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The Treaty of the European Union, Maastricht Treaty, 7th February, 1992
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CHAPTER VIII AMENDMENT OF THE STATUTE AND COMPLEMENTARY LEGISLATION ARTICLE 41 Simplified amendment procedure 41.1. In accordance with Article 106(5) of this Treaty, Articles 5.1, 5.2, 5.3, 17, 18, 19.1, 22, 23, 24, 26, 32.2, 32.3, 32.4, 32.6, 33.1(a) and 36 of this Statute may be amended by the Council, acting either by a qualified majority on a recommendation from the ECB and after consulting the Commission, or unanimously on a proposal from the Commission and after consulting the ECB. In either case the assent of the European Parliament shall be required. 41.2. A recommendation made by the ECB under this Article shall require a unanimous decision by the Governing Council. ARTICLE 42 Complementary legislation In accordance with Article 106(6) of this Treaty, immediately after the decision on the date for the beginning of the third stage, the Council, acting by a qualified majority either on a proposal from the Commission and after consulting the European Parliament and the ECB or on a recommendation from the ECB and after consulting the European Parliament and the Commission, shall adopt the provisions referred to in Articles 4, 5.4, 19.2, 20, 28.1, 29.2, 30.4, and 34.3. of this Statute.

CHAPTER IX TRANSITIONAL AND OTHER PROVISIONS FOR THE ESCB ARTICLE 43 General Provisions 43.1. A derogation as referred to in Article 109k(1) of this Treaty shall entail that the following Articles of this Statue shall not confer any rights or impose any obligations on the Member State concerned: 3, 6, 9.2, 12.1, 14.3, 16, 18, 19, 20, 22, 23, 26.2, 27, 30, 31, 32, 33, 34, 50 and 52. 43.2. The central banks of Member States with derogation as specified in Article 109k(1) of this Treaty shall retain their powers in the field of monetary policy according to national law. 43.3. In accordance with Article 109k(4) of this Treaty, "Member States" shall be read as "Member States without derogation" in the following Articles of this Statute: 3, 11.2, 19, 34.2 and 50. 43.4 "National central banks" shall be read as central banks of Member States without a derogation" in the following Articles of this Statute: 9.2, 10.1, 10.3, 12.1, 16, 17, 18, 22, 23, 27, 30, 31, 32, 33.2 and 52. 43.5. "Shareholders" shall be read as "central banks of Member States without a derogation" in Articles 10.3 and 33.1. 43.6. "Subscribed capital of the ECB" shall be read as "capital of the ECB subscribed by the central banks of Member States without a derogation" in Articles 10.3 and 30.2. ARTICLE 44 Transitional tasks of the ECB The ECB shall take over those tasks of the EMI which, because of the derogations of one or more Member States, still have to be performed in the third stage. The ECB shall give advice in the preparations for the abrogation of the derogations specified in Article 109k of this Treaty. ARTICLE 45 The General Council of the ECB 45.1. Without prejudice to Article 106(3) of this Treaty, the General Council shall be constituted as a third decision-making body of the ECB. 45.2. The General Council shall compromise the President and Vice- President of the ECB and the Governors of the national central banks. The others members of the Executive Board may participate, without having the right to vote, in meetings of the General Council. 45.3. The responsibilities of the General Council are listed in full in Article 47 of this Statute. ARTICLE 46 Rules of procedure of the General Council 46.1. The President or, in his absence, the Vice-President of the ECB shall chair the General Council of the ECB. 46.2. The President of the Council and a member of the Commission may participate, without having to right to vote, meetings of the General Council. 46.3. The President shall prepare the meetings of the General Council. 46.4. By way of derogation from Article 12.3, the General Council shall adopt its Rules of Procedure. 46.5. The Secretariat of the General Council shall be provided by the ECB. ARTICLE 47 Responsibilities of the General Council 47.1. The General Council shall: - perform the tasks referred to in Article 44; - contribute to the advisory functions referred to in Articles 4 and 25.1. 47.2. The General Council shall contribute to: - the collection of statistical information as referred to in Article 5; - the reporting activities of the ECB as referred to in Article 15; - the establishment of the necessary rules for the application of Article 26 as referred to in Article 26.4; - the taking of all other measures necessary for the application of Article 29 as referred to Article 29.4; - the laying down of the conditions of employment of the staff of the ECB as referred to in Article 36. 47.3. The General Council shall contribute to the necessary preparations for irrevocably fixing the exchange rates of the currencies of Member States with a derogations against the currencies, or the single currency, of the Member States without a derogation, as referred to in Article 109(5) of this Treaty. 47.4. The General Council shall be informed by the President of the ECB of decisions of the Governing Council. ARTICLE 48 Transitional provisions for the capital of the ECB In accordance with Article 29.1 each national central bank shall be assigned a weighting in the key for subscription of the ECB's capital. By way of derogation from Article 28.3, central banks of Member States with a derogation shall not pay up their subscribed capital unless the General Council, acting by as majority representing at least two thirds of the subscribed capital of the ECB and at least half of the shareholders, decides that a minimal percentage has to be paid up as a contribution to the operational costs of the ECB. ARTICLE 49 Deferred payment of capital, reserves and provisions of the ECB 49.1. The central bank of a Member State whose derogation has been abrogated shall pay up its subscribed share of the capital of the ECB to the same extent as the central banks of other Member States without a derogation, and shall transfer to the ECB foreign reserve assets in accordance with Article 30.1. The sum to be transferred shall be determined by multiplying the ECU value at current exchange rates of the foreign reserve assets which have already been transferred to the ECB in accordance with Article 30.1, by the ratio between the number of shares subscribed by the national central bank concerned and the number of shares already paid up by the other national central banks. 49.2. In addition to the payment to be made in accordance with Article 49.1, the central bank concerned shall contribute to the reserves of the ECB, to those provisions equivalent to reserves, and to the amount still to be appropriated to the reserves and provisions corresponding to the balance of the profit and loss account as at 31 December of the year prior to the abrogation of the derogation. The sum to be contributed shall be determined by multiplying the amount of the reserves, as defined above and as stated in the approved balance sheet of the ECB, by the ratio between the number of shares subscribed by the central bank concerned and the number of shares already paid up the other central banks. ARTICLE 50 Initial appointment of the members of the Executive Board. When the Executive Board of the ECB is being established, the President, the Vice-President and the other members of the Executive Board shall be appointed by common accord of the governments of the Member States at the level of Heads of State or of Government, on a recommendation from the Council and after consulting the European Parliament and the Council of the EMI. The President of the Executive Board shall be appointed for 8 years. By way of derogation from Article 11.2, the Vice-President shall be appointed for 4 years and the other members of the Executive Board for terms of office of between 5 and 8 years. No term of office shall be renewable. The number of members of the Executive Board may be smaller than provided for in Article 11.1, but in no circumstance shall it be less than four. ARTICLE 51 Derogation from Article 32 51.1. If, after the start of the third stage, the Governing Council decides that the application of Article 32 results in significant changes in national central banks' relative income positions, the amount of income to allocated pursuant to Article 32 shall be reduced by a uniform percentage which shall not exceed 60% in the first financial year after the start of the third stage and which shall decrease by at least 12 percentage points in each subsequent financial year. 51.2. Article 51.1. shall be applicable for not more than five financial years after the start of the third stage. ARTICLE 52 Exchange of bank notes in Community currencies. Following the irrevocable fixing of exchange rates, the Governing Council shall take the necessary measures to ensure that bank notes denominated in currencies with irrevocably fixed exchange rates are exchanged by the national central banks at their respective par values. ARTICLE 53 Applicability of the transitional provisions If and as long as there are Member States with a derogation Articles 43 to 48 shall be applicable.

