Proposal for a Council Decision on the detailed provisions concerning the composition of the Economic and Financial Committee
Date: 1998-02-25
Institutions: European Commission
Subjects: Economic and Monetary Union, European Central Bank, Monetary Committee (EU), civil servant, economic policy

23.4.98

EN

Official  Journal  of  the  European  Communities

C  125/17

Proposal  for  a  Council  Decision  on  the  detailed  provisions  concerning  the  composition  of  the
Economic  and  Financial  Committee

(98/C  125/11)

COM(1998)  110  final

(Submitted  by  the  Commission  on  25  March  1998)

THE  COUNCIL  OF  THE  EUROPEAN  UNION,

Having  regard  to  the  Treaty  establishing  the  European
Community,  and  in  particular  Article  109c(3)  thereof,

Having  regard  to  the  proposal  from  the  Commission,

Having  regard  to  the  opinon  of  the  European  Monetary
Institute,

Having 
Committee,

regard 

to 

the  opinion  of 

the  Monetary

(1)(cid:217)Whereas  the  Treaty  provides  that  an  Economic  and
Financial  Committee  should  be  set  up  at  the  start  of
the  third  stage  of  economic  and  monetary  union;

(2)(cid:217)Whereas  the  Treaty  requires  the  Council  to  adopt
detailed  provisions  concerning  the  composition  of
the  Economic  and  Financial  Committee;  whereas  the
Member  States,  the  Commission  and  the  European
Central  Bank  are  each  to  appoint  no  more  than  two
members  of  the  Committee;

(3)(cid:217)Whereas  the  tasks  of  the  Economic  and  Financial
Committee  are  set  out  in  Article  109c(2)  of  the
Treaty;  whereas  as  part  of  those  tasks  the  Economic
and  Financial  Committee  is  to  keep  under  review  the
economic  and  financial  situation  of  the  Member
States  and  of  the  Community  and  to  report  regularly
thereon  to  the  Council  and  to  the  Commission,  in
particular  on  financial  relations  with  third  countries
and  international  institutions;  whereas  the  Economic
and  Financial  Committee 
is  to  contribute  to  the
preparation  of  the  work  of  the  Council,  inter  alia,
for  recommendations  required  as  part  of  multilateral
surveillance  and  the  broad  economic  guidelines  set
down  in  Article  103  of  the  Treaty,  and  for  decisions
required  as  part  of  the  excessive  deficit  procedure  set
down  in  Article  104c  of  the  Treaty;  whereas  given
the  nature  and 
is
essential 
the  Committee  and
alternate  members  be  selected  from  among  experts
possessing  outstanding  competence  in  the  economic
and  financial  field;

importance  of  those  tasks, 

that  members  of 

it 

(4)(cid:217)Whereas  in  its  Resolution(cid:216)(˛)  on  Economic  Policy
Coordination  in  stage  3  of  EMU,  the  European
Council  of  Luxembourg  of  12  and  13  December
1997  concluded  that  the  Economic  and  Financial
Committee  will  provide  the  framework  within  which
the  dialogue  between  the  Council  and  the  European
Central  Bank  can  be  prepared  and  continued  at  the
level  of  senior  officials;  whereas  those  officials  will
come  from  the  national  central  banks  and  the
European  Central  Bank  as  well  as  from  national
administrations;

the  membership  of 
from 

the  Committee  of
(5)(cid:217)Whereas 
officials 
the  European  Central  Bank  and
national  central  banks  shall  be  without  prejudice  to
Article  107  of  the  Treaty,

HAS  ADOPTED  THIS  DECISION:

Article  1

The  Member  States,  the  Commission  and  the  European
Central  Bank  shall  each  appoint  two  members  of  the
Economic  and  Financial  Committee.  They  may  also
appoint  alternate  members  of  the  Committee.

Article  2

The  members  of  the  Committee  and  the  alternates  shall
be  selected  from  among  experts  possessing  outstanding
competence  in  the  economic  and  financial  field.

Article  3

The  members  appointed  by  the  Member  States  shall  be
selected  from  among  senior  officials  from  the  adminis(cid:220)
tration  and  the  national  central  bank.

Article  4

This  Decision  shall  apply  as  from  1  January  1999.

(˛)(cid:217)OJ  C  35,  2.2.1998,  p.  1.