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Document 02010A0204(01)-20210228
Monetary Agreement between the European Union and the Vatican City State
Consolidated text: Monetary Agreement between the European Union and the Vatican City State
Monetary Agreement between the European Union and the Vatican City State
02010A0204(01) — EN — 28.02.2021 — 007.001
This text is meant purely as a documentation tool and has no legal effect. The Union's institutions do not assume any liability for its contents. The authentic versions of the relevant acts, including their preambles, are those published in the Official Journal of the European Union and available in EUR-Lex. Those official texts are directly accessible through the links embedded in this document
MONETARY AGREEMENT between the European Union and the Vatican City State (OJ C 028 4.2.2010, p. 13) |
Amended by:
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Official Journal |
||
No |
page |
date |
||
M1 |
L 174 |
24 |
4.7.2012 |
|
M2 |
C 73 |
29 |
12.3.2014 |
|
M3 |
L 120 |
58 |
13.5.2015 |
|
M4 |
L 47 |
10 |
24.2.2016 |
|
M5 |
L 19 |
64 |
25.1.2017 |
|
M6 |
L 81 |
77 |
23.3.2018 |
|
M7 |
L 85 |
24 |
27.3.2019 |
|
M8 |
L 19 |
36 |
24.1.2020 |
|
L 43 |
18 |
8.2.2021 |
MONETARY AGREEMENT
between the European Union and the Vatican City State
2010/C 28/05
THE EUROPEAN UNION, represented by the European Commission and by the Italian Republic
and
THE VATICAN CITY STATE, represented by the Holy See within the meaning of Article 3 of the Lateran Treaty,
Whereas:
(1) |
On 1 January 1999, the euro has replaced the currency of each Member State participating in the third stage of Economic and Monetary Union, among which Italy, pursuant to Council Regulation (EC) No 974/98 of 3 May 1998. |
(2) |
Italy and the Vatican City State were linked before the creation of the euro by bilateral agreements on monetary matters, and in particular the Convenzione monetaria tra la Repubblica Italiana e lo Stato della Città del Vaticano, concluded on 3 December 1991. |
(3) |
The Declaration No 6 annexed to the Final Act of the Treaty on European Union stated that the Community should facilitate the renegotiation of existing arrangements with the Vatican City State as might become necessary as a result of the introduction of the single currency. |
(4) |
The European Community, represented by the Italian Republic in association with the Commission and the ECB, concluded on 29 December 2000 a Monetary Agreement with the Vatican City State. |
(5) |
In accordance with this Monetary Agreement, the Vatican City State uses the euro as its official currency and grants legal tender status to euro banknotes and coins. It should ensure that EU rules on banknotes and coins denominated in euro — including those related to its protection against counterfeiting — are applicable within its territory. |
(6) |
This Agreement does not impose any obligation on the ECB and national Central Banks to include Vatican City State’s financial instruments in the list(s) of securities eligible for monetary policy operations of the European System of Central Banks. |
(7) |
A Joint Committee composed of representatives of the Vatican City State, the Italian Republic, the Commission and the ECB should be established in order to examine the application of this Agreement, decide the annual ceiling for coin issuance, examine the adequacy of the minimum proportion of coins to be introduced at face value and assess the measures taken by the Vatican City State for implementing relevant EU legislations. |
(8) |
The Court of Justice of the European Union should be the judicial body in charge of settling disputes which may arise from the application of the Agreement, |
HAVE AGREED AS FOLLOWS:
Article 1
The Vatican City State shall be entitled to use the euro as its official currency in accordance with Regulations (EC) No 1103/97 and (EC) No 974/98. The Vatican City State shall grant legal tender status to euro banknotes and coins.
Article 2
The Vatican City State shall not issue any banknote, coin or monetary surrogate of any kind unless the conditions for such issuance have been agreed with the European Union. The conditions for issuing euro coins as from 1 January 2010 are laid down in the following Articles.
Article 3
The annual ceiling (in value terms) for the issuance of euro coins by the Vatican City State shall be calculated by the Joint Committee established by the present Agreement as the addition of:
Article 4
Article 5
Article 6
Article 7
Article 8
The Vatican City State shall undertake to adopt all appropriate measures, through direct transpositions or possibly equivalent actions, with a view to implementing the EU legal acts and rules listed in the Annex to this Agreement, in the field of:
euro banknotes and coins,
prevention of money laundering, prevention of fraud and counterfeiting of cash and non-cash means of payment, medals and tokens and statistical reporting requirements.
If and when a banking sector is created in the Vatican City State, the list of legal acts and rules in the Annex shall be extended with a view to including EU banking and financial law and relevant ECB legal acts and rules, in particular on statistical reporting requirements.
