Tuesday, 30 September 2008

EU: Overdraft facilities prohibited V

Member states’ monetary financing by overdraft facilities is prohibited by Article 123 of the Treaty on the Functioning of the European Union (TFEU).

Even if the Lisbon Treaty brings no substantial change, we check some materials with reference to the provision.


United Kingdom

Professor Steve Peers covered the Treaty of Lisbon in a number of Statewatch Analyses. ‘EU Reform Treaty Analysis no. 3.4: Revised text of Part Three, Titles VII to XVII of the Treaty establishing the European Community (TEC): Other internal EC policies’ (Version 2, 24 October 2007) includes the current Title VII Economic and monetary policy.

Peers presented Article 101 TFEU (ToL), to be renumbered Article 123 TFEU in the consolidated version, and highlighted the other horizontal changes except ‘offices or agencies’, without comment (page 7).

The analysis 3.4 and other useful Statewatch analyses are available through:



The Foreign and Commonwealth Office (FCO) offers a convenient source of brief annotations on Lisbon Treaty amendments in ‘A comparative table of the current EC and EU treaties as amended by the Treaty of Lisbon’ (Command Paper 7311, published 21 January 2008). It offers the following comment on Article 123 TFEU, Article 101 TFEU (ToL) in the original Lisbon Treaty (page 12):

“In substance the same as Article 101 TEC, but now includes a reference to agencies” [as well as to offices].

The FCO comparative table is available at:



The UK House of Commons Library Research Paper 07/86 ‘The Treaty of Lisbon: amendments to the Treaty establishing the European Community’ (published 6 December 2007) discussed ‘H. Economic and Monetary Policy’ on pages 61 to 64, but I did not find any remark on Article 101 TFEU (ToL).

The Library Research Paper 07/86 is available at:



I found no references to overdraft or Article 123 in the House of Lords European Union Committee’s report ‘The Treaty of Lisbon: an impact assessment, Volume I: Report’ (HL Paper 62-I, published 13 March 2008).

The impact assessment report is accessible at:



The following part is going to present additional legislative materials on Article 123 TFEU.

Ralf Grahn