1. Art 107 EC and Art 1.2 Statute of the European System of Central Banks and of the European Central Bank (hereinafter ESCB-Statute). This means, also the three central banks of the Member States with derogation are part of the System, see the “transitional provisions” in Arts 43–49 ESCB-Statute. This is due to the successful intervention of the Bank of England against the first draft statute, according to which the central banks of the “outs” could not be members of the System, Committee of Governors of the Central Banks (1990) 19.
2. So Seidel (1992) 427.
3. Art 107(3) EC and Art 8 ESCB-Statute.
4. Seidel (1992) 427. See also Seidel (1998) 389, arguing that the Council of the ESCB was identical with the Council of the ECB, so that the ESCB could control the ECB.
5. Art 14.3 ESCB-Statute.