HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"EN
20.7.2011 Official
Journal
of
the
European
Union L
189/3
MONETARY AGREEMENT
between the European Union and the French Republic on keeping the euro in Saint-Barthélemy
following the amendment of its status with regard to the European Union
THE EUROPEAN UNION, represented by the European Commission,
and
THE FRENCH REPUBLIC, acting for the benefit of the island of Saint-Barthélemy,
Whereas:
(1)
Saint-Barthélemy is an integral part of the French Republic but will no longer be part of the European Union as
from 1 January 2012, in accordance with European Council Decision 2010/718/EU of 29 October 2010
amending the status with regard to the European Union of the island of Saint-Barthélemy ( 1 );
(2) The
French
Republic
would
like
Saint-Barthélemy
to
retain
the
same
currency
as
that
of
metropolitan
France
and
to this end will continue to grant exclusive legal tender status in the territory of Saint-Barthélemy to euro
banknotes and coins issued by the Eurosystem and the Member States that have adopted the euro;
(3) It
is
necessary
to
ensure
the
continuing
application
in
Saint-Barthélemy
of
existing
and
future
provisions
of
European Union law necessary for the functioning of the Economic and Monetary Union, in order, in particular,
to ensure the unity of the Eurosystem’s monetary policy, equalise conditions of competition between financial
institutions located in the euro area and prevent fraud and counterfeiting of cash and non-cash means of payment
and money laundering;
(4)
This Agreement is concluded with a Member State acting for the benefit of a non-sovereign entity and, therefore,
does not provide for the right to mint coinage. Currency issues and banking and financial law fall within the field
of competence of the French State. In matters related to the proper functioning of the Economic and Monetary
Union, the legislative and statutory provisions of French law apply automatically to Saint-Barthélemy by virtue of
its status,
HAVE AGREED ON THE FOLLOWING PROVISIONS:
Article 1
(d) measures necessary for the use of the euro as a single
currency adopted on the basis of Article 133 of the
The euro shall remain the currency of Saint-Barthélemy.
Treaty on the Functioning of the European Union;
Article 2
(e) banking and financial legislation, including the legal acts
The French Republic shall continue to grant legal tender status
adopted by the European Central Bank;
to euro-denominated banknotes and coins in Saint-Barthélemy.
(f) preventing money laundering;
Article 3
1. The
French
Republic
shall
continue
to
apply
in
Saint-
(g) statistical reporting requirements established by the Euro
Barthélemy the European Union legal acts and rules necessary
system.
for the functioning of the Economic and Monetary Union in the
following fields:
2. The
French
Republic
shall
undertake
to
cooperate
fully
with Europol in the territory of Saint-Barthélemy as regards
(a) euro banknotes and coins;
the prevention of fraud and counterfeiting of means of
payment and preventing and combating money laundering.
(b) preventing fraud and counterfeiting of cash and non-cash
means of payment;
Article 4
The measures taken by the competent French authorities to
transpose the acts adopted by the European Union —
(c) medals and tokens;
including those of the European Central Bank — in the fields
mentioned in Article 3(1) shall apply automatically and under
( 1 ) OJ L 325, 9.12.2010, p. 4.
the same conditions in Saint-Barthélemy.

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L 189/4
EN
Official Journal of the European Union
20.7.2011
Article 5
Article 9
Those European Union acts adopted in the fields mentioned in
The Court of Justice of the European Union shall have exclusive
Article 3(1) — including those of the European Central Bank —
competence for settling any dispute between the parties that
that are directly applicable in the Member States shall apply
may arise from the application of this Agreement and that
automatically and under the same conditions in Saint-
has not been settled within the joint committee.
Barthélemy.
Article 6
Article 10
Credit institutions and, as applicable, other financial institutions
The European Union or the French Republic may terminate this
authorised to carry out operations in Saint-Barthélemy shall
Agreement subject to one year’s notice.
have access to interbank settlement and payment systems and
to securities settlement systems in the euro area under the same
conditions as those applied to institutions located in metro
Article 11
politan France.
This Agreement shall enter into force on 1 January 2012 after
the parties have notified each other of the completion of their
Article 7
own ratification procedures.
Every two years the French Republic shall present a report to
the Commission and the European Central Bank on the appli
Article 12
cation in Saint-Barthélemy of the European Union legal acts and
rules covered by this Agreement. The report includes, in
This Agreement is drawn up in duplicate in English and French,
particular, a list of the directly applicable European Union
both texts being equally authentic.
acts, including those of the European Central Bank, that apply
automatically to Saint-Barthélemy by virtue of Article 5. The
first report will be communicated by the end of 2012.
Done at Brussels on the twelfth day of July in the year two
thousand and eleven.
Article 8
1. A
joint
committee
shall
be
convened
when
needed.
It
shall
be chaired by the Commission and composed of representatives
For the European Union, For
the
French
Republic,
of the European Union and of the French Republic.
2. The
European
Union
delegation
shall
be
headed
by
the
Commission and include representatives of the European
Central Bank.
3. The
joint
committee
shall
meet
at
the
request
of
one
of
the members of the delegation of the European Union or of the
French Republic in order to examine any problems that might
arise from the application of this Agreement.

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