Legislation and rules of procedure
The CMFB’s Statute
- Council Decision of 13 November 2006 establishing a Committee on monetary, financial and balance of payments statistics (2006/856/EC; link)
- This recent Council Decision repeals the first Council Decision adopted in 1991 (91/115/EEC) which had been substantially amended over time. It represents the codified version of this Decision as it preserves the content of the acts being codified. Important amendments to this initial Decision were for example introduced due to the extension of the advisory tasks of the CMFB and the admission of a representative of the European Monetary Institute, the predecessor of the ECB, as a member of the Committee.
Provisions for CMFB's role in relation to Excessive Deficit Procedure (EDP)
Council Regulation (EC) 479/2009 (link) requires that
- The format of the questionnaires shall be defined by the Commission (Eurostat) after consultation of the Committee on Monetary, Financial and Balance of Payments Statistics (hereinafter referred to as CMFB).
- The inventories shall be prepared in accordance with guidelines adopted by the Commission (Eurostat) after consultation of CMFB.
- In the event of a doubt regarding the correct implementation of the ESA 95 [today: ESA 2010] accounting rules, the Member State concerned shall request clarification from the Commission (Eurostat). The Commission (Eurostat) shall promptly examine the issue and communicate its clarification to the Member State concerned and, when appropriate, to the CMFB.
- For cases which are either complex or of general interest in the view of the Commission or the Member State concerned, the Commission (Eurostat) shall take a decision after consultation of the CMFB. The Commission (Eurostat) shall make decisions public, together with the opinion of the CMFB, without prejudice to the provisions relating to statistical confidentiality of Regulation (EC) No 322/97.
The CMFB's rules of procedures
- CMFB Rules of procedure (15 June 2004) (link)
- Revised procedures for consultations about the statistics underlying the Excessive Deficit Procedure (27 September 2013) (link)
- CMFB Procedure for the expression of non-Excessive Deficit Procedure Opinions of the CMFB (12 September 2016) (link)