PROTOCOL ON THE STATUTE OF THE EUROPEAN MONETARY INSTITUTE THE HIGH CONTRACTING PARTIES, DESIRING to lay down the Statute of the European Monetary Institute, HAVE AGREED upon the following provisions, which shall be annexed to the Treaty establishing the European Community: ARTICLE 1 Constitution and name 1.1. The European Monetary Institute (EMI) shall be established in accordance with Article 109f of this Treaty; it shall perform its functions and carry out its activities in accordance with the provisions of this Treaty and of this Statute. 1.2. The members of the EMI shall be the central banks of the Member States ("national central banks"). For the purposes of the Statute, the Institut monetaire luxembourgeois shall be regarded as the central bank of Luxembourg. 1.3. Pursuant to Article 109f of this Treaty, both the Committee of Governors and the European Monetary Co-operation Fund (EMCF) shall be dissolved. All assets and liabilities of the EMCF shall pass automatically to the EMI. ARTICLE 2 Objectives The EMI shall contribute to the realization of the conditions necessary for the transition to the third stage of Economic and Monetary Union, in particular by: - strengthening the co-ordination of monetary policies with a view to ensuring price stability; - making the preparations required for the establishment of the European System of Central Banks (ESCB), and for the conduct of a single monetary policy and the creation of a single currency in the third stage; - overseeing the development of the ECU. ARTICLE 3 General principles 3.1. The EMI shall carry out the tasks and functions conferred upon it by this Treaty and this Statute without prejudice to the responsibility of the competent authorities for the conduct of the monetary policy within the respective Member States. 3.2. The EMI shall act in accordance with the objectives and principles stated in Article 2 of the Statute of the ESCB. ARTICLE 4 Primary tasks 4.1. In accordance with Article 109f(2) of this Treaty, the EMI shall: - strengthen co-operation between the national central banks; - strengthen the co-ordination of the monetary policies of the Member States with the aim of ensuring price stability; - monitor the functioning of the European Monetary System (EMS); - hold consultations concerning issues falling within the competence of the national central banks and affecting the stability of financial institutions and markets; - take over the tasks of the EMCF; in particular it shall perform the functions referred to in Articles 6.1, 6.2 and 6.3; - facilitate the use of the ECU and oversee its development, including the smooth functioning of the ECU clearing system. The EMI shall also: - hold regular consultations concerning the course of monetary policies and the use of monetary policy instruments; - normally be consulted by the national monetary authorities before they take decisions on the course of monetary policy in the context of the common framework for ex ante co-ordination. 4.2. At the latest by 31 December 1996, the EMI shall specify the regulatory, organizational and logistical framework necessary for the ESCB to perform its tasks in the third stage, in accordance with the principle of an open market economy with free competition. This framework shall be submitted by the Council of the EMI for decision to the ECB at the date of its establishment. In accordance with Article 109f(3) of this Treaty, the EMI shall in particular: - prepare the instruments and the procedures necessary for carrying out a single monetary policy in the third stage; - promote the harmonization, where necessary, of the rules and practices governing the collection, compilation and distribution of statistics in the areas within its field of competence; - prepare the rules for operations to be undertaken by the national central banks in the framework of the ESCB; - promote the efficiency of cross-border payments; - supervise the technical preparation of ECU bank notes. ARTICLE 5 Advisory functions. 5.1. In accordance with Article 109f(4) of this Treaty, the Council of the EMI may formulate opinions or recommendations on the overall orientation of monetary policy and exchange rate policy as well as on related measures introduced in each Member State. The EMI may submit opinions or recommendations to governments and to the Council on policies which might affect the internal or external monetary situation in the Community and, in particular, the functioning of the EMS. 5.2. The Council of the EMI may also make recommendations to the monetary authorities of the Member States concerning the conduct of their monetary policy. 5.3. In accordance with Article 109f(6) of this Treaty, the EMI shall be consulted by the Council regarding any proposed Community act within its field of competence. Within the limits and under the conditions set out by the Council acting by a qualified majority on a proposal from the Commission and after consulting the European Parliament and the EMI shall be consulted by the authorities of the Member States on any draft legislative provision within its field of competence, in particular with regard to Article 4.2. 5.4. In accordance with Article 109f(5) of this Treaty, the EMI may decide to publish its opinions and its recommendations. ARTICLE 6 Operational and technical functions 6.1. The EMI shall; - provide for the multilateralization of positions resulting from interventions by the national central banks in Community currencies and the multilateralization of intra-Community settlements; - administer the very short-term financing mechanism provided for by the Agreement of 13 March 1979 between the central banks of the Member States of the European Economic Community laying down the operating procedures for the European Monetary System (hereinafter referred to as "EMS Agreement") and the short-term monetary support mechanism provided for in the Agreement between the central banks of the Member States of the European Economic Community of 9 February 1970, as amended; - perform the functions referred to in Article 11 of Council Regulation (EEC) No 1969/88 of 24 June 1988 establishing a single facility providing medium-term financial assistance for Member States' balances of payments. 6.2. The EMI may receive monetary reserves from the national central banks and issue ECUs against such assets for the purpose of implementing the EMS Agreement. These ECUs may be used by the EMI and the national central banks as a means of settlement and for transactions between them and the EMI. The EMI shall take the necessary administrative measures for the implementation of this paragraph. 6.3. The EMI may grant to the monetary authorities of third countries and to international monetary institutions the status of "Other Holders" of ECUs and fix the terms and conditions under which such ECUs may be acquired, held or used by Other Holders. 6.4. The EMI shall be entitled to hold and manage foreign exchange reserves as an agent for and at the request of national central banks. Profits and losses regarding these reserves shall be for the account of the national central bank depositing the reserves. The EMI shall perform this function on the basis of bilateral contracts in accordance with rules laid down in a decision of the EMI. These rules shall ensure that transactions with these reserves shall not interfere with the monetary policy and exchange rate policy of the competent monetary authority of any Member State and shall be consistent with the objectives of the EMI and the proper functioning of the Exchange Rate Mechanism of the EMS. ARTICLE 7 Other tasks 7.1. Once a year the EMI shall address a report to the Council on the state of the preparations for the third stage. These reports shall include an assessment of the progress towards convergence in the Community, and cover in particular the adaptation of monetary policy instruments and the preparation of the procedures necessary for carrying out a single monetary policy in the third stage, as well as the statutory requirements to be fulfilled for national central banks to become an integral part of the ESCB. 7.2. In accordance with the Council decisions referred to in Article 109f(7) of this Treaty, the EMI may perform other tasks for the preparation of the third stage. ARTICLE 8 Independence The members of the Council of the EMI who are the representatives of their institutions shall, with respect to their activities, act according to their own responsibilities. In exercising the powers and performing the tasks and duties conferred upon them by this Treaty and this Statute, the Council of the EMI may not seek or take any instructions from Community institutions or bodies or governments of Member States.The Community institutions and bodies as well as the governments of the Member States undertake to respect this principle and not seek to influence the Council of the EMI in the performance of its tasks. ARTICLE 9 Administration 9.1. In accordance with Article 109f(1) of this Treaty, the EMI shall be directed and managed by the Council of the EMI. 9.2. The Council of the EMI shall consist of a President and the Governors of the national central banks, on of whom shall be Vice- President. If a Governor is prevented from attending a meeting, he may nominate another representative of his institution. 9.3. The President shall be appointed by common accord of the governments of the Member States at the level of Heads of State or of Government, on a recommendation from, as the case may be, the Committee of Governors or the Council of the EMI, and after consulting the European Parliament and the Council. The President shall be selected from among persons of recognized standing and professional experience in monetary or banking matters. Only nationals of Member States may be President of the EMI. The Council of the EMI shall appoint the Vice-President. The President and Vice- President shall be appointed for a period of three years. 9.4. The President shall perform his duties on a full-time basis. He shall not engage in any occupation, whether gainful or not, unless exemption is exceptionally granted by the Council of the EMI. 9.5. The President shall - prepare and chair meetings of the Council of the EMI; - without prejudice to Article 22, present the views of the EMI externally; - be responsible for the day-to-day management of the EMI. In the absence of the President, his duties shall be performed by the Vice-President. 9.6. The terms and conditions of employment of the President, in particular his salary, pension and other social security benefits, shall be the subject of a contract with the EMI and shall be fixed by the Council of the EMI on a proposal from a Committee comprising three members appointed by the Committee of Governors or the Council of the EMI, as the case may be, and three members appointed by the Council. The President shall not have the right to vote on matters referred to in this paragraph. 9.7. If the President no longer fulfils the conditions required for the performance of his duties or if he has been guilty of serious misconduct, the Court of Justice may, on application by the Council of the EMI, compulsorily retire him. 9.8. The Rules of Procedure of the EMI shall be adopted by the Council of the EMI. ARTICLE 10 Meetings of the Council of the EMI and voting procedures 10.1 The Council of the EMI shall meet at least ten times a year. The proceedings of Council meetings shall be confidential. The Council of the EMI may, acting unanimously, decide to make the outcome of its deliberations public. 10.2. Each member of the Council of the EMI or his nominee shall have one vote. 10.3. Save as otherwise provided for in this Statute, the Council of the EMI shall act by a simple majority of its members. 10.4. Decisions to be taken in the context of Articles 4.2, 5.4, 6.2, and 6.3 shall require unanimity of the members of the Council of the EMI. The adoption of opinions and recommendations under Articles 5.1 and 5.2, the adoption of decisions under Articles 6.4, 16 and 23.6 and the adoption of guidelines under Article 15.3 shall require a qualified majority of two thirds of the members of the Council of the EMI. ARTICLE 11 Interinstitutional co-operation and reporting requirements 11.1 The President of the Council and a member of the Commission may participate, without having the right to vote, in meetings of the Council of the EMI. 11.2. The President of the EMI shall be invited to participate in Council meetings when the Council is discussing matters relating to the objectives and tasks of the EMI. 11.3. At a date to be established in the Rules of Procedure, the EMI shall prepare an annual report on its activities and on monetary and financial conditions in the Community. The annual report, together with the annual accounts of the EMI, shall be addressed to the European Parliament, the Council and the Commission and also to the European Council. The President of the EMI may, at the request of the European Parliament or on his own initiative, be heard by the competent Committees of the European Parliament. 11.4. Reports published by the EMI shall be made available to interested parties free of charge. ARTICLE 12 Currency denomination The operations of the EMI shall be expressed in ECUs. ARTICLE 13 Seat Before the end of 1992, the decision as to where the seat of the EMI will be established shall be taken by common accord of the governments of the Member States at the level of Heads of State or of Government. ARTICLE 14 Legal capacity The EMI, which in accordance with Article 109f(1) of this Treaty shall have legal personality, shall enjoy in each of the Member States the most extensive legal capacity accorded to legal persons under their law; it may, in particular, acquire or dispose of movable or immovable property and may be a party to legal proceedings. ARTICLE 15 Legal acts. 15.1. In the performance of its tasks, and under the conditions laid down in this Statute, the EMI shall: - deliver opinions - make recommendations; - adopt guidelines, and take decisions, which shall be addressed to the national central banks. 15.2. Opinions and recommendations of the EMI shall have no binding force 15.3. The Council of the EMI may adopt guidelines laying down the methods for the implementation of the conditions necessary for the ESCB to perform its functions in the third stage. EMI guidelines shall have no binding force; they shall be submitted for decision to the ECB. 15.4. Without prejudice to Article 3.1, a decision of the EMI shall be binding in its entirety upon those to whom it is addressed. Articles 190 and 191 of this Treaty shall apply to these decisions. ARTICLE 16 Financial resources. 16.1. The EMI shall be endowed with its own resources. The size of the resources of the EMI shall be determined by the Council of the EMI with a view to ensuring the income deemed necessary to cover the administrative expenditure incurred in the performance of the tasks and functions of the EMI. 16.2. The resources of the EMI determined in accordance with Article 16.1 shall be provided out of contributions by the national central banks in accordance with the key referred to in Article 29.1 of the Statute of the ESCB and be paid up at the establishment of the EMI. For this purpose, the statistical data to be used for the determination of the key shall be provided by the Commission, in accordance with the rules adopted by the Council, acting by a qualified majority on a proposal from the Commission and after consulting the European Parliament, the Committee of Governors and the Committee referred to in Article 109c of this Treaty. 16.3. The Council of the EMI shall determine the form in which contributions shall be paid up. ARTICLE 17 Annual accounts and auditing 17.1. The financial year of the EMI shall begin on the first day of January and end on the last day of December. 17.2. The Council of the EMI shall adopt an annual budget before the beginning of each financial year. 17.3. The annual accounts shall be drawn up in accordance with the principles established by the Council of the EMI. The annual accounts shall be approved by the Council of the EMI and shall thereafter be published. 17.4. The annual accounts shall be audited by independent external auditors approved by the Council of the EMI. The auditors shall have full power to examine all books and accounts of the EMI and to obtain full information about its transactions. The provisions of Article 188c of this Treaty shall only apply to an examination of the operational efficiency of the management of the EMI. 17.5. Any surplus of the EMI shall be transferred in the following order (a) an amount to be determined by the Council of the EMI shall be transferred to the general reserve fund of the EMI. (b) any remaining surplus shall be distributed to the national central banks in accordance with the key referred to in Article 16.2. 17.6. In the event of a loss incurred by the EMI, the shortfall shall be offset against the general reserve fund of the EMI. Any remaining shortfall shall be made good by contributions from the national central banks, in accordance with the key as referred to in Article 16.2. ARTICLE 18 Staff 18.1. The Council of the EMI shall lay down the conditions of employment of the staff of the EMI. 18.2. The Court of Justice shall have jurisdiction in any dispute between the EMI and its servants within the limits and under the conditions laid down in the conditions of employment. ARTICLE 19 Judicial control and related matters. 19.1. The acts or omissions of the EMI shall be open to review or interpretation by the Court of Justice in the cases and under the conditions laid down in this Treaty. The EMI may institute proceedings in the cases and under the conditions laid down in this Treaty. 19.2. Disputes between the EMI, on the one hand, and its creditors, debtors or any other person, on the other, shall fall within the jurisdiction of the competent national courts, save where jurisdiction has been conferred upon the Court of Justice. 19.3. The EMI shall be subject to the liability regime provided for in Article 215 of this Treaty. 19.4. The Court of Justice shall have jurisdiction to give judgment pursuant to any arbitration clause contained in a contract concluded by or on behalf of the EMI, whether that contract be governed by public or private law. 19.5. A decision of the EMI to bring an action before the Court of Justice shall be taken by the Council of the EMI. ARTICLE 20 Professional Secrecy 20.1. Members of the Council of the EMI and the staff of the EMI shall be required, even after their duties have ceased, not to disclose information of the kind covered by the obligation of professional secrecy. 20.2. Persons having access to data covered by Community legislation imposing and obligation of secrecy shall be subject to such legislation. ARTICLE 21 Privileges and immunities The EMI shall enjoy in the territories of the Member States such privileges and immunities as are necessary for the performance of its tasks, under the conditions laid down in the Protocol on the Privileges and Immunities of the European Communities annexed to the Treaty establishing a Single Council and a Single Commission of the European Communities. ARTICLE 22 Signatories The EMI shall be legally committed to third parties by the President or the Vice-President or by the signatures of two members of the staff of the EMI who have been duly authorized by the President to sign on behalf of the EMI. ARTICLE 23 Liquidation of the EMI 23.1. In accordance with Article 109l of this Treaty, the EMI shall go into liquidation on the establishment of the ECB. All assets and liabilities of the EMI shall then pass automatically to the ECB. The latter shall liquidate the EMI according to the provisions of this Article. The liquidation shall be completed by the beginning of the third stage. 23.2. The mechanism for the creation of ECUs against gold and US dollars as provided for by Article 17 of the EMS agreement shall be unwound by the first day of the third stage in accordance with Article 20 of the said Agreement. 23.3. All claims and liabilities arising from the very short-term financing mechanism and the short-term monetary support mechanism, under the Agreements referred to in Article 6.1, shall be settled by the first day of the third stage. 23.4. All remaining assets of the EMI shall be disposed of and all remaining liabilities of the EMI shall be settled. 23.5. The proceeds of the liquidation described in Article 23.4. shall be distributed to the national central banks in accordance with the key referred to in Article 16.2 23.6. The Council of the EMI may take the measures necessary for the application of Articles 23.4. and 23.5. 23.7. Upon the establishment of the ECB, the President of the EMI shall relinquish his office.

