Legal provisions of COM(2020)658 - Amendment of the Council Decision of 23 November 1998 concerning exchange rate matters relating to the CFA franc and the Comorian franc (98/683/EC)

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dossier COM(2020)658 - Amendment of the Council Decision of 23 November 1998 concerning exchange rate matters relating to the CFA franc and the ...
document COM(2020)658 EN
date October 20, 2020

Contents

Article 1

Decision 98/683/EC is amended as follows:


(1) The title is replaced by ‘Council Decision of 23 November 1998 concerning exchange rate matters relating to the currencies of the UEMOA, the CEMAC and the Comores (98/683/EC)’;


(2) Article 3, 4 and 5 are replaced by the following:

‘Article 3

The competent French authorities shall keep the Commission, the European Central Bank and the Economic and Financial Committee informed on a regular basis about the implementation of the agreements. The French authorities shall inform the Economic and Financial Committee prior to changes of the parity between the euro and the currencies of the UEMOA, the CEMAC or the Comores.

Article 4

France may negotiate and conclude modifications to the present agreements, or replace them, to the extent that the nature or scope of the agreements are not changed. It shall inform in advance the Commission, the European Central Bank and the Economic and Financial Committee of such changes.

Article 5 

Any plans to change the nature or scope of these agreements, either through amendment or replacement, shall be submitted by France to the Commission, the European Central Bank and the Economic and Financial Committee. Such plans require the approval of the Council on the basis of a recommendation from the Commission and after consultation of the European Central Bank.’

Article 2

This Decision is addressed to the French Republic.