Slovene gov't adopts Bill on the central bank

According to Finance Ministry State Secretary Darko Tolar, Slovenia's accession to the EU calls for an autonomous central bank, which is coupled with the abolishment of public sector financing in the frame of monetary policies, as well as the abolishment of the privileged position of the state to the funds of the central bank.

Moreover, the bill also changes the partition system of the excess incomes of the Bank of Slovenia. According to the new system, 75 percent of the proceeds would be intended for the general reserves of the central bank, while 25 percent would go to the state budget. However, the bill does envisage different partitions in special cases, where the Bank of Slovenia may have relatively high or low reserves. The bill also sets down that the central bank's accounts are to be audited by an independent international firm which is appointed every three years by the Parliament. Moreover, the bill is also adapted to three phases of Slovene integration into the EU: the first being the pre-accession period, the second the post-accession period which does not include membership in the European Monetary Union (EMU), while the final stage is membership in the EMU. The final phase is expected to lead to the introduction of the greatest changes in the field, as Slovenia's central bank is to lose its autonomy in regard to setting monetary policies once it becomes a part of the European system of central banks. Furthermore, the bill also envisages the eventual introduction of the euro as the official currency in Slovenia.