ESCB - PROTOCOL ON THE STATUTE OF THE EUROPEAN SYSTEM OF CENTRAL BANKS AND OF THE EUROPEAN CENTRAL BANK

PROTOCOL ON THE STATUTE OF THE EUROPEAN SYSTEM OF CENTRAL BANKS
AND OF THE EUROPEAN CENTRAL BANK

THE HIGH CONTRACTING PARTIES,
DESIRING to lay down the Statute of the European System of Central Banks and of the European Central Bank provided for in
Article 8 of the Treaty establishing the European Community,
HAVE AGREED upon the following provisions, which shall be annexed to the Treaty establishing the European Community.

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Article 31
Foreign reserve assets held by national central banks
31.1. The national central banks shall be allowed to perform transactions in fulfilment of their obligations towards international organizations in accordance with Article 23.
31.2. All other operations in foreign reserve assets remaining with the national central banks after the transfers referred to in
Article 30, and Member States' transactions with their foreign exchange working balances shall, above a certain limit to be established within the framework of Article 31.3, be subject to approval by the ECB in order to ensure consistency with the exchange rate and monetary policies of the Community
31.3. The Governing Council shall issue guidelines with a view to facilitating such operations.

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Source: http://www.ecb.int/ecb/legal/pdf/en_statute_2.pdf