Government says that it is not possible to make any changes to the law on the Croatian National Bank without prior consultations with the European Central Bank.
At its session on Wednesday, the government decided that the proposed changes to the Law on Croatian National Bank could be considered only after the European Central Bank gives its opinion. The proposed changes would allow the State Audit Office to audit business operations of the Bank, reports seebiz.eu on May 25, 2016.
That is the official position which the government has decided to send to Parliament about the proposal for changes to the Law on Croatian National Bank which were submitted by 45 members of Parliament from various ruling and opposition parties. With their legislative proposal, they wanted to enable the National Audit Office to audit financial statements and business operations of the central bank, as well as to enable a debate and vote in Parliament on the annual report of the Croatian National Bank. Also, they suggested that the terms of office of the governor and vice-governors of the Bank should be limited to a maximum of two six-year terms.
However, according to Deputy Finance Minister Saša Drezgić, Parliament should not debate their proposals until the European Central Bank submits its comments, which were requested by the Finance Ministry. He explained that Croatia, as a member of the European Union, is obliged to consult with the European Central Bank regarding all proposals or regulations which are covered by the bank’s authority.
The areas on which EU member states must consult with the ECB include proposals of laws and regulations relating to the national central bank, which is established by the Law on the Croatian National Bank as well, concluded Drezgić.
