Mediafax (Mediafax)
Markets  |  October 02, 2012 12:00:05

The government will discuss narrowing the rights of appeal to the President of the CNB Governor


PRAGUE (MEDIAFAX) - narrowing the circumstances in which the President of the Republic relieve the Governor of the Czech National Bank (CNB), discuss cabinet Petr Necas (ODS). Submit a joint proposal to the Government Ministry of Finance (MOF) and the Czech National Bank on Wednesday's government session.

By material MoF and CNB should be able to appeal the president of the CNB Governor and other members of the board only if the question ceases to fulfill the conditions required for the performance of his duties or is guilty of serious misconduct. Thus, under the same conditions as in other EU countries. This change should strengthen the independence of the central bank.

The powers of the President would disappear recourse highest CNB officials who do their function for more than half a year. This change is appreciated according to the Ministry of Finance and the European Central Bank (ECB).

Straight to the Act will further already enshrined valid statement that the CNB is part of the European System of Central Banks (ESCB), contributes to the achievement of the objectives and tasks of the ESCB and the CNB shall support the general economic policies in the European Union in order to contribute to achieving the objectives of the Union, If prejudice main objective of the CNB, which is to maintain price stability.

At the same amendment to the Act emphasizes that the CNB cares about financial stability and safe functioning of the financial system and explicitly state that the means to accomplish this is to create a macro-prudential policy.

"In connection with this and other proposed legislative changes also occur, but not a substantial material, changing regulatory reserve requirements in the Act on the CNB," said a joint document of the Ministry and the CNB.

The amendment also adjusts the confidentiality of employees exempted from the CNB and other parties concerned. Under current law, the governor may waive the CNB employees and members of advisory bodies to the obligation of confidentiality in the performance of public interest. However, the ECB, in its report, the comment stated that assumes that this exemption does not apply to obligations of confidentiality confidentiality given to the ECB and the ESCB, which is going to meet the Ministry of Finance.

Jan Soukup, soukupj@mediafax.cz

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