TREATY ON STABILITY, COORDINATION AND GOVERNANCE 
IN THE ECONOMIC AND MONETARY UNION BETWEEN 
THE KINGDOM OF BELGIUM, THE REPUBLIC OF BULGARIA, 
THE KINGDOM OF DENMARK, THE FE DERAL REPUBLIC OF GERMANY, 
THE REPUBLIC OF ESTONIA, IR ELAND, THE HELLENIC REPUBLIC, 
THE KINGDOM OF SPAIN, THE FRENCH REPUBLIC, 
THE ITALIAN REPUBLIC, THE REPUBLIC OF  CYPRUS, THE REPUBLIC OF LATVIA, 
THE REPUBLIC OF LITHUANIA, THE GR AND DUCHY OF LUXE MBOURG, HUNGARY, 
MALTA, THE KINGDOM OF THE NETHERLANDS, THE REPUBLIC OF AUSTRIA, 
THE REPUBLIC OF POLAND, THE PO RTUGUESE REPUBLIC, ROMANIA, 
THE REPUBLIC OF SLOVENIA, THE SLOVAK REPUBLIC, 
THE REPUBLIC OF FINLAND A ND THE KINGDOM OF SWEDEN 
 
T/SCG/en 1 THE KINGDOM OF BELGIUM, THE REPUBL IC OF BULGARIA, THE KINGDOM OF 
DENMARK, THE FEDERAL REPUBLIC OF GE RMANY, THE REPUBLIC OF ESTONIA, 
IRELAND, THE HELLENIC REPUBLIC, THE KINGDOM OF SPAIN, THE FRENCH 
REPUBLIC, THE ITALIAN REPUBLIC, THE RE PUBLIC OF CYPRUS, THE REPUBLIC OF 
LATVIA, THE REPUBLIC OF LITHUANIA,  THE GRAND DUCHY OF LUXEMBOURG, 
HUNGARY, MALTA, THE KING DOM OF THE NETHERLANDS, THE REPUBLIC OF 
AUSTRIA, THE REPUBLIC OF POLAND, THE PORTUGUESE REPUBLIC, ROMANIA, THE 
REPUBLIC OF SLOVENIA, THE SLOVAK REPUBLIC, THE REPUBLIC OF FINLAND AND THE KINGDOM OF SWEDEN,  hereinafter referred to as "t he Contracting Parties";  
 CONSCIOUS of their obligation, as Member States of the Eur opean Union, to regard their 
economic policies as a matter of common concern;   DESIRING to promote conditions for stronger economic growth in the European Union and, to that 
end, to develop ever-closer coordination of  economic policies with in the euro area; 
 
BEARING IN MIND that the need for government s to maintain sound and sustainable public 
finances and to prevent a general government defic it becoming excessive is of essential importance 
to safeguard the stability of th e euro area as a whole, and acco rdingly, requires th e introduction of 
specific rules, including a "b alanced budget rule" and an au tomatic mechanism to take 
corrective action;  
 
T/SCG/en 2 CONSCIOUS of the need to ensure that their ge neral government deficit does not exceed 3 % of 
their gross domestic product at market prices and that their general government debt does not 
exceed, or is sufficiently declini ng towards, 60 % of their gross domestic product at market prices; 
 
RECALLING that the Contracting Parties, as Member  States of the European Union, are to refrain 
from any measure which could jeop ardise the attainment of the Un ion's objectives in the framework 
of the economic union, particularly the practi ce of accumulating debt outside the general 
government accounts;   BEARING IN MIND that the Heads of  State or Government of the eu ro area Member States agreed 
on 9 December 2011 on a reinforced architecture for economic and monetary union, building upon 
the Treaties on which the European Union is founded and facili tating the implementation of 
measures taken on the basis of Articles 121, 126 a nd 136 of the Treaty on the Functioning of the 
European Union;  BEARING IN MIND that the objective of the Head s of State or Government of the euro area 
Member States and of other Member States of th e European Union is to incorporate the provisions 
of this Treaty as soon as possi ble into the Treaties on which th e European Union is founded;  
 
