A4-0195/98

Proposal for a Council Decision on the consultation of the European Central Bank by national authorities on draft legislative provisions (COM(97)0725 - C4-0147/98 - 98/0056(CNS))

The proposal was approved with the following amendments:

(Amendment 1)

Recital 3

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(3) Whereas this obligation on the authorities of the Member States to consult the ECB shall not prejudice the responsibility of these authorities for the matters which are the subject of such provision; whereas Member States shall consult the ECB on any draft legislation in its field of competence in accordance with Article 105(4) of the Treaty; whereas the list of particular areas included in Article 2 of this Decision is not exhaustive; whereas the sixth indent of Article 2 of this Decision is without prejudice to the present assignment of competences for policies relating to the prudential supervision of credit institutions and the stability of the financial system;

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(3)

Whereas matters falling within the field of competence of the ECB shall normally be the subject of regulation at Community level; whereas they may not be the subject of new national regulation except where urgently necessary and subject to prior approval by the competent Community authorities (ECB or Commission); whereas existing national regulations concerning the ECB's fields of competence must be the subject of gradual harmonization at Community level to the extent that such harmonization will enable the advantages of EMU to be maximized to the benefit of all concerned;

(Amendment 2)

Article 2

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1. The authorities of the Member States shall consult the ECB on any draft legislative provision within its field of competence pursuant to the Treaty and in particular on:

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The authorities of the Member States shall

as a general rule refrain from drawing up new rules or regulations relating to matters falling within the field of competence of the ECB pursuant to the Treaty and in particular on:

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- currency matters,

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currency matters,

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- means of payment,

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means of payment,

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- national central banks,

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national central banks,

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- the collection, compilation and dissemination of monetary, financial, banking, payment systems and balance of payments statistics.

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the collection, compilation and dissemination of monetary, financial, banking, payment systems and balance of payments statistics.

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- payment and settlement systems,

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payment and settlement systems,

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- rules applicable to financial institutions in so far as they materially influence the stability of financial institutions and markets.

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rules applicable to financial institutions in so far as they materially influence the stability of financial institutions and markets.

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2. In addition to the above paragraph, the authorities of Member States other than participating Member States shall consult the ECB on any draft legislative provisions on the instruments of monetary policy.

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Such matters shall normally be the subject of gradual harmonization at Community level in accordance with the procedures laid down in the Treaties.

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3. The ECB shall, immediately on receipt of any draft legislative provision, notify the consulting authority whether, in its option, such provision is within its field of competence.

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Where, for reasons of imperative necessity, the authorities of the Member States consider it essential to adopt new national rules and regulations relating to those same matters, they shall seek the opinion of the ECB and, on receipt thereof, shall undertake to take it into consideration.

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The same shall apply regarding draft rules and regulations relating to matters liable to have an impact on monetary policy or on monetary policy instruments.

(Amendment 3)

Article 4

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Each Member State shall take the measures necessary to ensure effective compliance with this Decision. To that end, it shall ensure that the ECB is consulted at an appropriate stage enabling the authority initiating the draft legislative provision to have the ECB's opinion before taking its decision on the substance and that the opinion received from the ECB is brought to the knowledge of the adopting authority if the latter is an authority other than that which has prepared the legislative provisions concerned.

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Each Member State shall take the measures necessary to ensure effective compliance with this Decision. To that end, it shall ensure that the ECB is consulted at an appropriate stage enabling the authority initiating the draft legislative provision to have the ECB's opinion before taking its decision on the substance and that the opinion received from the ECB is brought to the knowledge of the adopting authority if the latter is an authority other than that which has prepared the legislative provisions concerned.

It shall also ensure that the opinion delivered by the ECB is taken into consideration and, where that is not done, shall justify that omission.

(Amendment 4)

Article 4a (new)

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Article 4a

Where the national authorities have not consulted the ECB, or, having consulted it, have not taken its opinion into consideration, or, not having taken its opinion into consideration, have failed to supply any explanation, the ECB shall notify its opinion or its opposition to the Member State concerned and to the Commission.

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The latter shall have one month to propose a solution. During that period, the Member State concerned shall suspend implementation of the rule or regulation.

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If the solution proposed by the Commission is not accepted by the Member State concerned, the question shall be decided by the Council of Ministers acting by a qualified majority.

Legislative resolution embodying Parliament's opinion on the proposal for a Council Decision on the consultation of the European Central Bank by national authorities on draft legislative provisions (COM(97)0725 - C4-0147/98 - 98/0056(CNS))(Consultation procedure)

The European Parliament,

- having regard to the Commission proposal to the Council, COM(97)0725 - 98/0056(CNS),

- having been consulted by the Council pursuant to Articles 105(4) and 106(6) of the EC Treaty (C4-0147/98),

- having regard to Rule 58 of its Rules of Procedure,

- having regard to the report by the Committee on Economic and Monetary Affairs and Industrial Policy (A4-0195/98),

1. Approves the Commission proposal subject to Parliament's amendments;

2. Calls on the Council to notify Parliament should it intend to depart from the text approved by Parliament;

3. Asks to be consulted again should the Council intend to make substantial modifications to the Commission proposal;

4. Instructs its President to forward this opinion to the Council and the Commission.