Organisation

Other tasks of the Eurosystem

Advisory functions

The ECB has to be consulted within certain limits and conditions

• on any proposed Union 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 and the European Banking Authority, 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 - comprises three main activities:

1. the monitoring of financial stability, which aims to identify sources of vulnerabilities and assess the degree of resilience of the financial system in the euro area.
2. the provision of advice to the competent authorities on the design and amendment of financial rules and supervisory requirements.
3. the promotion of arrangements for maintaining financial stability and effectively managing financial crises, including close cooperation between central banks and supervisory authorities.

The ECB’s role in banking supervision is to be strengthened further, in line with a decision taken by the Heads of State and Government at the European Council meeting in June 2012 and a decision of the ECOFIN Council in December 2012 to establish a Single Supervisory Mechanism.

Issuance of euro banknotes and ensuring their integrity

Only euro banknotes (and coins) have the status of legal tender in the euro area. The banknotes are also used internationally. 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 currency. Ensuring the integrity of the euro banknotes is achieved by conducting research into and development of security systems for euro banknotes, 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 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.