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29.3.2011 Official
Journal
of
the
European
Union
L
81/3
COUNCIL DECISION
of 25 February 2011
on the arrangements for the renegotiation of the Monetary Agreement between the Government of
the French Republic, on behalf of the European Community, and the Government of His Serene
Highness the Prince of Monaco
(2011/190/EU)
THE COUNCIL OF THE EUROPEAN UNION,
adjusting the format of the Agreement in order to be
brought closer to the new common model for
Having regard to the Treaty on the Functioning of the European
monetary agreements. The Agreement should remain in
Union, and in particular Article 219(3) thereof,
force until a renegotiated agreement is concluded
between the parties,
Having regard to the recommendation from the European
Commission,
HAS ADOPTED THIS DECISION:
Having regard to the opinion of the European Central Bank,
Article 1
France shall notify Monaco of the need to amend the
Whereas:
Agreement at the earliest possible date and offer renegotiation
on the relevant provisions of the Agreement.
(1) The
Union
has
the
competence
for
monetary
and
exchange rate matters as of the date of the introduction
of the euro.
Article 2

The Union shall seek the following changes in the renegotiation
(2)
The Council is to determine the arrangements for the
of the Agreement:
negotiation and conclusion of agreements concerning
monetary or foreign exchange regime matter.
(a) The renegotiated Agreement shall be concluded between the
Union, represented by the Government of the French
(3) On
26
December
2001
the
Monetary
Agreement
Republic and the Commission, and the Government of
between the Government of the French Republic, on
His Serene Highness the Prince of Monaco.
behalf of the European Community, and the Government
of His Serene Highness the Prince of Monaco
( 1 )
(hereinafter ‘the Agreement’) was concluded.
(b) The method for determining the ceiling of issuance of

Monegasque euro coins shall be revised. The new ceiling
shall be calculated using a method which will combine a
(4) France
has
long
standing
monetary
links
with
the
Prin
fixed part aimed at avoiding excessive numismatic specu
cipality of Monaco (hereinafter ‘Monaco’), which are
lation on Monegasque coins by satisfying the demand of the
reflected in various legal instruments. The financial insti
collector coin market and a variable part, calculated as the
tutions located in Monaco have the right to access the
average per capita coin issuance of France in the year n-1
refinancing facilities of the Banque de France and they
multiplied by the number of inhabitants of Monaco.
participate in some French payment systems under the
Without prejudice to the issuance of collector coins, the
same conditions as French banks.
renegotiated Agreement shall set the minimum proportion
of Monegasque euro coins to be put into circulation at face
(5) In
its
conclusion
of
10
February
2009
the
Council
value at 80 % of the euro coins issued every year.
invited the Commission to review the functioning of
the existing Monetary Agreements and to consider
(c) The Court of Justice of the European Union (‘Court of
possible increases in the ceilings for coin issuance.
Justice’) shall be elected as the body in charge of settling
disputes which may arise from the application of the
(6) The
Commission
concluded
in
the
Communication
on
Agreement. If the Union or Monaco consider that the
the functioning of the Monetary Agreements with
other Party has not fulfilled an obligation under the
Monaco, San Marino and Vatican that the Agreement
renegotiated Agreement, it may bring the matter before
in its present form needs to be amended with a view
the Court of Justice. The judgment of the Court of Justice
to ensuring a more consistent approach in the relations
shall be binding on the Parties, which will take the necessary
between the Union and the countries having signed a
measures to comply with the judgment within a period to
monetary agreement.
be decided by the Court of Justice in its judgment. In case
the Union or Monaco fail to take the necessary measures to
comply with the judgment within the period, the other
(7) The
Agreement
should
therefore
be
renegotiated
with
a
view to adjusting the ceiling for the issuance of coins,
Party can terminate immediately the renegotiated
electing a jurisdiction for possible dispute settlement, and
Agreement.
( 1 ) OJ L 142, 31.5.2002, p. 59.
(d) The format of the renegotiated Agreement shall be adjusted.

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L 81/4
EN
Official Journal of the European Union
29.3.2011
Article 3
Article 5
The negotiations with Monaco shall be conducted by France
This Decision shall take effect on the day of its notification.
and the Commission on behalf of the Union. The European
Central Bank (ECB) shall be fully associated with the
Article 6
negotiations and its agreement shall be required on issues
falling within its field of competence. France and the
This Decision is addressed to the French Republic, the
Commission shall submit the draft renegotiated Agreement to
Commission and the European Central Bank.
the Economic and Financial Committee (EFC) for opinion.
Done at Brussels, 25 February 2011.
Article 4
France and the Commission shall be entitled to conclude the
For the Council
renegotiated Agreement on behalf of the Union, unless the EFC
or the ECB is of the opinion that the renegotiated Agreement
The President
should be submitted to the Council.
PINTR S.

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