ECB accepts it does not need own anti-fraud scheme

Source: AFX Europe

The ECB set up its own anti-fraud system in 1999, which mirrored the overall EU regime, but the European Court of Justice ruled on July 10 that the ECB's independence did not mean that it could run its fraud investigations because it was covered by the EU regulation.

"The ECB acknowledges the ECJ's ruling that this European Regulation is applicable to the ECB and that therefore the protection of the ECB's financial interests against fraud and other illegal activities needs to be provided under that general European regime, and not separately as has so far been the case," the central bank said in a statement.

"In full respect of the ECJ's ruling in this case, the ECB will take the necessary steps to adapt its internal rules and procedures to the legal framework provided by the ECJ in its judgement, and will adopt the necessary measures to ensure close coordination with OLAF in the fight against fraud," it said.

It said the court underscored the independence of the ECB and accepted that matters specific to the performance of its tasks will be taken into account in the changes that it makes.