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The Treaty of the European Union

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CHAPTER VII
GENERAL PROVISIONS
ARTICLE 34
Legal acts
34.1. In accordance with Article 108a of this Treaty, the ECB shall:
- make regulations to the extent necessary to implement the tasks
defined in Article 3.1., first indent, Articles 19.1, 22 or 25.2 and in
cases which shall be laid down in the acts of the Council referred to in
Article 42;
- take decisions necessary for carrying out the tasks entrusted to the
ESCB under this Treaty and this Statute;
- make recommendations and deliver opinions.
34.2. A regulation shall have general application. It shall be binding in
its entirety and directly applicable in all Member States.
Recommendations and opinions shall have no binding force.
A decision shall be binding in its entirety upon those to whom it is
addressed.
Articles 190 to 192 of this Treaty shall apply to regulations and
decisions adopted by the ECB.
The ECB may decide to publish its decisions, recommendations and
opinions.
34.3. Within the limits and under the conditions adopted by the Council
under the procedure laid down in Article 42, the ECB shall be entitled
to impose fines or periodic penalty payments on undertakings for
failure to comply with obligations under its regulations and decisions.
ARTICLE 35
Judicial control and related matters
35.1. The acts or omissions of the ECB shall be open to review or
interpretation by the Court of Justice in the cases and under the
conditions laid down in this Treaty. The ECB may institute proceedings
in the cases and under the conditions laid down in this Treaty.
35.2. Disputes between the ECB, on the one hand, and its creditors,
debtors or any other person, on the other, shall be decided by the
competent national courts, save where jurisdiction has been conferred
upon the Court of Justice.
35.3. The ECB shall be subject to the liability regime provided for in
Article 215 of this Treaty. The national central banks shall be liable
according to their respective national laws.
35.4. The Court of Justice shall have jurisdiction to give judgment
pursuant to any arbitration clause contained in a contract concluded by
or on behalf of the ECB, whether that contract be governed by public or
private law.
35.5. A decision of the ECB to bring an action before the Court of
Justice shall be taken by the Governing Council.
35.6. The Court of Justice shall have jurisdiction in disputes
concerning the fulfillment by a national central bank of obligations
under this Statute. If the ECB considers that a national central bank
has failed to fulfill an obligation under this Statute, it shall deliver a
reasoned opinion on the matter after giving the national central bank
concerned the opportunity to submit its observations. If the national
central bank concerned does not comply with the opinion within the
period laid down by the ECB, the latter may bring the matter before the
Court of Justice.
ARTICLE 36
Staff
36.1. The Governing Council, on a proposal from the Executive Board,
shall lay down the conditions of employment of the staff of the ECB.
36.2. The Court of Justice shall have jurisdiction in any dispute
between the ECB and its servants within the limits and under the
conditions laid down in the conditions of employment.
ARTICLE 37
Seat
Before the end of 1992, the decision as to where the seat of the ECB
will be established shall be taken by common accord of the
governments of the Member States at the level of Heads of State or of
Government.
ARTICLE 38
Professional secrecy
38.1. Members of the governing bodies and the staff of the ECB and
the national central banks shall be required, even after their duties
have ceased, not to disclose information of the kind covered by the
obligation of professional secrecy.
38.2. Persons having access to data covered by Community
legislation imposing an obligation of secrecy shall be subject to such
legislation.
ARTICLE 39
Signatories
The ECB shall be legally committed to third parties by the President or
by two members of the Executive Board or by the signatures of two
members of the staff of the ECB who have been duly authorized by the
President to sign on behalf of the ECB.
ARTICLE 40
Privileges and immunities.
The ECB shall enjoy in the territories of the Member States such
privileges and immunities as are necessary for the performance of its
tasks, under the conditions laid down in the Protocol on the Privileges
and Immunities of the European Communities annexed to the Treaty
establishing a Single Council and a Single Commission of the
European Communities.

CHAPTER VIII
AMENDMENT OF THE STATUTE AND COMPLEMENTARY LEGISLATION
ARTICLE 41
Simplified amendment procedure
41.1. In accordance with Article 106(5) of this Treaty, Articles 5.1, 5.2,
5.3, 17, 18, 19.1, 22, 23, 24, 26, 32.2, 32.3, 32.4, 32.6, 33.1(a) and 36
of this Statute may be amended by the Council, acting either by a
qualified majority on a recommendation from the ECB and after
consulting the Commission, or unanimously on a proposal from the
Commission and after consulting the ECB. In either case the assent of
the European Parliament shall be required.
