CHAPTER 8: Amendment OF THE STATUTE AND COMPLEMENTARY RULES

Article 40 Simplified amendment procedures

1. In accordance with Article 3-187(3) of the Constitution, Articles 5(1), (2) and (3), 17, 18, 19(1), 22, 23, 24, 26, 32(2), (3), (4) and (6), 33(1)(a) and 36 of this Statute may be amended by European laws: (a) on a proposal from the Commission and after consulting the European Central Bank, or (b) on a recommendation from the European Central Bank and after consulting the Commission.
2. Article 10(2) may be amended by a European decision of the European Council, acting unanimously, either on a recommendation from the European Central Bank and after consulting the European Parliament and the Commission, or on a recommendation from the Commission and after consulting the European Parliament and the European Central Bank. These amendments shall not enter into force until they are approved by the Member States in accordance with their respective constitutional requirements.
3. A recommendation made by the European Central Bank under this Article shall require a unanimous decision by the Governing Council. Article 41 Complementary rules In accordance with Article 3-187(4) of the Constitution, the Council shall adopt European regulations and decisions establishing the measures referred to in Articles 4, 5(4), 19(2), 20, 28(1), 29 (2), 30(4) and 34(3) of this Statute. It shall act after consulting the European Parliament either: (a) on a proposal from the Commission and after consulting the European Central Bank or (b) on a recommendation from the European Central Bank and after consulting the Commission.

CHAPTER 9: TRANSITIONAL AND OTHER PROVISIONS FOR THE EUROPEAN SYSTEM OF CENTRAL BANKS

Article 42 General provisions

1. A derogation as referred to in Article 3-197(1) of the Constitution shall entail that the following Articles of this Statute shall not confer any rights or impose any obligations on the Member State concerned: 3, 6, 9(2), 12(1), 14(3), 16, 18, 19, 20, 22, 23, 26(2), 27, 30, 31, 32, 33, 34 and 50.
2. The central banks of Member States with a derogation as specified in Article 3-197(1) of the Constitution shall retain their powers in the field of monetary policy according to national law.
3. In accordance with the second subparagraph of Article 3-197(2) of the Constitution, in Articles 3, 11(2) and 19 of this Statute ‘Member States’ shall mean Member States whose currency is the euro.
4. In Articles 9(2), 10(2) and (3), 12(1), 16, 17, 18, 22, 23, 27, 30, 31, 32, 33(2) and 50 of this Statute, ‘national central banks’ shall mean central banks of Member States whose currency is the euro.
5. In Articles 10(3) and 33(1), ‘shareholders’ shall mean national central banks of Member States whose currency is the euro.
6. In Articles 10(3) and 30(2), ‘subscribed capital’ shall mean capital of the European Central Bank subscribed by the national central banks of Member States whose currency is the euro. Article 43 Transitional tasks of the European Central Bank The European Central Bank shall take over the former functions of the European Monetary Institute referred to in Article 3-199(2) of the Constitution which, because of the derogations of one or more Member States, still have to be performed after the introduction of the euro. The European Central Bank shall give advice in the preparations for the abrogation of the derogations referred to in Article 3-198 of the Constitution.

Article 44

The General Council of the European Central Bank

1. Without prejudice to Article 3-187(1) of the Constitution, the General Council shall be constituted as a third decision‑making body of the European Central Bank.
2. The General Council shall comprise the President and Vice-President of the European Central Bank and the Governors of the national central banks. The other members of the Executive Board may participate, without having the right to vote, in meetings of the General Council.

The responsibilities of the General Council are listed in full in Article 46.

