[ARTICLE 58]

SINGLE MARKET:

LISB= ON TREATY PROVISIONS ENHANCE EUROP= EAN

ECONOMIC & MONETARY INTEGRATION AND ESTABLISH FRAMEWORK

FOR BRITISH ‘EURO’

[ARTICLE 97b]

AMENDMENT TO: Treaty of Lisbon amending the Treaty on European Union and t= he Treaty establishing the European Community (Lisbon, 13 December 2007)<= /span>

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Policy Area: Treaty on the Functioning of the European Union, Part Three Policies and Internal Actions of the Union, Title III – Free movement of persons, services and capital, Chapter 4 ̵= 1; Capital and payments, Article 97b

Amendment:<= /o:p>

Clause 2,&n= bsp; page 1, line 12, after ‘excluding’, insert—

‘(i) Article 2, paragraph 85, inserted Article 97b TEC (TFEU), relating to the single curre= ncy, and paragraph 86, amendments to Article 99 TEC (TFEU) relating to broad eco= nomic guidelines; and

(ii)’.

Amendment:<= /o:p>

Clause 2,&n= bsp; page 1, line 12, after ‘excluding’, insert—

‘(i) Article 2, paragraphs 88 to 110, amendments and new Articles TEC (TFEU) relating to economic and monetary policy; and<= o:p>

(ii)’.

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<= st1:City w:st=3D"on">Lisb= on Treaty: =

“ECONOMIC AND MONETARY POLICY<= /o:p>

85) An Article 97b shall be inserted as the first articl= e of Title VII, with the wording of Article 4; it shall be amended as follows:

(a) in paragraph 1, the words ‘and in accordance with the timetable set out therein’ shall be deleted;

(b) in paragraph 2, the words ‘Concurrently with t= he foregoing, and as provided in this Treaty and in accordance with the timeta= ble and the procedures set out therein, these activities shall include the irrevocable fixing of exchange rates leading to the introduction of a single currency, the ecu,’ shall be replaced by ‘Concurrently with the foregoing, and as provided in the Treaties and= in accordance with the procedures set out therein, these activities shall incl= ude a single currency, the euro,’.”<= /o:p>

Consolidated Treaty Article(s):

“Article 4

1. For the purposes set out in Article 2, the activities= of the Member States and the Community shall include, as pr= ovided in this Treaty and in accordance with the timetable set out therein, the adoption of an economic policy which is bas= ed on the close coordination of Member States' economic policies, on = the internal market and on the definition of common objectives, and conducted in accordance with the principle of an open ma= rket economy with free competition.

2. Concurrently with the foregoing, and as provided in t= his Treaty and in accordance with the timetable and the procedures set out ther= ein, these activities shall include the irrevocable fixing of exchange rates lea= ding to the introduction of a single currency, the ecu, and the definition and conduct of a single monetary policy and exchange-rate policy the primary objective of both of which shall be to maintain price stability and, without prejudice to this objective, to support the general economic policies in the Community, in accordance with the principle of an = open market economy with free competition.

3. These activities of the Member States and the Community shall entail compliance with the following guiding principles: stable prices, sound public finances and monetary conditions an= d a sustainable balance of payments.”

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Expl= anation:

A new Article 97b is introduced by Lisbon detailing the establishment of t= he framework which will introduce the possibility of the British ‘euro’. It is inserted as the first article of Title VII on Economic and Monetary Policy and amends the text of the former Article 4 of that Treaty to take account of the fact that the single currency, the euro,= has now been introduced. The Article is transferred from the general part of the Treaty on “Principles” to the part which deals specifically with Economic and Monetary Policy. The euro is therefore brought more firmly into the context of joint economic and monetary policy – to which all states including those who do not use = the euro – are committed.

The “activities” of the Member States and the Community”, the Article claims, “shall include a single currency, the euro, and the definition = and conduct of a single monetary policy”. This previous part of Article 4= did not apply to the Uni= ted Kingdom but presumably the new Article 9= 7b will. Whereas the old Treaty specifically said that Article 4 (2) did not apply to Britain, Lisbon contains no such derogation from this re-numbered and amended article in the “Protocol on Certain Provisions Relating to the United Kingdom”, the op= t-out from EMU.