natgillin/translations-raw huggingface dataset:
The sum to be transferred shall be determined by multiplying the ECU value at current exchange rates of the foreign reserve assets which have already been transferred to the ECB in accordance with Article 30.1 , by the ratio between the number of shares subscribed by the national cenml bank concerned and the number of shares already paid up by the other national central banks .
The sum to be transferred shall be determined by multiplying the ECU value at current exchange rates of the foreign reserve assets which have already been transferred to the ECB in accordance with Article 30.1 , by the ratio between the number of shares subscribed by the national cenml bank concerned and the number of shares already paid up by the other national central banks .
In addition to the payment to be made in accordance with Article 49.1 , the central bank concerned shall contribute to the reserves of the ECB , to those provisions equivalent to reserves , and to the amount still to be appropriated to the reserves and provisions corresponding to the balance of the profit and loss account as at 31 December of the year prior to the abrogation of the derogation .
In addition to the payment to be made in accordance with Article 49.1 , the central bank concerned shall contribute to the reserves of the ECB , to those provisions equivalent to reserves , and to the amount still to be appropriated to the reserves and provisions corresponding to the balance of the profit and loss account as at 31 December of the year prior to the abrogation of the derogation .
The sum W be contributed shall be determined by muItiplying the amount of the reserves , as defined above and as stated in the approved balance sheet of the ECB , by the ratio between the number of shares subscribed by the central bank concerned and the number of shares already paid up by the other central banks .
The sum W be contributed shall be determined by muItiplying the amount of the reserves , as defined above and as stated in the approved balance sheet of the ECB , by the ratio between the number of shares subscribed by the central bank concerned and the number of shares already paid up by the other central banks .
- the collection of statistical information as referred to in Article 5 ;
- the collection of statistical information as referred to in Article 5 ;
- the reporting Article 15 ;
- the reporting Article 15 ;
activities of the ECB as referred to in
activities of the ECB as referred to in
- the - the
- the - the
establishment of the necessary rules for the application of Article 26 as referred to in Article 26.4 ;
establishment of the necessary rules for the application of Article 26 as referred to in Article 26.4 ;
taking of all other measures necessary for the application of Article 29 as referred to in Article
taking of all other measures necessary for the application of Article 29 as referred to in Article
29.4 ;
29.4 ;
- the laying down of the conditions of employment of the staff of the ECB as referred W
- the laying down of the conditions of employment of the staff of the ECB as referred W
in Article 36 .
in Article 36 .
The General Council shall contribute to the
The General Council shall contribute to the
necessary preparations for irrevocably fixing the exchange rates of the currencies of Member States with a derogation against the cumncies , o r the single cumncy , of the Member States without a derogation , as referred to in Article 1091 ( 5 ) of this Treaty .
necessary preparations for irrevocably fixing the exchange rates of the currencies of Member States with a derogation against the cumncies , o r the single cumncy , of the Member States without a derogation , as referred to in Article 1091 ( 5 ) of this Treaty .
The General Council shall be informed by the President of the ECB of decisions of the Governing Council .
The General Council shall be informed by the President of the ECB of decisions of the Governing Council .
Initial appointment of the members of the Executive Bovd When the Executive Board of the ECB is being established , the President , the Vice-President and the other members of the Executive Board shall be appointed by common accord of the governments of the Member States at the level of Heads of State or of Government , on a recommendation from the Council and after consulting the European Parliament and the Council of the EMI .
Initial appointment of the members of the Executive Bovd When the Executive Board of the ECB is being established , the President , the Vice-President and the other members of the Executive Board shall be appointed by common accord of the governments of the Member States at the level of Heads of State or of Government , on a recommendation from the Council and after consulting the European Parliament and the Council of the EMI .
The President of the Executive Board shall be appointed for B years .
The President of the Executive Board shall be appointed for B years .
By way of derogation from Anicle 11.2 , the Vice-President shall be appointed for 4 years and the other members of the Executive Board for terms of office of between 5 and B years .
