Article 132 [Legal Acts of the ECB]

Article 132.1 TFEU provides the ECB with the power to issue legal acts concerning any of its tasks. These are those of the European System of Central Banks (ESCB), i.e. monetary policy, foreign exchange transactions, the official monetary reserves of the MS and the smooth functioning of payment systems. In 2014, banking supervision was added as a reaction to the shortcomings of national approaches to limit the systemic risk produced by larger banks in the euro area.