About the CMFB - Purpose

The CMFB was established by Council Decision in 1991 to assist the European Commission in drawing up and implementing work programmes concerning monetary, financial and balance of payments statistics, and to offer opinions on these areas of statistics and on their links with other areas of economic statistics, in particular national accounts. The original Council Decision has been amended to reflect changes since 1991. (See also legislation and rules of procedure, below.) The primary role of CMFB is to advise the European Commission on key issues on monetary, financial and balance of payments statistics and to maintain close links with both the European Commission and the European Central Bank, in liaison with the Statistical Programme Committee and the ESCB Statistics Committee. The CMFB is an independent committee with advisory functions; it has no legislative powers. The Committee shall co-operate in statistical matters between the Commission (Eurostat) and the European Central Bank (DG Statistics), taking due account of the Memorandum of Understanding signed by both institutions and maintaining close links with each, in liaison with the Statistical Programme Committee and the ESCB Statistics Committee.

Council Regulation (EC) N. 2103/2005 amending Regulation (EC) N.3605/93 makes statutory provision for CMFB's role in relation to Excessive Deficit Procedure (EDP) matters. (See "Main topics/Government finance and EDP statistics)

Work programmes