CELEX: 11992M/PRO/IME/23
Language: en
Date: 1992-02-07 00:00:00
Title: Treaty on European Union - Protocol on the statute of the European Monetary Institute - Article 23: Liquidation of the EMI

Avis juridique important

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11992M/PRO/IME/23

Treaty on European Union - Protocol on the statute of the European Monetary Institute - Article 23: Liquidation of the EMI  

Official Journal C 191 , 29/07/1992 P. 0084

 Article 23  Liquidation of the EMI 23.1. In accordance with Article 109l of this Treaty, the EMI shall go into liquidation on the establishment of the ECB. All assets and liabilities of the EMI shall then pass automatically to the ECB. The latter shall liquidate the EMI according to the provisions of this Article. The liquidation shall be completed by the beginning of the third stage.  23.2. The mechanism for the creation of ECUs against gold and US dollars as provided for by Article 17 of the EMS Agreement shall be unwound by the first day of the third stage in accordance with Article 20 of the said Agreement.  23.3. All claims and liabilities arising from the very short-term financing mechanism and the short-term monetary support mechanism, under the Agreements referred to in Article 6.1, shall be settled by the first day of the third stage.  23.4. All remaining assets of the EMI shall be disposed of and all remaining liabilities of the EMI shall be settled.  23.5. The proceeds of the liquidation described in Article  23.4 shall be distributed to the national central banks in accordance with the key referred to in Article 16.2.  23.6. The Council of the EMI may take the measures necessary for the application of Articles 23.4 and 23.5.  23.7. Upon the establishment of the ECB, the President of the EMI shall relinquish his office.