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

CHAPTER 1: THE EUROPEAN SYSTEM OF CENTRAL BANKS

Article 1 The European System of Central Banks

1. In accordance with Article I-30(1) of the Constitution, the European Central Bank and the national central banks shall constitute the European System of Central Banks. The European Central Bank and the national central banks of those Member States whose currency is the euro shall constitute the Eurosystem.
2. The European System of Central Banks and the European Central Bank shall perform their tasks and carry on their activities in accordance with the Constitution and this Statute.

CHAPTER 2: OBJECTIVES AND TASKS OF THE EUROPEAN SYSTEM OF CENTRAL BANKS

Article 2 Objectives

In accordance with Articles I-30(2) and III-185(1) of the Constitution, the primary objective of the European System of Central Banks shall be to maintain price stability. Without prejudice to that objective, it shall support the general economic policies in the Union in order to contribute to the achievement of the latter’s objectives as laid down in Article I‑3 of the Constitution. The European System of Central Banks shall act in accordance with the principle of an open market economy with free competition, favouring an efficient allocation of resources, and in compliance with the principles set out in Article 3-177 of the Constitution.

Article 3 Tasks

1. In accordance with Article 3-185(2) of the Constitution, the basic tasks to be carried out through the European System of Central Banks shall be: (a) to define and implement the Union’s monetary policy; (b) to conduct foreign-exchange operations consistent with Article 3-326 of the Constitution; (c) to hold and manage the official foreign reserves of the Member States; (d) to promote the smooth operation of payment systems.
2. In accordance with Article 3-185(3) of the Constitution, paragraph 1(c) of this Article shall be without prejudice to the holding and management by the governments of Member States of foreign‑exchange working balances.
3. In accordance with Article 3-185(5) of the Constitution, the European System of Central Banks 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.

Article 4 Advisory functions In accordance with Article 3-185(4) of the Constitution, the European Central Bank shall be consulted: (a) on any proposed Union act in areas within its powers; (b) by national authorities regarding any draft legislative provision in its fields of competence, but within the limits and under the conditions set out by the Council in accordance with the procedure laid down in Article 41. The European Central Bank may submit opinions to the Union institutions, bodies, offices or agencies or to national authorities on matters within its powers. Article 5 Collection of statistical information

1. In order to undertake the tasks of the European System of Central Banks, the European Central Bank, assisted by the national central banks, shall collect the necessary statistical information either from the competent national authorities or directly from economic agents. For these purposes it shall cooperate with Union institutions, bodies, offices or agencies and with the competent authorities of the Member States or third countries and with international organisations.
2. The national central banks shall carry out, to the extent possible, the tasks referred to in paragraph 1.
3. The European Central Bank shall contribute to the harmonisation, where necessary, of the rules and practices governing the collection, compilation and distribution of statistics in the areas within its powers.
4. The Council, in accordance with the procedure laid down in Article 41, shall define the natural and legal persons subject to reporting requirements, the confidentiality regime and the appropriate provisions for enforcement. Article 6 International cooperation
5. In the field of international cooperation involving the tasks entrusted to the European System of Central Banks, the European Central Bank shall decide how the European System of Central Banks shall be represented.
6. The European Central Bank and, subject to its approval, the national central banks may participate in international monetary institutions.

Paragraphs 1 and 2 shall be without prejudice to Article 3-196 of the Constitution.