Article 9
Financial institutions located in the Vatican City State may have access to interbank settlement and payment and securities settlement systems within the euro area under appropriate terms and conditions determined by the Bank of Italy, in agreement with the European Central Bank.
Article 10
Article 11
Article 12
Without prejudice to Article 10(3), each Party may terminate this Agreement with notice of one year.
Article 13
This Agreement shall enter into force on 1 January 2010.
Article 14
The Monetary Agreement of 29 December 2000 shall be repealed from the date of entry into force of the present Agreement. References to the Agreement of 29 December 2000 shall be understood as references to the present Agreement.
ANNEX
|
Legal provisions to be implemented |
Deadline for implementing |
|
Prevention of money laundering |
|
1 |
Council Framework Decision 2001/500/JHA of 26 June 2001 on money laundering, the identification, tracing, freezing, seizing and confiscation of instrumentalities and the proceeds of crime (OJ L 182, 5.7.2001, p. 1). |
|
2 |
Directive 2014/42/EU of the European Parliament and of the Council of 3 April 2014 on the freezing and confiscation of instrumentalities and proceeds of crime in the European Union (OJ L 127, 29.4.2014, p. 39). |
31 December 2016(2) |
3 |
Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006 (OJ L 141, 5.6.2015, p. 1). |
31 December 2017(3) |
4 |
Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73). |
31 December 2017 (3) |
|
Amended by: |
|
5 |
Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (OJ L 156, 19.6.2018, p. 43). |
31 March 2020(6) |
|
Supplemented by: |
|
6 |
Commission Delegated Regulation (EU) 2016/1675 of 14 July 2016 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council by identifying high-risk third countries with strategic deficiencies (OJ L 254, 20.9.2016, p. 1). |
31 December 2017(5) |
7 |
Amended by: Commission Delegated Regulation (EU) 2018/105 of 27 October 2017 amending Delegated Regulation (EU) 2016/1675, as regards adding Ethiopia to the list of high-risk third countries in the table in point I of the Annex (OJ L 19, 24.1.2018, p. 1). |
31 March 2019 (6) |
8 |
Commission Delegated Regulation (EU) 2018/212 of 13 December 2017 amending Delegated Regulation (EU) 2016/1675 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council, as regards adding Sri Lanka, Trinidad and Tobago, and Tunisia to the table in point I of the Annex (OJ L 41, 14.2.2018, p. 4). |
31 March 2019 (6) |
9 |
Commission Delegated Regulation (EU) 2018/1467 of 27 July 2018 amending Delegated Regulation (EU) 2016/1675 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council, as regards adding Pakistan to the table in point I of the Annex (OJ L 246, 2.10.2018, p. 1). |
31 December 2019(7) |
10 |
Commission Delegated Regulation (EU) 2019/758 of 31 January 2019 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council with regard to regulatory technical standards for the minimum action and the type of additional measures credit and financial institutions must take to mitigate money laundering and terrorist financing risk in certain third countries (OJ L 125, 14.5.2019, p. 4). |
31 December 2020 (7) |
11 |
Regulation (EU) 2018/1672 of the European Parliament and of the Council of 23 October 2018 on controls on cash entering or leaving the Union and repealing Regulation (EC) No 1889/2005 (OJ L 284, 12.11.2018, p. 6). |
31 December 2021 (7) |
12 |
Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018 on combating money laundering by criminal law (OJ L 284, 12.11.2018, p. 22). |
31 December 2021 (7) |
13 |
Directive (EU) 2019/1153 of the European Parliament and of the Council of 20 June 2019 laying down rules facilitating the use of financial and other information for the prevention, detection, investigation or prosecution of certain criminal offences, and repealing Council Decision 2000/642/JHA (OJ L 186, 11.7.2019, p. 122). |
31 December 2023(8) |
|
Prevention of fraud and counterfeiting |
|
14 |
Council Regulation (EC) No 1338/2001 of 28 June 2001 laying down measures necessary for the protection of the euro against counterfeiting (OJ L 181, 4.7.2001, p. 6) |
31 December 2010 |
|
Amended by: |
|
15 |
Council Regulation (EC) No 44/2009 of 18 December 2008 amending Regulation (EC) No 1338/2001 laying down measures necessary for the protection of the euro against counterfeiting (OJ L 17, 22.1.2009, p. 1). |
|
16 |
Council Regulation (EC) No 2182/2004 of 6 December 2004 concerning medals and tokens similar to euro coins (OJ L 373, 21.12.2004, p. 1). |