By way of derogation from Anicle 11.2 , the Vice-President shall be appointed for 4 years and the other members of the Executive Board for terms of office of between 5 and B years .
N o term of office shall be renewable .
N o term of office shall be renewable .
The number of members of the Executive Board may be smaller than provided for in Anicle 11.1 , but in no circumstance shall it be less than four .
The number of members of the Executive Board may be smaller than provided for in Anicle 11.1 , but in no circumstance shall it be less than four .
Anicle I 1 Derogation from Article 32 51.1 .
Anicle I 1 Derogation from Article 32 51.1 .
If , after the s t m of the third stage , the Governing Council decides that the application of Anicle 32 results in significant changes in nacional central banks » relative income positions , the amount of income to be allocated pursuant to Anicle 32 shall be reduced by a uniform percentage which shall not exceed 60 % in the first financial year after the stan of the third stage and which shall decrease by at least 12 percentage points in each subsequent financial year .
If , after the s t m of the third stage , the Governing Council decides that the application of Anicle 32 results in significant changes in nacional central banks » relative income positions , the amount of income to be allocated pursuant to Anicle 32 shall be reduced by a uniform percentage which shall not exceed 60 % in the first financial year after the stan of the third stage and which shall decrease by at least 12 percentage points in each subsequent financial year .
Anicle 48 T n u u i t i o d provisim ~~~ the capital of the ECB for
Anicle 48 T n u u i t i o d provisim ~~~ the capital of the ECB for
In accordance with Article 29.1 each national central bank shall be assigned a weighting in the key for subscription of the ECB 's c a p i d .
In accordance with Article 29.1 each national central bank shall be assigned a weighting in the key for subscription of the ECB 's c a p i d .
By way of derogation from Article 28.3 , central banks of Member States with a derogation shall not pay up their subscribed capital unless the General Council , acting by a majority representing at least two thirds of the subscribed c a p i d of the ECB and at least half of the shareholders , decides that a minimal percentage has to be paid up as a conuibution to the operational costs of the ECB .
By way of derogation from Article 28.3 , central banks of Member States with a derogation shall not pay up their subscribed capital unless the General Council , acting by a majority representing at least two thirds of the subscribed c a p i d of the ECB and at least half of the shareholders , decides that a minimal percentage has to be paid up as a conuibution to the operational costs of the ECB .
Anicle 4 9 D e f e n d payment of u p i d , m e m c r + ad provisions of the ECB 49.1 .
Anicle 4 9 D e f e n d payment of u p i d , m e m c r + ad provisions of the ECB 49.1 .
The central bank of a Member State whose derogation has been abrogated shall pay up its subscribed
The central bank of a Member State whose derogation has been abrogated shall pay up its subscribed
N o C 191/79
N o C 191/79
Article 51.1 shall be applicable for not more than five financial years & r the s u n of the third stage .
Article 51.1 shall be applicable for not more than five financial years & r the s u n of the third stage .
Artick 52
Artick 52
irrevocably fiied exchange rates are exchanged by the national central banks at their respective par values .
irrevocably fiied exchange rates are exchanged by the national central banks at their respective par values .
Article 13 A p p k d d i ~ ~ the cramitional pmvisiom of
Article 13 A p p k d d i ~ ~ the cramitional pmvisiom of
Erdmqc of bank notes in Communify currenck Following the irrevocable fuing of exchange rates , the Governing Council shall take the necessary measures to ensure that bank notes denominated in currencies with
Erdmqc of bank notes in Communify currenck Following the irrevocable fuing of exchange rates , the Governing Council shall take the necessary measures to ensure that bank notes denominated in currencies with
If and as long as there axe Member States with a derogation Articles 43 to 48 shall be applicable .
If and as long as there axe Member States with a derogation Articles 43 to 48 shall be applicable .
PROTOCOL on the Statute of the Eumpc ~ n Monctu ) .
