PRESS RELEASE

The signing of the Headquarters agreement between the Government of the Federal Republic of Germany and the European Central Bank on 18 September 1998

18 September 1998

The Headquarters Agreement between the Government of the Federal Republic of Germany and the European Central Bank concerning the seat of the European Central Bank was signed today by Dr. Klaus Kinkel, German Foreign Minister, and Dr. Theo Waigel, German Finance Minister, on behalf of the German Government and by Dr. Willem F. Duisenberg, the President of the European Central Bank (ECB), on behalf of the ECB.

The Agreement includes provisions for the application of the Protocol on the privileges and immunities of the European Communities. In particular it governs technical aspects relating to the status of the ECB and of its staff on German territory and the relationship between the ECB and the German authorities.

The Agreement will now be sent to the competent authorities for ratification. The Government of the Federal Republic of Germany and the ECB expect that the legislative process will have been concluded by the end of 1998 and that it will be possible for the Agreement to come into force in time for the start of Stage Three of Economic and Monetary Union.

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