Rosa Maria Lastra analyses the division of responsibilities between the European Central Bank and the National Central Banks. Whereas responsibility for monetary policy has been transferred to the supranational level, responsibilities in the field of exchange rate policy, prudential supervision and crisis management remain at the national level.

Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank.

Consolidated version of Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank, incorporating the amendments introduced by Council Regulation (EC) No 134/2002 of 22 January 2002.

Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions.

Verordnung (EG) Nr. 2533/98 des Rates vom 23. November 1998 über die Erfassung statistischer Daten durch die Europäische Zentralbank.

Decision of the European Central Bank of 1 December 1998 concerning the performance by the European Central Bank of certain functions relating to medium-term financial assistance for Member States’ balances of payments.

Decision No 11875-(99/1) of the Executive Board of the International Monetary Fund (IMF) of 21 December 1998 on the observer status of the European Central Bank.

In the late summer of 1998, the ECB sets out procedures with a view to organising its relations with the financial sectors of the 11 Member States belonging to the euro-zone. Three of its decisions are described here and illustrate certain powers exercised by the ECB.

Diese Entschließung des Europäischen Parlaments befasst sich mit der Frage, inwieweit sich eine Reform der institutionellen Architektur der Europäischen Union im Rahmen der Erweiterung auf die Organe der WWU auswirkt. Erläutert werden die Beziehungen zwischen der EZB und den anderen Organen, insbesondere die Diskussion um die Unabhängigkeit und die demokratische Verantwortung der EZB.

Examination of the various legal instruments available to the European Central Bank.

Example of opinion delivered by the European Central Bank (ECB). Under the first indent of Article 105(4) of the EC Treaty, the ECB shall be consulted on any proposed Community act in its fields of competence. Accordingly, Article 105(5) of the EC Treaty stipulates that 'the ESCB shall contribute to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system'.

Extract from the interview with the former President of the German Central Bank, Karl Otto Pöhl, which appeared in the German weekly magazine Der Spiegel on 29 October 2001. Pöhl gives his opinion on the policies of the European Central Bank (ECB) with regard to rates and on the possibility of implementing a much broader interpretation of Article 2 of the Bank’s Statute.

In diesem Artikel der belgischen Tageszeitung Le Soir werden die Argumente der Befürworter und der Gegner der Währungspolitik der Europäischen Zentralbank dargelegt, mit der sie ihr oberstes Ziel erreichen will: die Erhaltung der Preisstabilität.

Angesichts der heftigen Kritik am Präsidenten der Europäischen Zentralbank (EZB), der sich standhaft weigert, die Zinsen zu senken, beschäftigt sich die Tageszeitung La Libre Belgique mit der Frage nach den Grenzen der Währungspolitik in einer Rezession.

In einem Gespräch mit der Tageszeitung Le Figaro verteidigt Otmar Issing, Mitglied des Direktoriums der Europäischen Zentralbank (EZB), die Währungspolitik seiner Einrichtung. Das Ziel der EZB, die Preisstabilität zu gewährleisten sei mittelfristig der wichtigste Beitrag der Währungspolitik zum wirtschaftlichen Wachstum. Ausgehend von der Überzeugung, dass es langfristig keine optimale Übereinstimmung zwischen den beiden Faktoren gibt, sieht Issing keinen Grund, warum die EZB ihre Mandat von der konjunkturellen Lage abhängig machen sollte.

On 11 May 2003, the French daily newspaper Le Monde comments on the series of measures taken by the European Central Bank to make the price stability policy more flexible and to take better account of growth.

Am 30. November 2001 beschreibt die Vorsitzende des Wirtschafts- und Währungsausschusses des Europäischen Parlaments Christa Randzio-Plath die Befugnisse des Europäischen Parlaments (EP) im Hinblick auf die Kontrolle der Arbeit der Europäischen Zentralbank (EZB).

The euro is the currency of account of the European Central Bank (ECB) and of the central banks of the participating Member States. Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro, establishes that, with effect from 1 January 2002, the ECB and the central banks of the participating Member States place euro notes and coins into circulation. These notes and coins become the only legal tender in the Member States six months after the expiry of the transitional period at the latest.

Decision of the European Central Bank ECB/1998/6, of 7 July 1998, on the denominations, specifications, reproduction, exchange and withdrawal of euro banknotes.

Signing of the European Commission proposal on fixed euro parity rates in the Breydel Building of the Commission, followed by a joint press conference, held by the Commission and the Council in the Justus Lipsius Building of the Council, on the fixing of conversion rates between the euro and the currencies of the euro-area Member States. Jacques Santer, President of the Commission (right), and Yves-Thibault de Silguy, European Commissioner for Economic, Financial and Monetary Affairs (left), hold up the signed proposal documents.

On 31 December 1998, the Council, acting with the unanimity of the Member States without a derogation, on a proposal from the Commission and after consulting the European Central Bank, adopts the irrevocable conversion rates for the euro, applicable from 1 January 1999.

Council Regulation (EC) No 2866/98 of 31 December 1998 on the conversion rates between the euro and the currencies of the Member States adopting the euro.

In 1998, the German cartoonist, Fritz Behrendt, depicts Wim Duisenberg, President of the European Central Bank, playing the euro as a new trump card in the European currency game.

Decision of the European Central Bank of 20 December 2001 on the approval of the volume of coin issuance in 2002.

Information poster on the change-over to the euro, issued by the European Commission. Here we can see the conversion rates for the eleven euro-zone countries, together with photos of the seven euro notes and eight euro coins including the different national designs appearing on one side of the coins.

European Commission poster publicising the change-over to the euro.

French information campaign on the change-over to the euro.

Poster published by the Euro Changeover Board of Ireland showing a table of conversion rates between the Irish pound and the euro.

Werbekampagne für den Euro der Initiative commune d'information du Gouvernement fédéral belge et de l'Union européenne (Gemeinsame Informationskampagne der föderalen belgischen Regierung und der Europäischen Union).

Werbekampagne für den Euro der Initiative commune d'information du Gouvernement fédéral belge et de l'Union européenne (Gemeinsame Informationskampagne der föderalen belgischen Regierung und der Europäischen Union).

Spanische Kommunikationskampagne für den Euro der Iniciativa común del Ministerio de Economía y Hacienda y de la Unión europea (Gemeinsame Initiative des Wirtschafts- und Finanzministeriums und der Europäischen Union).