B4-1446, 1447, 1457 and 1458/95

Resolution on economic and monetary union

The European Parliament,

- having regard to the Treaty on European Union,

- having regard to the Commission Green Paper on the practical arrangements for the introduction of the single currency, COM(95)0333,

- having regard to its resolution of 25 October 1995 thereon ((Minutes of that sitting, Part II, Item 9.)),

- having regard to the report of the European Monetary Institute on the changeover to the single currency,

- having regard to the conclusions of the European Council in Cannes,

A. reaffirming the contribution of monetary union to the deepening of the European Union, the completion of the internal market, prosperity and employment and hence greater political and economic security,

B. concerned by statements made by representatives of various Member States, as well as by officials of Member States' central banks and of the Commission, which may undermine the confidence of the markets with respect to the start of the third stage of EMU by 1 January 1999 at the latest, and undermine the credibility of EMU with the public at large,

1. Underlines that Article 109j(4) of the EC Treaty states unequivocally that, 'if by the end of 1997 the date for the beginning of the third stage has not been set, the third stage shall start on 1 January 1999'; calls, in this respect, on the European Council in Madrid to confirm unequivocally the agenda and the timetable for EMU as set out in the Treaty;

2. Insists on being involved fully and in good time by the Commission, the Council and the EMI in the preparatory process leading towards EMU and the introduction of the single currency, in full respect of the Treaty and of the transparency necessary to ensure acceptance by the public and the markets;

3. Calls on the Commission to significantly reinforce existing structural aid measures to combat the emergence of greater regional disparities within participating Member States following the introduction of a single currency;

4. Welcomes initiatives to strengthen convergence and stability within the EMU through more compatibility of fiscal and monetary policy of Member States participating in the single currency; rejects, however, any idea of a 'Monetary Schengen agreement' with regard to the convergence criteria and to excessive deficit procedures in particular; therefore insists that the Commission, the Council and the EMI should act in full respect of the provisions laid down in the Treaty and its Protocols, including the implementation of secondary legislation; underlines again the respective roles of the Council and the Commission regarding new initiatives, and recalls the provisions of Article 104 of the EC Treaty;

5. Stresses the fact that the process leading to economic and monetary union and to a single currency is a political process and not merely a technical matter; underlines that the strict fulfillment of the convergence criteria is just as important as respect of the calendar for monetary union, as laid down in the Treaty; expresses its concern about any manoeuvre to delay this calendar on the grounds of technical difficulties;

6. Calls on the European Council in Madrid to take a clear decision on the legal status of the single currency, so that the national currencies become mere expressions of the single currency at the beginning of Stage Three as laid out in its resolution referred to above; calls in this respect for account to be taken of the importance of a clearly defined legal status for the single currency at European and international level;

7. Urges the rapid introduction of the single currency which includes a maximum of a period of 1 year for Phase A, 2 years for Phase B and a few weeks for Phase C;

8. Calls on the European Council in Madrid to decide on a name for the single currency and its units;

9. Urges the European Council in Madrid to decide on a clear timetable and framework for the changeover to the single currency, to ensure complete irreversibility of the changeover process;

10. Calls for assurances from the Commission, the Council and the EMI that any changes in statistical definitions or methods of data collection, as part of the changeover to the single currency, will have no distorting influence on the Member States' capacity to fulfil the convergence criteria;

11. Insists that the monetary authorities should soon send a clear message to the markets and the people as to the date when banknotes and coins in the single currency will be at their disposal;

12. Calls on the Commission and central banks to incorporate special characteristics in the design of European banknotes to assist visually- impaired citizens;

13. Calls for a common European Monetary System to continue in the third stage, with the single currency anchoring Union currencies outside EMU, for those countries which do not participate in EMU from the outset; therefore urges the European Council in Madrid to issue a clear political signal in that respect, with the objective of preventing any fragmentation of the integration process and any disruption of the single market;

14. Welcomes the full involvement of all Member States in the preparation for the changeover to the single currency, including those Member States whith an opt-out clause, and welcomes the prospect of continued cooperation in the future;

15. Requests the Commission, the Council and the EMI to ensure that the changeover to the single currency takes full account of the concerns not only of the markets but also of European citizens; calls for careful planning of the changeover process in order to ensure a smooth transition for citizens;

16. Calls upon the Commission to set up and implement as soon as possible, in conjunction with Parliament and with its full cooperation, a range of information campaigns targeted at citizens, enterprises and banks;

17. Instructs its President to forward this resolution to the European Council, the Council, the Commission, the EMI, the governors of the central banks, and the governments and parliaments of the Member States.