JOHN CARLOS I

KING OF SPAIN

To all who present it and understand it.

Sabed: That the General Courts have approved and I come to sanction the following organic law.

EXPLANATORY STATEMENT

The Treaty on Stability, Coordination and Governance in Economic and Monetary Union (TECG) was signed by the President of the Government in Brussels on 2 March 2012.

The articulation of the Fiscal Pact, the reinforced coordination of economic policies and the governance of the eurozone will be implemented through an international agreement that is the TECG. This represents a step towards a stronger economic union by developing closer coordination within the euro area with a view to ensuring a lasting, sound and sound management of public finances and thus addressing one of the main sources of financial instability.

To do this, TECG regulates three fundamental aspects: (a) the budgetary pact, which promotes budgetary discipline in the signatories, by requiring a balance or surplus to be recorded in its public accounts, considering whether the annual structural balance reaches the medium-term objective (MTO) with a a maximum lower limit of 0,5% of GDP at market prices (extended to 1% if the government debt ratio is below 60% and the risks of its sustainability are low) and corrective mechanisms are being articulated automatically in case of observed significant deviations. All these rules will have to be incorporated into national legal systems via provisions preferably of a constitutional nature, where the lack of transposition and even the adoption of fines in the event of an infringement will be justified before the EU. failure to comply with the judgment. The budgetary pact includes other measures such as the obligation to report on public debt issuance plans and to present an economic and budgetary partnership programme for the excessive deficit procedure states; enhanced coordination of economic policies; (c) governance of the euro area by creating Euro summits at least twice a year (non-Euro Member States will be able to participate when deemed appropriate and at least once a year) whose preparation and monitoring is entrusted to the Eurogroup.

The TECG also notes that the granting of financial assistance through the new Treaty establishing the European Stability Mechanism (ESM), made in Brussels on 2 February 2012, an additional agreement to the TECG, will be conditional on the ratification of the TECG by the member of the MEDE concerned, as from March 2013.

Article 14 of the TECG provides that the Agreement shall enter into force on 1 January 2013, if by then or twelve Contracting Parties whose currency is the euro have deposited their instrument of ratification or on the first day of the month following the deposit of the twelfth instrument of ratification by a Contracting Party whose currency is the euro, if this date was earlier. The Agreement shall apply from its date of entry into force between the Contracting Parties whose currency is the euro which has ratified it. It shall apply to the other Contracting Parties whose currency is the euro from the first day of the month following the deposit of their respective instrument of ratification.

Article 93 of the Constitution provides that, by means of Organic Law, the conclusion of treaties may be authorized by which the exercise of powers derived from the international organization or institution is attributed to an international organization or institution. Constitution.

The mandatory State Council Opinion on the Reference Agreement means that Articles 4 and 5 of the Treaty on Stability, Coordination and Governance in Economic and Monetary Union (TECG) include determinations that they assign to institutions of the European Union the exercise of executive and judicial powers in relation to the budgetary discharge and discharge processes and public indebtedness referred to in Articles 134 and 135 of the Constitution. Also, Article 7 of the TECG contains a forecast which, virtually, represents a decision of a competitive exercise. Finally, the reference made to Article 10 of the TECG to Articles 136 of the TFEU and to the enhanced cooperation procedures laid down in Articles 326 to 334 of the TFEU makes the exercise of those powers a legal dimension. different from the one you have at the EU level.

Therefore, when the exercise of powers deriving from our Constitution is attributed to an international institution, it is up to the perfection of the Agreement to be authorized by Organic Law in accordance with Article 93.

It is Spain's interest in the rapid entry into force of this Agreement. The sovereign debt crisis has threatened the stability of the eurozone since May 2010, affecting Spain as well. The persistence of the crisis of confidence that continues to undermine the stability of our single currency and the need to convey confidence to the markets promptly and definitively endorse the importance of this Treaty with the entry into A positive signal is sent to both citizens and financial markets.

Therefore, the Government considers it desirable that the instrument of ratification by Spain of the Treaty of Reference be deposited as soon as possible.

Single item. Authorization of ratification.