41.2. A recommendation made by the ECB under this Article shall
require a unanimous decision by the Governing Council.
ARTICLE 42
Complementary legislation
In accordance with Article 106(6) of this Treaty, immediately after the
decision on the date for the beginning of the third stage, the Council,
acting by a qualified majority either on a proposal from the
Commission and after consulting the European Parliament and the
ECB or on a recommendation from the ECB and after consulting the
European Parliament and the Commission, shall adopt the provisions
referred to in Articles 4, 5.4, 19.2, 20, 28.1, 29.2, 30.4, and 34.3. of this
Statute.

CHAPTER IX
TRANSITIONAL AND OTHER PROVISIONS
FOR THE ESCB
ARTICLE 43
General Provisions
43.1. A derogation as referred to in Article 109k(1) of this Treaty shall
entail that the following Articles of this Statue shall not confer any
rights or impose any obligations on the Member State concerned: 3, 6,
9.2, 12.1, 14.3, 16, 18, 19, 20, 22, 23, 26.2, 27, 30, 31, 32, 33, 34, 50
and 52.
43.2. The central banks of Member States with derogation as specified
in Article 109k(1) of this Treaty shall retain their powers in the field of
monetary policy according to national law.
43.3. In accordance with Article 109k(4) of this Treaty, "Member States"
shall be read as "Member States without derogation" in the following
Articles of this Statute: 3, 11.2, 19, 34.2 and 50.
43.4 "National central banks" shall be read as central banks of
Member States without a derogation" in the following Articles of this
Statute: 9.2, 10.1, 10.3, 12.1, 16, 17, 18, 22, 23, 27, 30, 31, 32, 33.2
and 52.
43.5. "Shareholders" shall be read as "central banks of Member
States without a derogation" in Articles 10.3 and 33.1.
43.6. "Subscribed capital of the ECB" shall be read as "capital of the
ECB subscribed by the central banks of Member States without a
derogation" in Articles 10.3 and 30.2.
ARTICLE 44
Transitional tasks of the ECB
The ECB shall take over those tasks of the EMI which, because of the
derogations of one or more Member States, still have to be performed
in the third stage.
The ECB shall give advice in the preparations for the abrogation of the
derogations specified in Article 109k of this Treaty.
ARTICLE 45
The General Council of the ECB
45.1. Without prejudice to Article 106(3) of this Treaty, the General
Council shall be constituted as a third decision-making body of the
ECB.
45.2. The General Council shall compromise the President and Vice-
President of the ECB and the Governors of the national central banks.
The others members of the Executive Board may participate, without
having the right to vote, in meetings of the General Council.
45.3. The responsibilities of the General Council are listed in full in
Article 47 of this Statute.
ARTICLE 46
Rules of procedure of the General Council
46.1. The President or, in his absence, the Vice-President of the ECB
shall chair the General Council of the ECB.
46.2. The President of the Council and a member of the Commission
may participate, without having to right to vote, meetings of the
General Council.
46.3. The President shall prepare the meetings of the General Council.
46.4. By way of derogation from Article 12.3, the General Council shall
adopt its Rules of Procedure.
46.5. The Secretariat of the General Council shall be provided by the
ECB.
ARTICLE 47
Responsibilities of the General Council
47.1. The General Council shall:
- perform the tasks referred to in Article 44;
- contribute to the advisory functions referred to in Articles 4 and 25.1.
47.2. The General Council shall contribute to:
- the collection of statistical information as referred to in Article 5;
- the reporting activities of the ECB as referred to in Article 15;
- the establishment of the necessary rules for the application of Article
26 as referred to in Article 26.4;
- the taking of all other measures necessary for the application of
Article 29 as referred to Article 29.4;
- the laying down of the conditions of employment of the staff of the
ECB as referred to in Article 36.
47.3. The General Council shall contribute to the necessary
preparations for irrevocably fixing the exchange rates of the
currencies of Member States with a derogations against the
currencies, or the single currency, of the Member States without a
derogation, as referred to in Article 109(5) of this Treaty.
