The European Monetary Union: A Commentary on the Legal Foundations

Part I - Treaty on European Union Article 3 (ex Article 2 TEU) [Aims of the Union] (Siekmann) Article 13 [Institutional framework] (Siekmann) Part II - Treaty on the Functioning of the European Union Article 119 [Economic and monetary policy] (Siekmann) Article 120 (ex Article 98 TEC) [Conduct of economic policies] (Ohler) Article 121 (ex Article 99 TEC) [Coordination of economic policy] (Ohler) Article 122 (ex Article 100 TEC) [Emergency measures] (Kammerer) Article 123 (ex Article 101 TEC) [Prohibition of credit facilities] (Kammerer) Article 124 (ex Article 102 TEC) [Prohibition of privileged access to financial institutions] (Kammerer) Article 125 (ex Article 103 TEC) [Prohibition to assume liabilities] (Ohler) Article 126 (ex Article 104 TEC) [Avoidance of excessive deficits; budgetary discipline] (Goldmann) Preliminary notes to Articles 127-133: monetary policy (Waldhoff) Article 127 (ex Article 105 TEC) [Objectives, tasks and competences of the ESCB] (Friebel/Waldhoff) Article 128 (ex Article 106 TEC) [Euro banknotes and euro coins] (Freimuth) Article 129 (ex Article 107 TEC) [Structure of the ESCB; Statute] (Becker) Article 130 [ex Article 108 TEC] [Freedom from instructions and independence] (Siekmann/Gesley) Article 131 (ex Article 109 TEC) [Harmonisation obligation of Member States] (Friebel) Article 132 (ex Article 110 TEC) [Regulatory instruments of the ECB] (Ohler/Wenzel) Article 133 [Legal acts concerning the euro] (Becker) Article 134 (ex Article 114 TEC) [Economic and Financial Committee] (Becker) Article 135 (ex Article 115 TEC) [Recommendations and proposals of the Commission] (Becker) Article 136 [Enhanced cooperation; stability mechanism] (Ohler) Article 137 [Euro Group] (Broemel/Meier) Article 138 (ex Article 111(4) TEC) [External representation of EMU] (Kadelbach) Article 139 [Member States with a derogation] (Broemel) Article 140 (ex Articles 121(1), 122(2), second sentence, and 123(5) TEC) [Convergence Report and Exemption Clauses] (Friebel/Herrmann) Article 141 (ex Articles 123(3) and 117(2) first five indents, TEC) [General Council of the ECB] (Sprung) Article 142 (ex Article 124(1) TEC) [Exchange rate policy] (Broemel) Article 143 (ex Article 119 TEC) [Balance of payment difficulties] (Broemel) Article 144 (ex Article 120 TEC) [Sudden balance of payment crisis] (Broemel) Article 219 (ex Article 111(1) to (3) and (5) TEC) [Monetary and exchange rate agreements] (Kadelbach) Article 282 [Status, governance, tasks and powers] (Becker) Article 283 (ex Article 112 TEC) [Composition of the decision-making bodies of the ECB] (Steven) Article 284 (ex Article 113 TEC) [Participation rights; annual reports] (Becker) Article 340 (ex Article 288 TEC) [Public liability of the Union] (Becker) Article 343 (ex Article 291 TEC) [Privileges and immunities of the Union] (Becker) Part III - Statute of the ESCB/ECB Protocol (No 4) On the Statute of the European System of Central Banks and of the European Central Bank Chapter I: The European System of Central Banks Article 1 The European System of Central Banks (Waldhoff) Chapter II: Objectives and tasks of the ESCB Article 2 Objectives (Waldhoff) Article 3 Tasks (Waldhoff) Article 4 Advisory functions (Waldhoff Article 5 Collection of statistical information (Muscheler/Rheinberger) Article 6 International cooperation (Broemel) Chapter III: Organisation of the ESCB Article 7 Independence (Siekmann) Article 8 General principle (Becker) Article 9 The European Central Bank (Becker) Article 10 The Governing Council (Steven) Article 11 The Executive Board (Steven) Article 12 Responsibilities of the decision-making bodies (Steven/Schweiss) Article 13 The President (Steven) Article 14 National central banks (Steven) Article 15 Reporting commitments (Siekmann) Article 16 Banknotes (Freimuth) Chapter IV: Monetary Functions and Operations of the ESCB Preliminary notes to Articles 17-24 Statute (Heidfeld) Article 17 Accounts with the ECB and the national central banks (Heidfeld) Article 18 Open market and credit operations (Heidfeld) Article 19 Minimum reserves (Heidfeld) Article 20 Other instruments of monetary control (Heidfeld) Article 21 Operations with public entities (Freimuth) Article 22 Clearing and payment systems (Alfes) Article 23 External operations (Kleine) Article 24 Other operations (Kleine) Chapter V: Prudential supervision Article 25 Prudential supervision (Friebel) Chapter VI: Financial provisions of the ESCB Article 26 Financial accounts (Freimuth) Article 27 Auditing (Freimuth) Preliminary notes to Articles 28-33 (Langner) Article 28 Capital of the ECB (Langner) Article 29 Key for capital subscription (Langner) Article 30 Transfer of foreign reserve assets to the ECB (Kleine/Langner) Article 31 Foreign reserve assets held by national central banks (Kleine) Article 32 Allocation of monetary income of national central banks (Langner) Article 33 Allocation of net profi ts and losses of the ECB (Langner) Chapter VII: General Provisions Article 34 Legal acts (Ohler/Wenzel) Article 35 Judicial control and related matters (Broemel) Article 36 Staff (Siekmann) Article 37 (ex Article 38) Professional secrecy (Siekmann) Article 38 (ex Article 39) Signatories (Becker) Article 39 (ex Article 40) Privileges and immunities (Becker) Chapter VIII: Amendment of the Statute and Complementary Legislation Article 40 (ex Article 41) Simplifi ed amendment procedure (Becker) Article 41 (ex Article 42) Complementary legislation (Becker) Chapter IX: Transitional and Other Provisions for the ESCB Article 42 (ex Article 43) General provisions (Broemel) Article 43 (ex Article 44) Transitional tasks of the ECB (Sprung) Article 44 (ex Article 45) The General Council of the ECB (Sprung) Article 45 (ex Article 46) Rules of Procedure of the General Council (Sprung) Article 46 (ex Article 47) Responsibilities of the General Council (Sprung) Article 47 (ex Article 48) Transitional provisions for the capital of the ECB (Langner) Article 48 (ex Article 49) Deferred payment of capital, reserves and provisions of the ECB (Langner) Article 49 (ex Article 52) Exchange of banknotes in the currencies of the Member States (Freimuth) Article 50 (ex Article 53) Applicability of the transitional provisions (Sprung) Part IV - Other Protocols Protocol (No 12) On the excessive defi cit procedure (Goldmann) Protocol (No 13) On the convergence criteria (Friebel) Protocol (No 14) On the euro group (Broemel) Protocol (No 15) On certain provisions relating to the United Kingdom of Great Britain and Northern Ireland (Siekmann) Protocol (No 16) On certain provisions relating to Denmark (Siekmann) Protocol (No 17) On Denmark (Siekmann) Protocol (No 18) On France (Siekmann)