Saturday, 11 October 2008

EU: Monetary policy Id

At the outset of the chapter on monetary policy, we mention the treaty level provisions relevant to the European System of Central Banks (ESCB) and the European Central Bank (ECB), as set out in protocols. Originally, most of the protocols were annexed to the Treaty on European Union (Maastricht Treaty), and they can be accessed through the ECB web page ‘Relevant Protocols annexed to the Treaties’:

http://www.ecb.europa.eu/ecb/legal/1341/96667/html/index.en.html

Supposing that you work with the latest consolidated version of the treaties, ‘Consolidated versions of the Treaty on European Union and of the Treaty establishing the European Community’, I looked for the protocols as presented in the Official Journal of the European Union, OJ 29.12.2006 C 321 E, where the protocols are found in the different treaty languages from page 187 onwards. Here is the address to search for the desired OJ number:

http://eur-lex.europa.eu/JOIndex.do?ihmlang=en

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Protocol on the Statute of the European System of Central Banks and of the ECB (original OJ 29.7.1992 C 191/68)

In the consolidated version of the treaties, the 53 Articles of Protocol (No 18) on the Statute of the European System of Central Banks and of the ECB repeat and elaborate on the treaty provisions; located in OJ 29.12.2006/256─280.

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Protocol on the excessive deficit procedure (original OJ 29.7.1992 C 191/84)

Protocol (No 20) on the excessive deficit procedure, with i.a. the (maximum) reference values: government deficit 3 % of GDP and government debt 60 % of GDP, in OJ 29.12.2006/293─294.

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Protocol on the convergence criteria referred to in Article 121 (ex Article 109) of the Treaty establishing the European Community (original OJ 29.7.1992 C 191/85)

Protocol (No 21) on the convergence criteria referred to in Article 121 of the Treaty establishing the European Community, with the following criteria defined: price stability, government budgetary position, participation in the exchange-rate mechanism and convergence of interest rates; OJ 29.12.2006/295─296.

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Protocol on the privileges and immunities of the European Communities of 8 April 1965 (unofficial consolidated version 1.8.2003)

Protocol (No 36) on the privileges and immunities of the European Communities, with the European Central Bank added in Article 23; OJ 29.12.2006/318─324.

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Protocol on Denmark (original OJ 29.7.1992 C 191/86)

Protocol (No 22) on Denmark allows he National Bank of Denmark to carry out carry out its existing tasks concerning those parts of the Kingdom of Denmark which are not part of the Community (in other words, the Faroe Islands and Greenland); OJ 29.12.2006/297.

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Protocol on Portugal (original OJ 29.7.1992 C 191/86)

Protocol (No 23) on Portugal, whereby Portugal was authorised 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, but Portugal committed itself to pursue its best endeavours in order to put an end to the as soon as possible; OJ 29.12.2006/297.

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Protocol on the transition to the third stage of economic and monetary union (original OJ 29.7.1992 C 191/87)

Protocol (No 24) on the transition to the third stage of economic and monetary union, where the member states declared their respect the will for the Community to enter swiftly into the third stage, and to enable the Community to enter the third stage irrevocably on 1 January 1999 and to enable the ECB and the ESCB to start their full functioning from this date; OJ 29.12.2006/298.

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Protocol on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland (original OJ 29.7.1992 C 191/87)

Protocol (No 25) on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland, where the member states recognised 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, and set out the procedures and limitations caused by the UK opt-out; OJ 29.12.2006/299─301.

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Protocol on certain provisions relating to Denmark (original OJ 29.7.1992 C 191/89)

Protocol (No 26) on certain provisions relating to Denmark, which acknowledged the Danish exemption from participation in the third stage of economic and monetary union (one of the four Maastricht opt-outs by Denmark); OJ 29.12.2006/302.

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Protocol on France (original OJ 29.7.1992 C 191/90)

Protocol (No 27) on France, which provided that 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; OJ 29.12.2006/303.

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Protocol on the location of the seats of the institutions and of certain bodies and departments of the European Communities and of Europol (OJ 10.11.1997 C 340/112)

Protocol (No 8) on the location of the seats of the institutions and of certain bodies and departments of the European Communities and of Europol, with paragraph (i) apportioning the European Monetary Institute and the European Central Bank to have their seat in Frankfurt (am Main); OJ 29.12.2006/226.


Ralf Grahn