PROTOCOL ON THE EXCESSIVE DEFICIT PROCEDURE THE HIGH CONTRACTING PARTIES DESIRING to lay down the details of the excessive deficit procedure referred to in Article 104c of the treaty establishing the European Community, HAVE AGREED upon the following provisions, which shall be annexed to the Treaty establishing the European Community: ARTICLE 1 The reference values referred to in Article 104c(2) of this Treaty are: - 3% for the ratio of the planned or actual government deficit to gross domestic product at market prices; - 60% for the ratio of government debt to gross domestic product at market prices. ARTICLE 2 In Article 104c of this Treaty and in this Protocol: - government means general government, that is central government, regional or local government and social security funds, to the exclusion of commercial operations, as defined in the European System of Integrated Economic Accounts; - deficit means net borrowing as defined in the European System of Integrated Economic Accounts; - investment means gross fixed capital formation as defined in the European System of Integrated Economic Accounts; - debt means total gross debt at nominal value outstanding at the end of the year and consolidated between and within the sectors of general government as defined in the first indent. ARTICLE 3 In order to ensure the effectiveness of the excessive deficit procedure, the governments of the Member States shall be responsible under this procedure for the deficits of general government as defined in the first indent of Article 2. The Member States shall ensure that national procedures in the Budgetary area enable them to meet their obligations in this area deriving from this Treaty. The Member States shall report their planned and actual deficits and the levels of their debt promptly and regularly to the Commission. ARTICLE 4. The statistical data to be used for the application of this Protocol shall be provided by the Commission.

PROTOCOL ON THE CONVERGENCE CRITERIA REFERRED TO IN ARTICLE 109j OF THE TREATY ESTABLISHING THE EUROPEAN COMMUNITY THE HIGH CONTRACTING PARTIES, DESIRING to lay down the details of the convergence criteria which shall guide the Community in taking decisions on the passage to the third stage of economic and monetary union, referred to in Article 109j(1) of this Treaty, HAVE AGREED upon the following provisions, which shall be annexed to the Treaty establishing the European Community: ARTICLE 1 The criterion on price stability referred to in the first indent of Article 109j(1) of this Treaty shall mean that a Member State has a price performance that is sustainable and an average rate of inflation, observed over a period of one year before the examination, that does not exceed by more than 1 1/2 percentage points that of, at most, the three best performing Member States in terms of price stability. Inflation shall be measured by means of the consumer price index on a comparable basis, taking into account differences in national definitions. ARTICLE 2 The criterion on the government budgetary position referred to in the second indent of Article 109j(1) of this treaty shall mean that at the time of the examination the Member State is not the subject of a Council decision under Article 104c(6) of this Treaty that an excessive deficit exists. ARTICLE 3 The criterion on participation in the Exchange Rate mechanism of the European Monetary System referred to in the third indent of Article 109j(1) of this Treaty shall mean that a Member State has respected the normal fluctuation margins provided for by the Exchange Rate Mechanism of the European Monetary System without severe tensions for at least the last two years before the examination. In particular, the Member State shall not have devalued its currency's bilateral central rate against any other Member State's currency on its own initiative for the same period. ARTICLE 4 The criterion on the convergence of interest rates referred to in the fourth indent of Article 109j(1) of this Treaty shall mean that, observed over a period of one year before the examination, a Member State has had an average nominal long-term interest rate that does not exceed by more than 2 percentage points that of, at most, the three best performing Member States in terms of price stability. Interest rates shall be measured on the basis of long term government bonds or comparable securities, taking into account differences in national definitions. ARTICLE 5 The statistical data to be used for the application of this protocol shall be provided by the Commission. ARTICLE 6 The Council shall, acting unanimously on a proposal from the Commission and after consulting the European Parliament, the EMI or the ECB as the case may be, and the Committee referred to in Article 109c, adopt appropriate provisions to lay down the details of the convergence criteria referred to Article 109j of this Treaty, which shall then replace this Protocol.

