CHAPTER II

OBJECTIVES AND TASKS OF THE ESCB

Article 2

Objectives

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 3a of this Treaty.

Article 3

Tasks

3.1. 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 109 of this Treaty;

•  to hold and manage the official foreign reserves of the Member States;

• to promote the smooth operation of payment systems.

[...]

Article 19

Minimum reserves

19.1. Subject to Article 2, the ECB may require credit institutions established in Member States to hold minimum reserves on accounts with the ECB and national central banks in pursuance of monetary policy objectives. Regulations concerning the calculation and determination of the required minimum reserves may be established by the Governing Council. In cases of non-compliance the ECB shall be entitled to levy penalty interest and to impose other sanctions with comparable effect.

[...]
Article 34

Legal acts

34.1. In accordance with Article 108a of this Treaty, the ECB shall:

-  make regulations to the extent necessary to implement the tasks defined in Article 3.1, first indent, Articles 19.1, 22 or 25.2 and in cases which shall be laid down in the acts of the Council referred to in Article 42;

ECB governors are fully and the only ones responsible for what's going on in the credit and financial world.

If they prefer to spend their time and public credit on <i<work market deregulation</i> which is not in their mission instead of their real mission that's really bad, but nobody seems to notice up to know so we'll have to wait for the boom.

And I know who I'll blame then.