NBS takes wage cut to Constitutional Court
National Bank of Serbia (NBS) on Monday filed an initiative with the Constitutional Court over a decision which aims to reduce its employee's salaries.
Monday, 04.05.2009.
17:06
National Bank of Serbia (NBS) on Monday filed an initiative with the Constitutional Court over a decision which aims to reduce its employee's salaries. The central bank wants the court to evaluate a law on provisional reduction of wages, allowances and other payments within the state administration and public sector, "which violates the principle of independence of the NBS, guaranteed by the Constitution", the NBS said in a statement. NBS takes wage cut to Constitutional Court "Calculation of wages of the NBS employees through a special law, tabled by the Serbian government, violates the central bank's independence and exceeds the authorization of the National Assembly, guaranteed by the Constitution, to carry out supervision of the central bank," the statement read. The principle of independence includes institutional, legal, personnel, functional, financial and organizational independence, in which financial independence implies that the central bank may not carry out operations without appropriate financial funds, i.e. financing of its operational expenses must not depend on government decisions, the central bank believes. "Also, the regulation saying that the budget deficit will be directly financed from the NBS income is a serious violation of independence of the NBS, but it also is a direct violation of provisions of the Treaty Establishing the European Community and the Statute of the European System of Central Banks (ESCB), and the European Central Bank," according to the statement. Funds that the central bank earns through its operations may not become revenues of the state budget, except when an appropriate part of its income, set in the central bank's financial reports, is transferred, the NBS said. "The above concept of independence of the central bank is a widely accepted standard of international law and it is one of Europe's basic principles and values," the NBS underscored in the statement.
NBS takes wage cut to Constitutional Court
"Calculation of wages of the NBS employees through a special law, tabled by the Serbian government, violates the central bank's independence and exceeds the authorization of the National Assembly, guaranteed by the Constitution, to carry out supervision of the central bank," the statement read.The principle of independence includes institutional, legal, personnel, functional, financial and organizational independence, in which financial independence implies that the central bank may not carry out operations without appropriate financial funds, i.e. financing of its operational expenses must not depend on government decisions, the central bank believes.
"Also, the regulation saying that the budget deficit will be directly financed from the NBS income is a serious violation of independence of the NBS, but it also is a direct violation of provisions of the Treaty Establishing the European Community and the Statute of the European System of Central Banks (ESCB), and the European Central Bank," according to the statement.
Funds that the central bank earns through its operations may not become revenues of the state budget, except when an appropriate part of its income, set in the central bank's financial reports, is transferred, the NBS said.
"The above concept of independence of the central bank is a widely accepted standard of international law and it is one of Europe's basic principles and values," the NBS underscored in the statement.
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