PROTOCOL AMENDING THE PROTOCOL ON THE PRIVILEGES AND IMMUNITIES OF THE EUROPEAN COMMUNITIES THE HIGH CONTRACTING PARTIES, CONSIDERING that, in accordance with Article 40 of the Statute of the European Central Bank and Article 21 of the Statute of the European Monetary Institute, the European Central Bank and the European Monetary Institute shall enjoy in the territories of the Member States such privileges and immunities as are necessary for the performance of their tasks, HAVE AGREED upon the following provisions, which shall be annexed to the Treaty establishing the European Community: SOLE ARTICLE The Protocol on the Privileges and Immunities of the European Communities, annexed to the Treaty establishing a Single Council and a Single Commission of the European Communities, shall be supplemented by the following provisions: "Article 23 This Protocol shall also apply to the European Central Bank, to the members of its organs and to its staff, without prejudice to the provisions of the Protocol on the Statute of the European System of Central Banks and the European Central Bank. The European Central Bank shall, in addition, be exempt from any form of taxation or imposition of a like nature on the occasion of any increase in its capital and from the various formalities which may be connected therewith in the State where the bank has its seat. The activities of the Bank and of its organs carried on in accordance with the Statute of the European System of Central Banks and of the European Central Bank shall not be subject to any turnover tax. The above provisions shall also apply to the European Monetary Institute. Its dissolution or liquidation shall not give rise to any imposition."

PROTOCOL ON DENMARK THE HIGH CONTRACTING PARTIES, DESIRING to settle certain particular problems relating to Denmark, HAVE AGREED UPON the following provisions, which shall be annexed to the Treaty establishing the European Community: The provisions of Article 14 of the Protocol on the Statute of the European System of Central Banks and of the European System of Central Banks and of the European Central Bank shall not affect the right of the National Bank of Denmark to carry out its existing tasks concerning those parts of the Kingdom of Denmark which are not part of the Community.

PROTOCOL ON PORTUGAL THE HIGH CONTRACTING PARTIES, DESIRING to settle certain particular problems relating to Portugal, HAVE AGREED upon the following provisions, which shall be annexed to the Treaty establishing the European Community: 1. Portugal is hereby authorized to maintain the facility afforded to the Autonomous Regions of Azores and Madeira to benefit from an interest-free credit facility with the Banco de Portugal under the terms established by existing Portuguese law. 2. Portugal commits itself to pursue its best endeavors in order to put an end to the above mentioned facility as soon as possible.

PROTOCOL ON THE TRANSITION TO THE THIRD STAGE OF ECONOMIC AND MONETARY UNION THE HIGH CONTRACTING PARTIES, Declare the irreversible character of the Community's movement to the third stage of Economic and Monetary Union by signing the new Treaty provisions on Economic and Monetary Union. Therefore all Member States shall, whether they fulfil the necessary conditions for the adoption of a single currency or not, respect the will for the Community to enter swiftly into the third stage, and therefore no Member State shall prevent the entering into the third stage. If by the end of 1997 the date of the beginning of the third stage has not been set, the Member States concerned, the Community institutions and other bodies involved shall expedite all preparatory work during 1998, in order to enable the Community to enter the third stage irrevocably on 1 January 1999 and to enable the ECB and ESCB to start their full functioning from this date. This Protocol shall be annexed to the Treaty establishing the European Community.

PROTOCOL ON CERTAIN PROVISIONS RELATING TO THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND THE HIGH CONTRACTING PARTIES, RECOGNIZING that the United Kingdom shall not be obliged or committed to move to the third stage of economic and monetary union without a separate decision to do so by its government and Parliament, NOTING the practice of the government of the United Kingdom to fund its borrowing requirement by the sale of debt to the private sector. HAVE AGREED the following provisions, which shall be annexed to the Treaty establishing the European Community: 1. The United Kingdom shall notify the Council whether it intends to move to the third stage before the Council makes its assessment under Article 109j(2) of this Treaty; Unless the United Kingdom notifies the Council that it intends to move to the third stage, it shall be under no obligation to do so. If no date is set for the beginning of the third stage under Article 109j(3) of this Treaty, the United Kingdom may notify its intention to move to the third stage before 1 January 1998. 2. Paragraphs 3 to 9 shall have effect if the United Kingdom notifies the Council that it does not intend to move to the third stage. 3.The United Kingdom shall not be included among the majority of Member States which fulfil the necessary conditions referred to in the second indent of Article 109j(2) and the first indent of Article 109j(3) of this Treaty. 4. The United Kingdom shall retain its powers in the field of monetary policy according to national law. 5. Articles 3a(2), 104c(1), (9) and (11), 105(1) to (5), 105a, 107, 108, 108a, 109, 109a(1) and (2)(b) and 109l(4) and (5) of this Treaty shall not apply to the United Kingdom. In these provisions references to the Community or the Member States shall not include the United Kingdom and references to national central banks shall not include the Bank of England. 6. Articles 109e(4) and 109h and i of this Treaty shall continue to apply to the United Kingdom. Articles 109c(4) and 109m shall apply to the united Kingdom as if it had a derogation. 7. The voting rights of the United Kingdom shall be suspended in respect of acts of the Council referred to in Articles listed in paragraph 5. For this purpose the weighted votes of the United Kingdom shall be excluded form any calculation of a qualified majority under Article 109k(5) of this Treaty. The United Kingdom shall also have no right to participate in the appointment of the President, the Vice-President and the other members of the Executive Board of the ECB under Articles 109a(2)(b) and 109l(1) of this Treaty. 8. Articles 3, 4, 6, 7, 9.2, 10.1, 10.3, 11.2, 12.1, 14, 16, 18 to 20, 22, 23, 26, 27, 30 to 34, 50 and 52 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank ("the Statute") shall not apply to the United Kingdom. In those Articles, references to the Community or the Member States shall not include the United Kingdom and references to national central banks or shareholders shall not include the Bank of England. References in Articles 10.3 and 30.2. of the Statute to "subscribed capital of the ECB" shall not include capital subscribed by the Bank of England. 9. Article 109(3) of this Treaty and Articles 44 to 48 of the Statute shall have effect, whether or not there is any Member State with a derogation, subject to the following amendments: (a) References in Article 44 ot the tasks of the ECB and the EMI shall include those tasks that still need to be performed in the third stage owing to any decision of the United kingdom not to move to that Stage. (b) In addition to the tasks referred to in Article 47 the ECB shall also give advice in relation to and contribute to the preparation of any decision of the Council with regard to the United Kingdom taken in accordance with paragraphs 10(a) and 10(c). (c) The Bank of England shall pay up its subscription to the capital of the ECB as a contribution of its operational costs on the same basis as national central banks of Member States with a derogation. 10. If the United Kingdom does not move to the third stage, it may change its notification at any time after the beginning of that stage. In that event: (a) The United Kingdom shall have the right to move to the third stage provided only that it satisfies the necessary conditions. The Council, acting at the request of the United Kingdom and under the conditions and in accordance with the procedure laid down in Article 109k(2) of this Treaty, shall decide whether it fulfills the necessary conditions. (b) The Bank of England shall pay up its subscribed capital, transfer to the ECB foreign reserve assets and contribute to its reserves on the same basis as the national central bank of a Member State whose derogation has been abrogated. (c) The Council, acting under the conditions and in accordance with the procedure laid down in Article 109(5) of this Treaty, shall take all other necessary decisions to enable the United Kingdom to move to the third stage. If the United Kingdom moves to the third stage pursuant to the provisions of this protocol, paragraphs 3 to 9 shall cease to have effect. 11. Notwithstanding Articles 104 and 109e(3) of this Treaty and Article 21.1. of the Statute, the government of the United Kingdom may maintain its ways and means facility with the Bank of England if and so long as the United Kingdom does not move to the third stage.

PROTOCOL ON CERTAIN PROVISIONS RELATING TO DENMARK THE HIGH CONTRACTING PARTIES, DESIRING to settle, in accordance with the general objectives of the Treaty establishing the European Community, certain particular problems existing at the present time, TAKING INTO ACCOUNT that the Danish Constitution contains provisions which may imply a referendum in Denmark prior to Danish participation in the third stage of Economic and Monetary Union, HAVE AGREED on the following provisions, which shall be annexed to the Treaty establishing the European Community: 1. The Danish Government shall notify the Council of its position concerning participation in the third stage before the Council makes its assessment under Article 109j(2) of this Treaty. 2. In the event of a notification that Denmark will not participate in the third stage, Denmark shall have an exemption. The effect of the exemption shall be that all Articles and provisions of this Treaty and the Statute of the ESCB referring to a derogation shall be applicable to Denmark. 3. In such case, Denmark shall not be included among the majority of Member States which fulfil the necessary conditions referred to in the second indent of Article 109j(2) and the first indent of Article 109j(3) of this Treaty. 4. As for the abrogation of the exemption, the procedure referred to in Article 109k(2) shall only be initiated at the request of Denmark. 5. In the event of abrogation of the exemption status, the provisions of this Protocol shall cease to apply.