PROTOCOL on the Statute of the Eumpc ~ n Monctu ) .
Inrtimu
Inrtimu
THE HIGH COIWRACTING PARTIES , DESIRING W lay down the Sututc of European ~ omrnunik : Article l the
THE HIGH COIWRACTING PARTIES , DESIRING W lay down the Sututc of European ~ omrnunik : Article l the
European Monetary Ins ~ itutc , be annexed W
European Monetary Ins ~ itutc , be annexed W
HAVE AGREED upon the follomn ~ provisions , which shall
HAVE AGREED upon the follomn ~ provisions , which shall
& c
& c
Treaty establishing the
Treaty establishing the
policy and the creation of a single currency in the third stage ;
policy and the creation of a single currency in the third stage ;
overseeing the development of the ECU .
overseeing the development of the ECU .
The European Monetary Institute ( EMI ) shall be established in accordance with h i c k 109f of this Treaty ;
The European Monetary Institute ( EMI ) shall be established in accordance with h i c k 109f of this Treaty ;
it shall perform its functions and carry out its activities in accordance with the provisions of this Treaty and of this Statute .
it shall perform its functions and carry out its activities in accordance with the provisions of this Treaty and of this Statute .
The members of the EM1 shall be the centnl banks of the Member States (' national central banks ') .
The members of the EM1 shall be the centnl banks of the Member States (' national central banks ') .
For the purposes of this Statute , the Insritut monbtaire luxembourgeois shall be regarded as the central bank of Luxembourg .
For the purposes of this Statute , the Insritut monbtaire luxembourgeois shall be regarded as the central bank of Luxembourg .
Pursuant W h i c k 109f of this Treaty , both the Committee of Governors and the European Monetary Cooperation Fund ( EMCF ) shall be dissolved .
Pursuant W h i c k 109f of this Treaty , both the Committee of Governors and the European Monetary Cooperation Fund ( EMCF ) shall be dissolved .
All assets and liabilities of the EMCF shall pass automatically W the EMI .
All assets and liabilities of the EMCF shall pass automatically W the EMI .
Artick 3
Artick 3
Ccnual principles
Ccnual principles
The EM1 shall carry out the w s and functions k conferred upon it by this Treaty and this Statute without prejudice W the responsibility of the competent authorities for the conduct of the monetary policy within the respective Member States .
The EM1 shall carry out the w s and functions k conferred upon it by this Treaty and this Statute without prejudice W the responsibility of the competent authorities for the conduct of the monetary policy within the respective Member States .
The EM1 shall act in accordance with the objectives and principles stated in Article 2 of the Statute of the ESCB .
The EM1 shall act in accordance with the objectives and principles stated in Article 2 of the Statute of the ESCB .
In accordance with Article 109f ( 2 ) of this Treaty , the EM1 shall : The EM1 shall contribute W the realization of the conditions necessary for the rnnsition W the c h i i stage of Economic and Moneuuy Union , in puricular by :
In accordance with Article 109f ( 2 ) of this Treaty , the EM1 shall : The EM1 shall contribute W the realization of the conditions necessary for the rnnsition W the c h i i stage of Economic and Moneuuy Union , in puricular by :
- strengthen cooperation banks ;
- strengthen cooperation banks ;
between the national central
between the national central
- strengthening the coordination - making
- strengthening the coordination - making
of monetary policies with a view W ensuring price stability ;
of monetary policies with a view W ensuring price stability ;
- strengthen the coordination of the monetary policies of the Member States with the aim of ensuring price stability ;
- strengthen the coordination of the monetary policies of the Member States with the aim of ensuring price stability ;
the preparations required for the establishment of the European Systcm of Central Banks ( ESCB ) , and for the conduct of a single monetary
the preparations required for the establishment of the European Systcm of Central Banks ( ESCB ) , and for the conduct of a single monetary
- moniwr the functioning of the European Monetary System ( EMS ) ;
- moniwr the functioning of the European Monetary System ( EMS ) ;
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No C 191/80
- hold consultations concerning issues falling within the competence of the national central banks and affecting the stability of financial institutions and markets ;
- hold consultations concerning issues falling within the competence of the national central banks and affecting the stability of financial institutions and markets ;
- take over the tasks of the EMCF ;
- take over the tasks of the EMCF ;
in particular it shall perform the functions referred to in Articles 6.1 , 6.2 and 6.3 ;
in particular it shall perform the functions referred to in Articles 6.1 , 6.2 and 6.3 ;
recommendations on the overall orientation of monetary policy and exchange rate policy as well as on related measures introduced in each Member State .
recommendations on the overall orientation of monetary policy and exchange rate policy as well as on related measures introduced in each Member State .
The EM1 may submit opinions or recommendations to governments and to the Council on policies which might affect the internal or external monetary situation in the Community and , in particular , the functioning of the EMS .
The EM1 may submit opinions or recommendations to governments and to the Council on policies which might affect the internal or external monetary situation in the Community and , in particular , the functioning of the EMS .
The Council of the EM1 may also make recommendations to the monetary authorities of the Member States concerning the conduct of their monetary policy .
The Council of the EM1 may also make recommendations to the monetary authorities of the Member States concerning the conduct of their monetary policy .
In accordance with Article 109f ( 6 ) of this Treaty , the EM1 shall be consulted by the Council regarding any proposed Community act within its field of competence .
In accordance with Article 109f ( 6 ) of this Treaty , the EM1 shall be consulted by the Council regarding any proposed Community act within its field of competence .
Within the limits and under the conditions set out by the Council acting by a qualified majority on a proposal from the Commission and after consulting the European Parliament and the EMI , the EM1 shall be consulted by the authorities of the Member States on any draft legislative provision within its field of competence , in particular with regard to Article 4.2 .
Within the limits and under the conditions set out by the Council acting by a qualified majority on a proposal from the Commission and after consulting the European Parliament and the EMI , the EM1 shall be consulted by the authorities of the Member States on any draft legislative provision within its field of competence , in particular with regard to Article 4.2 .
In accordance with Article 109f ( 5 ) of this Treaty , the EM1 may decide to publish its opinions and its recommendations .
In accordance with Article 109f ( 5 ) of this Treaty , the EM1 may decide to publish its opinions and its recommendations .
- facilitate the use of the ECU and oversee its dcvelopment , including the smooth functioning of the ECU clearing system .
- facilitate the use of the ECU and oversee its dcvelopment , including the smooth functioning of the ECU clearing system .
The EM1 shall also :
The EM1 shall also :
- hold regular consultations concerning the course of monetary policies and the use of monetary policy Instruments ;
- hold regular consultations concerning the course of monetary policies and the use of monetary policy Instruments ;
- normally be consulted by the national monetary authorities before they take decisions on the course of monetary policy in the context of the common framework for ex ante coordination .
- normally be consulted by the national monetary authorities before they take decisions on the course of monetary policy in the context of the common framework for ex ante coordination .
At the latest by 31 December 1996 , the EM1 shall specify the regulatory , organizational and logistical framework necessary for the ESCB to perform its tasks in the third stage , in accordance with the principle of an open market economy with free competition .
At the latest by 31 December 1996 , the EM1 shall specify the regulatory , organizational and logistical framework necessary for the ESCB to perform its tasks in the third stage , in accordance with the principle of an open market economy with free competition .
This framework shall be submitted by rhe Council of the EM1 for decision to the ECB at rhe date of its establishment .
This framework shall be submitted by rhe Council of the EM1 for decision to the ECB at rhe date of its establishment .
In accordance with Article 109f ( 3 ) of this Treaty , the EM1 shall in particular :
In accordance with Article 109f ( 3 ) of this Treaty , the EM1 shall in particular :
Article 6 Operational and technical functions 6.1 .
Article 6 Operational and technical functions 6.1 .
