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The European Central Bank: Institutional Aspects

Published online by Cambridge University Press:  17 January 2008

René Smits
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Extract

In this article the legal and institutional issues surrounding the transition to a European Central Bank (ECB) will be discussed. The transition to a single currency entails many legal and institutional issues, both at the European level and at member State level. I will focus on a few main themes.

Type
Articles
Information
International & Comparative Law Quarterly , Volume 45 , Issue 2 , April 1996 , pp. 319 - 342
Copyright
Copyright © British Institute of International and Comparative Law 1996

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References

1. See for two interesting comments on the Maastricht Treaty and its implications Deirdre Curtin and Herman Meyers, “The Principle of Open Government in Schengen and the European Union; Democratic Retrogression” (1995) 32 C.M.L.Rev. 391–445 and Jean-Claude Prisi, “After Maastricht, Are the Community Institutions more Efficacious, more Democratic and more Transparent?” (1994) 19 E.L.Rev. 449–485.

2. [Central] Bank Act 1948 (Bankwet). Staatsblad (Official Journal of the Netherlands), No.I 166. most recently amended by Act of 9 Dec. 1993, Staatsblad 676.

3. Act on the Supervision of the Credit System 1992 (Wet toezicht kredietwezen 1992), Staatsblad 1992, No.722, as amended.

4. For an extensive discussion of the Nederlandsche Bank's monetary policy methods in a historical context, see Wellink, A. H. E. M., “Experience Gained with Monetary Policy Instruments in the Netherlands”, in National Experiences and European Perspectives (Bank-historisches Archiv, Zeitschrift zur Bankengeschichte. Vol.27, 1994, pp.22–41Google Scholar, repr. in De Nederlandsche Bank Reprint Series, No.405). An even more elaborate discussion of the then-current instruments can be found in Emile den Dunnen and Sierd de Wilde Instruments of Money and Foreign Exchange Market Policy in the Netherlands (3rd rev. edn, NIBE, Amsterdam, 1992).

5. Council Directive 89/647/EEC on a solvency ratio for credit institutions of 18 Dec. 1989 (1989) O.J. L.386/14, as amended: the Solvency Ratio Directive can be found in the Amsterdam Financial Series (Martijn van Empel (Ed.)), Materials & Cases. III. A.12 (Kluwer 1991, loose-leaf). Council Directive 92/30/EEC on the supervision of credit institutions on a consloidated basis of 6 Apr. 1992 (1992) O.J.L110/52, as amended: the Consolidated Super-vision Directive can be in idem, III.A.11.

6. Second Council Directive 89/646/EEC on the co-ordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of credit institutions and amending Directive 77/780/EEC. of 15 Dec. 1989 (1989) O.J. L386/1, as most recently amended by the Post-BCCl Directive (95/26/EC) (1995) O.J. L168/7; the Second Banking Directive can be found in idem, III.A.11.

7. On the organisation of prudential supervision in a common currency area, see “Banking Supervision in the European Community—Institutional Aspects”, report of a working group of the ECU Institute chaired by Jean-Victor Louis (Editions de l'Université de Brux-elles, 1995).

8. (1993) O.J. L332/14.

9. (1992) O.J. C348/2.

10. On the already intricate make-up of Union decision-making see Deirdre Curtin and Herman Meyers van Ooik, “The Constitutional Structure of the Union: A Europe of Bits and Pieces” (1993) 30 C.M.L.Rev. 17–69.

11. “Schmidhuber fordert Vertragsergänzung”, Handelsblatt, 9 June 1995.