PROTOCOL ON FRANCE THE HIGH CONTRACTING PARTIES, DESIRING to take into account a particular point relating to France, HAVE AGREED upon the following provisions, which shall be annexed to the Treaty establishing the European Community. France will keep the privilege of monetary emission in its overseas territories under the terms established by its national laws, and will be solely entitled to determine the parity of the CFP franc.

PROTOCOL ON SOCIAL POLICY THE HIGH CONTRACTING PARTIES, NOTING that eleven Member States, that is to say the Kingdom of Belgium, the Kingdom of Denmark and Federal Republic of Germany, the Hellenic Republic, the Kingdom of Spain, the French Republic, Ireland, the Italian Republic, the Grand Duchy of Luxembourg, the Kingdom of the Netherlands and the Portuguese Republic, wish to continue along the path laid down in the 1989 Social Charter; that they have adopted among themselves an Agreement to this end; that this Agreement is annexed to this Protocol; that this Protocol and the said Agreement are without prejudice to the provisions of this Treaty, particularly those relating to social policy which constitute an integral part of the "acquis communautaire": 1. Agree to authorize those eleven Member States to have recourse to the institutions, procedures and mechanisms of the Treaty for the purposes of taking among themselves and applying as far as they are concerned the acts and decisions required for giving effect to the abovementioned Agreement. 2. The United Kingdom of Great Britain and Northern Ireland shall not take part in the deliberations and the adoption by the Council of Commission proposals made on the basis of the Protocol and the above mentioned Agreement. By way of derogation from Article 148(2) of the Treaty, acts of the Council which are made pursuant to this Protocol and which must be adopted by a qualified majority shall be deemed to be so adopted if they have received at least forty-four votes in favour. The unanimity of the members of the Council, with the exception of the United Kingdom of Great Britain and Northern Ireland, shall be necessary for acts of the Council which must be adopted unanimously and for those amending the Commission proposal. Acts adopted by the Council and any financial consequences other than administrative costs entailed for the institutions shall not be applicable to the United Kingdom of Great Britain and Northern Ireland. 3. This Protocol shall be annexed to the Treaty establishing the European Community.

AGREEMENT ON SOCIAL POLICY CONCLUDED BETWEEN THE MEMBER STATES OF THE EUROPEAN COMMUNITY WITH THE EXCEPTION OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND. The undersigned eleven HIGH CONTRACTING PARTIES, that is to say, the Kingdom of Belgium, the Kingdom of Denmark, the Federal Republic of Germany, the Hellenic Republic, the Grand Duchy of Luxembourg, the Kingdom of the Netherlands and the Portuguese Republic (hereinafter referred to the "the Member States"), WISHING TO implement to the 1989 Social Charter on the basis of the "acquis communautaire", CONSIDERING the Protocol on social policy, HAVE AGREED as follows: ARTICLE 1 The Community and the Member States shall have as their objectives the promotion of employment, improved living and working conditions, proper social protection, dialogue between management and labour, the development of human resources with a view to lasting high employment and the combating of exclusion. To this end the Community and Member States shall implement measures which take account of the diverse forms of national practices, in particular in the field of contractual relations, and the need to maintain the competitiveness of the Community economy. ARTICLE 2 1. With a view to achieving the objectives of Article 1, the Community shall support and complement the activities of the Member States in the following fields: - improvement in particular of the working environment to protect workers' health and safety; - working conditions; - the information and consultation of workers; - equality between men and women with regard to labour market opportunities and treatment at work; - the integration of persons excluded from the labour market, without prejudice to Article 127 of the Treaty establishing the European Community (hereinafter referred to as "the Treaty"). 2. To this end, the Council may adopt, by means of directives, minimum requirements for gradual implementation, having regard to the conditions and technical rules obtaining in each of the Member States. Such directives shall avoid imposing administrative, financial and legal constraints in a way which would hold back the creation and development of small and medium-sized undertakings. The Council shall act in accordance with the procedure referred to in Article 189c of the Treaty after consulting the Economic and Social Committee. 3. However, the Council shall act unanimously on a proposal from the Commission, after consulting the European Parliament and the Economic and Social Committee, in following areas: - social security and social protection of workers; - protection of workers where their employment contract is terminated; - representation and collective defence of the interests of worker and employers, including co-determination, subject to paragraph 6; - conditions of employment for third-country nationals legally residing in Community territory; - financial contributions for promotion of employment and job-creation, without prejudice to the provisions relating to the Social Fund. 4. A Member State may entrust management and labour, at their joint request, with the implementation of directives adopted pursuant to paragraphs 2 and 3. In this case, it shall ensure that, no later than the date on which a directive must be transposed in accordance with Article 189, management and labour have introduced the necessary measures by agreement, the Member State concerned being required to take any necessary measure enabling it at any time to be in a position to guarantee the results imposed by that directive. 5. The provisions adopted pursuant to this Article shall not prevent any Member State from maintaining or introducing more stringent protective measures compatible with the Treaty. 6. The provisions of this Article shall not apply to pay, the right of association, the right to strike or the right to impose lock-outs. ARTICLE 3 1. The Commission shall have the task of promoting the consultation of management and labour at Community level and shall take any relevant measure to facilitate their dialogue by ensuring balanced support for the parties. 2. To this end, before submitting proposals in the social policy field, the Commission shall consult management and labour on the possible direction of Community action. 3. If, after such consultation, the Commission considers Community action advisable, it shall consult management and labour on the content of the envisaged proposal. Management and labour shall forward to the Commission an opinion or, where appropriate, a recommendation. 4. On the occasion of such consultation, management and labour may inform the Commission of their wish to initiate the process provided for in Article 4. The duration of the procedure shall not exceed nine months, unless the management and labour concerned and the Commission decide jointly to extend it. ARTICLE 4 1. Should management and labour so desire, the dialogue between them at Community level may lead to contractual relations, including agreements. 2. Agreements concluded at Community level shall be implemented either in accordance with the procedures and practices specific to management and labour and the Member States or, in matters covered by Article 2, at the joint request of the signatory parties, by a Council decision on a proposal from the Commission. The Council shall act by qualified majority, except where the agreement in question contains one or more provisions relating to one of the areas referred to in Article 2(3), in which case it shall act unanimously. ARTICLE 5 With a view to achieving the objectives of Article 1 and without prejudice to the other provisions of the Treaty, the Commission shall encourage co-operation between the Member States and facilitate the co-ordination of their action in all social policy fields under this Agreement. ARTICLE 6 1. Each Member State shall ensure that the principle of equal pay for male and female workers for equal work is applied. 2. For the purpose of this Article, "pay" means the ordinary basic or minimum wage or salary and any other consideration, whether in cash or in kind, which the worker receives directly or indirectly, in respect of his employment, from his employer. Equal pay without discrimination based on sex means: (a) that pay for the same work at piece rates shall be calculated on the basis of the same unit of measurement. (b) that pay for work at time rates shall be the same for the same job. 3. This Article shall not prevent any Member State from maintaining or adopting measures providing for specific advantages in order to make it easier for women to pursue a vocational activity or to prevent or compensate for disadvantages in their professional careers. ARTICLE 7 The Commission shall draw up a report each year on progress in achieving the objective of Article 1, including the demographic situation in the Community. It shall forward the report to the European Parliament, the Council and the Economic and Social Committee. The European Parliament may invite the Commission to draw up reports on particular problems concerning the social situation. DECLARATIONS 1. Declaration on Article 2(2) The eleven High Contracting Parties note that in the discussions on Article 2(2) of the Agreement it was agreed that the Community does not intend, in laying down minimum requirements for the protection of the safety and health of employees, to discriminate in a manner unjustified by the circumstances against employees in small and medium-sized undertakings. 2. Declaration on Article 4(2) The eleven High Contracting Parties declare that the first of the arrangements for application of the agreements between management and labour at Community level - referred to in Article 4(2) - will consist in developing, by collective bargaining according to the rules of each Member State, the content of the agreements, and that consequently this arrangement implies no obligation on the Member States to apply the agreements directly or to work out rules for their transposition, or any obligation to amend national legislation in force to facilitate their implementation.

