For the System, this principle is expressed in section 14.4 of the Statute of the European System of Central Banks which states that the national central banks of the System may perform functions other than those specified in the Statute unless the Governing Council of the ECB finds, by a majority of two-thirds of the votes cast, that these interfere with the objectives and tasks of the ESCB.
They can modify the composition of their assets extremely rapidly even for the sake of making small gains; they exploit the arbitrage opportunities stemming from fiscal segmentation or price differences between different financial centres. 2. Efficiency and stability Savings are now freer to flow towards what investors consider the most profitable investment opportunities.