Guideline of the European Central Bank

of 3 February 2005

amending Guideline ECB/2000/7 on monetary policy instruments and procedures of the Eurosystem

(ECB/2005/2)

(2005/331/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty establishing the European Community and in particular to the first indent of Article 105(2),

Having regard to the Statute of the European System of Central Banks and of the European Central Bank and in particular Article 12(1) and Article 14(3) in conjunction with the first indent of Article 3(1), Article 18(2) and the first paragraph of Article 20,

Whereas:

(1) Achieving a single monetary policy entails defining the instruments and procedures to be used by the Eurosystem, consisting of the national central banks (NCBs) of Member States that have adopted the euro (hereinafter the participating Member States) and the European Central Bank (ECB), in order to implement such policy in a uniform manner throughout the participating Member States.

(2) The ECB has the authority to establish the necessary guidelines to implement the Eurosystem’s single monetary policy and the NCBs have an obligation to act in accordance with such guidelines.

(3) Recent changes to the definition and implementation of the Eurosystem’s single monetary policy need to be reflected appropriately by replacing Annex I to the ECB Guideline on monetary policy instruments and procedures of the Eurosystem that is currently in force.

(4) In accordance with Article 12(1) and Article 14(3) of the Statute, ECB guidelines form an integral part of Community law,

HAS ADOPTED THIS GUIDELINE:

Article 1

Principles, instruments, procedures and criteria for the implementation of the Eurosystem’s single monetary policy

Annex I to Guideline ECB/2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Eurosystem [1] is replaced by the Annex to this Guideline.

Article 2

Verification

The NCBs shall forward details of the texts and means by which they intend to comply with this Guideline to the ECB by 15 March 2005 at the latest.

Article 3

Entry into force

This Guideline shall enter into force two days after its adoption. Article 1 shall apply from 30 May 2005.

Article 4

Addressees

This Guideline is addressed to the NCBs of participating Member States.

Done at Frankfurt am Main, 3 February 2005.

For the Governing Council of the ECB

The President of the ECB

Jean-Claude Trichet

[1] OJ L 310, 11.12.2000, p. 1. Guideline as last amended by Guideline ECB/2003/16 (OJ L 69, 8.3.2004, p. 1).

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ANNEX

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