ESCB Statute definition
Examples of ESCB Statute in a sentence
The contribution key for subscribing to ESM authorised capital stock shall, subject to paragraphs 2 and 3, be based on the key for subscription, by the national central banks of ESM Members, of the ECB's capital pursuant to Article 29 of Protocol (No 4) on the Statute of the European System of Central Banks and of the European Central Bank (the "ESCB Statute") annexed to the Treaty on European Union and to the TFEU.
The general framework for the Eurosystem derives from the ESCB Statute and the Treaty and, in accordance with that framework and to the extent deemed possible and appropriate, the ECB has recourse to Participating NCBs, including the Bank, for carrying out the operations which form part of the tasks of the Eurosystem.
Pursuant to the Treaty and the ESCB Statute, the European System of Central Banks has the basic tasks of defining and implementing the monetary policy of the EU and conducting foreign-exchange operations.
Any differences of opinion between the Government and the ECB concerning the interpretation or application of this Agreement which cannot be settled directly between the parties may be submitted in accordance with Article 35.4. of the ESCB Statute by either party to the European Court of Justice.
As a result of the temporary correction of the key, shares allocated to an ESM Member referred to above shall be reallocated amongst the ESM Members not benefiting from a temporary correction on the basis of the shareholding in the ECB, determined in accordance with Article 29 of the ESCB Statute, subsisting immediately prior to the issuance of shares to the acceding ESM Member.