T/SCG/en 3 WELCOMING the legislative proposals made by the European Commission for the euro area, 
within the framework of the Treaties on which the Eu ropean Union is founded, 
on 23 November 2011, on the strengthening of  economic and budgetary surveillance of 
Member States experiencing or threatened with se rious difficulties with respect to their financial 
stability, and on common provision s for monitoring and assessing draft budgetary plans and 
ensuring the correction of excessive deficit of  the Member States, and TAKING NOTE of the 
European Commission's intention to present fu rther legislative proposals for the euro area 
concerning, in particular, ex an te reporting of debt issuan ce plans, economic partnership 
programmes detailing structural re forms for Member States under an  excessive deficit procedure as 
well as the coordination of major economic policy reform plans of Member States;  
 EXPRESSING their readiness to support proposals which the Europ ean Commission might present 
to further strengthen the Stability and Growth  Pact by introducing, for Member States whose 
currency is the euro, a new range for medium-term objectives in line with the limits established in this Treaty;
  
 TAKING NOTE that, when reviewing and monito ring the budgetary commitments under this 
Treaty, the European Commission will act within th e framework of its powers, as provided by the 
Treaty on the Functioning of the European Union, in particular Articles 121, 126 and 136 thereof; 
 
T/SCG/en 4 NOTING in particular that, in respect of the application of the "balanced budget ru le" set out in 
Article 3 of this Treaty, that monitoring w ill be carried out through the setting up, for each 
Contracting Party, of country-sp ecific medium-term objectives and of calendars of convergence, 
as appropriate;  
 NOTING that the medium-term objectives should be  updated regularly on the basis of a commonly 
agreed method, the main parameters of which ar e also to be reviewed regularly, reflecting 
appropriately the risks of explicit and implicit liab ilities for public finance, as embodied in the aims 
of the Stability and Growth Pact;  NOTING that sufficient progress towards the medium-term objectiv es should be evaluated on the 
basis of an overall assessment with the structural  balance as a reference, including an analysis of 
expenditure net of discretionary revenue measures, in line with  the provisions specified under 
European Union law, in particular Council Regulation (EC) No 1466/97 of 7 July 1997 on the 
strengthening of the surveillance of budgetary po sitions and the surveillance and coordination of 
economic policies, as amended by Regulation (EU) No 1175/2011 of the European Parliament and 
of the Council of 16 November 2011 ("the revised Stability and Growth Pact");  
 
NOTING that the correction mechanism to be intr oduced by the Contracting Parties should aim at 
correcting deviations from the medium-term obj ective or the adjustment path, including their 
cumulated impact on government debt dynamics; 
 
T/SCG/en 5 NOTING that compliance with the C ontracting Parties' obligation to  transpose the "balanced budget 
rule" into their national legal systems,  through binding, permanent and preferably constitutional 
provisions, should be subject to th e jurisdiction of the C ourt of Justice of th e European Union, in 
accordance with Article 273 of the Treaty on the Functioning of  the European Union;  
 
RECALLING that Article 260 of the Treaty on the Functioning of the European Union empowers 
the Court of Justice of the Eu ropean Union to impose a lump sum or penalty payment on a 
Member State of the European Union which has fa iled to comply with one of its judgments and 
RECALLING that the European Commission has estab lished criteria for determining the lump sum 
or penalty payment to be imposed in the framework of that Article;   RECALLING the need to facilitate the adoption of  measures under the excessive deficit procedure 
of the European Union in respect of Member Stat es whose currency is the euro and whose planned 
or actual ratio of general government deficit to gross domestic product exceeds 3 %, whilst strongly reinforcing the objective of that  procedure, namely to encour age and, if necessary, compel a 
Member State to reduce a defic it which might be identified;  
 RECALLING the obligation for thos e Contracting Parties whose ge neral government debt exceeds 
the 60 % reference value to reduce it at an average rate of one twentieth per year as a benchmark; 
 
T/SCG/en 6 BEARING IN MIND the need to respect, in the implementation of this Treaty, the specific role of 
the social partners, as it is recognised in th e laws or national systems  of each of the 
Contracting Parties;   STRESSING that no provision of this  Treaty is to be interpreted as altering in any way the 
economic policy conditions under which financial as sistance has been gran ted to a Contracting 
Party in a stabilisation programme involving th e European Union, its Me mber States or the 
International Monetary Fund;   NOTING that the proper functioning of the economic and monetary union requires the Contracting 
Parties to work jointly towards an economic po licy where, whilst building upon the mechanisms of 
economic policy coordination, as defined in the Treaties on which the European Union is founded, 
they take the necessary actions and measures in  all the areas which are essential to the proper 
functioning of the euro area;   NOTING, in particular, the wish of  the Contracting Parties to make  a more active use of enhanced 
cooperation, as provided for in Article 20 of the Treaty on European Union and Articles 326 to 334 of the Treaty on the Functioning of the European Union, without undermining the internal market, 
and their wish to have full recourse to measures specific to the Member States whose currency is 
the euro pursuant to Article 136 of the Treaty on the Functioning of  the European Union, and to a 
procedure for the ex ante discussion and coordination among the Contracting Parties whose currency is the euro of all major economic po licy reforms planned by them, with a view to 
benchmarking best practices;   
T/SCG/en 7 RECALLING the agreement of the Heads of State or Government of the euro area Member States, 
of 26 October 2011, to improve the governance of the euro area, including the holding of at least 
two Euro Summit meetings per year, to be conve ned, unless justified by exceptional circumstances, 
immediately after meetings of the European Counc il or meetings with the participation of all 
Contracting Parties having ratified this Treaty; 
 RECALLING also the endorsement by the Heads of State or Government of the euro area Member 
States and of other Member St ates of the European Union, on 25 March 2011, of the Euro Plus 
Pact, which identifies the issues that are essentia l to fostering competitiveness in the euro area;  
  STRESSING the importance of the Treaty establis hing the European Stability Mechanism as an 
element of the global strategy to strengthen th e economic and monetary  union and POINTING OUT 
that the granting of financial assistance in the framework of new programmes under the European 
Stability Mechanism will be conditional, as of 1 March 2013, on the ratification of this Treaty by 
the Contracting Party concerned a nd, as soon as the transposition period referred to in Article 3(2) 
of this Treaty has expired, on compliance with the requirements of that Article; 
 
T/SCG/en 8 NOTING that the Kingdom of Belgium, the Federa l Republic of Germany, th e Republic of Estonia, 
Ireland, the Hellenic Republic, the Kingdom of Spain, the French Republic, th e Italian Republic, the 
Republic of Cyprus, the Grand Duchy of Luxem bourg, Malta, the Kingdom of the Netherlands, the 
Republic of Austria, the Portuguese Republic, the Republic of Slovenia, the Slovak Republic and 
the Republic of Finland are Contracting Parties whos e currency is the euro and that, as such, they 
will be bound by this Treaty from the first da y of the month following the deposit of their 
instrument of ratification if the Treaty is in force at that date;   NOTING ALSO that the Republic of Bulgaria, th e Kingdom of Denmark, the Republic of Latvia, 
the Republic of Lithuania, Hungary, the Republic of Poland, Romania and the Kingdom of Sweden 
are Contracting Parties which, as Member States of the European Union, have, at the date of 
signature of this Treaty, a derogation or an exemption from part icipation in the single currency and 
may be bound, as long as such derogation or exem ption is not abrogated, only by those provisions 
of Titles III and IV of this Treaty by which th ey declare, on depositing their instrument of 
ratification or at a later date, that they intend to be bound;  
 HAVE AGREED UPON THE FOLLOWING PROVISIONS:  
T/SCG/en 9 TITLE I 
 
PURPOSE AND SCOPE 
 
 
ARTICLE 1 
 1. By this Treaty, the Contracti ng Parties agree, as Member Stat es of the European Union, to 
strengthen the economic pillar of the economic and monetary union by adopting a set of rules intended to foster budgetary discipline through a fisc al compact, to strengthen the coordination of 
their economic policies and to improve the govern ance of the euro area, thereby supporting the 
achievement of the European Union's objec tives for sustainable growth, employment, 
competitiveness and social cohesion.   2. This Treaty shall apply in full to the Contract ing Parties whose currency  is the euro. It shall 
also apply to the other Contrac ting Parties to the extent and under the conditions set out in 
Article 14.  
 
