BETA


2005/0233(CNS) Monetary policy: European Monetary Co-operation Fund EMCF, interest subsidies for loans during a five-year period (repeal. Regulations (EEC) No 3181/78 and (EEC) No 1736/79)

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON BERÈS Pervenche (icon: PSE PSE)
Committee Opinion JURI
Lead committee dossier:
Legal Basis:
EC Treaty (after Amsterdam) EC 308

Events

2006/04/28
   Final act published in Official Journal
Details

PURPOSE: to repeal Council Regulation 3181/78/EEC and Council Regulation 1736/79/EEC in the area of Monetary Policy.

LEGISLATIVE ACT: Council Regulation 640/2006/EC repealing Regulations 3181/78/EEC and 1736/79/EEC concerning the European Monetary Union.

CONTENT: the Council has adopted this Act in order to repeal two Regulations, which have now become obsolete. They are: Regulations 3181/78/EEC and 1736/79/EEC, relating to the European Monetary Union.

ENTRY INTO FORCE: 18 May 2006.

2006/04/10
   EP/CSL - Act adopted by Council after consultation of Parliament
2006/04/10
   EP - End of procedure in Parliament
2006/04/10
   CSL - Council Meeting
2006/02/21
   ECB - European Central Bank: opinion, guideline, report
Details

Following the Council’s request to the European Central Bank for an opinion on this proposal, the ECB made two specific observations:

- it suggested that the title of the proposed regulation be amended to reflect better the subject matter of the two obsolete regulations that are to be repealed, since both regulations relate to the functioning of the EMS rather than to the broader area of monetary policy;

- under Article 253 of the Treaty, regulations adopted by the Council must refer to any opinions which were required to be obtained pursuant to the Treaty. The ECB therefore suggests that the citations to the proposed regulation should therefore refer to this opinion.

The ECB enclosed drafting proposals in the annex to its opinion.

2006/02/14
   EP - Results of vote in Parliament
2006/02/14
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament adopted a resolution drafted by Pervenche BERÈS (PES, FR), and approved the Commission’s proposal.

Documents
2006/01/27
   EP - Committee report tabled for plenary, 1st reading/single reading
Documents
2006/01/27
   EP - Committee report tabled for plenary, 1st reading/single reading
Documents
2006/01/24
   EP - Vote in committee, 1st reading/single reading
Details

The committee adopted the report by its chair, Pervenche BERÈS (PES, FR), approving the proposal unamended under the consultation procedure.

2006/01/19
   EP - Committee referral announced in Parliament, 1st reading/single reading
2006/01/17
   EP - Committee draft report
Documents
2005/12/13
   EP - BERÈS Pervenche (PSE) appointed as rapporteur in ECON
2005/11/30
   EC - Legislative proposal published
Details

PURPOSE : to repeal Council Regulation 3181/78/EEC and Council Regulation 1736/79/EEC in the area of Monetary Policy.

PROPOSED ACT : Council Regulation

CONTENT : Council Regulation 3181/78/EEC relating to the European monetary system gives the European Monetary Co-operation Fund (EMCF) the power to receive reserves from Member States and to issue ECUs. The tasks of EMCF were taken over by EMI and subsequently ECB and the EMCF was dissolved. Therefore, this Regulation is not relevant anymore.

Council Regulation 1736/79/EEC on interest subsidies for certain loans granted under the European monetary system states that the Community should during a five-year period from its date of application, grant interest subsidies on certaintypes of loans (EIB loans to finance investments in less prosperous Member States, inter alia in infrastructure). This time period of five years, which was not extended, has come to an end in 1984. Furthermore, according to Article 1 of this Regulation, a Member State had to participate in the Exchange rate mechanisms of the European monetary system to benefit from the subsidies. This condition suggests also that the Regulation is no longer applicable. Those NIC loans granted by the EIB which benefited from this interest subsidy have in the meantime been repaid. Therefore, this Regulation is not relevant anymore.

Accordingly, Council Regulations 3181/78/EEC and 1736/79/EEC have become obsolete and should be proposed for abrogation.

Documents

History

(these mark the time of scraping, not the official date of the change)

committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
rapporteur
name: BERÈS Pervenche date: 2005-12-13T00:00:00 group: Socialist Group in the European Parliament abbr: PSE
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
date
2005-12-13T00:00:00
rapporteur
name: BERÈS Pervenche group: Socialist Group in the European Parliament abbr: PSE
docs/1/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-10&language=EN
New
http://www.europarl.europa.eu/doceo/document/A-6-2006-0010_EN.html
events/3/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-10&language=EN
New
http://www.europarl.europa.eu/doceo/document/A-6-2006-0010_EN.html
events/5/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-48
New
http://www.europarl.europa.eu/doceo/document/TA-6-2006-0048_EN.html
activities
  • date: 2005-11-30T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2005&nu_doc=611 title: COM(2005)0611 type: Legislative proposal published celexid: CELEX:52005PC0611:EN body: EC commission: DG: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs type: Legislative proposal published
  • date: 2006-01-19T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee: ECON date: 2005-12-13T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PSE name: BERÈS Pervenche body: EP responsible: False committee_full: Legal Affairs committee: JURI
  • date: 2006-01-24T00:00:00 body: EP committees: body: EP responsible: True committee: ECON date: 2005-12-13T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PSE name: BERÈS Pervenche body: EP responsible: False committee_full: Legal Affairs committee: JURI type: Vote in committee, 1st reading/single reading
  • date: 2006-01-27T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-10&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A6-0010/2006 body: EP committees: body: EP responsible: True committee: ECON date: 2005-12-13T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PSE name: BERÈS Pervenche body: EP responsible: False committee_full: Legal Affairs committee: JURI type: Committee report tabled for plenary, 1st reading/single reading
  • date: 2006-02-14T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=4488&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-48 type: Decision by Parliament, 1st reading/single reading title: T6-0048/2006 body: EP type: Results of vote in Parliament
  • date: 2006-04-10T00:00:00 body: CSL type: Council Meeting council: General Affairs meeting_id: 2722
  • date: 2006-04-10T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2006-04-10T00:00:00 body: EP/CSL type: Act adopted by Council after consultation of Parliament
  • date: 2006-04-28T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006R0640 title: Regulation 2006/640 url: http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2006:115:SOM:EN:HTML title: OJ L 115 28.04.2006, p. 0001-0001
commission
  • body: EC dg: Economic and Financial Affairs commissioner: --
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
date
2005-12-13T00:00:00
rapporteur
name: BERÈS Pervenche group: Socialist Group in the European Parliament abbr: PSE
committees/0
body
EP
responsible
True
committee
ECON
date
2005-12-13T00:00:00
committee_full
Economic and Monetary Affairs
rapporteur
group: PSE name: BERÈS Pervenche
committees/1
type
Committee Opinion
body
EP
associated
False
committee_full
Legal Affairs
committee
JURI
opinion
False
committees/1
body
EP
responsible
False
committee_full
Legal Affairs
committee
JURI
council
  • body: CSL type: Council Meeting council: General Affairs meeting_id: 2722 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=2722*&MEET_DATE=10/04/2006 date: 2006-04-10T00:00:00
docs
  • date: 2006-01-17T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE367.884 title: PE367.884 type: Committee draft report body: EP
  • date: 2006-01-27T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-10&language=EN title: A6-0010/2006 type: Committee report tabled for plenary, 1st reading/single reading body: EP
  • date: 2006-02-21T00:00:00 docs: url: https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:52006AB0008:EN:NOT title: CON/2006/0008 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:2006:049:TOC title: OJ C 049 28.02.2006, p. 0035-0036 summary: Following the Council’s request to the European Central Bank for an opinion on this proposal, the ECB made two specific observations: - it suggested that the title of the proposed regulation be amended to reflect better the subject matter of the two obsolete regulations that are to be repealed, since both regulations relate to the functioning of the EMS rather than to the broader area of monetary policy; - under Article 253 of the Treaty, regulations adopted by the Council must refer to any opinions which were required to be obtained pursuant to the Treaty. The ECB therefore suggests that the citations to the proposed regulation should therefore refer to this opinion. The ECB enclosed drafting proposals in the annex to its opinion. type: European Central Bank: opinion, guideline, report body: ECB
events
  • date: 2005-11-30T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2005/0611/COM_COM(2005)0611_EN.pdf title: COM(2005)0611 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2005&nu_doc=611 title: EUR-Lex summary: PURPOSE : to repeal Council Regulation 3181/78/EEC and Council Regulation 1736/79/EEC in the area of Monetary Policy. PROPOSED ACT : Council Regulation CONTENT : Council Regulation 3181/78/EEC relating to the European monetary system gives the European Monetary Co-operation Fund (EMCF) the power to receive reserves from Member States and to issue ECUs. The tasks of EMCF were taken over by EMI and subsequently ECB and the EMCF was dissolved. Therefore, this Regulation is not relevant anymore. Council Regulation 1736/79/EEC on interest subsidies for certain loans granted under the European monetary system states that the Community should during a five-year period from its date of application, grant interest subsidies on certaintypes of loans (EIB loans to finance investments in less prosperous Member States, inter alia in infrastructure). This time period of five years, which was not extended, has come to an end in 1984. Furthermore, according to Article 1 of this Regulation, a Member State had to participate in the Exchange rate mechanisms of the European monetary system to benefit from the subsidies. This condition suggests also that the Regulation is no longer applicable. Those NIC loans granted by the EIB which benefited from this interest subsidy have in the meantime been repaid. Therefore, this Regulation is not relevant anymore. Accordingly, Council Regulations 3181/78/EEC and 1736/79/EEC have become obsolete and should be proposed for abrogation.