PROTOCOL ON ECONOMIC AND SOCIAL COHESION THE HIGH CONTRACTING PARTIES, RECALLING that the Union has set itself the objective of promoting economic and social progress, inter alia, through the strengthening of economic and social cohesion; RECALLING that Article 2 of the Treaty establishing the European Community includes the task of promoting economic and social cohesion and solidarity between Member States and that the strengthening of economic and social cohesion figures among the activities of the Community listed in Article 3; RECALLING that the provisions of Part Three, Title XIV, on economic and social cohesion as a whole provide the legal basis for consolidating and further developing the Community's action in the field of economic and social cohesion, including the creation of a new fund; RECALLING that the provisions of Part Three, Title XII on trans- European networks and Title XVI on environment envisage a Cohesion Fund to be set up before 31 December 1993; STATING their belief that progress towards Economic and Monetary Union will contribute to the economic growth of all Member States; NOTING that the Community's Structural Funds are being doubled in real terms between 1987 and 1993, implying large transfers, especially as a proportion of GDP of the less prosperous Member States; NOTING that the European Investment Bank is lending large and increasing amounts for the benefit of the poorer regions; NOTING the desire for greater flexibility in the arrangements for allocation from the Structural Funds; NOTING the desire for modulation of the levels of Community participation in programmes and projects in certain countries; NOTING the proposal to take greater account of the relative prosperity of Member States in the system of own resources, REAFFIRM that the promotion of economic and social cohesion is vital to the full development and enduring success of the Community, and underline the importance of the inclusion of economic and social cohesion in Articles 2 and 3 of this Treaty; REAFFIRM their conviction that the Structural Funds should continue to play a considerable part in the achievement of Community objectives in the field of cohesion; REAFFIRM their conviction that the European Investment Bank should continue to devote the majority of its resources to the promotion of economic and social cohesion, and declare their willingness to review the capital needs of the European Investment Bank as soon as this is necessary for that purpose; REAFFIRM the need for a thorough evaluation of the operation and effectiveness of the Structural Funds in 1992, and the need to review, on that occasion, the appropriate size of these Funds in the light of the tasks of the Community in the area of economic and social cohesion; AGREE that the Cohesion Fund to be set up before 31 December 1993 will provide Community financial contributions to projects in the fields of environment and trans-European networks in Member States with a per capita GNP of less than 90% of the Community average which have a programme leading to the fulfilment of the conditions of economic convergence as set out in Article 104c; DECLARE their intention of allowing a greater margin of flexibility in allocating financing from the Structural Funds to specific needs not covered under the present Structural Funds regulations; DECLARE their willingness to modulate the levels of Community participation in the context of programmes and projects of the Structural Funds, with a view to avoiding excessive increases in budgetary expenditure in the less prosperous Member States; RECOGNIZE the need to monitor regularly the progress made towards achieving economic and social cohesion and state their willingness to study all necessary measures in this respect; DECLARE their intention of taking greater account of the contributive capacity of individual Member States in the system of own resources, and of examining means of correcting, for the less prosperous Member States, regressive elements existing in the present own resources system; AGREE to annex this Protocol to the Treaty establishing the European Community.

PROTOCOL ON THE ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS THE HIGH CONTRACTING PARTIES HAVE AGREED upon the following provision, which shall be annexed to this Treaty establishing the European Community: The Economic and Social Committee and the Committee of the Regions shall have a common organizational structure.

PROTOCOL ANNEXED TO THE TREATY ON EUROPEAN UNION AND TO THE TREATIES ESTABLISHING THE EUROPEAN COMMUNITIES THE HIGH CONTRACTING PARTIES, HAVE AGREED upon the following provision, which shall be annexed to the Treaty on European Union and to the Treaties establishing the European Communities: Nothing in the Treaty on European Union, or in the Treaties establishing the European Communities, or in the Treaties or Acts modifying or supplementing those Treaties, shall affect the application in Ireland of Article 40.3.3 of the Constitution of Ireland.

