93/717/EC: Council Decision of 22 November 1993 on the consultation of the European Monetary Institute by the authorities of the Member States on draft legislative provisions

COUNCIL DECISION of 22 November 1993 on the consultation of the European Monetary Institute by the authorities of the Member States on draft legislative provisions (93/717/EC)
THE COUNCIL OF THE EUROPEAN UNION
,
Having regard to the Treaty establishing the European Community, and in particular Article 109 (6) thereof, and Article 5.3 of the Protocol on the Statute of the European Monetary Institute annexed to this Treaty,
Having regard to the proposal from the Commission (1),
Having regard to the opinion of the European Parliament (2),
Having regard to the opinion of the Committee of Governors,
Whereas the European Monetary Institute, hereafter referred to as 'the EMI', is to be established on 1 January 1994;
Whereas the Treaty stipulates that the authorities of the Member States shall consult the EMI on any draft legislative provision within its field of competence; whereas it is for the Council to set the limits and the conditions of such consultation;
Whereas this obligation on the authorities of the Member States to consult the EMI shall not prejudice the responsibility of national authorities for the matters which are the subject of such provisions;
Whereas this Decision does not concern decisions taken by national authorities in the context of the implementation of monetary policy;
Whereas consultation of the EMI must not unduly lengthen procedures for adopting legislative provisions in the Member States; whereas the time limits within which the EMI must deliver its opinion must, nevertheless, enable it to examine the texts  referred to it with the required care; whereas, in duly justified cases of extreme urgency, for example on account of market sensitivity, Member States may set a time limit of less than one month; whereas, in these cases particularly, dialogue between  the national authorities and the EMI should enable the interests of both to be taken into account,