Organisation

Other tasks of the Eurosystem

Advisory functions

The ECB has to be consulted within certain limits and conditions

• on any proposed Community act in its field of competence,
• by national authorities regarding any draft legislative provision in the ECB's field of competence.

The ECB gives its advice in the form of "ECB opinions" which are published, for example on its website.

For the online version of the legal framework, see www.ecb.europa.eu/ecb/legal

Collection and compilation of statistics

The ECB, assisted by the national central banks, collects a wide range of statistical information necessary for the fulfilment of its tasks. Statistics are essential, for example for the monthly decision on the key interest rates, because they mirror the current situation of the euro area economy.

Contribution to prudential supervision and financial stability

Whereas direct responsibility for the pursuit of financial stability and prudential supervision has remained with the national competent authorities, the Treaty has assigned to the Eurosystem the important task of contributing to the smooth conduct of policies in these fields. This task - which evolves in relation to market and institutional developments - encompasses three main activities: first, the monitoring of financial stability, which aims at identifying sources of vulnerabilities and assessing the degree of resilience of the financial system in the euro area. Second, the provision of advice to the competent authorities on the design and amendment of financial rules and supervisory requirements. Third, the promotion of arrangements for the maintenance of financial stability and the effective management of financial crises, including the smooth cooperation between central banks and supervisory authorities.

Issuance of euro banknotes and ensuring their integrity

Only euro banknotes have the status of legal tender in the euro area. In addition, the euro banknotes are used on an international scale. It is the Eurosystem's task to ensure a smooth and efficient supply of banknotes and to preserve the general public's confidence in the legal tender. Ensuring the integrity of the euro banknotes is achieved by conducting research and development activities, by counterfeit deterrence and monitoring and by applying common quality and authentication standards for banknote processing by NCBs, credit institutions and other professional cash handlers, such as cash-in-transit companies.

International cooperation

A number of issues (such as global imbalances and systemic macroeconomic and financial stability) that are of relevance to the ECB's basic tasks (in particular monetary policy) have implications beyond the euro area and therefore need to be addressed at the international level. Against this background, the ECB participates in meetings of international fora in which issues of relevance to the Eurosystem are addressed in order to present the Eurosystem's views. The Statute of the European System of Central Banks stipulates that the President of the ECB shall decide how the Eurosystem shall be represented in the field of international cooperation.