The Draft Treaty Establishing a Constitution for Europe – Institutional Aspects of Monetary Union
AbstractOn June 18, 2004, the Intergovernmental Conference (IGC), constituted by the European Heads of State or Government, reached an agreement on the Treaty establishing a Constitution for Europe which provides a new, consistent legal architecture for the EU. The legal and institutional framework for the European System of Central Banks (ESCB), the European Central Bank (ECB) as well as for the single monetary policy is defined in both the constitutional provisions of Part I and the policy areas of Part III of the Constitutional Treaty. The Statute of the ESCB/ECB is attached to the Treaty as a protocol. The constitutional provisions (Part I) not only define price stability as one of the EU's general objectives, but also confirm the sui generis nature of the ECB as enshrined in the Treaty on European Union. The Constitutional Treaty integrates the concept of “Eurosystem” and incorporates into primary legislation that the euro be defined as currency unit and symbol of the Union. In the field of monetary union (Part III), a number of new provisions, which only apply to the euro area Member States, have been created. The procedure for amending the provisions on Economic and Monetary Union (EMU) have been simplified; however, this simplified amendment procedure does not apply to the constitutional provisions. Under certain circumstances, monetary policy decisions may be taken by super-qualified majority. In principle, the Constitutional Treaty does not entail any change in substance in the field of monetary union and the amendments are largely of a technical nature. Thus, the framework conditions for monetary union as embodied in the Treaty on European Union have been reaffirmed.
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Bibliographic InfoArticle provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Monetary Policy and the Economy.
Volume (Year): (2004)
Issue (Month): 3 (October)
Postal: Oesterreichische Nationalbank, Documentation Management and Communications Services, Otto-Wagner Platz 3, A-1090 Vienna, Austria
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