CELEX: 22011A0720(01)
Language: en
Date: 2011-07-12 00:00:00
Title: Monetary Agreement between the European Union and the French Republic on keeping the euro in Saint-Barthélemy following the amendment of its status with regard to the European Union

20.7.2011             EN                              Official Journal of the European Union                                             L 189/3
                                                           MONETARY AGREEMENT
              between the European Union and the French Republic on keeping the euro in Saint-Barthélemy
                             following the amendment of its status with regard to the European Union
              THE EUROPEAN UNION, represented by the European Commission,
              and
              THE FRENCH REPUBLIC, acting for the benefit of the island of Saint-Barthélemy,
              Whereas:
              (1)    Saint-Barthélemy is an integral part of the French Republic but will no longer be part of the European Union as
                     from 1 January 2012, in accordance with European Council Decision 2010/718/EU of 29 October 2010
                     amending the status with regard to the European Union of the island of Saint-Barthélemy (1);
              (2)    The French Republic would like Saint-Barthélemy to retain the same currency as that of metropolitan France and
                     to this end will continue to grant exclusive legal tender status in the territory of Saint-Barthélemy to euro
                     banknotes and coins issued by the Eurosystem and the Member States that have adopted the euro;
              (3)    It is necessary to ensure the continuing application in Saint-Barthélemy of existing and future provisions of
                     European Union law necessary for the functioning of the Economic and Monetary Union, in order, in particular,
                     to ensure the unity of the Eurosystem’s monetary policy, equalise conditions of competition between financial
                     institutions located in the euro area and prevent fraud and counterfeiting of cash and non-cash means of payment
                     and money laundering;
              (4)    This Agreement is concluded with a Member State acting for the benefit of a non-sovereign entity and, therefore,
                     does not provide for the right to mint coinage. Currency issues and banking and financial law fall within the field
                     of competence of the French State. In matters related to the proper functioning of the Economic and Monetary
                     Union, the legislative and statutory provisions of French law apply automatically to Saint-Barthélemy by virtue of
                     its status,
              HAVE AGREED ON THE FOLLOWING PROVISIONS:
                               Article 1                                       (d) measures necessary for the use of the euro as a single
                                                                                   currency adopted on the basis of Article 133 of the
The euro shall remain the currency of Saint-Barthélemy.                            Treaty on the Functioning of the European Union;
                               Article 2                                       (e) banking and financial legislation, including the legal acts
The French Republic shall continue to grant legal tender status                    adopted by the European Central Bank;
to euro-denominated banknotes and coins in Saint-Barthélemy.
                                                                               (f) preventing money laundering;
                               Article 3
1.    The French Republic shall continue to apply in Saint-                    (g) statistical reporting requirements established by the Euro­
Barthélemy the European Union legal acts and rules necessary                       system.
for the functioning of the Economic and Monetary Union in the
following fields:
                                                                               2.    The French Republic shall undertake to cooperate fully
                                                                               with Europol in the territory of Saint-Barthélemy as regards
(a) euro banknotes and coins;                                                  the prevention of fraud and counterfeiting of means of
                                                                               payment and preventing and combating money laundering.
(b) preventing fraud and counterfeiting of cash and non-cash
    means of payment;                                                                                         Article 4
                                                                               The measures taken by the competent French authorities to
                                                                               transpose the acts adopted by the European Union —
(c) medals and tokens;                                                         including those of the European Central Bank — in the fields
                                                                               mentioned in Article 3(1) shall apply automatically and under
(1) OJ L 325, 9.12.2010, p. 4.                                                 the same conditions in Saint-Barthélemy.
 ---pagebreak--- L 189/4               EN                           Official Journal of the European Union                                         20.7.2011
                              Article 5                                                                Article 9
Those European Union acts adopted in the fields mentioned in               The Court of Justice of the European Union shall have exclusive
Article 3(1) — including those of the European Central Bank —              competence for settling any dispute between the parties that
that are directly applicable in the Member States shall apply              may arise from the application of this Agreement and that
automatically and under the same conditions in Saint-                      has not been settled within the joint committee.
Barthélemy.
                                                                                                       Article 10
                              Article 6
                                                                           The European Union or the French Republic may terminate this
Credit institutions and, as applicable, other financial institutions
                                                                           Agreement subject to one year’s notice.
authorised to carry out operations in Saint-Barthélemy shall
have access to interbank settlement and payment systems and
to securities settlement systems in the euro area under the same
conditions as those applied to institutions located in metro­                                          Article 11
politan France.                                                            This Agreement shall enter into force on 1 January 2012 after
                                                                           the parties have notified each other of the completion of their
                              Article 7                                    own ratification procedures.
Every two years the French Republic shall present a report to
the Commission and the European Central Bank on the appli­                                             Article 12
cation in Saint-Barthélemy of the European Union legal acts and
rules covered by this Agreement. The report includes, in                   This Agreement is drawn up in duplicate in English and French,
particular, a list of the directly applicable European Union               both texts being equally authentic.
acts, including those of the European Central Bank, that apply
automatically to Saint-Barthélemy by virtue of Article 5. The
first report will be communicated by the end of 2012.                      Done at Brussels on the twelfth day of July in the year two
                                                                           thousand and eleven.
                              Article 8
1.     A joint committee shall be convened when needed. It shall
be chaired by the Commission and composed of representatives                   For the European Union,            For the French Republic,
of the European Union and of the French Republic.
2.     The European Union delegation shall be headed by the
Commission and include representatives of the European
Central Bank.
3.     The joint committee shall meet at the request of one of
the members of the delegation of the European Union or of the
French Republic in order to examine any problems that might
arise from the application of this Agreement.