Draft COUNCIL DECISION amending Council Decision 91/115/EEC establishing a Committee on monetary, financial and balance-of-payment statistics
Date: 1994-11-17
Institutions: European Commission
Subjects: EU statistics, advisory committee (EU), balance of payments, financial statistics, monetary policy

COMMISSION  OF THE  EUROPEAN  COMMUNITIES 

COM(94) 452 final 
Brussels,  17.11.1994 
94/0244  (CNS) 

Draft 
COUNCIL  DECISION 

amending  Council  Decision  91/115/EEC  establishing  a  Committee 
on  monetary, financial  and balance-of-payment  statistics 

(presented  by  the  Commission) 

EXPLANATORY MEMORANDUM 

1.  The  European  Monetary  Institute  (EMI)  was  established  1.  January  1994. 
According to its Statute, EMI shall contribute to the realisation of the conditions 
necessary for transition to the third stage of the Economic and Monetary Union 

-  strengthening the co-ordination of monetary policies with the view to 

ensuring price stability 

-  making the preparations required for the establishment of the European 

System of Central Banks (ESCB), and for the conduct of a single monetary 
policy and the creation of a single currency in the third stage 

-  overseeing the development of the ECU 

The Committee on Monetary, Financial and Balance of  Payment  Statistics was 
for  one  reason established to ensure the close co-operation  between  Member 
States and the Commission on statistics in these fields. 

To  enable  the  EMI  to  carry  out  its  tasks,  including  the  promotion  of  the 
harmonisation,  where  necessary,  of  the  rules  and  practices  governing  the 
.  collection, compilation and distribution of statistics in the areas within its field of 
competence, and in order to ensure the necessary coherence in the production 
of statistics with the Commission and the Member States, it is proposed to allow 
this co-operation through Community Legislation.  As for the position of the EMI 
compared  with  the  purpose  and  the  background  for  the  establishing  of  the 
Committee on Monetary,  Financial and Balance of  Payment Statistics,  referred 
to in the Council Decision 91/115/EEC, it is proposed to formally include the EMI 
as a member of the.Committee.  This  aim can only be achieved  by  amending 
the said Council Decision. 

2.  As a result of the proposed draft amendment for including the EMI in the CMFB, 
it is suggested to clarify that there is one vote per Member State and one vote 
for  the  Commission  and  one  vote  for  the  EMI  for  the  consultation  of  the 
Committee. 

COUNCIL DECISION 

of .....199.. 
amending Council Decision 91/115/EEC establishing a Committee on monetary, 

financial and balance of payment statistics {9J. JE  C) 

THE COUNCIL OF THE EUROPEAN UNION 

Having regard to the Treaty establishing the European Community, 

Having regard to the Draft  Decision submitted by the Commission, 

Having regard to the opinion of the European Parliament, 

Having regard to the opinion of the Economic and Social Committee, 

Having regard to the opinion of the European Monetary Institute, 

Whereas  according  to  Article  109f  of  the  Treaty  establishing  the  European 
Community and to Article 2 of the Protocol on the Statute of the European Monetary 
Institute (EMI), the EMI shall contribute to the realisation of the conditions necessary 
for  the  transition  to  the  third  stage  of  Economic  and  Monetary  Union  by 
strengthening the co-ordination of monetary policies with the view to ensuring price 
stability,  making  the  preparations  required  for  the  establishment  of  the  European 
System of Central Banks (ESCB), for the conduct of  a single monetary  policy and 
the creation of a single currency in the third stage and overseeing the development 
of the ECU; 

Whereas  according  to  Article  109f  (3)  of  the  Treaty  establishing  the  European 
Community  at  the  latest  by  31st  December  1996  the  EMI  shall  specify  the 
regulatory,  organisational  and  logistical  framework  necessary  for  the  ESCB  to 
perform its tasks in the third stage of  Economic and  Monetary Union, including the 
promotion  of  the  harmonisation  where  necessary,  of  the  rules  and  practices 
governing the collection, compilation and distribution of statistics in the areas within 
its fields of competence; 

Whereas  according to Article 5 of  the  ESCB  Statute, the  European  Central  Bank 
(ECB), assisted by the national central banks, shall collect the necessary statistical 
information and it shall co-operate with the Commission and there is therefor a need 
in  the  second  stage  to  prepare  the  appropriate  co-operation  procedures  in  the 
framework of the achievement of Economic and Monetary Union; 

Whereas Decision 91/115/EEC should be amended in consequence; 

HAS DECIDED AS FOLLOWS: 

Decision 91/115/EEC is amended  as follows: 

The following Article is inserted: 

1. 
"Article 3a 
The Committee  may express  opinion on its own initiative  on any questions  relating 
to  those  statistics  that  are  of  common  concern  to  the  Commission  and  National 
statistical authorities  on the  one  hand, and  the  European  Monetary  Institute  (EMI) 
and  national  Central  Banks  on  the  other. 
In  the  exécution  of  its  tasks,  the 
Committee should give its views to all interested parties." 

Article 4 is replaced by the following: 

2: 
"Article 4 
The Committee shall be composed of one, two or three representatives per Member 
State,  coming  from  the  institutions  principally  concemed  with  financial,  monetary 
and  balance  of  payments statistics, up to three  representatives  of  the  Commission 
and  up to three  representatives  of  the  EMI.  In addition  one  representative  of  the 
Monetary Committee  may  attend  the  meetings  of  the  Committee,  as  an  observer. 
Each Member State/the Commission and the EMI will have one vote each. 

Representatives of other organisations, as well as any persons able to contribute to 
discussions, may, on the decision of the Committee,  participate  in the  Committee's 
meetings." 

3.  Article 5 is replaced by the following: 
"Article 5 
The Committee shall elect its chairman according to the modalities to be  laid down 
in its rules of procedure." 

Done at Brussels, ( date) 

For the Council 

The President> 

ISSN 0254-1475 

COM (94) 452 final 

DOCUMENTS 

EN 

17 

Catalogue number : CB-CO-94-476-EN-C 

ISBN 92-77-81282-6 

Office for Official Publications of the European Communities 
Lr29S5 Luxembourg 

S~