47.4. The General Council shall be informed by the President of the
ECB of decisions of the Governing Council.
ARTICLE 48
Transitional provisions for the capital of the ECB
In accordance with Article 29.1 each national central bank shall be
assigned a weighting in the key for subscription of the ECB's capital.
By way of derogation from Article 28.3, central banks of Member
States with a derogation shall not pay up their subscribed capital
unless the General Council, acting by as majority representing at least
two thirds of the subscribed capital of the ECB and at least half of the
shareholders, decides that a minimal percentage has to be paid up as
a contribution to the operational costs of the ECB.
ARTICLE 49
Deferred payment of capital,
reserves and provisions of the ECB
49.1. The central bank of a Member State whose derogation has been
abrogated shall pay up its subscribed share of the capital of the ECB
to the same extent as the central banks of other Member States
without a derogation, and shall transfer to the ECB foreign reserve
assets in accordance with Article 30.1. The sum to be transferred shall
be determined by multiplying the ECU value at current exchange rates
of the foreign reserve assets which have already been transferred to
the ECB in accordance with Article 30.1, by the ratio between the
number of shares subscribed by the national central bank concerned
and the number of shares already paid up by the other national central
banks.
49.2. In addition to the payment to be made in accordance with Article
49.1, the central bank concerned shall contribute to the reserves of the
ECB, to those provisions equivalent to reserves, and to the amount
still to be appropriated to the reserves and provisions corresponding
to the balance of the profit and loss account as at 31 December of the
year prior to the abrogation of the derogation. The sum to be
contributed shall be determined by multiplying the amount of the
reserves, as defined above and as stated in the approved balance
sheet of the ECB, by the ratio between the number of shares
subscribed by the central bank concerned and the number of shares
already paid up the other central banks.
ARTICLE 50
Initial appointment of the members of the Executive Board.
When the Executive Board of the ECB is being established, the
President, the Vice-President and the other members of the Executive
Board shall be appointed by common accord of the governments of the
Member States at the level of Heads of State or of Government, on a
recommendation from the Council and after consulting the European
Parliament and the Council of the EMI. The President of the Executive
Board shall be appointed for 8 years. By way of derogation from
Article 11.2, the Vice-President shall be appointed for 4 years and the
other members of the Executive Board for terms of office of between 5
and 8 years. No term of office shall be renewable. The number of
members of the Executive Board may be smaller than provided for in
Article 11.1, but in no circumstance shall it be less than four.
ARTICLE 51
Derogation from Article 32
51.1. If, after the start of the third stage, the Governing Council decides
that the application of Article 32 results in significant changes in
national central banks' relative income positions, the amount of
income to allocated pursuant to Article 32 shall be reduced by a
uniform percentage which shall not exceed 60% in the first financial
year after the start of the third stage and which shall decrease by at
least 12 percentage points in each subsequent financial year.
51.2. Article 51.1. shall be applicable for not more than five financial
years after the start of the third stage.
ARTICLE 52
Exchange of bank notes in Community currencies.
Following the irrevocable fixing of exchange rates, the Governing
Council shall take the necessary measures to ensure that bank notes
denominated in currencies with irrevocably fixed exchange rates are
exchanged by the national central banks at their respective par
values.
ARTICLE 53
Applicability of the transitional provisions
If and as long as there are Member States with a derogation Articles
43 to 48 shall be applicable.

PROTOCOL
ON THE STATUTE OF THE EUROPEAN MONETARY INSTITUTE
THE HIGH CONTRACTING PARTIES,
DESIRING to lay down the Statute of the European Monetary Institute,
HAVE AGREED upon the following provisions, which shall be annexed
to the Treaty establishing the European Community:
ARTICLE 1
Constitution and name
1.1. The European Monetary Institute (EMI) shall be established in
accordance with Article 109f of this Treaty; it shall perform its functions
and carry out its activities in accordance with the provisions of this
Treaty and of this Statute.
1.2. The members of the EMI shall be the central banks of the Member
States ("national central banks"). For the purposes of the Statute, the
Institut monetaire luxembourgeois shall be regarded as the central
bank of Luxembourg.