Article 45

Functioning of the General Council

1. The President or, in his absence, the Vice‑President of the European Central Bank shall chair the General Council of the European Central Bank.
2. The President of the Council and a Member of the Commission may participate, without having the right to vote, in meetings of the General Council.
3. The President shall prepare the meetings of the General Council.
4. By way of derogation from Article 12(3), the General Council shall adopt its Rules of Procedure.
5. The Secretariat of the General Council shall be provided by the European Central Bank. Article 46 Responsibilities of the General Council

The General Council shall: (a) perform the tasks referred to in Article 43; (b) contribute to the advisory functions referred to in Articles 4 and 25(1). 2. The General Council shall contribute to: (a) the collection of statistical information as referred to in Article 5; (b) the reporting activities of the European Central Bank as referred to in Article 15; (c) the establishment of the necessary rules for the application of Article 26 as referred to in Article 26(4); (d) the taking of all other measures necessary for the application of Article 29 as referred to in Article 29(4);954393_TRAITE_EN_251_300 12-01-2005 15:20 Pagina 252 252 Part IV (e) the laying down of the Conditions of employment of the staff of the European Central Bank as referred to in Article 36. 3. The General Council shall contribute to the necessary preparations for irrevocably fixing the exchange rates of the currencies of Member States with a derogation against the euro as referred to in Article 3-198(3) of the Constitution. 4. The General Council shall be informed by the President of the European Central Bank of decisions of the Governing Council. Article 47 Transitional provisions for the capital of the European Central Bank In accordance with Article 29, each national central bank shall be assigned a weighting in the key for subscription of the European Central Bank’s capital. By way of derogation from Article 28(3), central banks of Member States with a derogation shall not pay up their subscribed capital unless the General Council, acting by a majority representing at least two thirds of the subscribed capital of the European Central Bank and at least half of the shareholders, decides that a minimal percentage has to be paid up as a contribution to the operational costs of the European Central Bank. Article 48 Deferred payment of capital, reserves and provisions of the European Central Bank

1. The central bank of a Member State whose derogation has been abrogated shall pay up its subscribed share of the capital of the European Central Bank to the same extent as the central banks of other Member States whose currency is the euro, and shall transfer to the European Central Bank foreign reserve assets in accordance with Article 30(1). The sum to be transferred shall be determined by multiplying the euro value at current exchange rates of the foreign reserve assets which have already been transferred to the European Central Bank in accordance with Article 30(1), by the ratio between the number of shares subscribed by the national central bank concerned and the number of shares already paid up by the other national central banks.
2. In addition to the payment to be made in accordance with paragraph 1, the national central bank concerned shall contribute to the reserves of the European Central Bank, to those provisions equivalent to reserves, and to the amount still to be appropriated to the reserves and provisions corresponding to the balance of the profit and loss account as at 31 December of the year prior to the abrogation of the derogation. The sum to be contributed shall be determined by multiplying the amount of the reserves, as defined above and as stated in the approved balance sheet of the European Central Bank, by the ratio between the number of shares subscribed by the central bank concerned and the number of shares already paid up by the other central banks.
3. Upon one or more countries becoming Member States and their respective national central banks becoming part of the European System of Central Banks, the subscribed capital of the European Central Bank and the limit on the amount of foreign reserve assets that may be transferred to the European Central Bank shall be automatically increased. The increase shall be determined by multiplying the respective amounts then prevailing by the ratio, within the expanded capital key between the weighting of the entering national central banks concerned and the weighting of the national central banks already members of the European System of Central Banks. Each national central bank’s weighting in the capital key shall be calculated by analogy with Article 29(1) and in compliance with Article 29(2). The reference periods to be used for the statistical data shall be identical to those applied for the latest quinquennial adjustment of the weightings under Article 29 (3). Article 49 Derogation from Article 32
4. If, after the start of the third stage, the Governing Council decides that the application of Article 32 results in significant changes in national central banks’ relative income positions, the amount of income to be allocated pursuant to Article 32 shall be reduced by a uniform percentage which shall not exceed 60 % in the first financial year after the start of the third stage and which shall decrease by at least 12 percentage points in each subsequent financial year.
5. Paragraph 1 shall be applicable for not more than five financial years after the start of the third stage. Article 50 Exchange of banknotes in Member States’ currencies Following the irrevocable fixing of exchange rates in accordance with Article 3-198(3) of the Constitution, the Governing Council shall take the necessary measures to ensure that banknotes denominated in the currencies of Member States with irrevocably fixed exchange rates are exchanged by the national central banks at their respective par values. Article 51 Applicability of the transitional provisions If and as long as there are Member States with a derogation Articles 42 to 47 shall be applicable.