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On 19 October 2007, the EU Heads of State or Government reached agreement a new EU Treaty, which is to be signed by them on 13 December 2007 in Lisbon. The Treaty then needs to be ratified by all 27 Member States. The intention is that it enters into force on 1 January 2009, and in any case before the elections to the European Parliament of June 2009.
The new Treaty amends the Treaty establishing the European Community (TEC) and the Treaty on European Union. These two Treaties will continue to be the basis on which the EU functions. The Treaty simplifies the structure of the European Union, which currently consists of a Community pillar and two separate foreign policy and home affairs pillars. In the new Treaty, the pillars cease to exist and the Community is succeeded and replaced by the Union, which will have legal personality. The TEC will be renamed the Treaty on the Functioning of the Union (TFU).
On 5 July 2007, the ECB issued its Opinion on the opening of the Intergovernmental Conference (IGC) that drew up the new Treaty. On 2 August 2007, the President of the ECB wrote a letter to the Presidency of the IGC with some drafting suggestions on the first draft of the Treaty regarding the ECB and the European System of Central Banks (ESCB).
Changes to the Treaties of particular relevance to EMU
The new Treaty leaves economic and monetary union (EMU) fundamentally unchanged, although it introduces various developments of relevance to EMU and the ECB.
Currently, price stability is the primary objective of the ECB and the ESCB. With the new Treaty, price stability also becomes an objective of the EU, as does an Economic and Monetary Union, whose currency is the euro. Also, the term Eurosystem is introduced into the Treaties. This refers to the ECB and the national central banks of the Member States that have adopted the euro, whilst the term European System of Central Banks, or ESCB, which refers to the ECB and the national central banks of all EU Member States.
The ECB, which is currently a Community body, is given the status of a Union Institution. In this context, the ECB deemed it indispensable that the special institutional features of the ECB and of the Eurosystem/ESCB were preserved. These special features, which include all aspects of independence, the primary objective of price stability, the ECBs regulatory powers and its legal personality - are key to the successful performance of the Eurosystems tasks. The new Treaty fully retains all these special features. Any future amendment of these features can only be made after consultation of the ECB and the unanimous agreement of, and ratification by, every Member State. Apart from technical redrafting, no changes are made in the areas of prudential supervision or exchange rate policy.
The new Treaty redrafts the language used regarding the external representation of the euro area in the context of the international financial architecture. The new text clarifies the current situation but does not change the allocation of responsibilities as regards economic policy and monetary policy. Whereas previously the Council decided on a position and its representation, the new Treaty provides for the Council (as before, with the due involvement of the Commission and the ECB) to adopt a decision establishing common positions and on appropriate measures to ensure unified representation.
Under the new Treaty, the appointment of members of the ECBs Executive Board is by a qualified majority of the European Council, compared to the current requirement of unanimity.
The new Treaty introduces several innovations in the area of economic governance. These include recognition of the Euro Group, which retains its current - informal - status. Its President will serve a 2.5 year term. Moreover, the role of the euro area Member States is strengthened. Although the whole Council will still decide, on the basis of a Commission proposal, whether a Member State can adopt the euro, the euro area Member States will provide a recommendation prior to such decision. Similarly, decisions on non-compliance by euro area countries with the excessive deficit procedure and the broad economic policy guidelines will be taken only by euro area countries, and without the Member State concerned. Finally, a new provision allows for the euro area Member States, by a qualified majority, to adopt new measures to strengthen the coordination and surveillance of their budgetary discipline and to set out specific economic policy guidelines for the euro area Member States.
Other changes to the Treaties
The new Treaty makes several changes to the EUs general institutional framework. The first is the establishment of a permanent President for the European Council, who will have a 2.5 year term, once-renewable. The President will represent the EU and chair meetings of the European Council, which brings together the Heads of State or Government and the President of the European Commission. The European Council itself becomes a Union Institution.
The EUs foreign policy apparatus is strengthened, as is the role of the Councils High Representative for foreign and security policy. The High Representative becomes simultaneously a Commission vice-president (meaning a five year term), and will chair the Foreign Affairs Council. The current rotating presidency system is maintained for chairing the Councils remaining formations. The position is supported by a new European external action service, which will combine the external relations machineries of the Commission and the Council, and will also draw on the foreign policy apparatus of the Member States.
The Commission becomes smaller: from 2014, the number of Commissioners will be reduced from 27 to two-thirds of the number of Member States (including the Commission President and the High Representative), chosen on the basis of an equal rotation system. The European Parliament is reduced to 751 MEPs and becomes involved in more legislative areas. Co-decision by the Council and the European Parliament becomes the ordinary legislative procedure.
As regards the Council, the definition of a qualified majority is amended, by introducing the so-called double majority system, which will be mandatory from 2017. This means that a measure will usually be approved by the Council if it is supported by 55% of Member States, representing at least 65% of the EU population. In addition, more areas of Council voting will be decided by qualified majority voting.
Other developments include a role for national parliaments in monitoring the application of the subsidiary principle, that the EUs Charter of Fundamental Rights becomes legally binding (although its application in certain Member States may not be entirely complete), the introduction of an exit clause allowing for a Member State to leave the EU in an orderly fashion and a reference to the European Councils Copenhagen Criteria for EU enlargement. Also, the enhanced co-operation procedure, which allows for the development of certain new policy areas by the EU when some, but not all, Member States want to act, is made easier to use.
In this way, the new Treaty broadly confirms the current framework of EMU. However, the Treaty nonetheless recognises some current realities and refines and develops EMU in several respects, including the further development of mechanisms for more distinct economic governance of the euro area, and by providing the opportunity for further developments in this area should euro area Member States wish to progress further in this respect in the future.
First published as a box in the ECBs Monthly Bulletin, December 2008, HYPERLINK "http://www.ecb.eu/pub/pdf/mobu/mb200712en.pdf" http://www.ecb.eu/pub/pdf/mobu/mb200712en.pdf
Opinion of the European Central Bank of 5 July 2007 at the request of the Council of the European Union on the opening of an Intergovernmental Conference to draw up a Treaty amending the existing Treaties (CON/2007/20), Official Journal C 160 , 13/07/2007 P. 0002 - 0004
The letter is available on both the IGC and the ECB websites.
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