Eurosystem / ESCB Committees 2/2

1. Eurosystem/ESCB Committees2/2 • Legal Committeeprovides legal advice and prepares the legal acts for the operation of the Eurosystem • Market Operations Committeeassists in the execution of monetary policy operations and foreign exchange transactions, including those related to the exchange rate mechanism, and to the management of the ECB's foreign reserves • Payment and Settlement Systems Committeeadvises on the TARGET2 system, and has the Eurosystem’s catalyst role in achieving the Single Euro Payments Area (SEPA) • Information Technology Committeeassists in the development, implementation and maintenance of IT networks and communications infrastructure which supports the joint operational systems • Statistics Committeemainly advises on the design and compilation of statistical data collected by the ECB with the assistance of the NCBs • Risk Management Committee helps the decision - making bodies to achieve an appropriate level of protection for the Eurosystem by controlling the risks originating from its market operations • Budget Committee,composed of representatives of the ECB and the Eurosystem NCBs, which participate in reporting directly to the Governing Council in matters related to the ECB's budget • Human Resources Conferencewas established in 2005 • Eurosystem IT Steering Committee was established in 2007 with the mandate to steer continuous improvement in the use of IT within the Eurosystem