Revised procedures for consultations about the statistics underlying the Excessive Deficit Procedure (1st February 2007)
Council Decision of 13 November 2006 (2006/856/EC) establishing a Committee on monetary, financial and
balance of payments statistics (CMFB hereafter) can be considered as the CMFB’s Statute. (links to English, French, German versions)
This recent Council Decision repeals the first Council Decision adopted in 1991 (91/115/EEC) which had been substantially amended over time. It represents the codified version of this Decision as it preserves the content of the acts being codified. Important amendments to this initial Decision were for example introduced due to the extension of the advisory tasks of the CMFB and the admission of a representative
of the European Monetary Institute, the predecessor of the ECB, as a member of the
committee.
Council Regulation (EC) N. 2103/2005 amending Regulation (EC) N.3605/93 makes statutory provision for CMFB's role in relation to Excessive Deficit Procedure (EPD) matters for cases which are either complex or of general interest in the view of the Commission (Eurostat) or the Member State concerned. The Commission (Eurostat) shall take a decision after consultation of the CMFB.
The current version of the rules
of procedure dates from June 2004.