The ratification by Spain of the Treaty on Stability, Coordination and Governance in Economic and Monetary Union between the Kingdom of Belgium, the Republic of Bulgaria, the Kingdom of Denmark, the Federal Republic of Germany, Germany, the Republic of Estonia, Ireland, the Hellenic Republic, the Kingdom of Spain, the French Republic, the Italian Republic, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Grand Duchy of Luxembourg, Hungary, Malta, the Kingdom of the Netherlands, the Republic of Austria, the Republic of Poland, the Republic of Portugal, Romania, the Republic of Slovenia, the Slovak Republic, the Republic of Finland and the Kingdom of Sweden, signed in Brussels on 2 March 2012.

Single end disposition. Entry into force.

This organic law shall enter into force on the day following that of its publication in the "Official Gazette of the State".

Therefore,

I command all Spaniards, individuals and authorities, to keep and keep this organic law.

Madrid, 25 July 2012.

JOHN CARLOS R.

The President of the Government,

MARIANO RAJOY BREY

TREATY ON STABILITY, COORDINATION AND GOVERNANCE IN ECONOMIC AND MONETARY UNION

The Kingdom of Belgium, the Republic of Bulgaria, the Kingdom of Denmark, the Federal Republic of Germany, the Republic of Estonia, Ireland, the Hellenic Republic, the Kingdom of Spain, the French Republic, the Italian Republic, the Republic of Cyprus, the Republic of Estonia, the Republic of Lithuania, the Grand Duchy of Luxembourg, Hungary, Malta, the Kingdom of the Netherlands, the Republic of Austria, the Republic of Poland, the Portuguese Republic, Romania, the Republic of Slovenia, the Slovak Republic, the Republic of Finland and the Kingdom of Sweden, hereinafter referred to as ' "the Contracting Parties"

Aware of their obligation, in their capacity as Member States of the European Union, to consider their economic policies as a matter of common interest,

Wishing to foster the conditions for more intense economic growth in the European Union, and to develop for this an ever closer coordination of economic policies in the euro area,

Bearing in mind that the need for governments to maintain sound and sustainable public finances and avoid an excessive government deficit is of vital importance in safeguarding the stability of the euro area in its and, as a result, requires the introduction of specific rules, including a "budgetary balancing rule" and an automatic mechanism for the adoption of corrective measures,

Aware of the need to ensure that their public deficit does not exceed 3% of their gross domestic product at market prices and that their public debt is not more than 60% of their gross domestic product at market prices or descends sufficiently to approximate this value,

recalling that the Contracting Parties, as Member States of the European Union, must refrain from any measure which may jeopardise the achievement of the objectives of the Union within the framework of the economic union, in particular the practice of accumulating debt outside of public accounts,

Having regard to the fact that the Heads of State or Government of the Member States of the euro area agreed, on 9 December 2011, on an enhanced architecture for economic and monetary union, based on the Treaties in which the euro area the European Union is founded and facilitates the implementation of the measures adopted on the basis of Articles 121, 126 and 136 of the Treaty on the Functioning of the European

,

Having regard to the fact that the objective of the Heads of State or Government of the Member States of the euro area and other Member States of the European Union is to incorporate the provisions of this Treaty as soon as possible, the Treaties on which the European Union is founded,

Welcoming the legislative proposals put forward by the European Commission for the euro area on 23 November 2011 in the framework of the Treaties on which the European Union is founded, which refer to the strengthening of the the economic and budgetary surveillance of Member States suffering or at risk of serious difficulties as regards their financial stability, as well as common provisions for the monitoring and evaluation of the draft budget plans and to ensure that the budget deficit is corrected (a) the excessive deficit of the Member States, and taking note of the intention of the European Commission to present new legislative proposals for the euro area, which relate in particular to the prior information on debt issuance plans; economic cooperation programmes in which the structural reforms of the Member States which are the subject of an excessive deficit procedure, as well as the coordination of the major reform plans of the Member States, are to be set out in detail. the economic policy of the Member States,

Expressing readiness to support the proposals that the European Commission could present to further strengthen the Stability and Growth Pact by fixing, for Member States whose currency is the euro, a new margin of variation for medium-term objectives in line with the limits set out in this Treaty,

Taking note that, in examining and monitoring the budgetary commitments assumed under this Treaty, the European Commission will act within its powers under the Treaty on the Functioning of the European Union. European, in particular Articles 121, 126 and 136 thereof,

Noting in particular that, with regard to the application of the "rule of budgetary balance" laid down in Article 3 of this Treaty, such supervision shall be carried out by the establishment of national objectives specific medium-term and convergence calendars, as appropriate, for each Contracting Party,

noting that medium-term objectives should be regularly updated in accordance with an established method of common agreement, the main parameters of which should also be regularly reviewed, reflecting adequately the risks of explicit and implicit liabilities for public finances, as reflected in the objectives of the Stability and Growth Pact,

