ANNEX

STATUTES OF THE ECONOMIC AND FINANCIAL COMMITTEE

Article 1

The Economic and Financial Committee shall carry out the tasks described in Article 109c(2) and (4) of the Treaty establishing the European Community.

Article 2

The Economic and Financial Committee may, inter alia:

- be consulted in the procedure leading to decisions relating to the exchange-rate mechanism of the third stage of economic and monetary union (ERM II),

- without prejudice to Article 151 of the Treaty, prepare the Council's reviews of the development of the exchange-rate of the euro,

- provide the framework within which the dialogue between the Council and the European Central Bank (ECB) can be prepared and continued at the level of senior officials from ministries, national central banks, the Commission and the ECB.

Article 3

Members of the Committee and alternates shall be guided, in the performance of their duties, by the general interests of the Community.

Article 4

Opinions, reports or communications shall be adopted by a majority of the members if a vote is requested. Each member of the Committee shall have one vote. However, when advice or an opinion is given on questions on which the Council may subsequently take a decision, members from central banks and the Commission may participate fully in the discussions but shall not participate in a vote. The Committee shall also report on minority or dissenting views expressed in the course of the discussion.

Article 5

The Committee shall elect from among its members, by a majority of its members, a President for a period of two years. The two-year term shall be renewable. The President shall be elected from among members who are senior officials in the national administrations. The President shall delegate his/her voting right to his/her alternate.

Article 6

In the event of being prevented from fulfilling his/her duties, the President shall be replaced by the Vice-President of the Committee who shall be elected according to the same rules.

Article 7

Unless the Committee decides otherwise, alternates may attend meetings of the Committee. They shall not vote. Unless the Committee decides otherwise they shall not take part in the discussions.

A member who is unable to attend a meeting of the Committee may delegate his/her functions to one of the alternates. He/she may also delegate them to another member. The Chairman and the Secretary should be informed in writing before a meeting. In exceptional circumstances the President may agree to alternative arrangements.

Article 8

The Committee may entrust the study of specific questions to its alternate members, to sub-committees or to working parties. In these cases, the presidency shall be assumed by a member or an alternate member of the Committee, appointed by the Committee. The members of the Committee, its alternates, and its sub-committees or working parties may call upon experts to assist them.

Article 9

The Committee shall be convened by the President on his/her own initiative, or at the request of the Council, of the Commission or of at least two members of the Committee.

Article 10

As a rule the President represents the Committee; in particular the President may be authorised by the Committee to report on discussions and deliver oral comments on opinions and communications prepared by the Committee. The President of the Committee shall have the responsibility of maintaining the Committee's relations with the European Parliament.

Article 11

The proceedings of the Committee shall be confidential. The same rule shall apply to the proceedings of its alternates, sub-committees or working parties.

Article 12

The Committee shall be assisted by a secretariat under the direction of a Secretary. The Secretary and the staff needed for the secretariat shall be supplied by the Commission. The Secretary shall be appointed by the Commission after consultation of the Committee. The Secretary and his/her staff shall act on the instructions of the Committee when carrying out their responsibilities to the Committee.

The expenses of the Committee shall be included in the estimates of the Commission.

Article 13

The Committee shall adopt its own procedural arrangements.