The Treaty of the European Union, Maastricht Treaty, 7th February, 1992European Union
History
The Treaty of the European Union, Maastricht Treaty, 7th February, 1992
European Union
Europe -- Economic integration; European Union; European federation
In accordance with Article 108 of this Treaty, each Member State
shall ensure, at the latest at the date of the establishment of the ESCB,
that its national legislation, including the statues of its national central
bank, is compatible with this Treaty and this Statute.
14.2. The statutes of the national central banks shall, in particular,
provide that the term of office of a Governor of a national central bank
shall be no less than 5 years.
A Governor may be relieved from office only if he no longer fulfils the
conditions required for the performance of his duties or if he has been
guilty of serious misconduct. A decision to this effect may be referred
to the Court of Justice by the Governor concerned or the Governing
Council on grounds of infringement of this Treaty or of any rule of law
relating to its application. Such proceedings shall be instituted within
two months of the publication of the decision or of its notification to the
plaintiff or, in the absence thereof, of the day on which it came to
knowledge of the latter, as the case may be.
14.3. The national central banks are an integral part of the ESCB and
shall act in accordance with the guidelines and instructions of ECB.
The Governing Council shall take the necessary steps to ensure
compliance with the guidelines and instructions of the ECB, and shall
require that any necessary information be given to it.
14.4 National central banks may perform functions other than those
specified in this Statute unless the Governing Council finds, by a
majority of two thirds of the votes cast, that these interfere with the
objectives and tasks of the ESCB. Such functions shall be performed
on the responsibility and liability of national central banks and shall
not be regarded as being part of the functions of the ESCB.
ARTICLE 15
Reporting commitments.
15.1. The ECB shall draw up and publish reports on the activities of
the ESCB at least quarterly.
15.2. A consolidated financial statement of the ESCB shall be
published each week.
15.3. In accordance with Article 109b(3) of this Treaty, the ECB shall
address an annual report on the activities of the ESCB and on the
monetary policy of both the previous and the current year to the
European Parliament, the Council and the Commission, and also the
European Council.
15.4. The reports and statements referred to in this Article shall be
made available to interested parties free of charge.
ARTICLE 16
Bank notes.
In accordance with Article 105a(1) of this Treaty, the Governing Council
shall have the exclusive right to authorize the issue of bank notes
within the Community. The ECB and the national central banks may
issue such notes. The bank notes issued by the ECB and the national
central banks shall be the only such notes to have the status of legal
tender within the Community.
The ECB shall respect as far as possible existing practices regarding
the issue and design of bank notes.
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