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Proposal for a Council Decision on the detailed provisions concerning the composition of the Economic and Financial Committee. COM (98) 110 final, 25 February 1998

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untitled ~---;;-- COMMISSION OF THE EUROPEAN COMMUNITIES I . ::/';( *; tc tc *t:r* L______ ----- Brussels, 25.02.1998 COM(1998) 110 final Proposal for a COUNCIL DECISION on the detailed provisions concerning the composition of the Economic and Financial Committee (presented by the Commission) Barbara Rectangle Barbara Sticky Note Completed set by Barbara User Rectangle EXPLANATORY MEMORANDUM Stage three of Economic and Monetary Union will begin on 1 January 1999. The Treaty requires that the existing Monetary Committee be dissolved at the start of stage 3 and that an Economic · and Financial Committee (EFC) be set up. In accordance with the requirements of the Treaty, the Commission is presenting a proposal for a Council Decision on the detailed provisions concerning the composition of the Economic and Financial Committee. I. General considerations Two specific measures are required for the establishment of the Economic and Financial Committee as follows: • in accordance with Article 109c(3), detailed provisions concerning the composition of the EFC shall be adopted by the Council, acting by qualified majority on a proposal from the Commission and after consulting the ECB and the Monetary Committee; the President of the Council shall inform the European Parliament of such a decision. • the rules governing the EFC shall be adopted by the Council after receiving an opinion from the Commission in accordance with Article 153 of the Treaty. Hence, the right of initiative lies with the Council, with the Commission having a consultative role. This Communication only deals with the first such measure and contains a proposal for a Council Decision on the detailed provisions concerning the composition of the EFC. The adoption of such a Decision is obligatory before the start of stage 3. In preparing the proposal for a Council Decision, the Commission has drawn upon Article 109c(2) of the Treaty which states that "The Member States, the Com

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