FINAL ACT 1. The Conferences of the Representatives of the Governments of the Member States convened in Rome on 15 December 1990 to adopt by common accord the amendments to be made to the Treaty establishing the European Economic Community with a view to the achievement of political union and with a view to the final stages of economic and monetary union, and those convened in Brussels on 3 February 1992 with a view to amending the Treaties establishing respectively the European Coal and Steel Community and the European Atomic Energy Community as a result of the amendments envisaged for the Treaty establishing the European Economic Community have adopted the following texts: I the Treaty on European Union II Protocols 1. Protocol on the acquisition of property in Denmark 2. Protocol concerning Article 119 of the Treaty establishing the European Community 3. Protocol on the Statute of the European System of central banks and of the European Central Bank 4. Protocol on the Statute of the European Monetary Institute 5. Protocol on the excessive deficit procedure 6. Protocol on the convergence criteria referred to in Article 109j of the Treaty establishing the European Community 7. Protocol amending the Protocol on the privileges and immunities of the European Communities 8. Protocol on Denmark 9. Protocol on Portugal 10. Protocol on the transition to the third stage of economic and monetary union 11. Protocol on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland 12. Protocol on certain provisions relating to Denmark. 13. Protocol on France 14. Protocol on social policy, to which is annexed an agreement concluded between the Member States of the European Community with the exception of the United Kingdom of Great Britain and Northern Ireland, to which two declarations are attached 15. Protocol on economic and social cohesion 16. Protocol on the Economic and Social Committee and the Committee of the Regions 17. Protocol annexed to the Treaty on European Union and to the Treaties establishing the European Communities The Conferences agreed that the Protocols referred to in 1 to 16 above will be annexed to the Treaty establishing the European Community and that the Protocol referred to in 17 above will be annexed to the Treaty of European Union and to the Treaties establishing the European Communities. 2. At the time of signature of these texts, the Conferences adopted the declarations listed below and annexed to this Final Act: III Declarations 1. Declaration on civil protection, energy and tourism 2. Declaration on nationality of a Member State 3. Declaration on Part Three, Titles III and VI, of the Treaty establishing the European Community 4. Declaration on Part Three, Title VI, of the Treaty establishing the European Community 5. Declaration on monetary co-operation with non-Community countries 6. Declaration on monetary relations with the Republic of San Marino, the Vatican City and the Principality of Monaco 7. Declaration on Article 73d of the Treaty establishing the European Community 8. Declaration on Article 109 of the Treaty establishing the European Economic Community 9. Declaration on Part Three, Title XVI, of the Treaty establishing the European Community 10. Declaration on Articles 109, 130r and 130y of the Treaty establishing the European Community 11. Declaration on the Directive of 24 November 1988 (Emissions) 12. Declaration of the European Development Fund 13. Declaration on the role of national Parliaments in the European Union 14. Declaration on the Conference of the Parliaments 15. Declaration on the number of members of the Commission and of the European Parliament 16. Declaration on the hierarchy of Community Acts 17. Declaration on the right of access to information 18. Declaration on estimated costs under Commission proposals 19. Declaration on the implementation of Community law 20. Declaration on assessment of the environmental impact of Community measures 21. Declaration on the Court Auditors 22. Declaration of the Economic and Social Committee 23. Declaration on co-operation with charitable associations 24. Declaration on the protection of animals 25. Declaration on the representation of the interests of the overseas countries and territories referred to in Article 227(3) and (5)(a) and (b) of the Treaty establishing the European Community 26. Declaration on the outermost regions of the Community 27. Declaration on voting in the field of the common foreign and security policy 28 Declaration on practical arrangements in the field of the common foreign and security policy. 29. Declaration on the use of languages in the field of the common foreign and security policy 30. Declaration on Western European Union 31. Declaration on asylum 32. Declaration on police co-operation 33. Declaration on disputes between the ECB and the EMI and their servants Done at Maastricht this seventh day of February in the year on thousand nine hundred and ninety-two DECLARATION ON CIVIL PROTECTION, ENERGY AND TOURISM The Conference declares that the question of introducing into the Treaty establishing the European Community Titles relating to the spheres referred to in Article 3(t) of that Treaty will be examined, in accordance with the procedure laid down in Article N(2) of the Treaty on European Union, on the basis of a report which the Commission will submit to the Council by 1996 at the latest. The Commission declares that Community action in those spheres will be pursued on the basis of the present provisions of the Treaties establishing the European Communities. DECLARATION ON NATIONALITY OF A MEMBER STATE The Conference declares that, wherever in the Treaty establishing the European Community reference is made to nationals of the Member States, the question whether an individual possesses the nationality of a Member State shall be settled solely by reference to the national law of the Member State concerned. Member States may declare, for information, who are to be considered their nationals for Community purposes by way of declaration lodged with the Presidency and may amend any such declarations when necessary. DECLARATION ON PART THREE,TITLES III AND VI, OF THE TREATY ESTABLISHING THE EUROPEAN COMMUNITY The Conference affirms that, for the purposes of applying the provisions set out in Part Three, Title III, Chapter 4 on capital and payments, and Title VI on economic and monetary policy, of this Treaty, the usual practice, according to which the Council meets in the composition of Economic and Finance Ministers, shall be continued, without prejudice to Article 109j(2) to (4) and Article 109k(2). DECLARATION ON PART THREE, TITLE VI, OF THE TREATY ESTABLISHING THE EUROPEAN COMMUNITY The Conference affirms that the President of the European Council shall invite the Economic and Finance Ministers to participate in European Council meetings when the European Council is discussing matters relating to Economic and Monetary Union. DECLARATION ON MONETARY COOPERATION WITH NON-COMMUNITY COUNTRIES The Conference affirms that the Community shall aim to contribute to stable international monetary relations. To this end the Community shall be prepared to co-operate with other European countries and with those non-European countries with which the Community has close economic ties. DECLARATION ON MONETARY RELATIONS WITH THE REPUBLIC OF SAN MARINO, THE VATICAN CITY AND THE PRINCIPALITY OF MONACO The Conference agrees that the existing monetary relations between Italy and San Marino and the Vatican City and between France and Monaco remain unaffected by the Treaty establishing the European Community until the introduction of the ECU as the single currency of the Community. The Community undertakes to facilitate such renegotiations of existing arrangements as might become necessary as a result of the introduction of the ECU as a single currency. DECLARATION ON ARTICLE 73d OF THE TREATY ESTABLISHING THE EUROPEAN COMMUNITY The Conference affirms that the right of Member States to apply the relevant provisions of their tax law as referred to in Article 73d(1)(a) of this Treaty will apply only with respect to the relevant provisions which exist at the end of 1993. However, this Declaration shall apply only to capital movements between Member States and to payments effected between Member States. DECLARATION ON ARTICLE 109 OF THE TREATY ESTABLISHING THE EUROPEAN COMMUNITY The Conference emphasizes that use of the term "formal agreements" in Article 109(1) is not intended to create a new category of international agreement within the meaning of Community law. DECLARATION ON PART THREE, TITLE XVI, OF THE TREATY ESTABLISHING THE EUROPEAN COMMUNITY The Conference considers that, in view of the increasing importance of nature conservation at national, Community and international level, the Community should, in exercising its powers under the provisions of Part Three, Title XVI, take account of the specific requirements of this area. DECLARATION ON ARTICLES 109, 130r AND 130y of THE TREATY ESTABLISHING THE EUROPEAN COMMUNITY The Conference considers that the provisions of Article 109(5), Article 130r(4), second subparagraph, and Article 130y do not affect the principles resulting from the judgment handed down by the Court of Justice in the AETR case. DECLARATION ON THE DIRECTIVE OF 24 NOVEMBER 1988 (Emissions) The Conference declares that changes in Community legislation cannot undermine the derogations granted to Spain and Portugal until 31 December 1999 under the Council Directive of 24 November 1988 on the limitation of emissions of certain pollutants into the air from large combustion plants. DECLARATION ON THE EUROPEAN DEVELOPMENT FUND The Conference agrees that the European Development Fund will continue to be financed by national contributions in accordance with the current provisions. DECLARATION ON THE ROLE OF NATIONAL PARLIAMENTS IN THE EUROPEAN UNION The Conference considers that it is important to encourage greater involvement of national Parliaments in the activities of the European Union. To this end, the exchange of information between the national Parliaments and the European Parliament should be stepped up. In this context, the governments of the Member States will ensure, inter alia, that national Parliaments receive Commission proposals for legislation in good time for information or possible examination. Similarly, the Conference considers that it is important for contacts between the national Parliaments and the European Parliament to be stepped up, in particular through the granting of appropriate reciprocal facilities and regular meetings between members of Parliament interested in the same issues. DECLARATION ON THE CONFERENCE OF THE PARLIAMENTS The Conference invites the European Parliament and the national Parliaments to meet as necessary as a Conference of the Parliaments (or "Assises") The Conference of the Parliaments will be consulted on the main features of the European Union, without prejudice to the powers of the European Parliament and the rights of the national Parliaments. The President of the European Council and the President of the Commission will report to each session of the Conference of the Parliaments on the state of the Union. DECLARATION ON THE NUMBER OF MEMBERS OF THE COMMISSION AND OF THE EUROPEAN PARLIAMENT The Conference agrees that the Member States will examine the questions relating to the number of members of the Commission and the number of members of the European Parliament no later than at the end of 1992, with a view to reaching an agreement which will permit the establishment of the necessary legal basis for fixing the number of members of the European Parliament in good time for the 1994 elections. The decisions will be taken in the light, inter alia, of the need to establish the overall size of the European Parliament in an enlarged Community. DECLARATION ON THE HIERARCHY OF COMMUNITY ACTS The Conference agrees that the Intergovernmental Conference to be convened in 1996 will examine to what extent it might be possible to review the classification of Community acts with a view to establishing an appropriate hierarchy between the different categories of act. DECLARATION ON THE RIGHT OF ACCESS TO INFORMATION The Conference considers that transparency of the decision-making process strengthens the democratic nature of the institutions and the public's confidence in the administration. The Conference accordingly recommends that the Commission submit to the Council no later than 1993 a report on measures designed to improve public access to the information available to the institutions. DECLARATION ON ESTIMATED COSTS UNDER COMMISSION PROPOSALS The Conference notes that the Commission undertakes, by basing itself where appropriate on any consultations it considers necessary and by strengthening its system for evaluating Community legislation, to take account in its legislative proposals of costs and benefits to the Member States' public authorities and all the parties concerned. DECLARATION ON THE IMPLEMENTATION OF COMMUNITY LAW 1. The Conference stresses that it is central to the coherence and unity of the process of European construction that each Member State should fully and accurately transpose into national law the Community Directives addressed to it within the deadlines laid down therein. Moreover, the Conference, while recognizing that it must be for each Member State to determine how the provisions of Community law can best be enforced in the light of its own particular institutions, legal system and other circumstances, but in any event in compliance with Article 189 of the Treaty establishing the European Community, considers it essential for the proper functioning of the Community that the measures taken by the different Member States should result in Community law being applied with the same effectiveness and rigour as in the application of their national law. 2. The Conference calls on the Commission to ensure, in exercising its powers under Article 155 of this Treaty, that Member States fulfill their obligations. It asks the Commission to publish periodically a full report for the Member States and the European Parliament. DECLARATION ON ASSESSMENT OF THE ENVIRONMENTAL IMPACT OF COMMUNITY MEASURES The Conference notes that the Commission undertakes in its proposals, and that the Member States undertake in implementing those proposals, to take full account of their environmental impact and of the principle of sustainable growth. DECLARATION ON THE COURT OF AUDITORS The Conference emphasizes the special importance it attaches to the task assigned to the Court of Auditors by Articles 188a, 188b, 188c and 206 of the Treaty establishing the European Community. It requests the other Community institutions to consider, together with the Court of Auditors, all appropriate ways of enhancing the effectiveness of its work. DECLARATION ON THE ECONOMIC AND SOCIAL COMMITTEE The Conference agrees that the Economic and Social Committee will enjoy the same independence with regard to its budget and staff management as the Court Auditors has enjoyed hitherto. DECLARATION ON COOPERATION WITH CHARITABLE ASSOCIATIONS The Conference stresses the importance, in pursuing the objectives of Article 117 on the Treaty establishing the European Community, of co- operation between the latter and charitable associations and foundations as institutions responsible for social welfare establishments and services. DECLARATION ON THE PROTECTION OF ANIMALS The Conference calls upon the European Parliament, the Council and the Commission, as well as the Member States, when drafting and implementing Community legislation on the common agricultural policy, transport, the internal market and research, to pay full regard to the welfare requirements of animals. DECLARATION ON THE REPRESENTATION OF THE INTERESTS OF THE OVERSEAS COUNTRIES AND TERRITORIES REFERRED TO IN ARTICLE 227(3) AND (5)(a) AND (b) OF THE TREATY ESTABLISHING THE EUROPEAN COMMUNITY The Conference, noting that in exceptional circumstances divergences