European Central Bank

• Author: Ioana Nely Militaru
• Profession: PhD is Associate Professor at the Law Department of the Bucharest University of Economic Studies
• Pages: 181-188

Chapter 8. European Central Bank

8.1. Regulation of the European Central Bank

The legal basis of the European Central Bank includes the following pro-

visions - art. 3 and art. 13 TEU;

- art. 3 paragraph (1) letter c) and at art. 119, art. 123, art. 127-134, art.

138-144, art. 219 and art. 282-284 TFEU - Protocol (No. 4) on the Statute of the

European System of Central Banks (ESCB) and of the European Central Bank

(ECB)

1

, Protocol (No. 15) on certain provisions relating to the United Kingdom

of Great Britain and Northern Ireland and Protocol (No. 16) on certain provisions

concerning Denmark annexed to the TEU and the TFEU;

- Regulation (EU) no. 1024/2013 of the Council of October 15, 2013 con-

ferring specific attributions to the European Central Bank regarding the policies

related to the prudential supervision of credit institutions (Regulation on the

unique supervision mechanism - MUS);

- Regulation (EU) no. 806/2014 of the European Parliament and of the

Council of July 15, 2014 establishing uniform rules and a uniform procedure for

resolving credit institutions and certain investment firms (Regulation on the Sin-

gle Resolution Mechanism - MUR).

- ECB Rules of Procedure, adopted by ECB Decision of 19 February

2004 (ECB/2004/2)

2

, decision amended by Decision ECB/2009/5 of 19 March

2009

3

.

✓ The European Central Bank (ECB) was established on 1 June 1998,

following the model of the German Federal Bank - Deutsche Bundesbank. It is

based in Frankfurt (Germany).

The ECB replaced the European Monetary Institute established in 1994

4

.

The establishment of the European Central Bank was determined by the

creation of a single currency and by the establishment of the economic and mon-

etary union, having a decisive role for the implementation of the European mon-

etary policy (articles 127-133 TFEU). The ECB is the main institution of the Eco-

nomic and Monetary Union (EMU) responsible for the monetary policy of the

euro area from 1 January 1999 (date when the zone was created

5

).

1

O.J. of E.U. no. C-191 of July 29, 1992, p. 68.

2

O.J. of E.U. no. L-80 of March 18, 2004, p. 33,

3

O.J. of E.U. no. L 100-10 of April 18, 2009.

4

The European Monetary Institute, shortened to the EMI, had the role of preparing the definitive

Economic and Monetary Union - EMU - following the fact that, upon entering the third stage of the

implementation of EMU, he would relinquish the place of the European System of Central Banks -

ESCB - and subsequently, The European Central Bank

5

The area was created in 1999 by eleven countries: Austria, Belgium, Finland, France, Germany,

Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, which were joined by Greece in 2001,

Slovenia in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 and