Brussels concerned over changes to central bank law

Changes to the law on the National Bank of Serbia (NBS) that should be adopted on Monday have caused deep concern in Brussels.

Izvor: Tanjug

Friday, 03.08.2012.

12:20

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BRUSSELS, BELGRADE Changes to the law on the National Bank of Serbia (NBS) that should be adopted on Monday have caused deep concern in Brussels. The EU believes that the changes to the law could jeopardize the NBS’ independence. Brussels concerned over changes to central bank law “The (European) Commission is very carefully monitoring the development of the situation regarding the NBS and we are deeply concerned about what we see,” EU Enlargement Commissioner Stefan Fule’s Spokesman Peter Stano told Tanjug. He stressed that the EC would not comment on NBS Governor Dejan Soskic’s resignation, which he said was a “personal act”, but that the proposed changes opened the door to early dissolution of the NBS Council and that they were contrary to the existing regulations on the NBS’ independence. “The amendments will probably question the stable mandate of the NBS Council which will result in endangering of principles of the central bank’s independence,” Stano explained. He pointed out that the principle, which includes personal independence of the central banks’ steering bodies, was one of the fundamental principles of the EU and that it was a part of the Lisbon Treaty. “We expect from Serbia, as candidate state, to progressively harmonize its legislation with the European principles of the economic and monetary policy,” Stano added. “The adoption of the amendments would represent a significant step back in that respect,” he concluded. The Serbian parliament on Thursday debated the changes to the law on the NBS. Soskic submitted his resignation and according to some announcements, a new NBS governor will be chosen on Monday. Tanjug

Brussels concerned over changes to central bank law

“The (European) Commission is very carefully monitoring the development of the situation regarding the NBS and we are deeply concerned about what we see,” EU Enlargement Commissioner Stefan Fule’s Spokesman Peter Stano told Tanjug.

He stressed that the EC would not comment on NBS Governor Dejan Šoškić’s resignation, which he said was a “personal act”, but that the proposed changes opened the door to early dissolution of the NBS Council and that they were contrary to the existing regulations on the NBS’ independence.

“The amendments will probably question the stable mandate of the NBS Council which will result in endangering of principles of the central bank’s independence,” Stano explained.

He pointed out that the principle, which includes personal independence of the central banks’ steering bodies, was one of the fundamental principles of the EU and that it was a part of the Lisbon Treaty.

“We expect from Serbia, as candidate state, to progressively harmonize its legislation with the European principles of the economic and monetary policy,” Stano added.

“The adoption of the amendments would represent a significant step back in that respect,” he concluded.

The Serbian parliament on Thursday debated the changes to the law on the NBS. Šoškić submitted his resignation and according to some announcements, a new NBS governor will be chosen on Monday.

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