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The Eurosystem Secures Price Stability<br />
for the ESCB and ECB as well as for<br />
the single monetary policy is defined<br />
in both the constitutional provisions<br />
(Part I) and the policy areas (Part<br />
III) of the Constitutional Treaty. The<br />
ESCB Statute is annexed to the Constitutional<br />
Treaty as a Protocol.<br />
The constitutional provisions<br />
(Part I) not only define the price<br />
stability goal as one of the EUÕs general<br />
objectives, but also confirms the<br />
sui generis nature of the ECB as enshrined<br />
in the Treaty on European<br />
Union. The draft Constitution integrates<br />
the ÒEurosystemÓ concept and<br />
incorporates into primary legislation<br />
that the euro be defined as currency<br />
AUSTRIA BELGIUM CYPRUS CZECH<br />
REPUBLIK DENMARK ESTONIA<br />
FINLAND FRANCE GERMANY GREECE<br />
HUNGARY IRELAND ITALY LATVIA<br />
LITHUANIA LUXEMBOURG MALTA<br />
POLAND PORTUGAL SLOVAKIA<br />
SLOVENIA SPAIN SWEDEN<br />
THE NETHERLANDS UNITED KINGDOM<br />
unit and symbol of the Union. The<br />
part pertaining to monetary union<br />
(Part III) embodies a number of<br />
new provisions applicable exclusively<br />
to euro area member countries.<br />
On November 5, <strong>2004</strong>, the OeNB<br />
held a workshop on the Constitutional<br />
Treaty. 8 This meeting provided<br />
experts from Austria and abroad with<br />
an opportunity to discuss the economic<br />
and monetary policy aspects<br />
of the Constitutional Treaty and to<br />
probe its possible impact on future<br />
developments of EMU.<br />
8 See also: A Constitutional Treaty for an Enlarged Europe: Institutional and Economic Implications for Economic<br />
and Monetary Union. Workshops — Proceedings of OeNB Workshops No. 4. February 2005.<br />
36 ×<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2004</strong>
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