CELEX: 31959S0003
Language: en
Date: 1959-01-21 00:00:00
Title: ECSC High Authority: Decision No 3/59 of 21 January 1959 on the designation of the unit of account used in decisions, recommendations, opinions and communiqués of the High Authority

Official Journal of the European Communities                                   3
27.1.59                     OFFICIAL JOURNAL OF THE EUROPEAN COMMUNITIES                                      107/59
                                                 DECISION No 3-59
                                                  of 21 January 1959
             on the designation of the unit of account used in decisions, recommendations, opinions
                                       and communiques of the High Authority
THE HIGH AUTHORITY,                                            the European Payments Union include decisions
                                                               taken after consultation with or on the assent or
Having regard to Articles 8, 14 and 26 of the Treaty ;         unanimous assent of the Council of Ministers ;
Whereas     numerous     decisions,  recommendations,          With the unanimous       assent of the    Council  of
opinions or communiques of the High Authority refer            Ministers;
to the unit of account of the European Payments
Union (EPU unit of account);                                   DECIDES :
Whereas the Agreement relating to the European
                                                                                    Sole Article
Payments Union ceased to have effect on 27 Decem­
ber 1958 and, instead, the European Monetary
Agreement signed on 4 August 1955 entered into force           Where decisions, recommendations, opinions or com­
on 27 December 1958 ;                                          muniques of the High Authority refer to units of
                                                               account of the European Payments Union (EPU units
Whereas that Agreement establishes a unit of account           of account) those units of account shall, with effect
of identical value with the EPU unit of account and            from 27 December 1958, be taken to mean units of
thus representing 0*88867088 grammes of fine gold;             account of the European Monetary Agreement (EMA
                                                               units of account).
Whereas, in such circumstances, it is necessary to
designate henceforward the units of account used in            This Decision was considered and adopted by the
the decisions, recommendations, opinions and com­              High Authority at its meeting on 21 January 1959 .
muniques of the High Authority by the expression
units of account of the European Monetary Agreement
(EMA);                                                                                      For the High Authority
                                                                                                 The President
Whereas the decisions of the High Authority in which
reference has been made to the unit of account of                                                 Paul FINET