THE EUROPEAN CENTRAL BANK, NATIONAL CENTRAL BANKS, AND THE UNITY OF THE INTERNATIONAL REPRESENTATION OF THE EUROPEAN SYSTEM OF CENTRAL BANKS

Although centred on the European Central Bank, the international representation of the European System of Central Banks also relies on the national central banks. This article analyses the requirement of unity of the international representation of the ESCB, assesses the current means through which it is implemented, and identifies areas of possible improvement in the coordination of the respective international activities of the European Central Bank and of national central banks. The article argues that the principle of sincere cooperation can play a significant role, both within and beyond Article 6 of the ESCB/ECB Statute. Although the existing soft-law arrangements within the ESCB are more effective than for the EMU in general, improvements are possible regarding the conclusion and implementation of international cooperation agreements. Stronger synergies with the activities of national central banks would also help the emergence of a more proactive and influential international cooperation strategy.