The Treaty of the European Union, Maastricht Treaty, 7th February, 1992European Union
History
The Treaty of the European Union, Maastricht Treaty, 7th February, 1992
European Union
Europe -- Economic integration; European Union; European federation
Articles 109e(4) and 109h and i of this Treaty shall continue to apply
to the United Kingdom. Articles 109c(4) and 109m shall apply to the
united Kingdom as if it had a derogation.
7. The voting rights of the United Kingdom shall be suspended in
respect of acts of the Council referred to in Articles listed in paragraph
5. For this purpose the weighted votes of the United Kingdom shall be
excluded form any calculation of a qualified majority under Article
109k(5) of this Treaty.
The United Kingdom shall also have no right to participate in the
appointment of the President, the Vice-President and the other
members of the Executive Board of the ECB under Articles 109a(2)(b)
and 109l(1) of this Treaty.
8. Articles 3, 4, 6, 7, 9.2, 10.1, 10.3, 11.2, 12.1, 14, 16, 18 to 20, 22, 23,
26, 27, 30 to 34, 50 and 52 of the Protocol on the Statute of the
European System of Central Banks and of the European Central Bank
("the Statute") shall not apply to the United Kingdom.
In those Articles, references to the Community or the Member States
shall not include the United Kingdom and references to national
central banks or shareholders shall not include the Bank of England.
References in Articles 10.3 and 30.2. of the Statute to "subscribed
capital of the ECB" shall not include capital subscribed by the Bank of
England.
9. Article 109(3) of this Treaty and Articles 44 to 48 of the Statute shall
have effect, whether or not there is any Member State with a
derogation, subject to the following amendments:
(a) References in Article 44 ot the tasks of the ECB and the EMI shall
include those tasks that still need to be performed in the third stage
owing to any decision of the United kingdom not to move to that Stage.
(b) In addition to the tasks referred to in Article 47 the ECB shall also
give advice in relation to and contribute to the preparation of any
decision of the Council with regard to the United Kingdom taken in
accordance with paragraphs 10(a) and 10(c).
(c) The Bank of England shall pay up its subscription to the capital of
the ECB as a contribution of its operational costs on the same basis
as national central banks of Member States with a derogation.
10. If the United Kingdom does not move to the third stage, it may
change its notification at any time after the beginning of that stage. In
that event:
(a) The United Kingdom shall have the right to move to the third stage
provided only that it satisfies the necessary conditions. The Council,
acting at the request of the United Kingdom and under the conditions
and in accordance with the procedure laid down in Article 109k(2) of
this Treaty, shall decide whether it fulfills the necessary conditions.
(b) The Bank of England shall pay up its subscribed capital, transfer to
the ECB foreign reserve assets and contribute to its reserves on the
same basis as the national central bank of a Member State whose
derogation has been abrogated.
(c) The Council, acting under the conditions and in accordance with the
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account