Procedure completed
Role | Committee | Rapporteur | Shadows |
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Lead | ECON | WOLF Friedrich (V) |
Legal Basis RoP 132
Activites
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1998/04/06
Final act published in Official Journal
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1998/03/10
Debate in Parliament
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T4-0130/1998
summary
In adopting the report by Mr Friedrich WOLF (Greens, D), the European Parliament observed that the ECB and the ESCB had the undisputed joint task of deciding on a uniform European monetary policy, implementing it and reviewing it in the light of economic and social circumstances. It called for clarity on the integration of the national central banks into the ESCB and for the precise identification of the tasks which would still be performed by the national central banks. Parliament considered that the European Central Bank should not rule out processes of mutual consultation and dialogue between national central banks and other institutions. It noted that dialogue between national central banks and their political institutions was compatible with the Treaty and the ESCB Statute, provided that it did not encroach on the independence of the members of the decision-making bodies of the national central banks and that the powers of the ECB were respected. �
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T4-0130/1998
summary
- 1998/02/25 Vote in committee, 1st reading/single reading
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1997/11/06
Committee referral announced in Parliament, 1st reading/single reading
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1997/10/23
Non-legislative basic document published
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N4-0560/1997
summary
OBJECTIVE: presentation of the report of the European Monetary Institute on legal convergence in the Member States of the European Union (as at August 1997). SUBSTANCE: entry into the third stage of economic and monetary union presupposes alongside the achievement of a high degree of sustainable convergence - tested primarily by reference to the criteria listed in Article 109j(1) of the Maastricht Treaty - also the compatibility between each Member States' national legislation, including the statutes of its national central bank and Articles 107 and 108 of this Treaty and the statute of the European System of Central Banks (ESCB). Alongside the four criteria which had been the subject of a detailed public debate: price stability, sound public finances, participation in the exchange rate mechanism and convergence of long term interest rates, a fifth and no less important criterion for a Member State's participation in monetary union exists, that is to say legal convergence. Article 108 of the Treaty stipulates that a Member State must ensure that its national legislation, including the statutes of its national central bank is compatible with this Treaty and the Statute of the ESCB. However, the European Monetary Institute emphasizes explicitly that harmonization of the statutes of national central banks is not required and national peculiarities may continue to exist. In adapting legislation the main emphasis would be on ensuring the independence of the central banks as required by Article 107 of the Treaty. The EMI comes to the conclusion that, as of August 1997 no Member State satisfies the requirements for participation in the ESCB. �
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N4-0560/1997
summary
Documents
- Non-legislative basic document published: N4-0560/1997
- Committee report tabled for plenary, single reading: A4-0070/1998
- Decision by Parliament, 1st reading/single reading: T4-0130/1998
History
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