CNB Representation in EU Institutions

On the Czech Republic's accession to the European Union, the Czech National Bank will become part of the European System of Central Banks (ESCB), which is governed by the European Central Bank (ECB). Since the date on which the Czech Republic's Treaty of Accession was signed (16 April 2003), the CNB has been entitled to send observers to EU institutions, most notably the ECB, bodies of the EU Council, and the European Commission.

With regard to the European Central Bank, which is the institution closest to the CNB in terms of remit, the Governor of the CNB is entitled to attend the meetings of one of the ECB's three decision-making bodies: the General Council. The first such meeting is scheduled for June of this year. CNB representatives will also attend as observers the meetings of the ESCB's twelve committees (such as the International Relations Committee, Banking Supervision Committee, External Communications Committee, Banknote Committee, Payment and Settlement Systems Committee, Information Technology Committee and Statistics Committee). Representatives of the CNB have been active in certain committees, sub-committees and working groups for some time, even prior to the signing of the Accession Treaty.

Owing to the CNB Governor's attendance at the ECB's Governing Council on 26 June 2003, the date of the CNB Bank Board's regular meeting has been changed to Wednesday 25 June.

Central banks take part in the activities of other EU institutions - most notably the EU Council and the European Commission - by sending representatives to meetings of their committees and working groups. In the case of the Council, the central banks are involved chiefly in the Economic and Financial Committee (EFC) and the Economic Policy Committee (EPC), and latterly also the Financial Services Committee (FSC).

As regards the European Commission, its committees and working groups - attended by experts from the Member States - are involved in preparing new legislation. Most relevant to the CNB's activities is the Banking Advisory Committee.

On accession, the Czech Republic's observer status should switch smoothly to full-member status in all the institutions.

Alice Frisaufova
CNB spokesperson