Legal provisions of SEC(2011)249 - Arrangements for the negotiation of a Monetary Agreement with France, acting for the benefit of the French overseas collectivity of Saint-Barthélemy - Main contents
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| dossier | SEC(2011)249 - Arrangements for the negotiation of a Monetary Agreement with France, acting for the benefit of the French overseas ... |
|---|---|
| document | SEC(2011)249  |
| date | March 2, 2011 |
Article 1
The European Union shall seek the following elements in the negotiation of a Monetary Agreement with the French Republic, acting for the benefit of the French overseas collectivity of Saint-Barthélemy:
(a) The French Republic shall be authorised to retain the euro as the sole currency on Saint-Barthélemy and to grant legal tender status to euro banknotes and coins on the territory of the latter.
(b) The EU legal acts in the following fields shall remain applicable on the territory of the island of Saint-Barthélemy: monetary, banking and financial legislation (including supervision of the institutions concerned), rules laying down the measures necessary for the use of the euro, prevention of money laundering and of fraud and counterfeiting of cash and non-cash means of payment, rules on medals and tokens and on statistical reporting requirements.
(c) This continuous applicability of the relevant EU legal acts shall be ensured either:
- via the French transposition measures (for the EU directives) and via direct enforcement (for the EU legal acts producing direct effects);
- or via a change in the relevant French law, with a view to ensuring the full and immediate applicability of EU law to Saint-Barthélemy in the fields mentioned in paragraph (b).
Article 2
The Commission shall conduct the negotiation with the French Republic, acting for the benefit of the French overseas collectivity of Saint-Barthélemy. The ECB shall be fully associated with the negotiations and agree on issues falling within in its field of competence.
Article 3
The Council, on a proposal by the Commission, shall adopt the decision authorising the signing and concluding of the agreement.
This Decision is addressed to the Commission and the ECB.