The Making Of The Statute Of The European System Of Central Banks ~ Annex 2: General Overview Of Sources Relevant For The Genesis Of The Articles

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The sources used for this study can be divided over three periods: the period of the Delors Committee, the drafting of the ESCB Statute and the IGC.

Delors Committee period
The main document is the Delors Report, including a collection of papers submitted to the Committee, partly at the initiative of the members of the committee, partly at the request of the chairman (annexed to the Report). Also important are the draft versions of the Delors Report (made available for research purposes due to the courtesy of dr Szász). In addition, internal reports[i] have shed light on the discussions in the Committee. The Delors Committee met eight times [ii] and produced 5 (sometimes only partial) draft versions of its report. Other important documents are: the Genscher memorandum, the Stoltenberg memorandum, the press conference of the Bundesbankpresident on May 1988, the conclusions of the European Council summits of June 1988 and June and December 1989. These documents have been published either in HWWA (1993)[iii] or in the Presseauszüge of the Bundesbank.

Other reference documents are: the Werner Report and a number of autobiographies Lawson (1992), Thatcher (1993), Kohl (1996) and the voluminous study by Dyson and Featherstone (1999).

Period of drafting the ESCB Statute
The Committee of Governors met four times at the level of governors [iv] and more than ten times on the level of the Alternates[v] and they discussed numerous internal draft versions of the ESCB Statute. The basic document is the draft Statute of 27 November 1990 (published in HWWA (1993)), which was sent to the IGC. The draft contained a limited number of bracketed elements, indicating where the governors had not been able to agree among themselves. On 26 April 1991 a new version was sent to the IGC, now including the chapter on financial provisions (chapter VI), a chapter on general provisions (chapter VII) and proposals for a simplified amendment procedure and complementary Community legislation (chapter VIII) (CONF-EMU 1613/91, 29 April 1991). On 28 October a draft version of chapter IX (Transitional Provisions)[vi] was transmitted to the IGC, together with a draft version of the EMI Statute. All draft versions of the draft ESCB Statute are available through the courtesy of dr Szász. There are no official records of the meetings of the Alternates. The author based himself on internal reports by the participants of the Nederlandsche Bank. The discussion among the governors has been recorded in minutes. Many of the arguments used in the discussions between the central bankers were also reflected in official speeches, a number of which are published at the end of this book (speeches by Bundesbankpresident Pöhl and the French governor de Larosière) – see Annex 3.

Period of IGC
The IGC met 14 times at the ministerial level[vii], 23 times at the deputies level [viii]and 6 times at the level of the EMU Working Group[ix]. This Working Group, chaired by Dutch civil servant Bernard ter Haar, redrafted the Treaty texts on the basis of the outcome of the discussions at the Deputies level and sometimes solved problems for them. The author attended most of the IGC meetings at the Deputies level, chaired by Yves Mersch and Cees Maas in the first and second half of 1991 respectively, and most meetings of the EMU working group. There were also six informal Ecofin meetings (joint meetings of ministers of finance and governors).[x] The delegations and presidency of the IGC produced 120 UEM-documents over the course of one year. All these documents were numbered, with numbers starting with UEM/../year, for instance UEM/34/91. Many of these documents were made public by Agence Europe.[xi]

Important IGC documents are: the draft Treaty text of the Commission, France and Germany (published in HWWA (1993)[xii]. Other important conference documents are the Luxembourg presidency’s non-paper of 10 May and its reference document of 18 June (CONF-UP-UEM 2008/91) and the Dutch presidency’s draft Treaty text (UEM/82/91) of 28 October (all printed in HWWA (1993). The Dutch presidency presented new consolidated versions on 22 November (UEM/112/91), on 28 November (UEM/118/91) and 5 December (CONF-UEM 1620/91). The draft Treaty version of 5 December is available in the Metten-archives.[xiii] Many other conference documents have been published by Agence Europe. There are no official minutes of IGC meetings. Most of the drafting took place at the level of the deputies (or the EMU working group). The exchange of views between the delegations was witnessed by the author as a member of the Dutch delegation and made it possible to understand the evolution of the wording of the draft articles.

