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It is also mentioned in the Treaty on the European Community
Article 121

2. On the basis of these reports, the Council, acting by a qualified majority on a recommendation
from the Commission, shall assess:
-- for each Member State, whether it fulfils the necessary conditions for the adoption of a single
currency;
-- whether a majority of the Member States fulfils the necessary conditions for the adoption of a
single currency,
and recommend its findings to the Council, meeting in the composition of the Heads of State or
Government. The European Parliament shall be consulted and forward its opinion to the Council, meeting
in the composition of the Heads of State or Government.

Also when appointing the board of the ECB (Article 112), the European Monetary Institute (Article 117), transitional steps of the Economic and Monetary Union (Articles 121-122) and the nomination of the President of the Commission (Article 214).


When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
by Carrie (migeru at eurotrib dot com) on Sun Jun 15th, 2008 at 07:03:25 PM EST
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