European Union

The National Bank plays an active part in the work of a range of committees and working groups operating under the aegis of the European Union institutions, such as the Economic and Financial Committee and the Economic Policy Committee . It also helps to draw up the European banking legislation and, more generally, prepares and negotiates the European directives on financial topics.

Economic and Financial Committee (EFC)

The Economic and Financial Committee (EFC) conducts the dialogue between Member States, the Commission and the European Central Bank. It monitors the economic and financial situation of the Member States and of the Union, and reports regularly to the Council and the Commission on that subject (financial relations with non-EU countries and international institutions, etc.), it contributes to the preparation of the work of the Council (multilateral supervision, broad economic policy guidelines, excessive public deficits, etc.), and it arranges consultation on the subject of the ERM2 exchange rate mechanism .

Article 133 Services Committee

The Article 133 Services Committee assists the European Commission in negotiations concerning the liberalisation of trade in services. Those negotiations may be bilateral (association agreements or free trade agreements) or multilateral (WTO). The committee comprises representatives of the Member States (Foreign Affairs, External Trade), sometimes assisted by technical experts from the central banks, in the case of discussions concerning financial services.