1.3. Pursuant to Article 109f of this Treaty, both the Committee of
Governors and the European Monetary Co-operation Fund (EMCF)
shall be dissolved. All assets and liabilities of the EMCF shall pass
automatically to the EMI.
ARTICLE 2
Objectives
The EMI shall contribute to the realization of the conditions necessary
for the transition to the third stage of Economic and Monetary Union, in
particular by:
- strengthening the co-ordination of monetary policies with a view to
ensuring price stability;
- making the preparations required for the establishment of the
European System of Central Banks (ESCB), and for the conduct of a
single monetary policy and the creation of a single currency in the
third stage;
- overseeing the development of the ECU.
ARTICLE 3
General principles
3.1. The EMI shall carry out the tasks and functions conferred upon it
by this Treaty and this Statute without prejudice to the responsibility of
the competent authorities for the conduct of the monetary policy within
the respective Member States.
3.2. The EMI shall act in accordance with the objectives and principles
stated in Article 2 of the Statute of the ESCB.
ARTICLE 4
Primary tasks
4.1. In accordance with Article 109f(2) of this Treaty, the EMI shall:
- strengthen co-operation between the national central banks;
- strengthen the co-ordination of the monetary policies of the Member
States with the aim of ensuring price stability;
- monitor the functioning of the European Monetary System (EMS);
- hold consultations concerning issues falling within the competence of
the national central banks and affecting the stability of financial
institutions and markets;
- take over the tasks of the EMCF; in particular it shall perform the
functions referred to in Articles 6.1, 6.2 and 6.3;
- facilitate the use of the ECU and oversee its development, including
the smooth functioning of the ECU clearing system.
The EMI shall also:
- hold regular consultations concerning the course of monetary
policies and the use of monetary policy instruments;
- normally be consulted by the national monetary authorities before
they take decisions on the course of monetary policy in the context of
the common framework for ex ante co-ordination.
4.2. At the latest by 31 December 1996, the EMI shall specify the
regulatory, organizational and logistical framework necessary for the
ESCB to perform its tasks in the third stage, in accordance with the
principle of an open market economy with free competition. This
framework shall be submitted by the Council of the EMI for decision to
the ECB at the date of its establishment.
In accordance with Article 109f(3) of this Treaty, the EMI shall in
particular:
- prepare the instruments and the procedures necessary for carrying
out a single monetary policy in the third stage;
- promote the harmonization, where necessary, of the rules and
practices governing the collection, compilation and distribution of
statistics in the areas within its field of competence;
- prepare the rules for operations to be undertaken by the national
central banks in the framework of the ESCB;
- promote the efficiency of cross-border payments;
- supervise the technical preparation of ECU bank notes.
ARTICLE 5
Advisory functions.
5.1. In accordance with Article 109f(4) of this Treaty, the Council of the
EMI may formulate opinions or recommendations on the overall
orientation of monetary policy and exchange rate policy as well as on
related measures introduced in each Member State. The EMI may
submit opinions or recommendations to governments and to the
Council on policies which might affect the internal or external
monetary situation in the Community and, in particular, the functioning
of the EMS.
5.2. The Council of the EMI may also make recommendations to the
monetary authorities of the Member States concerning the conduct of
their monetary policy.
5.3. In accordance with Article 109f(6) of this Treaty, the EMI shall be
consulted by the Council regarding any proposed Community act
within its field of competence.
Within the limits and under the conditions set out by the Council acting
by a qualified majority on a proposal from the Commission and after
consulting the European Parliament and the EMI shall be consulted by
the authorities of the Member States on any draft legislative provision
within its field of competence, in particular with regard to Article 4.2.
5.4. In accordance with Article 109f(5) of this Treaty, the EMI may
decide to publish its opinions and its recommendations.
ARTICLE 6
Operational and technical functions
6.1. The EMI shall;
- provide for the multilateralization of positions resulting from
interventions by the national central banks in Community currencies
and the multilateralization of intra-Community settlements;
- administer the very short-term financing mechanism provided for by
the Agreement of 13 March 1979 between the central banks of the
Member States of the European Economic Community laying down the
operating procedures for the European Monetary System (hereinafter
referred to as "EMS Agreement") and the short-term monetary support
mechanism provided for in the Agreement between the central banks
of the Member States of the European Economic Community of 9
February 1970, as amended;
- perform the functions referred to in Article 11 of Council Regulation
(EEC) No 1969/88 of 24 June 1988 establishing a single facility
providing medium-term financial assistance for Member States'
balances of payments.
