Introductory text

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community and in particular Article 29.2 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank annexed thereto,

Having regard to the proposal from the Commission^f1,

Having regard to the opinion of the European Parliament^f2,

Having regard to the opinion of the European Monetary Institute^f3,

Acting in accordance with the procedure provided for in Article 106(6) of the Treaty and in Article 42 of the said Protocol,

Whereas the European Central Bank (ECB) will be established as soon as its Executive Board is appointed;

Whereas the initial capital of the ECB, which shall become operational upon its establishment, is ECU 5 000 million;

Whereas the national central banks will be the sole subscribers to, and holders of, the capital of the ECB;

Whereas the key for the subscription of the ECB's capital will be determined when the ECB is established;

Whereas the statistical data to be used for the establishment of the key will be provided by the Commission in accordance with the rules adopted by the Council;

Whereas the nature of, and sources for, the data to be used and the method of calculation of the weighting of national central banks in the key must be defined;

Whereas Council Directive 89/130/EEC, Euratom of 13 February 1989 on the harmonisation of the compilation of gross national product at market prices^f4 introduces a procedure for the adoption by Member States of data on the gross domestic product at market prices; whereas Member States must take all the necessary steps to ensure that these data are transmitted to the Commission,

HAS DECIDED AS FOLLOWS: