PRESS RELEASE

Publication of the EMI's up-date on legal convergence of August 1997

27 October 1997

The Treaty establishing the European Community obliges the EU Member States to make their national legislation, inclusive of the statutes of their respective central banks, compatible with Treaty requirements for Stage Three of Monetary Union. The EMI reported on the adaptation of national legislation in its Convergence Reports dated November 1995 (prepared in accordance with Article 7 of its Statute) and November 1996 (prepared in accordance with Article 109j (1) of the Treaty), focusing on the adaptation of statutes of national central banks. In the light of ongoing initiatives for legal changes in member countries, it has now prepared an up-date of the information on legal convergence, describing progress made until August 1997. Since then, further legislative action has been initiated in some EU Member States, which is not covered in the update.

This update will be distributed by each of the EU central banks to interested parties in their respective countries. It will also be available upon request from the EMI, at the following address:

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