31 December 2010 |
|
Amended by: |
|
17 |
Council Regulation (EC) No 46/2009 of 18 December 2008 amending Regulation (EC) No 2182/2004 concerning medals and tokens similar to euro coins (OJ L 17, 22.1.2009, p. 5). |
|
18 |
Directive 2014/62/EU of the European Parliament and of the Council of 15 May 2014 on the protection of the euro and other currencies against counterfeiting by criminal law, and replacing Council Framework Decision 2000/383/JHA (OJ L 151, 21.5.2014, p. 1). |
31 December 2016 (2) |
19 |
Directive (EU) 2019/713 of the European Parliament and of the Council of 17 April 2019 on combating fraud and counterfeiting of non-cash means of payment and replacing Council Framework Decision 2001/413/JHA (OJ L 123, 10.5.2019, p. 18). |
31 December 2021 (7) |
|
Rules on euro banknotes and coins |
|
20 |
Council Conclusions of 10 May 1999 on the quality management system for euro coins |
31 December 2010 |
21 |
Guideline ECB/2003/5 of the European Central Bank of 20 March 2003 on the enforcement of measures to counter non-compliant reproductions of euro banknotes and on the exchange and withdrawal of euro banknotes (2003/206/EC) (OJ L 78, 25.3.2003, p. 20). |
31 December 2010 |
|
Amended by: |
|
22 |
Guideline ECB/2013/11 of the European Central Bank of 19 April 2013 amending Guideline ECB/2003/5 on the enforcement of measures to counter non-compliant reproductions of euro banknotes and on the exchange and withdrawal of euro banknotes (2013/212/EU) (OJ L 118, 30.4.2013, p. 43). |
31 December 2014(1) |
23 |
Decision ECB/2010/14 of the European Central Bank of 16 September 2010 on the authenticity and fitness checking and recirculation of euro banknotes (2010/597/EU) (OJ L 267, 9.10.2010, p. 1). |
31 December 2012 |
|
Amended by: |
|
24 |
Decision ECB/2012/19 of the European Central Bank of 7 September 2012 amending Decision ECB/2010/14 on the authenticity and fitness checking and recirculation of euro banknotes (2012/507/EU) (OJ L 253, 20.9.2012, p. 19). |
31 December 2013 (1) |
25 |
Decision (EU) 2019/2195 of the European Central Bank of 5 December 2019 amending Decision ECB/2010/14 on the authenticity and fitness checking and recirculation of euro banknotes (ECB/2019/39) (OJ L 330, 20.12.2019, p. 91). |
31 December 2021 (8) |
26 |
Regulation (EU) No 1210/2010 of the European Parliament and of the Council of 15 December 2010 concerning authentication of euro coins and handling of euro coins unfit for circulation (OJ L 339, 22.12.2010, p. 1). |
31 December 2012 |
27 |
Regulation (EU) No 651/2012 of the European Parliament and of the Council of 4 July 2012 on the issuance of euro coins (OJ L 201, 27.7.2012, p. 135). |
31 December 2013 (1) |
28 |
Decision ECB/2013/10 of the European Central Bank of 19 April 2013 on the denominations, specifications, reproduction, exchange and withdrawal of euro banknotes (2013/211/EU) (OJ L 118, 30.4.2013, p. 37). |
31 December 2014 (1) |
|
Amended by: |
|
29 |
Decision (EU) 2019/669 of the European Central Bank of 4 April 2019 amending Decision ECB/2013/10 on the denominations, specifications, reproduction, exchange and withdrawal of euro banknotes (ECB/219/9) (OJ L 113, 29.4.2019, p. 6). |
31 December 2020 (71) |
30 |
Council Regulation (EU) No 729/2014 of 24 June 2014 on denominations and technical specifications of euro coins intended for circulation (Recast) (OJ L 194, 2.7.2014, p. 1). |
31 December 2013 (2) |
Section of the Annex to the Monetary Agreement in accordance with the ad hoc arrangement of the Joint Committee on a request from the Holy See and Vatican City State on the inclusion of relevant rules applicable to entities carrying out financial activities on a professional basis
|
Relevant parts of the following legal instruments |
Deadline for implementing |
31 |
Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (OJ L 372, 31.12.1986, p. 1). |
31 December 2016 (2) |
|
Amended by: |
|
32 |
Directive 2001/65/EC of the European Parliament and of the Council of 27 September 2001 (OJ L 283, 27.10.2001, p. 28). |
|
33 |
Directive 2003/51/EC of the European Parliament and of the Council of 18 June 2003 (OJ L 178, 17.7.2003, p. 16). |
|
34 |
Directive 2006/46/EC of the European Parliament and of the Council of 14 June 2006 (OJ L 224, 16.8.2006, p. 1). |
|
35 |
Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338). |
31 December 2017 (2) |
36 |
Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1) and the related level 2 measures as appropriate |