The EM1 shall : - provide for the multilateralization of positions resulting from interventions by the national central banks in Community currencies and the multilateralization of intra-Community settlements ;
The EM1 shall : - provide for the multilateralization of positions resulting from interventions by the national central banks in Community currencies and the multilateralization of intra-Community settlements ;
- prepare the instruments and the procedures necessary for carrying out a single monetary policy in the third stage ;
- prepare the instruments and the procedures necessary for carrying out a single monetary policy in the third stage ;
- promote the harmonization , where necessary , of the rules and practices governing the collection , compilation and distribution of statistics in the areas within its field of competence ;
- promote the harmonization , where necessary , of the rules and practices governing the collection , compilation and distribution of statistics in the areas within its field of competence ;
- administer the very short-term financing mechanism provided for by the Agreement of 13 March 1979 between the central banks of the Member States of the European Economic Community laying down the operating procedures for the European Monetary System ( hereinafter referred to as « EMS Agreement ') and the shon-term monetary support mechanism provided for in the Agreement between the central banks of the Member States of the European Economic Community of 9 February 1970 , as amended ;
- administer the very short-term financing mechanism provided for by the Agreement of 13 March 1979 between the central banks of the Member States of the European Economic Community laying down the operating procedures for the European Monetary System ( hereinafter referred to as « EMS Agreement ') and the shon-term monetary support mechanism provided for in the Agreement between the central banks of the Member States of the European Economic Community of 9 February 1970 , as amended ;
- prepare the rules for operations
- prepare the rules for operations
W be undenaken by the national central banks in rhe framework of the ESCB ;
W be undenaken by the national central banks in rhe framework of the ESCB ;
- perform the functions referred to in Article 11 of Council Regulation ( EEC ) N o 1969/88 of 24 June 1988 establishing a single facility providing medium-term financial assistance for Member States » balances of payments .
- perform the functions referred to in Article 11 of Council Regulation ( EEC ) N o 1969/88 of 24 June 1988 establishing a single facility providing medium-term financial assistance for Member States » balances of payments .
The EM1 may receive monetary reserves from the national central banks and issue ECUs against such assets for the purpose of implementing the EMS Agreement .
The EM1 may receive monetary reserves from the national central banks and issue ECUs against such assets for the purpose of implementing the EMS Agreement .
These ECUs may be used by the EM1 and
These ECUs may be used by the EM1 and
Article J Advisory functions 5.1 .
Article J Advisory functions 5.1 .
In accordance with Anicle 109f ( 4 ) of this Treaty , the Council of the EM1 may formulate opinions or
In accordance with Anicle 109f ( 4 ) of this Treaty , the Council of the EM1 may formulate opinions or
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the national central banks as a means of settlement and for transactions between them and the EMI .
the national central banks as a means of settlement and for transactions between them and the EMI .
The EM1 shall take the necessary administrative measures for the implementation of this paragraph .
The EM1 shall take the necessary administrative measures for the implementation of this paragraph .
The EM1 may grant to the monetary authorities of third countries and to international monetary institutions the status of « Other Holders » of ECUs and fix the terms and conditions under which such ECUs may be acquired , held or used by Other Holders .
The EM1 may grant to the monetary authorities of third countries and to international monetary institutions the status of « Other Holders » of ECUs and fix the terms and conditions under which such ECUs may be acquired , held or used by Other Holders .
T h e EM1 shall be entitled to hold and manage foreign exchange reserves as an agent for and at the request of national central banks .
T h e EM1 shall be entitled to hold and manage foreign exchange reserves as an agent for and at the request of national central banks .
Profits and losses regarding these reserves shall be for the account of the national central bank depositing the reserves .
Profits and losses regarding these reserves shall be for the account of the national central bank depositing the reserves .
The EM1 shall perform this function on the basis of bilateral contracu in accordance with rules laid down in a decision of the EMI .
The EM1 shall perform this function on the basis of bilateral contracu in accordance with rules laid down in a decision of the EMI .