T/SCG/en 10 TITLE II 
 
CONSISTENCY AND RELATIONSHIP WITH 
THE LAW OF THE UNION  
 
 
ARTICLE 2 
 1. This Treaty shall be applied and interpreted by the Contracting Parties in conformity with the 
Treaties on which the European Union is founded, in  particular Article 4(3) of the Treaty on 
European Union, and with European Union law, in cluding procedural law wh enever the adoption of 
secondary legislation is required.  2. This Treaty shall apply insofar as it is  compatible with the Treaties on which the 
European Union is founded and with European Union law. It shall not encroach upon the competence of the Union to act in the area of the economic union.   
T/SCG/en 11 TITLE III 
 
FISCAL COMPACT  
 
 
ARTICLE 3 
 1. The Contracting Parties shall a pply the rules set out in this pa ragraph in addition and without 
prejudice to their obligations under European Union law: 
 (a) the budgetary position of the general government of a Contracting Party shall be balanced or 
in surplus; 
 (b) the rule under point (a) shall be deemed to be respected if the annual structural balance of 
the general government is at its  country-specific medium-term objective, as defined in the 
revised Stability and Growth Pact, with a lower limit of a structural deficit of 0,5 % of the 
gross domestic product at market prices. Th e Contracting Parties shall ensure rapid 
convergence towards their respective medium -term objective. The time-frame for such 
convergence will be proposed by the Europ ean Commission taking into consideration 
country-specific sustainability  risks. Progress towards, a nd respect of, the medium-term 
objective shall be evaluated on the basis of an overall assessment with the structural balance 
as a reference, including an an alysis of expenditure net of di scretionary revenue measures, in 
line with the revised Stability and Growth Pact;  
 
T/SCG/en 12 (c) the Contracting Parties may temporarily deviate from their respective medium-term 
objective or the adjustment path towards it only  in exceptional circumstances, as defined in 
point (b) of paragraph 3;  
 
(d) where the ratio of the genera l government debt to gross domestic product at market prices is 
significantly below 60 % and where risks in te rms of long-term sustainability of public 
finances are low, the lower limit of the medi um-term objective specified under point (b) can 
reach a structural deficit of at  most 1,0 % of the gross domes tic product at market prices;  
 (e) in the event of significant observed deviat ions from the medium-term objective or the 
adjustment path towards it, a correction mech anism shall be triggered automatically. The 
mechanism shall include the obligation of th e Contracting Party concerned to implement 
measures to correct the deviations  over a defined period of time.  
 2. The rules set out in paragraph 1 shall take effect  in the national law of the Contracting Parties 
at the latest one year after the entry into force of this Treaty thr ough provisions of binding force and 
permanent character, preferably constitutional, or otherwise guaranteed to be fully respected and adhered to throughout the national budgetary processes.  The Contracting Parties shall put in place at 
national level the correction mechanism referred to in paragraph 1(e) on the basis of common 
principles to be proposed by the European Commission, concerning in  particular the nature, size 
and time-frame of the corrective action to be undertaken, also in the case of exceptional 
circumstances, and the role and independence of th e institutions responsible  at national level for 
monitoring compliance with the rule s set out in paragraph 1. Such correction mechanism shall fully 
respect the prerogatives of  national Parliaments. 
 
T/SCG/en 13 3. For the purposes of this Article, the definitions set out in Article 2 of the Protocol (No 12) on 
the excessive deficit procedure, annexed to the European Union Treaties, shall apply.  
 
