Consulting the European Central Bank in the Regulatory Field of the National Central Bank of the Member State of the European Union

Abstract

Article 127(4) and Article 282(5) of the Treaty on the Functioning of the European Union (the TFEU) and Article 4 of the Protocol (No. 4) on the Statute of the European System of Central Banks and of the European Central Bank (the ESCB/ECB Statute) establish legal grounds for consulting the European Central Bank (the ECB) by Union bodies and national authorities.Article 2, Paragraph 1, of Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national authorities regarding draft legislative provisions (Council Decision 98/415/EC) provides a list of the groups of legal relations subject to consultation. The ECB should be consulted on currency matters, means of payment; national central banks; the collection, compilation and distribution of monetary, financial, banking, payment systems and balance of payments statistics; payment and settlement systems; rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets.In accordance with Article 2, Paragraph 2, of Council Decision 98/415/EC, the authorities of the Member States, which have not introduced single currency of the EU, the euro, should consult the ECB on any draft legislative provisions on the instruments of monetary policy.Article overviews the experience of the EU Member States in regulating the order for consultation with the ECB in national law systems. The inquiry takes into account the principles of priority of EU primary and secondary law and exclusive competence of the Court of Justice of the EU as laid down in Article 19(3) of the EU Treaty and Article 267 of the TFEU.In the conclusion it is advised to lay in detail the discussed question in the legal system of Lithuania and thus ensure the application of imperative legal norms of the EU law.