WRITTEN QUESTION No. 308/98 by Daniel FÉRET to the Commission. Principality of Monaco and the euro
Date: 1998-02-05
Institutions: European Parliament, FERET
Subjects: Economic and Monetary Union, European integration, Monaco, customs union, euro, monetary cooperation, monetary policy, political status

C 310/48

EN

Official Journal of the European Communities

9. 10. 98

(98/C 310/59)

WRITTEN QUESTION P-0308/98

by Daniel Fe·ret (NI) to the Commission

(5 February 1998)

Subject: Principality of Monaco and the euro

The advantages accorded to the Principality of Monaco since the beginning of this century have been a constant
source of surprise.

The  latest  reported  financial  privilege  relates  to  the  future  single  currency.  Although  it  lies  within  European
Community customs territory, Monaco does not belong to the European Union.

Once the euro has been established as the single currency, however, Monaco will be entitled to use it on account
of a skilful legal subterfuge providing for special terms in monetary relations between Monaco and France under
the Maastricht Treaty.

Whereas  all  the  Member  States  that  will  be  adopting  the  single  currency  now  have  to  undertake  gigantic
exertions in order to satisfy the criteria laid down in the Treaty on European Union and gain their ticket to the
euro, Monaco needs only to wait calmly for the change-over date to make a smooth, painless switch.

Does the Commission think it legally and morally right to grant such an immense favour to the Prince?

Answer given by Mr de Silguy on behalf of the Commission

(2 March 1998)

According to Declaration No 6 appended to the EC Treaty, the Community has undertaken to facilitate such
renegotiations of existing arrangements as might become necessary as a result of the introduction of the single
currency.

The  purpose  of  the  Declaration  is  to  allow  the  existing  situation  to  continue  as  regards  monetary  relations
between Monaco and France. It is quite usual for states or territories with small populations to adopt the currency
of a neighbouring country as their national currency. As its title indicates, the Declaration also covers monetary
relations between the Republic of San Marino and the Vatican City on the one hand, and Italy on the other.

The  convergence  criteria  are  not  directly  applicable  to  the  Principality  of  Monaco,  since  it  is  not  part  of  the
Community  and  is  therefore  not  a  co-signatory  to  the  EC  Treaty.  Accordingly,  the  Principality  has  not  been
involved in the decision-making process leading up to the introduction of the single currency, and will be unable
to play an active role in future in the development of monetary policy by the Central European Bank (CEB) and
the coordination of economic policy by the Member States within the Council.

(98/C 310/60)

WRITTEN QUESTION E-0319/98

by Magda Aelvoet (V) to the Commission

(17 February 1998)

Subject: Security in Great Lakes Region of Africa

Does  the  Commission  intend  to  support  international  efforts  for  the  reactivation  of  the  United  Nations
International  Commission  (Rwanda)  and  the  extension  of  its  mandate  to  investigate  arms  flows  to  the  Great
Lakes region, as called for by the European Parliament? Does the Commission support international calls for the
deployment of United Nations or Organization of African Unity military observers to key airstrips and crossing
points in the Great Lakes region?