The following definitions shall also apply for the purposes of this Article:  (a) "annual structural balance of the gene ral government" refers to the annual 
cyclically-adjusted balance net of one-off and temporary measures;  
 (b) "exceptional circumstances" refers to the cas e of an unusual event outside the control of the 
Contracting Party concerned which has a ma jor impact on the financial position of the 
general government or to periods of severe economic downturn as set out in the revised 
Stability and Growth Pact, provided that the temporary deviation of the Contracting Party 
concerned does not endanger fiscal sustainability in the medium-term. 
  
T/SCG/en 14 ARTICLE 4 
 
When the ratio of a Contracting Party's general g overnment debt to gross domestic product exceeds 
the 60 % reference value referred to in Article 1 of  the Protocol (No 12) on the excessive deficit 
procedure, annexed to the European Union Treatie s, that Contracting Part y shall reduce it at an 
average rate of one twentieth per year as a benchmark, as provided for in Article 2 of 
Council Regulation (EC) No 1467/97 of 7 Ju ly 1997 on speeding up and clarifying the 
implementation of the excessive deficit pro cedure, as amended by Council Regulation (EU) 
No 1177/2011 of 8 November 2011. The existence of an  excessive deficit due to the breach of the 
debt criterion will be decided in accordance with the procedure set out in Article 126 of the Treaty on the Functioning of the European Union.   
ARTICLE 5 
 1. A Contracting Party that is subject to an excessive defic it procedure under the Treaties on 
which the European Union is founded shall put in place a budgetary and economic partnership 
programme including a detailed description of the structural reforms which must be put in place and 
implemented to ensure an effective and durable co rrection of its excessive deficit. The content and 
format of such programmes shall be defined in  European Union law. Their submission to the 
Council of the European Union and to the Eu ropean Commission for endorsement and their 
monitoring will take place within  the context of the existing su rveillance procedures under the 
Stability and Growth Pact.  
T/SCG/en 15 2. The implementation of the budgetary and economic partnership programme, and the yearly 
budgetary plans consistent with it, will be mon itored by the Council of the European Union and by 
the European Commission .    
ARTICLE 6 
 With a view to better coordinating the planning of their national debt is suance, the Contracting 
Parties shall report ex-ante on their public debt is suance plans to the Council of the European Union 
and to the European Commission .   
ARTICLE 7 
 While fully respecting the procedural requirements  of the Treaties on which the European Union is 
founded, the Contracting Parties whose currency is  the euro commit to supporting the proposals or 
recommendations submitted by the European Commissi on where it considers that a Member State 
of the European Union whose currency is the euro  is in breach of the deficit criterion in the 
framework of an excessive deficit procedure. This obligation shall not apply where it is established 
among the Contracting Parties whose currency is the euro that a qualifie d majority of them, 
calculated by analogy with the rele vant provisions of the Treaties on which the European Union is 
founded, without taking into account the position of the Contracting Party concerned, is opposed to 
the decision proposed or recommended.   
T/SCG/en 16 ARTICLE 8 
 
1. The European Commission is invited to present in due time to the Contracting Parties a report 
on the provisions adopted by each of them in compliance with Article 3(2). If the European Commission, after having given the Co ntracting Party concerned the opportunity to 
submit its observations, concludes in its report that such Contract ing Party has failed to comply 
with Article 3(2), the matter will be  brought to the Court of Justice of the European Union by one or 
more Contracting Parties. Where a Contracting Party considers, i ndependently of the Commission's 
report, that another Contracting Pa rty has failed to comply with Ar ticle 3(2), it may also bring the 
matter to the Court of Justice. In both cases, the judgment of the Court of Ju stice shall be binding on 
the parties to the proceedings, whic h shall take the necessary measur es to comply with the judgment 
within a period to be decide d by the Court of Justice. 
 2. Where, on the basis of its own assessment or  that of the European Commission, a Contracting 
Party considers that another Contracting Party has not taken the necessary measures to comply with 
the judgment of the Court of Justice referred to in paragraph 1, it may bring the case before the 
Court of Justice and request the imposition of financial sanctions following criteria established by 
the European Commission in the framework of Article 260 of the Treaty on the Functioning of the 
European Union. If the Court of Justice finds that the Contracting Party concerned has not complied 
with its judgment, it may impose on it a lump su m or a penalty payment appropriate in the 
circumstances and that shall not exceed 0,1 % of  its gross domestic product. The amounts imposed 
on a Contracting Party whose currency is the euro  shall be payable to the European Stability 
Mechanism. In other cases, payments shall be made to the general budget of  the European Union.   
 