6.2. The EMI may receive monetary reserves from the national central
banks and issue ECUs against such assets for the purpose of
implementing the EMS Agreement. These ECUs may be used by the
EMI and the national central banks as a means of settlement and for
transactions between them and the EMI. The EMI shall take the
necessary administrative measures for the implementation of this
paragraph.
6.3. The EMI may grant to the monetary authorities of third countries
and to international monetary institutions the status of "Other Holders"
of ECUs and fix the terms and conditions under which such ECUs may
be acquired, held or used by Other Holders.
6.4. The EMI shall be entitled to hold and manage foreign exchange
reserves as an agent for and at the request of national central banks.
Profits and losses regarding these reserves shall be for the account of
the national central bank depositing the reserves. The EMI shall
perform this function on the basis of bilateral contracts in accordance
with rules laid down in a decision of the EMI. These rules shall ensure
that transactions with these reserves shall not interfere with the
monetary policy and exchange rate policy of the competent monetary
authority of any Member State and shall be consistent with the
objectives of the EMI and the proper functioning of the Exchange Rate
Mechanism of the EMS.
ARTICLE 7
Other tasks
7.1. Once a year the EMI shall address a report to the Council on the
state of the preparations for the third stage. These reports shall
include an assessment of the progress towards convergence in the
Community, and cover in particular the adaptation of monetary policy
instruments and the preparation of the procedures necessary for
carrying out a single monetary policy in the third stage, as well as the
statutory requirements to be fulfilled for national central banks to
become an integral part of the ESCB.
7.2. In accordance with the Council decisions referred to in Article
109f(7) of this Treaty, the EMI may perform other tasks for the
preparation of the third stage.
ARTICLE 8
Independence
The members of the Council of the EMI who are the representatives of
their institutions shall, with respect to their activities, act according to
their own responsibilities. In exercising the powers and performing the
tasks and duties conferred upon them by this Treaty and this Statute,
the Council of the EMI may not seek or take any instructions from
Community institutions or bodies or governments of Member
States.The Community institutions and bodies as well as the
governments of the Member States undertake to respect this principle
and not seek to influence the Council of the EMI in the performance of
its tasks.
ARTICLE 9
Administration
9.1. In accordance with Article 109f(1) of this Treaty, the EMI shall be
directed and managed by the Council of the EMI.
9.2. The Council of the EMI shall consist of a President and the
Governors of the national central banks, on of whom shall be Vice-
President. If a Governor is prevented from attending a meeting, he
may nominate another representative of his institution.
9.3. The President shall be appointed by common accord of the
governments of the Member States at the level of Heads of State or of
Government, on a recommendation from, as the case may be, the
Committee of Governors or the Council of the EMI, and after consulting
the European Parliament and the Council. The President shall be
selected from among persons of recognized standing and professional
experience in monetary or banking matters. Only
nationals of Member States may be President of the EMI. The Council
of the EMI shall appoint the Vice-President. The President and Vice-
President shall be appointed for a period of three years.
9.4. The President shall perform his duties on a full-time basis. He
shall not engage in any occupation, whether gainful or not, unless
exemption is exceptionally granted by the Council of the EMI.
9.5. The President shall
- prepare and chair meetings of the Council of the EMI;
- without prejudice to Article 22, present the views of the EMI
externally;
- be responsible for the day-to-day management of the EMI.
In the absence of the President, his duties shall be performed by the
Vice-President.
9.6. The terms and conditions of employment of the President, in
particular his salary, pension and other social security benefits, shall
be the subject of a contract with the EMI and shall be fixed by the
Council of the EMI on a proposal from a Committee comprising three
members appointed by the Committee of Governors or the Council of
the EMI, as the case may be, and three members appointed by the
Council. The President shall not have the right to vote on matters
referred to in this paragraph.
9.7. If the President no longer fulfils the conditions required for the
performance of his duties or if he has been guilty of serious
misconduct, the Court of Justice may, on application by the Council of
the EMI, compulsorily retire him.