may arise between the interests of the Union and those of the overseas countries and territories referred to in Article 227(3) and (5)(a) and (b), agrees that the Council will seek to reach a solution which accords with the position of the Union. However, in the event that this proves impossible, the Conference agrees that the Member State concerned may act separately in the interests of the said overseas countries and territories, without this affecting the Community's interests. The Member State concerned will give notice to the Council and the Commission where such a divergence of interests is likely to occur and, when separate action proves unavoidable, make it clear that it is acting in the interests of overseas territory mentioned above. This declaration also applies to Macao and East Timor. DECLARATION ON THE OUTERMOST REGIONS OF THE COMMUNITY The Conference acknowledges that the outermost regions of the Community (the French overseas departments, Azores and Madeira and Canary Islands) suffer from major structural backwardness compounded by several phenomena (remoteness, island status, small size, difficult topography and climate, economic dependence on a few products), the permanence and combination of which severely restrain their economic and social development. It considers that, while the provisions of the Treaty establishing the European Community and secondary legislation apply automatically to outermost regions, it is nonetheless possible to adopt specific measures to assist them inasmuch and as long as there is an objective need to take such measures with a view to the economic and social development of those regions. Such measures should have their aim both the completion of the internal market and a recognition of the regional reality to enable the outermost regions to achieve the average economic and social level of the Community. DECLARATION ON VOTING IN THE FIELD OF THE COMMON FOREIGN AND SECURITY POLICY The Conference agrees that, with regard to Council decisions requiring unanimity, Member States will, to the extent possible, avoid preventing a unanimous decision where a qualified majority exists in favour of that decision. DECLARATION ON PRACTICAL ARRANGEMENTS IN THE FIELD OF THE COMMON FOREIGN AND SECURITY POLICY The Conference agrees that the division of work between the Political Committee and the Committee of Permanent Representatives will be examined at a later stage, as will the practical arrangements for merging the Political Co-operation Secretariat with the General Secretariat of the Council and for co-operation between the latter and the Commission. DECLARATION ON THE USE OF LANGUAGES IN THE FIELD OF THE COMMON FOREIGN AND SECURITY POLICY The Conference agrees that the use of languages shall be in accordance with the rules of the European Communities. For COREU communications, the current practice of European political co-operation will serve as a guide for the time being. All common foreign and security policy texts which are submitted to or adopted at meeting of the European Council and of the Council as well as all texts which are to be published are immediately and simultaneously translated into all the official Community languages. DECLARATION ON WESTERN EUROPEAN UNION The Conference notes the following declarations: I. DECLARATION by Belgium, Germany, Spain, France, Italy, Luxembourg, the Netherlands, Portugal and the United Kingdom of Great Britain and Northern Ireland, which are members of the Western European Union and also members of the European Union on THE ROLE OF THE WESTERN EUROPEAN UNION AND ITS RELATIONS WITH THE EUROPEAN UNION AND WITH THE ATLANTIC ALLIANCE Introduction 1. WEU Member States agree on the need to develop a genuine European security and defence identity and a greater European responsibility on defence matters. This identity will be pursued through a gradual process involving successive phases. WEU will form an integral part of the process of the development of the European Union and will enhance its contribution to solidarity within the Atlantic Alliance. WEU Member States agree to strengthen the role of WEU, in the longer term perspective of a common defence, compatible with that of the Atlantic Alliance. 2. WEU will be developed as the defence component of the European Union and as a means to strengthen the European pillar of the Atlantic Alliance. To this end, it will formulate common European defence policy and carry forward its concrete implementation through the further development of its own operational role. WEU Member States take note of Article J.4 relating to the common foreign and security policy of the Treaty on European Union which reads as follows: "1. The common foreign and security policy shall include all questions related to the security of the Union, including the eventual framing of a common defence policy, which might in time lead to a common defence. 2. The union requests the Western Union (WEU), which is an integral part of the development of the Union, to elaborate and implement decisions and actions of the Union which have defence implications. The Council shall, in agreement with the institutions of the WEU, adopt the necessary practical arrangements. 3. Issues having defence implications dealt with under this Article shall not be subject to the procedures set out in Article J.3. 4. The policy of the Union in accordance with this Article shall not prejudice the specific character of the security and defence policy of certain Member States and shall respect the obligations of certain Member States under the North Atlantic Treaty and be compatible with the common security and defence policy established within that framework. 5. The provisions of this Article shall not prevent the development of closer co-operation between two or more Member States on a bilateral level, in the framework of the WEU and the Atlantic Alliance, provided such co-operation does not run counter to or impede that provided for in this Title. 6. With a view to furthering the objective of this Treaty, and having in view the date of 1998 in the context of Article XII of the Brussels Treaty, the provisions of this Article may be revised as provided for in Article N(2) on the basis of a report to be presented in 1996 by the Council to the European Council, which shall include an evaluation of the progress made and the experience gained until then." A. WEU's relations with European Union 3. The objective is to build up WEU in stages as the defence component of the European Union. To this end, WEU is prepared, at the request of the European Union, to elaborate and implement decisions and actions of the Union which have defence implications. To this end, WEU will take the following measures to develop a close working relationship with the Union: - as appropriate, synchronization of the dates and venues of meetings and harmonization of working methods; - establishment of close co-operation between the Council and Secretariat-General of WEU on the one hand, and the Council of the Union and General Secretariat of the Council on the other; - consideration of the harmonization of the sequence and duration of the respective Presidencies; - arranging for appropriate modalities so as to ensure that the Commission of the European Communities is regularly informed and, as appropriate, consulted on WEU activities in accordance with the role of the Commission in the common foreign and security policy as defined in the Treaty on European Union; - encouragement of closer co-operation between the Parliamentary Assembly of WEU and the European Parliament. The WEU Council shall, in agreement with the competent bodies of the European Union, adopt the necessary practical arrangements. B. WEU's relations with the Atlantic Alliance 4. The objective is to develop WEU as a means to strengthen the European pillar of the Atlantic Alliance. Accordingly WEU is prepared to develop further the close working links between WEU and the Alliance and to strengthen the role, responsibilities and contributions of WEU Member States in the Alliance. This will be undertaken on the basis of the necessary transparency and complementarity between the emerging European security and defence identity and the Alliance. WEU will act in conformity with the positions adopted in the Atlantic Alliance. - WEU Member States will intensify their co-ordination on Alliance issues which represent an important common interest with the aim of introducing joint positions agreed in WEU into the process of consultation in the Alliance which will remain the essential forum for consultation among its members and the venue for agreement on policies bearing on the security and defence commitments of Allies under the North Atlantic Treaty. - Where necessary, dates and venues of meetings will be synchronized and working methods harmonized. - Close co-operation will be established between the Secretariats- General of WEU and NATO. C. Operational role of WEU 5. WEU's operational role will be strengthened by examining and defining appropriate missions, structures and means, covering in particular: -WEU planning cell; - closer military co-operation complementary to the Alliance in particular in the fields of logistics, transport, training and strategic surveillance; - meetings of WEU Chiefs of Defence Staff; - military units answerable to WEU. Other proposals will be examined further including: - enhanced co-operation in the field of armaments with the aim of creating a European armaments agency; -development of the WEU Institute into a European Security and Defence Academy. Arrangements aimed at giving WEU a stronger operational role will be fully compatible with the military dispositions necessary to ensure the collective defence of all Allies. D. Other measures 6. As a consequence of the measures set out above, and in order to facilitate the strengthening of WEU's role, the seat of the WEU Council and Secretariat will be transferred to Brussels. 7. Representation of the WEU Council must be such that the Council is able to exercise its functions continuously in accordance with Article VIII of the modified Brussels Treaty. Member States may draw on a double-hatting formula, to be worked out, consisting of their representatives to the Alliance and to the European Union. 8. WEU notes that, in accordance with the provisions of Article J.4(6) concerning the common foreign and security policy of the Treaty on European Union, the Union will decide to review the provisions of this Article with a view to furthering the objective to be set by it in accordance with the procedure defined. The WEU will re-examine the present provisions in 1996. This re-examination will take account of the progress and experience acquired and will extend to relations between WEU and the Atlantic Alliance. II. DECLARATION by Belgium, Germany, Spain, France, Italy, Luxembourg, the Netherlands, Portugal and the United Kingdom of Great Britain and Northern Ireland which are members of the Western European Union. "The Member States of WEU welcome the development of the European security and defence identity. They are determined, taking into account the role of WEU as the defence component of the European Union and as the means to strengthen the European pillar of the Atlantic Alliance, to put the relationship between WEU and the other European States on a new basis for the sake of stability and security in Europe. In this spirit, they propose the following: States which are members of the European Union are invited to accede to WEU on conditions to be agreed in accordance with Article XI of the modified Brussels Treaty, or to become observers if they so wish. Simultaneously, other European Member States of NATO are invited to become associate members of WEU in a way which will give them the possibility of participating fully in the activities of WEU. The Member States of WEU assume that treaties and agreements corresponding with the above proposals will be concluded before 31 December 1992." DECLARATION ON ASYLUM 1. The Conference agrees that, in the context of the proceedings provided for in Articles K.1 and K.3 of the provisions on co-operation in the fields of justice and home affairs, the Council will consider as a matter of priority questions concerning Member States' asylum policies, with the aim of adoption by the beginning of 1993, common action to harmonize aspects of them, in the light of the work programme and timetable contained in the report on asylum drawn up at the request of the European Council meeting in Luxembourg on 28 and 29 June 1991. 2. In this connection, the Council will also consider, by the end of 1993, on the basis of a report, the possibility of applying Article K.9 to such matters. DECLARATION ON POLICE CO-OPERATION The Conference confirms the agreement of the Member States on the objectives underlying the German delegations's proposals at the European Council meeting in Luxembourg on 28 and 29 June 1991. For the present, the Member States agree to examine as a matter of priority the drafts submitted to them, on the basis of the work programme and timetable agreed upon in the report drawn up at the request of the Luxembourg European Council, and they are willing to envisage the adoption of practical measures in areas such as those suggested by the German delegation, relating to the following functions in the exchange of information and experience: - support for national criminal investigation and security authorities, in particular in the co-ordination of investigations and search operations; - creation of data bases; - central analysis and assessment of information in order to take stock of the situation and identify investigative approaches; - collection and analysis of national prevention programmes for forwarding to Member States and for drawing up Europe-wide prevention strategies; - measures relating to further training, research, forensic matters and criminal records departments. Member States agree to consider on the basis of a report, during 1994 at the latest, whether the scope of such co-operation should be extended. DECLARATION ON DISPUTES BETWEEN THE ECB AND THE EMI AND THEIR SERVANTS The Conference considers it proper that the Court of First Instance should hear this class of action in accordance with Article 168a of the Treaty establishing the European Community. The Conference therefore invites the institutions to adapt the relevant rules accordingly. Done at Maastricht on the seventh day of February one thousand nine hundred and ninety two [ here follow the signatures ]

MAY1_92 On 1 May 1992, in Guimaraes (Portugal), the High Contracting Parties to the Treaty on European Union adopted the following Declaration:

DECLARATION OF THE HIGH CONTRACTING PARTIES TO THE TREATY ON EUROPEAN UNION

The High Contracting Parties to the Treaty on European Union signed at Maastricht on the seventh day of February 1992, Having considered the terms of Protocol No 17 to the said Treaty on European Union which is annexed to that Treaty and to the Treaties establishing the European Communities, Hereby give the following legal interpretation:

That it was and is their intention that the Protocol shall not limit freedom to travel between Member States or, in accordance with conditions which may be laid down, in conformity with Community law, by Irish legislation, to obtain or make available in Ireland information relating to services lawfully available in Member States.

At the same time the High Contracting Parties solemly declare that, in the event of a future constitutional amendment in Ireland which concerns the subject matter of Article 40.3.3. of the Constitution of Ireland and which does not conflict with the intention of the High Contracting Parties hereinbefore expressed, they will, following the entry into force of the Treaty on European Union, be favourably disposed to amending the said Protocol so as to extend its application to such constitutional amendment if Ireland so requests.

THE END

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