The European Central Bank (ECB) today published a single Code of Conduct for all ECB decision-makers and high-level officials. The code is the latest measure undertaken by the ECB to further strengthen and refine its good governance and integrity frameworks. The ethical rules take into account the ECB’s specificities as a central bank, a banking supervisor and an EU institution.

The code improves the management of potential conflicts of interest by introducing specific rules for post-employment activities, private financial transactions and relations with interest groups. It also foresees the publication of Declarations of Interests and monthly calendars, and includes measures for pursuing cases of non-compliance. The first Declarations of Interests are scheduled to be published on the ECB’s website in April 2019.

As a key element of the ECB’s good governance framework, the guiding principles for external communication by the ECB’s Executive Board members have been incorporated into the code and their application has been extended to all Governing Council and Supervisory Board members. These principles are a key element of the ECB’s good governance framework and establish stringent safeguards for interactions with interest groups and, in particular, financial market participants.

The new code, which entered into force on 1 January 2019, responds to requests from the European Parliament and the recommendations of the European Ombudsman.

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