Decision 2003/476 - 2003/476/EC: Council Decision of 18 June 2003 on a revision of the Statutes of the Economic and Financial Committee - Main contents

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Legal instrument	Decision
Number legal act	Decision 2003/476
Original proposal	COM(2003)282
CELEX number i	32003D0476

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2003/476/EC: Council Decision of 18 June 2003 on a revision of the Statutes of the Economic and Financial Committee

Official Journal L 158 , 27/06/2003 P. 0058 - 0060

Council Decision

of 18 June 2003

on a revision of the Statutes of the Economic and Financial Committee

(2003/476/EC)

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community, and in particular Article 209 thereof,

Having regard to the opinion of the Commission(1),

Whereas:

• (1) 

  In accordance with Article 114(2) of the Treaty an Economic and Financial Committee was set up on 1 January 1999.

• (2) 

  The Council adopted on 21 December 1998 Decision 98/743/EC on the composition of the Economic and Financial Committee(2).

• (3) 

  The Council adopted on 31 December 1998 Decision 1999/8/EC on the Statutes of the Economic and Financial Committee(3); these Statutes enabled the Committee to function properly so far.

• (4) 

  Following the decision by Heads of State or Government taken at the December 2002 Copenhagen European Council, 10 new members signed on 16 April 2003 an Accession Treaty to the European Union and are expected to join on 1 May 2004.

• (5) 

  The Economic and Financial Committee should continue to work effectively after the enlargement.

• (6) 

  It is important to preserve the elements which have contributed to the Committee's efficiency.

• (7) 

  This will require an adjustment of the Committee's working methods.

• (8) 

  This adjustment will have a bearing on the participation of central bankers; it will be important to retain their expertise and analytical insight and to keep them involved in issues on which they carry responsibility.

• (9) 

  The Statutes of the Economic and Financial Committee should therefore be revised,

HAS DECIDED AS FOLLOWS:

Article 1

The Statutes of the Economic and Financial Committee, as set out in the Annex to Decision 1999/8/EC, shall be replaced by the text set out in the Annex hereto.

Article 2

This Decision shall be published in the Official Journal of the European Union.

It shall take effect as from 1 July 2003.

Done at Luxembourg, 18 June 2003.

For the Council

The President

• G. 

  Drys

• (1) 

  Opinion delivered on 21 May 2003 (not yet published in the Official Journal).

• (2) 

  OJ L 358, 31.12.1998, p. 109.

• (3) 

  OJ L 5, 9.1.1999, p. 71.

ANNEX

"ANNEX

STATUTES OF THE ECONOMIC AND FINANCIAL COMMITTEE

Article 1

The Economic and Financial Committee (Committee) shall carry out the tasks described in paragraphs 2 and 4 of Article 114 of the Treaty establishing the European Community.

Article 2

The Committee may, inter alia:

• - 

  be consulted in the procedure leading to decisions relating to the exchange-rate mechanism of the third stage of economic and monetary union,

• - 

  without prejudice to Article 207 of the Treaty, prepare the Council's reviews of the development of the exchange-rate of the euro,

• - 

  provide the framework within which the dialogue between the Council and the European Central Bank (ECB) can be prepared and continued at the level of senior officials from ministries, national central banks, the Commission and the ECB.

Article 3

Members of the Committee and alternates shall be guided, in the performance of their duties, by the general interests of the Community.

Article 4

The Committee shall meet in two configurations: either with the members selected from the administrations, the national central banks, the Commission and the ECB, or with the members from administrations, the Commission and the ECB. The Committee in its full composition shall regularly review the list of the issues on which the national central bank members are expected to attend the meetings.

Article 5

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