Observing what is to be assessed if sufficient progress has been made towards the medium-term objectives through a general assessment that takes as a benchmark the structural balance and includes an analysis of expenditure once held in the discretionary measures relating to revenue, in line with the provisions of the law of the European Union, in particular Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the supervision of budgetary positions and the monitoring and coordination of economic policies, amended by Regulation (EU) No 1175/2011 of the European Parliament and of the Council of 16 November 2011 (the revised Stability and Growth Pact)

Noting that the corrective mechanism to be introduced by the Contracting Parties should aim to correct deviations from the medium-term objective or the adjustment path, including its aggregate impact on the dynamics of the debt public,

Observing that compliance with the obligation of the Contracting Parties to transpose the "rule of budgetary equilibrium" into their national legal systems, by means of binding, permanent and binding provisions preferably of constitutional status, should be subject to the jurisdiction of the Court of Justice of the European Union, in accordance with Article 273 of the Treaty on the Functioning of the European Union,

recalling that Article 260 of the Treaty on the Functioning of the European Union empowers the Court of Justice of the European Union to impose the payment of a lump sum or a penalty payment to the Member State of the European Union which has failed to comply with one of its judgments, and recalling that the European Commission has established criteria for determining the lump sum or periodic penalty to be imposed in the context of that

,

recalling the need to facilitate the adoption of measures in the framework of the excessive deficit procedure of the European Union with respect to Member States whose currency is the euro and whose planned or actual public deficit exceeds 3% of gross domestic product, while at the same time reinforcing the objective of such a procedure considerably, namely to encourage and, if necessary, to oblige such a Member State to reduce the deficit which may have been detected,

Remembering the obligation for Contracting Parties whose public debt exceeds the 60% reference value to reduce it at the average rate of one twenty-one part per year as a reference,

Having regard to the need to respect, in the application of this Treaty, the specific role played by the social partners, as recognised by the laws or national legal systems of each of the Contracting Parties,

Stressing that none of the provisions of this Treaty should be construed as altering the economic policy conditions in which financial assistance has been granted to a Contracting Party in a programme Stabilisation with the participation of the European Union, its Member States or the International Monetary Fund,

Observing that the proper functioning of economic and monetary union requires the Contracting Parties to cooperate in the interests of economic policy which, on the basis of the mechanisms of coordination of economic policy defined in the Treaties on which the European Union is founded, allows them to take the necessary initiatives and measures in all areas that are essential for the proper functioning of the euro area,

Observing, in particular, the willingness of the Contracting Parties to make more active use of enhanced cooperation within the meaning of Article 20 of the Treaty on European Union and Articles 326 to 334 of the Treaty of Operation of the European Union, without prejudice to the internal market, as well as the willingness to make full use of specific measures for Member States whose currency is the euro, in accordance with Article 136 of the Treaty on the Functioning of the European Union. European Union, and a procedure for prior debate and coordination between the Contracting Parties whose currency is the euro of all major economic policy reforms that they project, in order to establish the best practices as a benchmark,

recalling that the Heads of State or Government of the Member States of the euro area agreed on 26 October 2011 to improve the governance of the euro area, including the holding of at least two summit meetings of the euro area. Euro per year, to be convened, unless there are exceptional circumstances justifying it, immediately after the meetings of the European Council or those involving all the Contracting Parties which have ratified the Present Treaty,

recalling that the Heads of State or Government of the Member States of the euro area and of other Member States of the European Union endorsed the Euro Plus Pact on 25 March 2011, which points out the essential to promote competitiveness in the euro area,

Highlighting the importance of the Treaty establishing the European Stability Mechanism as an element of the overall strategy for strengthening economic and monetary union and

Noting that the granting of financial assistance under the new programmes under the European Stability Mechanism will be conditional, as from 1 March 2013, on the ratification of this Treaty by the European Union, Contracting party concerned and, after the expiry of the transposition period referred to in Article 3 (2) of this Treaty, to the fulfilment of the requirements of that Article,