31 December 2017 (2) |
|
Amended by: |
|
37 |
Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No 575/2013 as regards transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public sector exposures denominated in the domestic currency of any Member State (OJ L 345, 27.12.2017, p. 27). |
30 June 2019 (6) |
38 |
Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms (OJ L 347, 28.12.2017, p. 1). |
31 March 2020 (6) |
39 |
Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures (OJ L 111, 25.4.2019, p. 4). |
31 December 2020 (7) |
40 |
Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012 (OJ L 150, 7.6.2019, p. 1). |
31 December 2023 (8) |
41 |
Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173, 12.6.2014, p. 1) and the related level 2 measures as appropriate |
30 September 2018(4) |
|
Amended by: |
|
42 |
Regulation (EU) 2016/1033 of the European Parliament and of the Council of 23 June 2016 amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories (OJ L 175, 30.6.2016, p. 1). |
30 September 2018 (5) |
43 |
Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (market abuse directive) (OJ L 173, 12.6.2014, p. 179). |
30 September 2018 (4) |
|
Legislation on collection of statistical information (*1) |
|
44 |
Guideline ECB/2013/24 of the European Central Bank of 25 July 2013 on the statistical reporting requirements of the European Central Bank in the field of quarterly financial accounts (2014/3/EU) (OJ L 2, 7.1.2014, p. 34). |
31 December 2016 (2) |
|
Amended by: |
|
45 |
Guideline (EU) 2016/66 of the European Central Bank of 26 November 2015 amending Guideline ECB/2013/24 on the statistical reporting requirements of the ECB in the field of quarterly financial accounts (ECB/2015/40) (OJ L 14, 21.1.2016, p. 36). |
31 March 2017 (4) |
46 |
Regulation (EU) No 1071/2013 of the European Central Bank of 24 September 2013 concerning the balance sheet of the monetary financial institutions sector (ECB/2013/33) (OJ L 297, 7.11.2013, p. 1). |
31 December 2016 (2) |
|
Amended by: |
|
47 |
Regulation (EU) No 1375/2014 of the European Central Bank of 10 December 2014 amending Regulation (EU) No 1071/2013 concerning the balance sheet of the monetary financial institutions sector (ECB/2013/33) (ECB/2014/51) (OJ L 366, 20.12.2014, p. 77). |
|
48 |
Regulation (EU) No 1072/2013 of the European Central Bank of 24 September 2013 concerning statistics on interest rates applied by monetary financial institutions (ECB/2013/34) (OJ L 297, 7.11.2013, p. 51). |
31 December 2016 (2) |
|
Amended by: |
|
49 |
Regulation (EU) No 756/2014 of the European Central Bank of 8 July 2014 amending Regulation (EU) No 1072/2013 (ECB/2013/34) concerning statistics on interest rates applied by monetary financial institutions (ECB/2014/30) (OJ L 205, 12.7.2014, p. 14). |
|
50 |
Guideline ECB/2014/15 of the European Central Bank of 4 April 2014 on monetary and financial statistics (recast) (2014/810/EU) (OJ L 340, 26.11.2014, p. 1). |
31 December 2016 (2) |
|
Amended by: |
|
51 |
Guideline (EU) 2015/571 of the European Central Bank of 6 November 2014 amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2014/43) (OJ L 93, 9.4.2015, p. 82). |
|
52 |
Guideline (EU) 2016/450 of the European Central Bank of 4 December 2015 amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2015/44) (OJ L 86, 1.4.2016, p. 42). |
31 March 2017 (4) |
53 |
Guideline (EU) 2017/148 of the European Central Bank of 16 December 2016 amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2016/45) (OJ L 26, 31.1.2017, p. 1). |
1 November 2017 (5) |
54 |
Guideline (EU) 2018/877 of the European Central Bank of 1 June 2018 amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2018/17) (OJ L 154, 18.6.2018, p. 22). |
1 October 2019 (6) |
55 |
Guideline (EU) 2019/1386 of the European Central Bank of 7 June 2019 amending Guideline ECB/2014/15 on monetary and financial statistics (ECB/2019/18) (OJ L 232, 6.9.2019, p. 1) |
31 December 2020 (8) |
(*1)
As agreed under the template on simplified statistical reporting. |
(1) These deadlines were agreed by the Joint Committee of 2013.
(2) These deadlines were agreed by the Joint Committee of 2014.
(3) These deadlines were agreed by the Joint Committee of 2015.
(4) These deadlines were agreed by the Joint Committee of 2016.
(5) These deadlines were agreed by the Joint Committee of 2017.
(6) These deadlines were agreed by the Joint Committee of 2018.
(7) These deadlines were agreed by the Joint Committee of 2019.
(8) These deadlines were agreed by the Joint Committee of 2020.