  • date: 2006-01-19T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2006-01-24T00:00:00 type: Vote in committee, 1st reading/single reading body: EP summary: The committee adopted the report by its chair, Pervenche BERÈS (PES, FR), approving the proposal unamended under the consultation procedure.
  • date: 2006-01-27T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-10&language=EN title: A6-0010/2006
  • date: 2006-02-14T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=4488&l=en title: Results of vote in Parliament
  • date: 2006-02-14T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-48 title: T6-0048/2006 summary: The European Parliament adopted a resolution drafted by Pervenche BERÈS (PES, FR), and approved the Commission’s proposal.
  • date: 2006-04-10T00:00:00 type: Act adopted by Council after consultation of Parliament body: EP/CSL
  • date: 2006-04-10T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2006-04-28T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to repeal Council Regulation 3181/78/EEC and Council Regulation 1736/79/EEC in the area of Monetary Policy. LEGISLATIVE ACT: Council Regulation 640/2006/EC repealing Regulations 3181/78/EEC and 1736/79/EEC concerning the European Monetary Union. CONTENT: the Council has adopted this Act in order to repeal two Regulations, which have now become obsolete. They are: Regulations 3181/78/EEC and 1736/79/EEC, relating to the European Monetary Union. ENTRY INTO FORCE: 18 May 2006. docs: title: Regulation 2006/640 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006R0640 title: OJ L 115 28.04.2006, p. 0001-0001 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2006:115:TOC
other
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs
procedure/dossier_of_the_committee
Old
ECON/6/32296
New
  • ECON/6/32296
procedure/final/url
Old
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006R0640
New
https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006R0640
procedure/subject
Old
  • 5.20.01 Coordination of monetary policies, European Monetary Institute (EMI), Economic and Monetary Union (EMU)
  • 6.30.04 Loans to third-countries, Guarantee Fund
New
5.20.01
Coordination of monetary policies, European Monetary Institute (EMI), Economic and Monetary Union (EMU)
6.30.04
Loans to third-countries, Guarantee Fund
activities/8/docs/1/url
Old
http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2006:115:TOC
New
http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2006:115:SOM:EN:HTML
links/European Commission/title
Old
PreLex
New
EUR-Lex
activities
  • date: 2005-11-30T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2005&nu_doc=611 celexid: CELEX:52005PC0611:EN type: Legislative proposal published title: COM(2005)0611 type: Legislative proposal published body: EC commission: DG: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs
  • date: 2006-01-19T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee: ECON date: 2005-12-13T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PSE name: BERÈS Pervenche body: EP responsible: False committee_full: Legal Affairs committee: JURI
  • date: 2006-01-24T00:00:00 body: EP committees: body: EP responsible: True committee: ECON date: 2005-12-13T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PSE name: BERÈS Pervenche body: EP responsible: False committee_full: Legal Affairs committee: JURI type: Vote in committee, 1st reading/single reading
  • date: 2006-01-27T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A6-2006-10&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A6-0010/2006 body: EP committees: body: EP responsible: True committee: ECON date: 2005-12-13T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PSE name: BERÈS Pervenche body: EP responsible: False committee_full: Legal Affairs committee: JURI type: Committee report tabled for plenary, 1st reading/single reading
  • date: 2006-02-14T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=4488&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-48 type: Decision by Parliament, 1st reading/single reading title: T6-0048/2006 body: EP type: Results of vote in Parliament
  • date: 2006-04-10T00:00:00 body: CSL type: Council Meeting council: General Affairs meeting_id: 2722
  • date: 2006-04-10T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2006-04-10T00:00:00 body: EP/CSL type: Act adopted by Council after consultation of Parliament
  • date: 2006-04-28T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006R0640 title: Regulation 2006/640 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2006:115:TOC title: OJ L 115 28.04.2006, p. 0001-0001
committees
  • body: EP responsible: True committee: ECON date: 2005-12-13T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: PSE name: BERÈS Pervenche
  • body: EP responsible: False committee_full: Legal Affairs committee: JURI
links
European Commission
other
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs
procedure
dossier_of_the_committee
ECON/6/32296
reference
2005/0233(CNS)
instrument
Regulation
legal_basis
EC Treaty (after Amsterdam) EC 308
stage_reached
Procedure completed
subtype
Legislation
title
Monetary policy: European Monetary Co-operation Fund EMCF, interest subsidies for loans during a five-year period (repeal. Regulations (EEC) No 3181/78 and (EEC) No 1736/79)
type
CNS - Consultation procedure
final
subject