9.8. The Rules of Procedure of the EMI shall be adopted by the Council
of the EMI.
ARTICLE 10
Meetings of the Council of the EMI and voting procedures
10.1 The Council of the EMI shall meet at least ten times a year. The
proceedings of Council meetings shall be confidential. The Council of
the EMI may, acting unanimously, decide to make the outcome of its
deliberations public.
10.2. Each member of the Council of the EMI or his nominee shall
have one vote.
10.3. Save as otherwise provided for in this Statute, the Council of the
EMI shall act by a simple majority of its members.
10.4. Decisions to be taken in the context of Articles 4.2, 5.4, 6.2, and
6.3 shall require unanimity of the members of the Council of the EMI.
The adoption of opinions and recommendations under Articles 5.1 and
5.2, the adoption of decisions under Articles 6.4, 16 and 23.6 and the
adoption of guidelines under Article 15.3 shall require a qualified
majority of two thirds of the members of the Council of the EMI.
ARTICLE 11
Interinstitutional co-operation and reporting requirements
11.1 The President of the Council and a member of the Commission
may participate, without having the right to vote, in meetings of the
Council of the EMI.
11.2. The President of the EMI shall be invited to participate in Council
meetings when the Council is discussing matters relating to the
objectives and tasks of the EMI.
11.3. At a date to be established in the Rules of Procedure, the EMI
shall prepare an annual report on its activities and on monetary and
financial conditions in the Community. The annual report, together with
the annual accounts of the EMI, shall be addressed to the European
Parliament, the Council and the Commission and also to the European
Council.
The President of the EMI may, at the request of the European
Parliament or on his own initiative, be heard by the competent
Committees of the European Parliament.
11.4. Reports published by the EMI shall be made available to
interested parties free of charge.
ARTICLE 12
Currency denomination
The operations of the EMI shall be expressed in ECUs.
ARTICLE 13
Seat
Before the end of 1992, the decision as to where the seat of the EMI
will be established shall be taken by common accord of the
governments of the Member States at the level of Heads of State or of
Government.
ARTICLE 14
Legal capacity
The EMI, which in accordance with Article 109f(1) of this Treaty shall
have legal personality, shall enjoy in each of the Member States the
most extensive legal capacity accorded to legal persons under their
law; it may, in particular, acquire or dispose of movable or immovable
property and may be a party to legal proceedings.
ARTICLE 15
Legal acts.
15.1. In the performance of its tasks, and under the conditions laid
down in this Statute, the EMI shall:
- deliver opinions
- make recommendations;
- adopt guidelines, and take decisions, which shall be addressed to
the national central banks.
15.2. Opinions and recommendations of the EMI shall have no binding
force
15.3. The Council of the EMI may adopt guidelines laying down the
methods for the implementation of the conditions necessary for the
ESCB to perform its functions in the third stage. EMI guidelines shall
have no binding force; they shall be submitted for decision to the ECB.
15.4. Without prejudice to Article 3.1, a decision of the EMI shall be
binding in its entirety upon those to whom it is addressed. Articles 190
and 191 of this Treaty shall apply to these decisions.
ARTICLE 16
Financial resources.
16.1. The EMI shall be endowed with its own resources. The size of
the resources of the EMI shall be determined by the Council of the EMI
with a view to ensuring the income deemed necessary to cover the
administrative expenditure incurred in the performance of the tasks
and functions of the EMI.
16.2. The resources of the EMI determined in accordance with Article
16.1 shall be provided out of contributions by the national central
banks in accordance with the key referred to in Article 29.1 of the
Statute of the ESCB and be paid up at the establishment of the EMI.
For this purpose, the statistical data to be used for the determination
of the key shall be provided by the Commission, in accordance with
the rules adopted by the Council, acting by a qualified majority on a
proposal from the Commission and after consulting the European
Parliament, the Committee of Governors and the Committee referred to
in Article 109c of this Treaty.
16.3. The Council of the EMI shall determine the form in which
contributions shall be paid up.
ARTICLE 17
Annual accounts and auditing
17.1. The financial year of the EMI shall begin on the first day of
January and end on the last day of December.
17.2. The Council of the EMI shall adopt an annual budget before the
beginning of each financial year.
