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OP 1999/19 János Soós: Operational framework of the European Central Bank

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Abstract

The author shows in detail the single monetary policy, its instruments and strategy. Then gives a thorough presentation of the legal framework of the ECB’ operations. The organisational aspects and the decision-making process in particular are discussed in detail. Questions related to the Exchange Rate Mechanism (ERM II) and the TARGET are also covered. The publication lists the decisions related to the introduction of the euro and gives a detailed description of the institutional questions. The co-operation with other European and international organisations is also touched upon. Annex I contains the organisational chart of the ECB, the Rules of Procedure of the ECB, the Rules of Procedure of the General Council of the ECB, the Conventions and procedures for the ERM II. In annex II one can find data on the ECB capital subscription, the ceilings of the very short-term financing possibility for individual central banks and the technical specifications of euro coins.

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MT19