T/SCG/en 17 3. This Article constitutes a special agreemen t between the Contracting Parties within the 
meaning of Article 273 of the Treaty on th e Functioning of the European Union.  
 
 
TITLE IV 
 
ECONOMIC POLICY COORDINATION AND CONVERGENCE 
  
ARTICLE 9 
 Building upon economic policy coordination, as defi ned in the Treaty on the Functioning of the 
European Union, the Contracting Parties undertake to  work jointly towards an economic policy that 
fosters the proper functioning of the economic and monetary union and economic growth through 
enhanced convergence and competitiveness. To that  end, the Contracting Pa rties shall take the 
necessary actions and measures in  all the areas which are essentia l to the proper f unctioning of the 
euro area in pursuit of the objectives of fostering competitiveness, promoting employment, contributing further to the sustainability of pub lic finances and reinforc ing financial stability. 
  
T/SCG/en 18 ARTICLE 10 
 
In accordance with the requirements of the Treaties on which the European Union is founded, the Contracting Parties stand ready to make active use, whenever appropriate and necessary, of 
measures specific to those Member States whose curr ency is the euro, as pr ovided for in Article 136 
of the Treaty on the Functioning of the European Union, and of enhanced cooperation, as provided 
for in Article 20 of the Treaty on European Uni on and in Articles 326 to 334 of the Treaty on the 
Functioning of the European Uni on on matters that are essential for the proper functioning of the 
euro area, without undermining the internal market.    
ARTICLE 11 
 With a view to benchmarking best practices a nd working towards a more closely coordinated 
economic policy, the Contracting Parties ensure that all major ec onomic policy reforms that they 
plan to undertake will be discusse d ex-ante and, where appropriate,  coordinated among themselves. 
Such coordination shall involve the institutio ns of the European Union as required by 
European Union law. 
 
 
T/SCG/en 19 TITLE V 
 
GOVERNANCE OF THE EURO AREA 
 
 
ARTICLE 12 
 1. The Heads of State or Government of the Cont racting Parties whose curre ncy is the euro shall 
meet informally in Euro Summit meetings , together with the President of the 
European Commission. The President of the European Central Bank shall be invited to take part in 
such meetings.   The President of the Euro Summit shall be appoint ed by the Heads of State or Government of the 
Contracting Parties whose currency is the euro by simple majority at the same time as the 
European Council elects its President and for the same term of office.  
 2. Euro Summit meetings shall take place when necessary, and at least tw ice a year, to discuss 
questions relating to the specific responsibilities which the Contracting Parties whose currency is 
the euro share with regard to the single currenc y, other issues concerning the governance of the euro 
area and the rules that apply to it , and strategic orientations for the conduct of economic policies to 
increase convergence in the euro area.  
T/SCG/en 20 3. The Heads of State or Government of the Cont racting Parties other than those whose currency 
is the euro, which have ratified  this Treaty, shall participate in discussions of Euro Summit 
meetings concerning competitiveness for the Contracting Parties, the modification of the global 
architecture of the euro area and th e fundamental rules that will apply to it in the future, as well as, 
when appropriate and at least once a year, in discussions on specific issues of implementation of this Treaty on Stability, Coordination and G overnance in the Economic and Monetary Union.  
 4. The President of the Euro Summit shall ensure the preparation and con tinuity of Euro Summit 
meetings, in close cooperation with the Presid ent of the European Commission. The body charged 
with the preparation of and follow up to the Euro  Summit meetings shall be the Euro Group and its 
President may be invited to attend su ch meetings for that purpose.  
 5. The President of the European Parliament may be invited to be hear d. The President of the 
Euro Summit shall present a report to the Eur opean Parliament after e ach Euro Summit meeting. 
 6. The President of the Euro Summit shall keep the Contracting Parties other than those whose 
currency is the euro and the other Member States of the European Union closely informed of the 
preparation and outcome of the Euro Summit meetings.  
T/SCG/en 21 ARTICLE 13 
 
