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Document 11992M/PRO/SEBC/12
Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter III: Organisation of the ESCB - Article 12: Responsabilities of the decision - making bodies
Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter III: Organisation of the ESCB - Article 12: Responsabilities of the decision - making bodies
Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter III: Organisation of the ESCB - Article 12: Responsabilities of the decision - making bodies
In force
11992M/PRO/SEBC/12
Treaty on European Union - Protocol on the statute of the european system of central banks and of the European Central Bank - Chapter III: Organisation of the ESCB - Article 12: Responsabilities of the decision - making bodies
Official Journal C 191 , 29/07/1992 P. 0071
Article 12 Responsibilities of the decision-making bodies 12.1. The Governing Council shall adopt the guidelines and take the decisions necessary to ensure the performance of the tasks entrusted to the ESCB under this Treaty and this Statute. The Governing Council shall formulate the monetary policy of the Community including, as appropriate, decisions relating to intermediate monetary objectives, key interest rates and the supply of reserves in the ESCB, and shall establish the necessary guidelines for their implementation. The Executive Board shall implement monetary policy in accordance with the guidelines and decisions laid down by the Governing Council. In doing so the Executive Board shall give the necessary instructions to national central banks. In addition the Executive Board may have certain powers delegated to it where the Governing Council so decides. To the extent deemed possible and appropriate and without prejudice to the provisions of this Article, the ECB shall have recourse to the national central banks to carry out operations which form part of the tasks of the ESCB. 12.2. The Executive Board shall have responsibility for the preparation of meetings of the Governing Council. 12.3. The Governing Council shall adopt Rules of Procedure which determine the internal organization of the ECB and its decision-making bodies. 12.4. The Governing Council shall exercise the advisory functions referred to in Article 4. 12.5. The Governing Council shall take the decisions referred to in Article 6.