Observing that the Kingdom of Belgium, the Federal Republic of Germany, the Republic of Estonia, Ireland, the Hellenic Republic, the Kingdom of Spain, the French Republic, the Italian Republic, the Republic of Cyprus, the Grand Duchy of Luxembourg, Malta, the Kingdom of the Netherlands, the Republic of Austria, the Portuguese Republic, the Republic of Slovenia, the Slovak Republic and the Republic of Finland are Contracting Parties whose currency is the euro and which, as such, shall be linked by this Treaty from the first day of the month following the deposit of its instrument ratification if the Treaty is in force on that date,

Also noting that the Republic of Bulgaria, the Kingdom of Denmark, the Republic of Latvia, the Republic of Lithuania, Hungary, the Republic of Poland, Romania and the Kingdom of Sweden are Contracting Parties which, as States Member States of the European Union, on the date of signature of this Treaty, are welcome to a derogation from participation in the single currency and that, until such derogation is repealed, they can only be linked by those provisions. of Titles III and IV of this Treaty for which they are declared at the time of the deposit of their instrument of ratification or at a later date, ready to be linked,

Have agreed to the following provisions:

TITLE I

Object and Scope

Article 1.

1. Under this Treaty, the Contracting Parties agree, in their capacity as Member States of the European Union, to strengthen the economic pillar of economic and monetary union by adopting a set of rules to promote budgetary discipline through a budgetary pact, to strengthen the coordination of its economic policies and to improve the governance of the euro area, thereby supporting the achievement of the European Union's objectives in the field of sustainable growth, employment, competitiveness and social cohesion.

2. This Treaty shall apply in full to the Contracting Parties whose currency is the euro. It shall also apply to the other Contracting Parties to the measure and under the conditions laid down in Article 14.

TITLE II

Consistency and relationship with Union law

Article 2.

1. The Contracting Parties shall apply and interpret this Treaty in accordance with the Treaties on which the European Union is founded, in particular Article 4 (3) of the Treaty on European Union and with Union law. European, including procedural law where the adoption of secondary legislation is necessary.

2. This Treaty shall apply in so far as it is compatible with the Treaties on which the European Union is founded and with the law of the European Union. It shall not affect the powers of the Union to act in the field of economic union.

TITLE III

Budget Pact

Article 3.

1. The Contracting Parties shall apply, in addition to their obligations under European Union law and without prejudice to them, the rules laid down in this paragraph:

(a) the budgetary position of the public administrations of each Contracting Party shall be in balance or in surplus;

(b) the rule set out in point (a) shall be deemed to be respected if the annual structural balance of the general government reaches the specific medium-term national target defined in the Stability and Growth Pact revised, with a structural deficit lower limit of 0,5% of gross domestic product at market prices. The Contracting Parties shall ensure rapid convergence towards their respective medium-term objective. The timetable for achieving this convergence will be proposed by the European Commission taking into account the specific risks to the sustainability of each country. Progress towards the medium-term objective and its observance shall be the subject of a comprehensive assessment taking as a reference the structural balance and including an analysis of expenditure excluding discretionary income measures, in line with the with the revised Stability and Growth Pact;

(c) the Contracting Parties may temporarily deviate from their respective medium-term objective or from the adjustment path towards that objective only in the exceptional circumstances defined in paragraph 3 (b)

d) where the ratio of public debt to gross domestic product at market prices is well below 60% and the risks to long-term sustainability of public finances are low, the lower limit the medium-term objective specified in point (b) may achieve a maximum structural deficit of 1% of gross domestic product at market prices;

e) where significant deviations from the medium-term objective or the adjustment path towards that objective are observed, a corrective mechanism shall be automatically activated. This mechanism shall include the obligation of the Contracting Party concerned to apply measures to correct deviations within a specified time limit.

2. The rules laid down in paragraph 1 shall be incorporated into the national law of the Contracting Parties not later than one year after the date of entry into force of this Treaty by means of provisions having binding force and permanent status, preferably of a constitutional nature, or whose respect and compliance are otherwise fully guaranteed throughout the national budgetary procedures. The Contracting Parties shall establish at national level the corrective mechanism referred to in point (e) of paragraph 1 on the basis of the common principles proposed by the European Commission, relating in particular to nature, scope and the timing of the corrective action to be taken, also in the case of exceptional circumstances, and the role and independence of the institutions responsible at national level to monitor compliance with the rules set out in paragraph 1. 1. Such a corrective mechanism shall fully respect the prerogatives of the national parliaments.

3. For the purposes of this Article, the definitions laid down in Article 2 of the Protocol (No 12) on the excessive deficit procedure annexed to the Treaties of the European Union shall apply.

