The BCL's independence
The BCL has a legal personality and its independence is provided for by the Treaty and its organic law. This independence takes several forms: institutional, operational, financial and personal.
- Institutional independence means that members of a central bank’s Executive Board are not allowed to seek or take instructions from institutions, national governments or third parties – by they European or national.
- Operational independence and financial independence guarantee that a central bank is sufficiently provided with the necessary technical and financial resources in order to accomplish its missions and responsibilities.
- Finally, personal independence refers to the independence of the governor as a member, in his personal capacity, of the Governing Council of the ECB. His mandate runs for 6 years and is renewable.