Code of Conduct for high-level ECB Officials

On 1 January 2019, the new single Code of Conduct for high-level ECB Officials came into force. It applies to the members of the ECB's Governing Council, Executive Board and Supervisory Board. Where explicitly provided for in the Code, it also applies to persons replacing the members in the performance of the respective duties and responsibilities relating to these high-level bodies.

The Code strengthens and harmonizes the ethical conduct, compliance and transparency practices within the Eurosystem, with particular reference to the rules on professional secrecy, the separation of the supervisory function from the monetary policy function, the principle of independence, avoidance of conflicts of interest, and post-employment activities. It replaces the Code of Conduct for the members of the ECB Governing Council adopted in 2002, the Supplementary Code of Ethics Criteria for the members of the ECB Executive Board adopted in 2010, and the Code of Conduct for the members of the Supervisory Board adopted in 2014.

The new text, which originated from dialogue with the European Parliament and the European Ombudsman, also incorporates the Guiding Principles for external communication for high-level ECB officials, which introduce stronger coordination of interactions with interest groups and, in particular, financial market participants.

Amongst the new initiatives in the Code is the requirement that, from April 2019, each member of the Governing Council, the Executive Board and the Supervisory Board shall publish a Declaration of Interests. They shall also publish a Meeting Calendar, to the extent that such information relates to their roles as members of high-level ECB bodies.

The calendars will be published monthly on the 15th of the third month following the month in question (or on the previous working day if the 15th falls on a Saturday, Sunday or other public holiday). The calendars will only list those meetings with external parties directly related to the person's role as member of a high-level ECB body, with particular reference to: institutional meetings; meetings with public authorities, supervised entities, the private sector, academia, the media, and civil society; speaking events; courtesy visits; and social events.