Within the boundaries of the legal framework that supports the ECB we can choose the following ones:
– ECB institutional provisions;
– Monetary policy and operations;
– Payment and settlement systems
– Banknotes and coins, means of payments and currency matters;
– Foreign reserves, foreign exchange and Eurosystem reserve management services;
– Statistics; and
– Fraud prevention, transparency and data protection
On the one hand, as the ECB is an organ of the European Union which is subjected to the International Law, it is easy to conclude that this one will also be subjected to it. It must comply with the international law and the economic one. As we can see from organs within the border of this institution like the General Council, it cooperates with all the state-members from the EU and that gives the duty to comply with the established international law. What is more, the institution is clearly obligated to maintain relationships with other countries even if they do not benefit from the EU, so this gives even more emphasis to the compliance of the International law.
On the other hand, covering the internal framework as the ECB is considered as the "most independent central bank in the world", it can be stated that its tasks and policies can be discussed, designed, decided and implemented in full autonomy and without the instructions of any external body. So this independence is explained by the following principles:
- The ECB cannot be influenced by the governments of the member-states on it decision-making bodies. Therefore, EU institutions and national governments are bound by the treaties to respect the ECB's independence. But also, this political independence is reinforced by the financial independence. The financial independence could be explained by the statute of the ECB which guarantees budgetary independence through its own resources and income.
- Operational and legal independence: the ECB has all required competences to achieve its price stability mandate and thereby can direct it monetary policy in full autonomy and by means of high level of discretion.
- The mandate of ECB board members is very long (8 years) not like in the case of Governors of national central banks. In addition, ECB board members and are immune from judicial proceedings.
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