Legal acts

Article 288 of the Treaty on the Functioning of the European Union (TFEU) states that the EU institutions can adopt 5 types of legal acts:

a regulation is generally applicable. It is binding in its entirety and directly applicable in all EU Member States;
a directive is binding, in terms of the result to be achieved, on each Member State to which it is addressed. However, each Member State can choose the form and methods of achieving the result;
a decision is binding in its entirety. A decision which specifies those to whom it is addressed is binding only on them;
recommendations and opinions have no binding force.

Article 289 TFEU distinguishes between:

legislative acts — acts adopted under the ordinary or a special legislative procedure;
non-legislative acts — acts adopted, generally by the European Commission, following delegation (delegated acts) or to implement a legislative act (implementing acts).

Article 132 TFEU gives the European Central Bank (ECB) powers to:

make regulations where necessary to carry out certain tasks defined in the Statute of the European System of Central Banks (ESCB) and of the ECB in cases laid down in certain acts adopted by the Council;
take decisions necessary for carrying out the tasks entrusted to the ESCB under the Treaties and the Statute;
make recommendations and deliver opinions.

Article 14.3 of Protocol (No 4) on the Statute of the European System of Central Banks and of the European Central Bank gives the ECB powers to adopt guidelines.