Internal Market / EMU & Financial
Acquis - Czech Republic
General Project title: ”Preparation
of the Czech Republic for integration into the Internal Market (Phase
Freedom to provide services (Chapter 3), Free movement of capital (Chapter
4) and Economic and Monetary Union (Chapter 11)
authority: The Czech National
assistance covered two seminars in Prague and one study tour to Copenhagen
in October 2002.
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.
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,
Co-operation among the supervisory bodies of the EU and the
Commission (e.g. The Banking Advisory Committee, the ECB Supervisory
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.
second seminar dealt with The Role of a Member State’s Central Bank
not participating in the Euro-system.
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.
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
Preparation of the National Master Plan for introduction of the
Euro (Preparation for EMU, joining the Euro, introduction of notes and
The economic and legislative consequences for being outside 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.
a special segment, the experience of the Danish State in working with the
European Court of Justice was included.
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).