Thursday, 16 October 2008

EU: Monetary policy VI Lisbon Treaty on an island outside Euroland

Did the objectives and the basic tasks of the European System of Central Banks (ESCB), or the potential role in financial supervision of the European Central Bank (ECB), draw any attention on an island outside Euroland?

We look at UK comments on Article 127 of the Treaty on the Functioning of the European Union (TFEU).



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 the text of Article 105 TFEU (ToL), to be renumbered Article 127 TFEU in the consolidated version, and highlighted the changes. He offered the following succinct comment (page 11):

“The EP’s role has been downgraded here, from consent to consultation. The Council must still vote unanimously.”

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 127 TFEU, Article 105 TFEU (ToL) in the original Lisbon Treaty (page 12):

“Draws on Article 105 TEC. Paragraph 6 replaces EP assent with consultation with the EP.”

The FCO comparative table is available at:


House of Commons Library

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. Article 105 TFEU (ToL) is included in a brief description on page 62:

“Articles 105 ─ 110 (Constitution Articles III-185 ─ 190) on monetary policy are largely the same as the present Treaty Articles.”

The Library Research Paper 07/86 is available at:


House of Lords

At this juncture, economic and monetary union (EMU) did not interest the House of Lords, so I found nothing on Article 105 TFEU (ToL) or 127 TFEU in the House of Lords European Union Committee report ‘The Treaty of Lisbon: an impact assessment, Volume I: Report’ (HL Paper 62-I, published 13 March 2008).

The report is available at:


The following post is going to look at legislative materials and comments on Article 127 TFEU from other corners of Europe.

Ralf Grahn