17.3. The annual accounts shall be drawn up in accordance with the
principles established by the Council of the EMI. The annual accounts
shall be approved by the Council of the EMI and shall thereafter be
published.
17.4. The annual accounts shall be audited by independent external
auditors approved by the Council of the EMI. The auditors shall have
full power to examine all books and accounts of the EMI and to obtain
full information about its transactions.
The provisions of Article 188c of this Treaty shall only apply to an
examination of the operational efficiency of the management of the
EMI.
17.5. Any surplus of the EMI shall be transferred in the following order
(a) an amount to be determined by the Council of the EMI shall be
transferred to the general reserve fund of the EMI.
(b) any remaining surplus shall be distributed to the national central
banks in accordance with the key referred to in Article 16.2.
17.6. In the event of a loss incurred by the EMI, the shortfall shall be
offset against the general reserve fund of the EMI. Any remaining
shortfall shall be made good by contributions from the national central
banks, in accordance with the key as referred to in Article 16.2.
ARTICLE 18
Staff
18.1. The Council of the EMI shall lay down the conditions of
employment of the staff of the EMI.
18.2. The Court of Justice shall have jurisdiction in any dispute
between the EMI and its servants within the limits and under the
conditions laid down in the conditions of employment.
ARTICLE 19
Judicial control and related matters.
19.1. The acts or omissions of the EMI shall be open to review or
interpretation by the Court of Justice in the cases and under the
conditions laid down in this Treaty. The EMI may institute proceedings
in the cases and under the conditions laid down in this Treaty.
19.2. Disputes between the EMI, on the one hand, and its creditors,
debtors or any other person, on the other, shall fall within the
jurisdiction of the competent national courts, save where jurisdiction
has been conferred upon the Court of Justice.
19.3. The EMI shall be subject to the liability regime provided for in
Article 215 of this Treaty.
19.4. The Court of Justice shall have jurisdiction to give judgment
pursuant to any arbitration clause contained in a contract concluded by
or on behalf of the EMI, whether that contract be governed by public or
private law.
19.5. A decision of the EMI to bring an action before the Court of
Justice shall be taken by the Council of the EMI.
ARTICLE 20
Professional Secrecy
20.1. Members of the Council of the EMI and the staff of the EMI shall
be required, even after their duties have ceased, not to disclose
information of the kind covered by the obligation of professional
secrecy.
20.2. Persons having access to data covered by Community
legislation imposing and obligation of secrecy shall be subject to such
legislation.
ARTICLE 21
Privileges and immunities
The EMI shall enjoy in the territories of the Member States such
privileges and immunities as are necessary for the performance of its
tasks, under the conditions laid down in the Protocol on the Privileges
and Immunities of the European Communities annexed to the Treaty
establishing a Single Council and a Single Commission of the
European Communities.
ARTICLE 22
Signatories
The EMI shall be legally committed to third parties by the President or
the Vice-President or by the signatures of two members of the staff of
the EMI who have been duly authorized by the President to sign on
behalf of the EMI.
ARTICLE 23
Liquidation of the EMI
23.1. In accordance with Article 109l of this Treaty, the EMI shall go
into liquidation on the establishment of the ECB. All assets and
liabilities of the EMI shall then pass automatically to the ECB. The
latter shall liquidate the EMI according to the provisions of this Article.
The liquidation shall be completed by the beginning of the third stage.
23.2. The mechanism for the creation of ECUs against gold and US
dollars as provided for by Article 17 of the EMS agreement shall be
unwound by the first day of the third stage in accordance with Article
20 of the said Agreement.
23.3. All claims and liabilities arising from the very short-term
financing mechanism and the short-term monetary support
mechanism, under the Agreements referred to in Article 6.1, shall be
settled by the first day of the third stage.
23.4. All remaining assets of the EMI shall be disposed of and all
remaining liabilities of the EMI shall be settled.
23.5. The proceeds of the liquidation described in Article 23.4. shall be
distributed to the national central banks in accordance with the key
referred to in Article 16.2
23.6. The Council of the EMI may take the measures necessary for the
application of Articles 23.4. and 23.5.
23.7. Upon the establishment of the ECB, the President of the EMI
shall relinquish his office.

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