As provided for in Title II of Protocol (No 1) on the role of national Parl iaments in the European 
Union annexed to the European Union Treaties,  the European Parliament and the national 
Parliaments of the Contracting Parties will together determine the organisation and promotion of a conference of representatives of the relevant committees of the European Parliament and representatives of the relevant committees of national Parliaments in order to discuss budgetary 
policies and other issues covered by this Treaty.  
  
TITLE VI 
 
GENERAL AND FINAL PROVISIONS 
  
ARTICLE 14 
 1. This Treaty shall be ratified by the Contrac ting Parties in accordance with their respective 
constitutional requirements. The instruments of ratification shall be deposited with the General Secretariat of the Council of the European Union ("the Depositary"). 
 
T/SCG/en 22 2. This Treaty shall enter into force on 1 January 2013, provided that twelve Contracting Parties 
whose currency is the euro have de posited their instrument of ratifi cation, or on the first day of the 
month following the deposit of the twelfth instrument of ratificat ion by a Contracting Party whose 
currency is the euro, whic hever is the earlier.  
 
3. This Treaty shall apply as from the date of  entry into force amongst the Contracting Parties 
whose currency is the euro which have ratified it.  It shall apply to the other Contracting Parties 
whose currency is the euro as from the first day of the month following the deposit of their 
respective instrument of ratification.   4. By derogation from paragraphs 3 and 5, Title  V shall apply to all Contracting Parties 
concerned as from the date of entry into force of this Treaty. 
 5. This Treaty shall apply to the Contracti ng Parties with a derogation, as defined in 
Article 139(1) of the Treaty on the Functioning of the European Union, or with an exemption, as referred to in Protocol (No 16)  on certain provisions relate d to Denmark annexed to the 
European Union Treaties, which have ratified th is Treaty, as from the date when the decision 
abrogating that derogation or exemption takes effect, unless the Contracting Party concerned 
declares its intention to be bound at an earlier da te by all or part of th e provisions in Titles III 
and IV of this Treaty.   
T/SCG/en 23 ARTICLE 15 
 
This Treaty shall be open to accession by Member States of the European Union other than the 
Contracting Parties. Accession sh all be effective upon depositing th e instrument of accession with 
the Depositary, which shall notify th e other Contracting Parties thereof. Following authentication by 
the Contracting Parties, the text of this Treaty in the official la nguage of the acceding Member State 
that is also an official language  and a working language of the in stitutions of the Union, shall be 
deposited in the archives of the Depositary  as an authentic text of this Treaty. 
  
T/SCG/en 24 ARTICLE 16 
 
Within five years, at most, of the date of entr y into force of this Treaty, on the basis of an 
assessment of the experience with  its implementation, the necessary steps shall be taken, in 
accordance with the Treaty on the European Un ion and the Treaty on the Functioning of the 
European Union, with the aim of incorporating the s ubstance of this Treaty into the legal framework 
of the European Union.   Done at Brussels this second day of March in the year two thousand and twelve.  This Treaty, drawn up in a single original in the Bulgarian, Danish, Dutch, English, Estonian, 
Finnish, French, German, Greek, Hungarian, Irish, Italian, Latvia n, Lithuanian, Maltese, Polish, 
Portuguese, Romanian, Slovak, Slov enian, Spanish and Swedish languages, each text being equally 
authentic, shall be deposited in the archives of  the Depositary, which shall transmit a certified copy 
to each of the Contracting Parties.    
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