Other useful documents of the same period:
– Commission documents: ‘Economic and Monetary Union’, 21 August 1990 (published in HWWA (1993)); ‘Central bank legislation in 16 countries’,
– Commission document II/77/90, January 1990, circulated to the Monetary Committee (available in the Metten-archives), circulated to the Monetary Committee as II/77/90-EN.
– Monetary Committee document: ‘Economic and Monetary Union beyond Stage 1: Orientations for the Preparation of the Intergovernmental Conference’ (version of 26 March 1990, published by Europe (Europe Documents, no. 1609, 3 April 1990) and final version of 23 July 1990 published in HWWA (1993).
Germany: Stellungnahme der Deutschen Bundesbank zur Errichtung einer Wirtschafts- und Währungsunion in Europa, 19 September 1990 (published in HWWA (1993)).

All these documents and the records of the meetings have been studied to trace the genesis of those articles considered most important for the constitution of the ESCB.

Notes
[i] There are no official minutes of the meetings of the Delors Committee. The internal reports are based on debriefings to staff.
[ii] On 13 September, 10 October, 8 November, 13 December 1988 and on 10 January, 14 February, 14 March and 11 and 12 April 1989.
[iii] HWWA (1993) stands for a study by Krägenau and Wetter, who brought together a large volume of documents relating to European monetary integration, which was published in 1993 by the HWWA-Institut für Wirtschaftsforschung – Hamburg.
[iv] On 10 July, 11 September, 13 November 1990 and 9 April 1991. In the second half of 1991 the governors met to discuss the draft EMI Statute and the chapter on transitional provisions.
[v] Alternates: 29 May, 18 June, 29 June, 9 July, 20 July, 3 September, 9 September, 15-16 October 1990 and 10 February, 10 March and 7 April 1991. Apart from this, several specialized committees or ad hoc working groups met over the period summer 1990 – spring 1991 to discuss legal, monetary and supervisory aspects. (Not mentioned are the meetings of the Alternates spent on drafting the EMI Statute and the chapter on transitional provisions, which took place in the second half of 1991.)
[vi] Later renamed into ‘Transitional and other provisions’.
[vii] Ministers: 15 December 1990 and 28 January, 25 February, 18 March, 8 April, 10 June, 9 September, 7 October, 11-12 November, 20-21 November, 25 November, 1 December, 2-3 December 1991, 9 December 1991.
[viii] Deputies: 15 January, 29 January, 19 February, 26 February, 12 March, 19 March, 2 April, 9 April, 23 April, 10 May, 21 May, 4 June, 2 July, 9 July, 3 September, 10 September, 1 October, 8 October, 22 October, 5 November, 13 November, 26 November, 30 November 1991.
[ix] Working Group: 17 October, 30-31 October, 6 November, 14 November, 18-21 November, 26-28 November 1991.
[x] 20 May 1989 (s’Agaro), 9 September 1989 (Antibes), 31 March 1990 (Ashford Castle), 8 September 1990 (Rome), 11 May 1991 (Luxembourg), 20-21 September 1991 (Apeldoorn).
[xi] International treaties are prepared in a peculiar way. There are no parliamentary discussions, there are no official records, there is no official Commentary. However, during the IGC the French press agency (Europe) published many interim conference documents.
[xii] Most documents in HWWA (1993) are published in German translation.
[xiii] These archives are available for research purposes through the Institute of Social Sciences and History in Amsterdam. The archives contain documentation used by Alman Metten (the Member of the European Parliament) and Bart van Riel (assistant to the Dutch socialist party members of the European Parliament) in writing ‘The Choices of Maastricht’ (Van Riel and Metten, 2000), only available in Dutch.

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