\n\t\t\t\t\t\t\t \t\t\tOBJECTIVE: to ensure the Community's representation at international level in economic and\nmonetary matters following the introduction of the euro.\nSUBSTANCE: the introduction of the euro on 1 January 1999 will imply for the Community a\nmonetary presence which corresponds to its economic and commercial weight in the world\neconomy. To take full advantage of this new reality, the Community will need to speak with one\nvoice in a broad range of international institutions and fora where issues are discussed and decided\nthat may affect EMU (IMF, G7, G10, OECD, etc.).\nThis proposed decision seeks specifically to provide this representation by setting out the\narrangements for Community participation at international level and the specific competences of\neach of the Community institutions involved in this participation.\nThe proposal provides in particular that representation of the Community should be undertaken\nby the Council, with the Commission and the European Central Bank (ECB).This triple\nrepresentation is in accordance with Article 109(4) of the TEU which sets out procedures to\ndetermine the Community's position at international level for issues of particular relevance to\neconomic and monetary union and for deciding its representation. \nBasically, representation of the Community will be assumed by the Member State which is\ncurrently holding the office of President of the Council and is part of the euro-11 group. If the\nMember State currently holding the office of President of the Council does not have the euro as\nits currency the participation of the Council would be assumed by the Member State that is next\nto hold the office of President of the Council and has the euro as its currency.\nThe modalities of the participation of the two other institutions of the Community (Commission\nand ECB) would be decided by the institution concerned in accordance with its statutes.\nLastly, the proposal sets out the procedures to be implemented in order to apply the principle of\nsole representation of the Community in the international bodies concerned. Institutional\nconstraints may impede the application of this principle in certain bodies (such as the IMF). For\nthese specific cases the proposal provides that the Member States and the institutions of the\nCommunity shall rapidly adopt and implement arrangements which, as closely as possible, comply\nwith the principle of single representation. Other arrangements should be provided to allow a\nbalanced representation of the ECB and the Commission within these international bodies.\n�
\n\t\t \t\t\t\t\t\t
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\n\t\t\t\t\t\t\t \t\t\tIn adopting a non-legislative report on the extrenal representation of the euro, the Economic Affairs Committee expressed its strong support for the Commission's proposal that the euro-area should be represented at the international level in the form of a \"trinity\" consisting of Council, Commission and the ECB. However, to guarantee proper democratic accountability of this \"single voice\" for the euro-area, the Committee urges Commission and Council to amend the proposal to ensure that Parliament is fully informed of all positions taken at Community level before they are announced, as well as, of the outcome of meetings in international fora. Other calls for amendment further underline the need for the Commission to able to play an active part in the external representation of the euro. The Committee did, however, call on the Commission to withdraw its proposal should Council intend to adopt an amended proposal in which the Commission is not sufficiently represented. \n�
\n\t\t \t\t\t\t\t\t
\n"],"type":"Vote in committee, 1st reading/single reading"},{"body":"CSL","council":"Economic and Financial Affairs ECOFIN","date":"1998-12-01T00:00:00","docs":[{"title":"2143","type":"Debate in Council","url":"http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=2143*&MEET_DATE=01/12/1998"}],"meeting_id":"2143","type":"Council Meeting"},{"body":"EP","date":"1998-12-02T00:00:00","docs":[{"title":"Debate in Parliament","type":"Debate in Parliament","url":"http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=19981202&type=CRE"}],"type":"Debate in Parliament"},{"body":"EP","date":"1998-12-03T00:00:00","docs":[{"text":["
\n\t\t\t\t\t\t\t \t\t\tIn adopting the report by Mr Fernand HERMAN (EPP, B) on the euro: external representation,\nParliament expressed its firm support for the Commission proposal to entrust international\nrepresentation of the euro zone to the Council, the Commission and the European Central Bank.\nHowever, to ensure the democratic control of this 'single voice' in the euro zone it called on the\nCommission and the Council to amend the proposal such that Parliament would be fully informed\nof all the positions taken at Community level before they were announced and also of the outcome\nof meetings in international bodies.\nParliament stressed in particular the need for it to receive appropriate information on all subjects\ndiscussed in international bodies where the euro would be represented and particularly the need\nfor the Commission to play an active role in the external representation of the euro. On this matter\nParliament called on the Commission simply to withdraw its proposal if the Council decided to\nadopt an amended proposal which would mean that the Commission was not sufficiently\nrepresented.\n�
\n\t\t \t\t\t\t\t\t
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\n\t\t\t\t\t\t\t \t\t\tOBJECTIVE: to ensure the Community's representation at international level in economic and\nmonetary matters following the introduction of the euro.\nSUBSTANCE: the introduction of the euro on 1 January 1999 will imply for the Community a\nmonetary presence which corresponds to its economic and commercial weight in the world\neconomy. To take full advantage of this new reality, the Community will need to speak with one\nvoice in a broad range of international institutions and fora where issues are discussed and decided\nthat may affect EMU (IMF, G7, G10, OECD, etc.).\nThis proposed decision seeks specifically to provide this representation by setting out the\narrangements for Community participation at international level and the specific competences of\neach of the Community institutions involved in this participation.\nThe proposal provides in particular that representation of the Community should be undertaken\nby the Council, with the Commission and the European Central Bank (ECB).This triple\nrepresentation is in accordance with Article 109(4) of the TEU which sets out procedures to\ndetermine the Community's position at international level for issues of particular relevance to\neconomic and monetary union and for deciding its representation. \nBasically, representation of the Community will be assumed by the Member State which is\ncurrently holding the office of President of the Council and is part of the euro-11 group. If the\nMember State currently holding the office of President of the Council does not have the euro as\nits currency the participation of the Council would be assumed by the Member State that is next\nto hold the office of President of the Council and has the euro as its currency.\nThe modalities of the participation of the two other institutions of the Community (Commission\nand ECB) would be decided by the institution concerned in accordance with its statutes.\nLastly, the proposal sets out the procedures to be implemented in order to apply the principle of\nsole representation of the Community in the international bodies concerned. Institutional\nconstraints may impede the application of this principle in certain bodies (such as the IMF). For\nthese specific cases the proposal provides that the Member States and the institutions of the\nCommunity shall rapidly adopt and implement arrangements which, as closely as possible, comply\nwith the principle of single representation. Other arrangements should be provided to allow a\nbalanced representation of the ECB and the Commission within these international bodies.\n�
\n\t\t \t\t\t\t\t\t
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\n\t\t\t\t\t\t\t \t\t\tIn adopting a non-legislative report on the extrenal representation of the euro, the Economic Affairs Committee expressed its strong support for the Commission's proposal that the euro-area should be represented at the international level in the form of a \"trinity\" consisting of Council, Commission and the ECB. However, to guarantee proper democratic accountability of this \"single voice\" for the euro-area, the Committee urges Commission and Council to amend the proposal to ensure that Parliament is fully informed of all positions taken at Community level before they are announced, as well as, of the outcome of meetings in international fora. Other calls for amendment further underline the need for the Commission to able to play an active part in the external representation of the euro. The Committee did, however, call on the Commission to withdraw its proposal should Council intend to adopt an amended proposal in which the Commission is not sufficiently represented. \n�
\n\t\t \t\t\t\t\t\t
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\n\t\t\t\t\t\t\t \t\t\tIn adopting the report by Mr Fernand HERMAN (EPP, B) on the euro: external representation,\nParliament expressed its firm support for the Commission proposal to entrust international\nrepresentation of the euro zone to the Council, the Commission and the European Central Bank.\nHowever, to ensure the democratic control of this 'single voice' in the euro zone it called on the\nCommission and the Council to amend the proposal such that Parliament would be fully informed\nof all the positions taken at Community level before they were announced and also of the outcome\nof meetings in international bodies.\nParliament stressed in particular the need for it to receive appropriate information on all subjects\ndiscussed in international bodies where the euro would be represented and particularly the need\nfor the Commission to play an active role in the external representation of the euro. On this matter\nParliament called on the Commission simply to withdraw its proposal if the Council decided to\nadopt an amended proposal which would mean that the Commission was not sufficiently\nrepresented.\n�
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