Germany
Regulation
Banking & Finance
June 2007
Vol. 1, No. 1, Autumn 2007
Katja Wurtz
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Katja Julie Würtz, Principal Legal Counsel at the European Central Bank specialised in financial Community legislation since 1999 with a focus on payment systems and banking related matters.
Previously employed as in-house legal counsel at Danmarks Nationalbank from 1996-1999. Publications in Butterworths Journal of International Banking and Financial Law and Euredia.
European Central Bank
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According to Article 105(1) of the Treaty EC, the primary objective of the European System of Central Banks (the ESCB) is to maintain price stability. Without prejudice hereto, the ESCB shall support the general economic policies in the Community with a view to contributing to the achievement of the objectives of the Community. Moreover, the ESCB shall act in accordance with the principle of an open market economy with free competition, favouring an efficient allocation of resources. Article 105(2) of the Treaty EC lays down that the basic tasks to be carried out through the ESCB shall be to (i) define and implement the monetary policy of the Community, (ii) to conduct foreign-exchange operations consistent with the provisions of Article 111, (iii) hold and manage the official foreign reserves of the Member States, and (iv) promote the smooth operation of payment systems.
Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast), (OJ L 177, 30.6.2006, p. 1
Germany
Regulation
Banking & Finance
June 2007
Vol. 1, No. 1, Autumn 2007