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Internal Market / EMU & Financial Acquis - Czech Republic

General Project title: ”Preparation of the Czech Republic for integration into the Internal Market (Phase 3)”, 2002

Specific issues: Freedom to provide services (Chapter 3), Free movement of capital (Chapter 4) and Economic and Monetary Union (Chapter 11)

Country: Czech Republic

Recipient authority: The Czech National Bank

Project description:

The assistance covered two seminars in Prague and one study tour to Copenhagen in October 2002.

The first seminar, on Czech Banking legislation and its harmonisation with the EU standards, aimed at transferring Danish experience and knowledge concerning transposition of the acquis and practical application by Danish authorities responsible for banking and payment.

Subjects included in the seminar were:

-         Decision-making processes in Council and Commission

-         The Danish decision-making process in the field of EU banking and payment law, in particular in the Banking Advisory Committee (involvement of line ministries, co-ordination by the Ministry of Foreign Affairs, role of the Danish Permanent Representation and the European Affairs Committee in the Danish Parliament, etc.)

-         Implementation of banking and payment directives into national law, including cases

-         Co-operation among the supervisory bodies of the EU and the Commission (e.g. The Banking Advisory Committee, the ECB Supervisory Sub-Committee, etc.)

 

In addition, the possible new committee structure for financial sector rulemaking, proposed by ECOFIN in October 2002 was presented. The new structure would mean a significant change in the present decision-making procedure and also a change to the Czech National Bank’s participation in a reformed advisory committee and new subordinated bodies.

The second seminar dealt with The Role of a Member State’s Central Bank not participating in the Euro-system.

The objectives of this seminar were to strengthen the awareness of experts of the financial and legislative consequences and to contribute to the preparation of the Czech National Bank for the transitional period (outside the Euro-system). Finally, it was the goal to prepare the Bank for the single market of financial services.

Subjects included in the seminar were:

-         The impact of the EU-membership on the Czech National Bank - when outside the Euro-system (including background and principles of the EMU, harmonisation of the Act on the Central Bank necessary for entry of the Candidate Country into the ESCB, impacts on the internal institutional framework of a central bank, networking within the European financial institutions, etc.)

-         Preparation of the National Master Plan for introduction of the Euro (Preparation for EMU, joining the Euro, introduction of notes and coins)

-         The economic and legislative consequences for being outside the Euro

The practical experience of the Danish National Bank was used to exemplify the challenges both in operating outside the Euro and in preparing a national master plan for the introduction of the common currency.

As a special segment, the experience of the Danish State in working with the European Court of Justice was included.

 

Study tour:

In December 2002, experts from the above-mentioned seminars participated in a joint two-days study tour to Copenhagen, where they were received at the European Institute. During their stay, they visited the Danish Financial Supervisory Authority, the Danish Ministry of Finance and the National Bank of Denmark (Danmarks Nationalbank).