Law of the EMU and euro

Opinion of the European Central Bank of 1 December 2005 on the introduction of the euro (CON/2005/51)

Opinion on a proposal for a Council Regulation amending Regulation (EC) No 974/98 on the introduction of the euro

 

(CON/2005/51) (2005/C 316/11)

 

On 10 November 2005 the European Central Bank (ECB) received a request from the Council of the European Union for an opinion on a "Proposal for a Council Regulation amending Regulation (EC) No 974/98 on the introduction of the euro" (COM(2005) 357 final) [1] (hereinafter the "proposed regulation"). The ECB's competence to deliver an opinion is based on the third sentence of Article 123(4) of the Treaty establishing the European Community, which is the basis for the proposed regulation. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

European Court of Justice rules against the ECB in tax case (C-220/03)

On 8 December 2005 the Court of Justice of the European Communities delivered its ruling in a tax case brought before the Court by the European Central Bank which argued that the Federal Republic of Germany is required to refund to it, in respect of all supplies of goods and services which it requires for its official use in Germany, and in particular of all leasing or letting of property, the amounts of turnover tax which can be proved, or at least assumed, on the basis of a rational economic assessment, to be included in the prices paid by the ECB.

The Court has followed Advocate-General Stix-Hackl’s Opinion and dismissed the ECB’s action.

Links:
– Judgement of the Court (language: English)
– Opinion of the Advocate-General (language: German)

Opinion of the European Central Bank of 4 October 2005 on the HICPs (CON/2005/33)

Opinion at the request of the Commission of the European Communities on a draft Commission regulation implementing Council Regulation (EC) No 2494/95 as regards the common index reference period for the harmonised index of consumer prices

CON/2005/33) (2005/C 254/05)

ECB Opinion at the request of the Czech Ministry of Justice (CON/2005/36)

The Czech Ministry of Justice has asked the ECB for an opinion on a draft law on insolvency and the means of its resolution and on a draft law amending certain laws in connection with the adoption of the law on insolvency (the draft laws).

 

The main purpose of the draft laws, which will replace the current insolvency framework, is to overhaul and modernise Czech insolvency law, by introducing new means of resolving insolvency other than bankruptcy, such as reorganisation, discharge of debt and other specialised proceedings for particular types of entities, including financial institutions.

 

After reciting the international financial community’s criticism of the Czech legal framework for corporate insolvency, the ECB generally welcomes the draft laws, which in its view represent a serious attempt to reform Czech insolvency law and which take into account the perceived shortcomings.

 

Link to Opinion CON/2005/36

On the national authorities’ duty to consult the ECB see a prior post.

ECB Opinion at the request of the Italian Ministry of Economy and Finance (CON/2005/34)

The Italian Ministry of Economy and Finance has asked the ECB for an opinion on an amendment to the draft law on the protection of savings concerning the Banca d’Italia.

 

Since the new draft law concerns (also) the governance and independence of Banca d’Italia (BdI; Central Bank of Italy) and the recent press and political attention given to growing pressure from Italian government ministers on Antonio Fazio, governor of BdI, to resign, I reproduce the substantive paragraphs of the ECB opinion in full.

 

On the national authorities’ duty to consult the ECB see a prior post.

Compilation of community legislation on economic and monetary union

After six years the Commission has published a new edition of this Compilation.

Download the Compilation (3 MB)

ECB Opinion at the request of the Central Bank of Cyprus (CON/2005/35)

The Central Bank of Cyprus (CBC) has asked the ECB for an opinion on a draft directive on the maintenance of minimum reserves with the CBC.

 

The purpose of the draft directive is to amend the CBC’s minimum reserve regime with a view to the future application of the ECB’s minimum reserve requirements in Cyprus on adoption of the euro.

ECB Opinion at the request of Lietuvos bankas (CON/2005/32)

Lietuvos bankas for an opinion on Mokėjimo priemonių statistinės atskaitomybės reikalavimų bendrųjų nuostatų projektas (draft general provisions on payment instruments statistical reporting requirements).

ECB Opinion at the request of the Spanish Secretary of State for the Economy (CON/2005/30)

The ECB Governing Council has adopted an opinion at the request of the Spanish Secretary of State for the Economy on a draft royal decree on arrangements for the payment of the Banco de España’s (‘BdE’, Central Bank of Spain) profits to the Treasury.

ECB Opinion at the request of the Belgian Ministry of Finance (CON/2005/31)

The ECB Governing Council has adopted an opinion at the request of the Belgian Ministry of Finance for an opinion on a preliminary draft law that amends the Law of 28 February 2002 regulating the compilation of the balance of payments and the international investment position of Belgium and amending the Decree Law of 6 October 1944 on foreign exchange control and various legal provisions.