HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 121/22
EN
Official Journal of the European Union
8.5.2012
COUNCIL DECISION
of 26 April 2012
on a revision of the Statutes of the Economic and Financial Committee
(2012/245/EU)
THE COUNCIL OF THE EUROPEAN UNION,
(5) On
the
same
day,
the
Heads
of
State
or
Government
of
the Member States whose currency is the euro stated that
Having regard to the Treaty on the Functioning of the European
the existing administrative structures providing assistance
Union, and in particular Article 242 thereof,
to the Council and to the Committee, namely, the
General Secretariat of the Council and the Secretariat of
Having regard to the opinion of the European Commission,
the Economic and Financial Committee, would provide
adequate support to the euro Summit President and the
President of the Eurogroup, under the guidance of the
Whereas:
President of the Committee/Eurogroup Working Group.
(1) In
accordance
with
Article
114(2)
of
the
Treaty
estab
lishing the European Community, an Economic and
(6) The
Committee
should
be
able
to
choose
its
President
from among the most qualified candidates, including the
Financial Committee (‘Committee’) was set up on
President of the Eurogroup Working Group.
1 January 1999.


(7) The
Statutes
of
the
Committee
should
therefore
be
(2) On
21
December
1998,
the
Council
adopted
Decision
98/743/EC on the detailed provisions concerning the
revised,
composition of the Economic and Financial Commit
tee ( 1 ).
HAS ADOPTED THIS DECISION:
(3) On
31
December
1998,
the
Council
adopted
Decision
Article 1
1999/8/EC adopting the Statutes of the Economic and
The Statutes of the Economic and Financial Committee, as set
Financial Committee ( 2 ); these Statutes were revised by
out in the Annex to Decision 1999/8/EC, as amended by
Council Decision 2003/476/EC of 18 June 2003 ( 3 ) in
Decision 2003/476/EC, shall be replaced by the text set out
order to ensure the continued effective functioning of the
in the Annex hereto.
Committee after the accession of ten Member States on
1 May 2004.
Article 2
(4)
The Heads of State or Government of the Member States
This Decision shall enter into force the day following its
whose currency is the euro stated on 26 October 2011
publication in the Official Journal of the European Union.
that the preparatory body referred to in Article 1 of
Protocol (No 14) on the euro Group, composed of repre
sentatives of the Ministers with responsibility for finance
of the Member States whose currency is the euro and of
Done at Luxembourg, 26 April 2012.
the Commission (‘the Eurogroup Working Group’),
would be chaired by a full-time President. As a
For the Council
consequence, the person nominated to this post will
cease to be an official in a national administration and
The President
will be employed by the EU Institutions.
M. BDSKOV
( 1 ) OJ L 358, 31.12.1998, p. 109.
( 2 ) OJ L 5, 9.1.1999, p. 71.
( 3 ) OJ L 158, 27.6.2003, p. 58.

---

EN
8.5.2012 Official
Journal
of
the
European
Union L
121/23
ANNEX
‘STATUTES OF THE ECONOMIC AND FINANCIAL COMMITTEE
Article 1
Those eligible for election as President shall be Committee
members who are senior officials in national administrations
The Economic and Financial Committee (“Committee”) shall
and the President of the preparatory body referred to in
carry out the tasks described in Article 134(2) and (4) of the
Article 1 of Protocol No 14 on the euro Group, composed of
Treaty on the Functioning of the European Union.
representatives of the Ministers with responsibility for finance of
the Member States whose currency is the euro and of the
Article 2
Commission (“the Eurogroup Working Group”).
The Committee may, inter alia:
If the President of the Committee is a Committee member from
a national administration, he shall delegate his voting right to
— be consulted in the procedure leading to decisions relating
his alternate.
to the exchange-rate mechanism of the third stage of
economic and monetary union,
Article 7
In the event of being prevented from fulfilling his duties, the
— without prejudice to Article 240 of the Treaty, prepare the
President of the Committee shall be replaced by the Vice-
Council’s reviews of the development of the exchange rate
President of the Committee. The Vice-President shall be
of the euro,
elected for a term of two years, by a majority of Committee
members. Those eligible for election as Vice-President shall be
— provide the framework within which the dialogue between
Committee members who are senior officials in national admin
the Council and the European Central Bank (ECB) may be
istrations and the President of the Eurogroup Working Group,
prepared and continued at the level of senior officials from
unless the latter has been appointed as President of the
ministries, national central banks, the Commission and the
Committee.
ECB.
Article 8
Article 3
If the President of the Eurogroup Working Group is not
President of the Committee, he may attend meetings of the
Members of the Committee and alternates shall be guided, in
Committee and take part in the discussions, unless the
the performance of their duties, by the general interests of the
Committee decides otherwise.
Union.
Unless the Committee decides otherwise, alternates may attend
Article 4
meetings of the Committee. The alternates shall not vote. Unless
The Committee shall meet under the chairmanship of the
the Committee decides otherwise, they shall not take part in the
President in two configurations: either with the members
discussions.
selected from administrations, the national central banks, the
Commission and the ECB, or with the members from adminis
A member who is unable to attend a meeting of the Committee
trations, the Commission and the ECB. The Committee in its
may delegate his functions to one of the alternates or to
full composition shall regularly review the list of the issues on
another member. The Chairman and the Secretary of the
which the national central bank members are expected to attend
Committee should be informed in writing before the meeting.
the meetings.
In exceptional circumstances the President may agree to alter
native arrangements.
Article 5
Opinions, reports and communications shall be adopted by a
Article 9
majority of the members if a vote is requested. Each member of
The Committee may entrust the study of specific questions to
the Committee shall have one vote. However, when advice or
its alternate members, to subcommittees or to working parties.
an opinion is given on questions on which the Council may
In these cases, the Presidency shall be assumed by a member or
subsequently take a decision, members from central banks,
an alternate member of the Committee, appointed by the
when they are present, and the Commission may participate
Committee. The members of the Committee, its alternates,
fully in the discussions but shall not participate in a vote. The
and its subcommittees or working parties may call upon
Committee shall also report on minority or dissenting views
experts to assist them.
expressed in the course of the discussion.
Article 10
Article 6
The Committee shall be convened by the President on his own
The Committee shall elect, by a majority of its members, a
initiative, or at the request of the Council, of the Commission or
President for a two-year term, which shall be renewable.
of at least four members of the Committee.

---

L 121/24
EN
Official Journal of the European Union
8.5.2012
Article 11
Article 13
As a rule, the President represents the Committee; in particular,
The Committee shall be assisted by a Secretariat under the
the President may be authorised by the Committee to report on
direction of a Secretary. The Secretary and the Secretariat’s
discussions and deliver oral comments on opinions and
staff shall be supplied by the Commission. The Secretary shall
communications prepared by the Committee. The President
be appointed by the Commission after consultation of the
shall have the responsibility of maintaining the Committee’s
Committee. The Secretary and his staff shall act on the
relations with the European Parliament.
instructions of the Committee when carrying out their respon
sibilities towards the Committee.
The expenses of the Committee shall be included in the
Article 12
estimates of the Commission.
The proceedings of the Committee shall be confidential. The
Article 14
same rule shall apply to the proceedings of its alternates,
subcommittees or working parties.
The Committee shall adopt its own procedural arrangements.’

---

Document Outline

• �

---