National Central Bank Tasks and the Boundaries of the ECB Governing Council's Powers Under Article 14.4 of the Statute : State of Play and Future Prospects

This study seeks to shed light on the interpretation and application of Article 14.4 of the Statute, de lege lata, and to offer an initial evaluation of the case for a possible future reallocation of certain NCB tasks. It is divided into 4 sections. Section 1 introduces the ‘other' national central bank functions, with particular emphasis on the NCBs' own investment portfolio operations and the discretionary provision of ELA. Section 2 examines the powers of the Governing Council on the basis of Article 14.4 of the Statute, while Section 3 addresses the relationship between the monetary financing prohibition enshrined in Article 123 TFEU and the Governing Council's interference assessment under Article 14.4. Section 4 briefly deals with the germane but distinct question of whether ELA and own portfolio investment operations should continue being treated as national tasks. The authors' conclusions appear at the end of this study