This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality and independence. The paper outlines good practices in these areas and provides a...

This paper takes stock of external audit arrangements at central banks. Its focus is on the annual audit of central bank financial statements, as well as legal and institutional measures that support audit quality and independence. The paper outlines good practices in these areas and provides a...

The EC Treaty obliges Community and (both functionally and geographically decentralized) national authorities to consult the ECB before adopting any legislation in its fields of competence. Failure to consult the ECB can render any disputed rules void. This paper explores the relevant primary...

This contribution is an introduction to the provisions of the TEC concerning the monetary policy of the European Community. This introduction starts with an overview of the European Community's setup and its pillar structure. Subsequently the institutional framework of the European System of...

This contribution is a commentary on Article 111 European Community Treaty (TEC). This provision concerns several aspects of the European Community's external monetary policy, namely the exchange rate systems and policies in relation to non-Community currencies, the agreements concerning...

The technical note and manual "Sibling Rivalry in the Financial Safety Net," authored by Atilla Arda and Jan Nolte, examines the governance structures essential critical for effective bank resolution and deposit insurance functions. Considering the vulnerabilities exposed during the 2008-09...

This paper argues that in the European Union (EU) deposit insurance funds are too difficult to use in bank resolution and too easy to use outside resolution. The paper proposes reforms in three areas for the effective management of bank failures of small and medium-sized banks in the European...