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Opinion of the Commission on the draft Council Decision adopting the Statutes of the Economic and Financial Committee. Communication from the Commission to the Council. COM (98) 783 final, 18 December 1998

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  • Economics

Abstract

untitled COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 18.12.1998 COM(1998) 783 final COMMUNICATION FROM THE COMMISSION TO THE COUNCIL Opinion of the Commission on the draft Council Decision adopting the Statutes of the Economic and Financial Committee Barbara Rectangle Barbara Sticky Note Completed set by Barbara User Rectangle C· Communication from the Commission to the Council Opinion of the Commission on the draft Council Decision adopting the Statutes of the Economic and Financial Committee In accordance with Article 153 of the Treaty, the Council shall, after receiving an opinion of the Commission, determine the rules governing the Economic and Financial Committee. Overall, t~e Commission considers that the draft Statutes provide an appropriate set of rules for the functioning of the Economic and Financial Committee in stage 3 of EMU. They reflect the different tasks and responsibilities of the EFC compared with the existing tasks of the Monetary Committee. In addition, the draft Statutes seek to address many of the concerns raised in the Report of the European Parliament1 on the Commission pr9posal for a Council Decision on the detailed provisions concerning the composition of the EFC. Article 4 of the Statutes provides that members from the Commission, ECB and the national central banks shall not participate in votes on questions on which the Council may subsequently take a decision. This formulation underlines the collegiate nature of the Committee with votes being the exception rather than the rule. It also provides for a parity of status between the members of the Committee while recognising that members from national administrations have particular responsibilities on matters where the Council takes decisions. The Commission considers that several amendments should be made to the draft Statutes as follows: • in Article 2, the term "moreover" should be replaced with the term "inter alia". This is because the term "mo

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