2000), Louis (2009), pp. 173–177, Zilioli and Riso (2018) and Wutscher (2019), pp. 2069–2073.

TFEU, Article 283(2), third sub-paragraph and ESCB/ECB Statute, Articles 11.2 and 11.4. In this respect, see also the recent Judgment of the Court (Grand Chamber) of 26 February 2019 in Cases C-202/18 and 238/18 “Ilmārs Rimšēvičs and European Central Bank v Republic of Latvia” (ECLI:EU:C:2019:139, available at: https://curia.europa.eu/juris/liste.jsf?num=C-202/18&language=en.

ESCB/ECB Statute, Articles 28.1, first sentence and 28.2, first sentence. Article 282(3), third sentence, also provides that the ECB is independent in the management of its finances.

Ibid., Article 29.1–29.3; in this respect, applicable is Council Regulation 98/382/EC (OJ L 171, 17.6.1998, pp. 33–34).

Ibid., Article 29.4; all Decisions relating to the financial provisions of the ESCB are taken by the GC, with the sole exception of the Decision for payment of the capital by the NCBs of Member States with a derogation, which is taken by the General Council.

Decisions ECB/1998/1 (OJ L 8, 14.1.1999, pp. 31–32) and ECB/1998/13 (OJ L 125, 19.5.1999, p. 33), respectively.

OJ L 9, 11.1.2019, pp. 178–179; on the current weightings, see Table 6.2.

ESCB/ECB Statute, Article 28.3.

Decision ECB/1998/2 of 9 June 1998 (OJ L 8, 14.1.1999, pp. 33–35).

OJ L 9, 11.1.2019, pp. 180–182.

ESCB/ECB Statute, Article 47.

Decision ECB/1998/14 of 1 December 1998 (OJ L 110, 28.4.1999, pp. 33–34).

OJ L 9, 11.1.2019, pp. 196–197.

ESCB/ECB Statute, Articles 28.4, 28.5 and 48.1, first sub-paragraph.

OJ L 9, 11.1.2019, pp. 183–189; this was adopted on the basis of Article 28.5, last sentence ESCB/ECB Statute.

Ibid., Article 28.1, second sub-paragraph.

OJ L 115, 16.5.2000, p. 1.

OJ L 11, 15.1.2011, p. 53.

Article 48 ESCB/ECB Statute governs the deferred payment of capital when a Member State’s derogation has been abrogated.

On the independence of the ECB within the SSM, see Gortsos (2015), pp. 262–269 and Teixeira (2019), pp. 144–146; for a summary, see Table 6.3.

SSMR, Article 19(1)–(2). Article 19(3) stipulates for the establishment and publication by the GC of a Code of Conduct for the ECB staff and management involved in banking supervision concerning in particular conflicts of interest. Currently, in force is a single “Code of Conduct for high-level ECB officials”, of 16 January 2019, which covers the members of the GC, the Executive Board, the Supervisory Board, the General Council, the Audit Committee, the Ethics Committee and the ABoR, which replaced three previous codes (available at: https://www.ecb.europa.eu/ecb/legal/pdf/en_single_code_conduct_for_high_level_ecb_officials_f_sign.pdf).

100

Ibid., Articles 28 and 30.

101

OJ L 311, 31.10.2014, pp. 23–31; this was adopted on the basis of Article 30(2) SSMR.

102

Due to the significance of the matter, this is only the second case (next to the one provided in Article 121 TFEU on the broad guidelines of the economic policies) where the European Council is called upon to play an essential role within the framework of EMU under the TFEU.

103

TFEU, Article 284(3) and ESCB/ECB Statute, Article 15.3. On the adequacy and sufficiency of the provisions of primary EU law on the ECB’s accountability, see indicatively de Haan and Gormley (1997), Smits (1997), pp. 176–178 and (2000) and Zilioli and Athanassiou (2018), p. 619.

104

ESCB/ECB Statute, Articles 15.1, 15.2 and 15.4.

105

Ibid., Article 26.2–26.3; the necessary rules for standardising the accounting and reporting of operations of the NCBs are established by the GC (ibid., Article 26.4).

106

Ibid., Article 27.1–27.2.

107

Ibid., Article 10.4.

108

See Chap. 4, Sect. 4.2.1.

109

SSMR, Articles 20(1)–(6) and 20(9) and EP-ECB Interinstitutional Agreement, Section I, paragraphs 4–5.

110

EP-ECB Interinstitutional Agreement, Section V.

111

SSMR, Article 29.

112

Ibid., Article 20(7).

113

Ibid., Article 21. On the accountability of the ECB within the SSM, see Gortsos (2015), pp. 269–278, Teixeira (2019), pp. 146–147 and Türk (2019), pp. 49–53.

114

TFEU, Article 284(1)–(2); on this aspect, see details in Louis (2009), pp. 190–196.

115

ESCB/ECB Statute, Articles 35.1–2 and 35.5. See also, in this respect, Article 263 TFEU (also referred to in Chap. 5, Sect. 5.4.1), according to which the ECJ is competent to review, inter alia, the legality of acts of the Council, of the Commission and of the ECB, other than Recommendations and Opinions (which is already mentioned are soft law instruments).

116

Ibid., Article 14.3, second sub-paragraph.

117

Ibid., Articles 35.4 and 35.6.

118

See Chap. 5, Sect. 5.1.2.

119

ESCB/ECB Statute, Article 35.3. It is noted that (the entire) Article 35 also applies to the NCBs of the Member States with a derogation (argument a contrario from Article 42).

120

TFEU, Article 340, first, third and fourth sub-paragraphs; on this TFEU Article, see indicatively Lageard (2010), Berg (2019) and in more detail D’Ambrosio (2016).

121

Ibid., Article 268; on this TFEU Article, see indicatively Schwarze und Voet van Vormizeele (2019).

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Titel: Institutional Aspects of the European Central Bank
verfasst von: Christos V. Gortsos
Verlag: Springer International Publishing
Buch: European Central Banking Law
Print ISBN: 978-3-030-34563-1

Electronic ISBN: 978-3-030-34564-8

Copyright-Jahr: 2020
DOI: https://doi.org/10.1007/978-3-030-34564-8_6