The Treaty of the European Union, Maastricht Treaty, 7th February, 1992European Union
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The Treaty of the European Union, Maastricht Treaty, 7th February, 1992
European Union
Europe -- Economic integration; European Union; European federation
- 50% of the share of its respective Member State in the population of
the Community in the penultimate year preceding the establishment of
the ESCB;
- 50% of the share of its respective Member State in the gross
domestic product at market prices of the Community as recorded in the
last five years preceding the penultimate year before the
establishment of the ESCB;
The percentages shall be rounded up to the nearest multiple 0.05
percentage points.
29.2 The statistical data to be used for the application of this Article
shall be provided by the Commission in accordance with the rules
adopted by the Council under the procedure provided for in Article 42.
29.3. The weighting assigned to the national central banks shall be
adjusted every five years after the establishment of the ESCB by
analogy with the provisions laid down in Article 29.1. The adjusted key
shall apply with effect from the first day of the following year.
29.4. The Governing Council shall take all other measures necessary
for the application of this Article.
ARTICLE 30
Transfer of foreign reserve assets to the ECB
30.1. Without prejudice to Article 28, the ECB shall be provided by the
national central banks with foreign reserve assets, other than Member
States' currencies, ECUs, IMF reserve positions and SDRs, up to an
amount equivalent to ECU 50 000 million. The Governing Council shall
decide upon the proportion to be called up by the ECB following its
establishment and the amounts called up at later dates. The ECB shall
have the full right to hold and manage the foreign reserves that are
transferred to it and to use them for the purposes set out in this
Statute.
30.2. The contributions of each national central bank shall be fixed in
proportion to its share in the subscribed capital of the ECB.
30.3. Each national central bank shall be credited by the ECB with a
claim equivalent to its contribution. The Governing Council shall
determine the denomination and remuneration of such claims.
30.4. Further calls of foreign reserve assets beyond the limit set in
Article 30.1. may be effected by the ECB, in accordance with Article
30.2, within the limits and under the conditions set by the Council in
accordance with the procedure laid down in Article 42.
30.5. The ECB may hold and manage IMF reserve positions and SDRs
and provide for the pooling of such assets.
30.6. The Governing Council shall take all other measures necessary
for the application of this Article.
ARTICLE 31
Foreign reserve assets held by national central banks
31.1. The national central banks shall be allowed to perform
transactions in fulfilment of their obligations towards international
organizations in accordance with Article 23.
31.2. All other operations in foreign reserve assets remaining with the
national central banks after the transfers referred to in Article 30, and
Member States' transactions with their foreign exchange working
balances shall, above a certain limit to be established within the
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