General Secretariat of the Council of the European Union European Commission Economic and monetary union Legal and political texts June 2007 kg705290Int.indd 1 Black – Pantone C 19/07/07 12:54:07 Europe Direct is a service to help you nd answers to your questions about the European Union Freephone number (*): 00 800 6 7 8 9 10 11 (*) Certain mobile telephone operators do not allow access to 00 800 numbers or these calls may be billed. More information on the European Union is available on the Internet (http://europa.eu). Cataloguing data can be found at the end of this publication. Luxembourg: O ce for O cial Publications of the European Communities, 2007 ISBN 92-824-3259-9 © European Communities, 2007 Reproduction is authorised provided the source is acknowledged. Printed in Belgium PRINTED ON WHITE CHLORINE-FREE PAPER kg705290Int.indd 2 Black – Pantone C 19/07/07 12:54:09 Preface Economic and monetary union (EMU) in general, and the euro in particular, is designed to create the foundation for sustainable long-term economic growth by providing macroeconomic stability, while, at the same time, constituting a natural complement to Europe’s single market. e introduction of the single currency on January and the introduction of the euro banknotes and coins on January are two key events in the history of the European Union. Since the adoption of the euro by Slovenia on January , the euro area comprises Member States and counts a population of more than million who share the single currency and bene t from the euro. is compilation, issued jointly by the General Secretariat of the Council of the European Union and the European Commission, brings together the core legal and political texts on EMU and the euro. e concept of this publication is to cover the key provisions governing EMU in the format of a handy booklet. It was therefore unavoidable to be selective, despite the fact that numerous other texts are relevant for the functioning of EMU, for example legal acts relating to institutional and external aspects as well as to practical aspects of the single currency. ey are therefore listed in the Annex, together with references to the O cial Journal. Klaus Regling Grégoire Brouhns Director-General Director-General Economic and Financial A airs DG Economic and Social A airs DG European Commission General Secretariat of the Council of the European Union kg705290Int.indd 3 Black – Pantone C 19/07/07 12:54:10 Introductory note is publication includes extracts from the consolidated versions of the EU Treaty and the EC Treaty. e extracts are numbered in accordance with the provisions of the Amsterdam Treaty. Consequently, references to the Treaties in other texts which do not correspond to the numbering according to the Amsterdam Treaty should be read in conjunction with the Table of equival- ences referred to in Article of the latter. Regarding secondary Community legislation which has been amended, this publication contains uno cial consolidated versions. e publication has been produced for documentary purposes and does not involve the responsibility of the EU institutions. kg705290Int.indd 4 Black – Pantone C 19/07/07 12:54:10 Contents Preface Introductory note . Primary law .. Extract from the Treaty on European Union • Title I — Common provisions: Article .. Extracts from the Treaty establishing the European Community • Part One — Principles: Articles , and • Part ree — Community policies, Title VII — Economic and monetary policy: Chapter — Economic policy (Articles -), Chapter — Monetary policy (Articles -), Chapter — Institutional provisions (Articles -), Chapter — Transitional provisions (Articles -) .. Protocols annexed to the Treaty establishing the European Community • Protocol (No ) on the Statute of the European System of Central Banks and of the European Central Bank () • Protocol (No ) on the excessive de cit procedure () • Protocol (No ) on the convergence criteria referred to in Article of the Treaty establishing the European Community () • Protocol (No ) on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland () • Protocol (No ) on certain provisions relating to Denmark () .. Extracts from acts of accession • Act concerning the conditions of accession of the Czech Republic, the Republic of Estonia, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Republic of Hungary, the Republic of Malta, the Republic of Poland, the Republic of Slovenia and the Slovak Republic, and the adjustments to the Treaties on which the European Union is founded ( ): Article • Act concerning the conditions of accession of the Republic of Bulgaria and Romania and the adjustments to the Treaties on which the European Union is founded (): Article kg705290Int.indd 5 Black – Pantone C 19/07/07 12:54:10 . Economic policy coordination .. General framework • Resolution of the European Council on growth and employment, Amsterdam, June • Resolution of the European Council of December on economic policy coordination in Stage III of EMU and on Treaty Articles and b of the EC Treaty • Presidency conclusions Lisbon European Council and March (extract) • European Council Brussels and March Presidency conclusions (extract) .. The Stability and Growth Pact • Resolution of the European Council on the Stability and Growth Pact, Amsterdam, June • Declaration by the Council (Eco n) and the ministers meeting in that Council issued on May • European Council Brussels and March Presidency conclusions (extract) • Council Regulation (EC) No / of November on the application of the Protocol on the excessive de cit procedure annexed to the Treaty establishing the European Community • Council Regulation (EC) No / of July on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies • Council Regulation (EC) No / of July on speeding up and clarifying the implementation of the excessive de cit procedure • Speci cations on the implementation of the Stability and Growth Pact and guidelines on the format and content of stability and convergence programmes . Introduction of the euro • Madrid European Council and December Presidency conclusions (extract) • Council Regulation (EC) No / of December on the conversion rates between the euro and the currencies of the Member States adopting the euro • Council Regulation (EC) No / of June on certain provisions relating to the introduction of the euro • Council Regulation (EC) No / of May on the introduction of the euro kg705290Int.indd 6 Black – Pantone C 19/07/07 12:54:10 . Exchange rate mechanism in the third stage of EMU • Resolution of the European Council on the establishment of an exchange rate mechanism in the third stage of economic and monetary union, Amsterdam, June • Report by the (Eco n) Council to the European Council in Nice on the exchange rate aspects of enlargement, November • Common Statement on acceding countries and ERM, Athens, April • Agreement of March between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in Stage III of economic and monetary union • AGREEMENT of December between the European Central Bank and the national central banks of the Member States outside the euro area amending the Agreement of March between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of economic and monetary union . External representation of the Community • Resolution of the European Council on economic policy coordination in Stage III of EMU and on Article and b of the EC Treaty • Report to the European Council on the state of preparation for Stage III of EMU, in particular the external representation of the Community . Statutes of the Committees • Council Decision of December on the detailed provisions concerning the composition of the Economic and Financial Committee (/ /EC) • Council Decision of June on a revision of the Statutes of the Economic and Financial Committee ( / /EC) • Council Decision of September on the composition and the statutes of the Economic Policy Committee (/ /EC) kg705290Int.indd 7 Black – Pantone C 19/07/07 12:54:11 • Council Decision of February concerning the establishment of the Financial Services Committee ( / /EC) Tables of equivalences referred to in Article of the Treaty of Amsterdam (extracts) Annex: List of other legal and political texts concerning economic and monetary union kg705290Int.indd 8 Black – Pantone C 19/07/07 12:54:11 1. Primary law 1.1. Extract from the Treaty on European Union TITLE I COMMON PROVISIONS Article e Union shall set itself the following objectives: – to promote economic and social progress and a high level of employment and to achieve balanced and sustainable development, in particular through the creation of an area without internal frontiers, through the strength- ening of economic and social cohesion and through the establishment of economic and monetary union, ultimately including a single currency in accordance with the provisions of this Treaty, – to assert its identity on the international scene, in particular through the implementation of a common foreign and security policy including the progressive framing of a common defence policy, which