CELEX: 12006E/PRO/21
Language: en
Date: 2006-12-29 00:00:00
Title: Treaty establishing the European Community (consolidated version)#D. Protocols annexed to the Treaty establishing the European Community #Protocol (No 21) on the convergence criteria referred to in Article 121 of the Treaty establishing the European Community (1992)

Important legal notice

|

12006E/PRO/21

Treaty establishing the European Community (consolidated version) - D. Protocols annexed to the Treaty establishing the European Community  - Protocol (No 21) on the convergence criteria referred to in Article 121 of the Treaty establishing the European Community (1992)  

Official Journal C 321 E , 29/12/2006 P. 0295 - 0296

		Protocol (No 21)on the convergence criteria referred to in Article 121 of the Treaty establishing the European Community (1992)THE HIGH CONTRACTING PARTIES,DESIRING to lay down the details of the convergence criteria which shall guide the Community in taking decisions on the passage to the third stage of economic and monetary union, referred to in Article 121(1) of this Treaty,HAVE AGREED upon the following provisions, which shall be annexed to the Treaty establishing the European Community.Article 112percentage points that of, at most, the three best performing Member States in terms of price stability. Inflation shall be measured by means of the consumer price index on a comparable basis, taking into account differences in national definitions.Article 2The criterion on the government budgetary position referred to in the second indent of Article 121(1) of this Treaty shall mean that at the time of the examination the Member State is not the subject of a Council decision under Article 104(6) of this Treaty that an excessive deficit exists.Article 3The criterion on participation in the exchange-rate mechanism of the European Monetary System referred to in the third indent of Article 121(1) of this Treaty shall mean that a Member State has respected the normal fluctuation margins provided for by the exchange-rate mechanism on the European Monetary System without severe tensions for at least the last two years before the examination. In particular, the Member State shall not have devalued its currency's bilateral central rate against any other Member State's currency on its own initiative for the same period.Article 4The criterion on the convergence of interest rates referred to in the fourth indent of Article 121(1) of this Treaty shall mean that, observed over a period of one year before the examination, a Member State has had an average nominal long-term interest rate that does not exceed by more than 2 percentage points that of, at most, the three best performing Member States in terms of price stability. Interest rates shall be measured on the basis of long-term government bonds or comparable securities, taking into account differences in national definitions.Article 5The statistical data to be used for the application of this Protocol shall be provided by the Commission.Article 6The Council shall, acting unanimously on a proposal from the Commission and after consulting the European Parliament, the EMI or the ECB as the case may be, and the Committee referred to in Article 114, adopt appropriate provisions to lay down the details of the convergence criteria referred to in Article 121 of this Treaty, which shall then replace this Protocol.--------------------------------------------------