The Eurosystem/ESCB committees assist the ECB’s decision-making bodies, and contribute significantly to cooperation within the ESCB.
They consist of representatives of the ECB and the national central banks of the Eurosystem, and other competent bodies, such as national supervisory authorities in the case of the Banking Supervision Committee. Each of the national central banks of Member States that have not yet joined the euro participates in ESCB committee meetings whenever a committee is dealing with matters that fall within the field of competence of the General Council of the ECB. The mandates of the committees are laid down by the Governing Council, to which the committees report via the Executive Board.
The committees as at 31 December 2016:
- The Accounting and Monetary Income Committee (AMICO) advises on all Eurosystem matters relating to accounting, financial reporting and the allocation of monetary income.
- The Banknote Committee (BANCO) advises on all banknote matters and assists in the strategic planning of banknote production and issuance.
- The Committee of Controlling (COMCO)
- The Eurosystem/ESCB Communications Committee (ECCO) assists in external and intra-system communication policy.
- The Financial stability Committee (FSC) provides assistance regarding the prudential supervision and secure operations of credit institutions and the stability of the financial system.
- The Information Technology Committee (ITC) assists in the development, implementation and maintenance of IT networks and communications infrastructures which support joint operational systems.
- The Internal Auditors Committee (IAC) develops common standards for auditing Eurosystem operations and audits joint projects and joint operational systems at the Eurosystem/ESCB level.
- The International Relations Committee (IRC) assists in the performance of the ECB's statutory tasks with regard to international cooperation and acts as a forum for exchanging views on matters of common interest in the field of international relations.
- The Legal Committee (LEGCO) provides legal advice for the fulfilment of the ECB's statutory tasks and prepares the legal acts for the operation of the Eurosystem.
- The Market Operations Committee (MOC) assists in the execution of monetary policy operations and foreign exchange transactions, including those related to the operation of ERM II, and to the management of the ECB's foreign reserves.
- The Monetary Policy Committee (MPC) mainly advises on strategic and longer-term issues relating to the formulation of the monetary and exchange rate policy and is responsible for the Eurosystem staff projections.
- The Organisational Development Committee (ODC)
- The Market Infrastructure and Payments Committee (MIPC)
- The Risk Management Committee (RMC) assists in managing and controlling the risks originating from the Eurosystem market operations.
- The Statistics Committee (STC) mainly advises on the design and compilation of statistical information collected by the ECB with the assistance of the national central banks.
- The Budget Committee (BUCOM) assists and reports directly to the Governing Council in matters related to the ECB's budget.
- The Human Resources Conference (HRC) brings together the heads of personnel of all EU central banks.