Considerations on 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

Please note

This page contains a limited version of this dossier in the EU Monitor.

 
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 EN
date March  2, 2011
 
1. The Union has the competence for monetary and exchange rate matters as of the date of the introduction of the euro.

2. The Council is to determine the arrangements for the negotiation and conclusion of agreements concerning monetary or foreign exchange regime matter.

3. The European Council Decision of 29 October 20103 amending the status with regard to the European Union of the island of Saint-Barthélemy foresees that the island of Saint-Barthélemy shall cease to be an outermost region of the Union with effect from 1 January 2012 and shall have the status of overseas country or territory referred to in Part Four of the Treaty on the Functioning of the European Union (TFUE).

4. The French Republic has undertaken to conclude the agreements necessary to ensure that the interests of the Union are preserved when this change takes place.

5. France has informed the EU institutions of its intention to retain the euro as the sole currency on Saint-Barthélemy.

6. A monetary agreement should therefore be negotiated between the European Union and the French Republic, acting for the benefit of the French overseas collectivity of Saint-Barthélemy, with a view to ensuring the continuous application to Saint-Barthélemy of the relevant EU legislations.