European Central Bank updates its guide on when and how Member States must consult it on draft national legislation

The European Central Bank published an updated guide for national authorities on the obligation to consult the ECB on draft legislative provisions that fall within the ECB’s fields of competence under the Treaty and Council Decision 98/415/EC. The guidance reflects the ECB’s recent consultation practice, including experience since the establishment of the Single Supervisory Mechanism, and explains the scope of the duty to consult, the consultation process and the consequences of non-compliance. The guide clarifies which authorities should consult, what qualifies as a “draft legislative provision”, and the subject areas covered, including currency and means of payment, national central banks, relevant statistics, payment and settlement systems, and rules for financial institutions where these materially influence stability. It reiterates that consultation is required even where provisions touch only marginally on the ECB’s competence, while also describing when the ECB may decline to issue an opinion and instead send a non-adoption letter, including for marginal cases or where national measures purely transpose EU law, unless national discretion substantially affects the ECB/Eurosystem/European System of Central Banks’ roles or national central bank tasks. Procedural sections cover timing (consultation at a stage where the opinion can be meaningfully considered), re-consultation on substantive amendments, submission requirements, language arrangements (national language and English), and time limits, including the minimum one-month limit in ordinary cases, the “extreme urgency” option, and the ECB’s ability to request an extension of up to four weeks. On transparency and follow-up, the guide notes that ECB opinions and letters declining to adopt opinions, as well as letters identifying non-compliance, are published on EUR-Lex as a rule, with delayed publication only in rare cases and no later than six months after adoption. It also outlines how the ESCB monitors compliance and the potential legal consequences of failing to consult, including the possibility of infringement proceedings and challenges in national courts.