98/743/EC: Council Decision of 21 December 1998 on the detailed provisions concerning the composition of the Economic and Financial Committee
Date: 1998-12-21
Institutions: Council of the European Union
Subjects: EU Member State, European Central Bank, European Commission, appointment of staff, committee (EU), third stage of EMU

31. 12. 98

EN

Official Journal of the European Communities

L 358/109

II

(Acts whose publication is not obligatory)

COUNCIL

COUNCIL DECISION

of 21 December 1998

on the detailed provisions concerning the composition of the Economic and
Financial Committee

(98/743/EC)

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 (1),

Having regard to the opinion of the European Central
Bank (2),

Having
Committee (3),

regard to

the

opinion of

the Monetary

(1) 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) 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 Euro-
pean Central Bank are each to appoint no more
than two members of the Committee;

(3) 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
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

situation of

(1) OJ C 125, 23. 4. 1998, p. 17.
(2) Opinion delivered on 26 November 1998 (not yet published

(3) Opinion delivered on 17 November 1998 (not yet published

in the Official Journal).

in the Official Journal).

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 impor-
tance of those tasks, it is essential that members of
the Committee and alternate members be selected
from among
outstanding
competence in the economic and financial field;

possessing

experts

(4) Whereas in its Resolution (4) 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;

(5) Whereas ‘administration' refers to the services of
the ministers attending the Council when meeting
in the composition of Economic and Finance
ministers;

(6) Whereas the membership of

the Committee of
officials from the European Central Bank and
national central banks is to be without prejudice to
Article 107 of the Treaty,

(4) OJ C 35, 2. 2. 1998, p. 1.

L 358/110

EN

Official Journal of the European Communities

31. 12. 98

HAS DECIDED AS FOLLOWS:

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 two 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 two members appointed by the Member States shall
be selected respectively from among senior officials from

the administration and the national central bank. The
alternates shall be selected under the same conditions.

Article 4

This Decision shall be published in the Official Journal
of the European Communities.

It shall take effect as from 1 January 1999.

Done at Brussels, 21 December 1998.

For the Council

The President

M. BARTENSTEIN