The ECB takes this matter very seriously, especially when reviewing any legislative proposals in the EU which affect individual central banks. The ECB, as a relatively new institution, has been viewed as having a strong degree of independence based on the relevant EU legislation backing our establishment. In particular, the principle of central bank independence is an essential element of the ESCB Statute.
For the ESCB, the ECB has indicated in its 2010 Convergence Report that the overall independence of an NCB would be jeopardised if it could not autonomously avail itself of sufficient financial resources to fulfil its mandate. In the same report, recapitalisation needs, accounting rules, and profit distribution schemes are linked to the financial independence of the NCBs.