PROTOCOL ON THE STATUTE OF THE EUROPEAN SYSTEM OF CENTRAL BANKS
AND OF THE EUROPEAN CENTRAL BANK
THE HIGH CONTRACTING PARTIES,
DESIRING to lay down the Statute of the European System of Central Banks and of the European Central Bank provided for in
Article 8 of the Treaty establishing the European Community,
HAVE AGREED upon the following provisions, which shall be annexed to the Treaty establishing the European Community.
CONSTITUTION OF THE ESCB
The European System of Central Banks
The European System of Central Banks (ESCB) and the European Central Bank (ECB) shall be established in accordance
with Article 8 of this Treaty; they shall perform their tasks and carry on their activities in accordance with the provisions of this
Treaty and of this Statute.
In accordance with Article 107(1) of this Treaty, the ESCB shall be composed of the ECB and of the central banks of the
Member States ('national central banks'). The Institut monétaire luxembourgeois will be the central bank of Luxembourg.
OBJECTIVES AND TASKS OF THE ESCB
In accordance with Article 105(1) of this Treaty, the primary objective of the ESCB shall be to maintain price stability. Without
prejudice to the objective of price stability, it shall support the general economic policies in the Community with a view to
contributing to the achievement of the objectives of the Community as laid down in Article 2 of this Treaty. The ESCB shall act
in accordance with the principle of an open market economy with free competition, favouring an efficient allocation of resources,
and in compliance with the principles set out in Article 4 of this Treaty.
In accordance with Article 105(2) of this Treaty, the basic tasks to be carried out through the ESCB shall be:
— to define and implement the monetary policy of the Community;
— to conduct foreign-exchange operations consistent with the provisions of Article 111 of this Treaty;
— to hold and manage the official foreign reserves of t