For the purposes of this Article, the following definitions shall apply:

(a) by "annual structural balance of general government" means the annual balance adjusted on the basis of the cycle, after the exclusion of the ad hoc and temporary measures;

(b) 'exceptional circumstances' shall mean such unusual event which is beyond the control of the Contracting Party concerned and has a major impact on the financial situation of public administrations or those periods of severe economic downturn within the meaning of the revised Stability and Growth Pact, provided that the temporary deviation of the affected Contracting Party does not jeopardise medium-term budgetary sustainability.

Article 4.

When the ratio between the public debt and the gross domestic product of a Contracting Party rebase the reference value of 60% referred to in Article 1 of the Protocol (No 12) on the applicable procedure in case of Excessive deficit, annexed to the Treaties of the European Union, such a Contracting Party shall reduce it at an average rate of twenty-one part a year as a reference, as provided for in Article 2 of Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the excessive deficit procedure, as amended by the Council Regulation (EU) No 1177/2011 of 8 November 2011. The existence of an excessive deficit due to non-compliance with the debt criterion shall be decided in accordance with the procedure laid down in Article 126 of the Treaty on the Functioning of the European Union.

Article 5.

1. That Contracting Party which is the subject of an excessive deficit procedure in accordance with the Treaties on which the European Union is founded shall establish a programme of budgetary and economic cooperation in which it includes a description. (a) detailed structural reforms to be adopted and implemented in order to ensure an effective and lasting correction of their excessive deficit. The content and form of such programmes shall be defined in accordance with European Union law. The presentation of these programmes to the Council of the European Union and the European Commission for approval, as well as their monitoring will take place under the supervision procedures laid down in the Stability and Growth Pact.

2. The implementation of the budgetary and economic cooperation programme and the related annual budgetary plans shall be supervised by the Council of the European Union and the European Commission.

Article 6.

In order to better coordinate the planning of their national debt issues, the Contracting Parties shall inform the Council of the European Union and the European Commission in advance of their plans for the issuance of public debt.

Article 7.

The Contracting Parties whose currency is the euro undertake, in full respect of the procedural requirements laid down in the Treaties on which the European Union is founded, to support the proposals or recommendations The European Commission, when it considers that a Member State of the European Union whose currency is the euro, does not meet the deficit criterion in the context of an excessive deficit procedure. This obligation shall not apply where it is established that a qualified majority of the Contracting Parties whose currency is the euro, calculated by analogy with the relevant provisions of the Treaties on which the European Union is founded and without take into account the position of the Contracting Party concerned, objects to the proposed or recommended decision.

Article 8.

1. The European Commission is invited to submit a report to the Contracting Parties at the appropriate time on the provisions adopted by each of them in accordance with Article 3 (2). If the European Commission has, after having been The Court of Justice of the European Union shall, in accordance with Article 3 (2), submit to the Court of Justice of the European Union the matter referred to the Court of Justice of the European Union for one or more of the following: more Contracting Parties. Where a Contracting Party considers, irrespective of the Commission's report, that another Contracting Party has failed to comply with Article 3 (2), it may also refer the matter to the Court of Justice. In both cases, the judgment of the Court of Justice shall be binding on the parties to the proceedings, who shall take the necessary measures to comply with the judgment within the time limit decided by the Court.

2. If, on the basis of its own assessment or that of the European Commission, a Contracting Party considers that another Contracting Party has not taken the measures necessary to comply with the judgment of the Court of Justice referred to in Article 1 (2) of the Treaty, paragraph 1, may refer the case to the Court of Justice and request the imposition of financial penalties in accordance with the criteria laid down by the European Commission under Article 260 of the Treaty on the Functioning of the European Union. If the Court finds that the Contracting Party concerned has failed to comply with its judgment, it may order it to pay a lump sum or a penalty payment adapted to the circumstances, which shall not exceed 0,1% of its product gross domestic product. The amounts imposed on a Contracting Party whose currency is the euro shall be payable to the European Stability Mechanism. In other cases, the payments shall be charged to the general budget of the European Union.

3. This Article constitutes a compromise between the Contracting Parties in accordance with Article 273 of the Treaty on the Functioning of the European Union.

TITLE IV

Coordination of economic policies and convergence

Article 9.

On the basis of the coordination of economic policies defined in the Treaty on the Functioning of the European Union, the Contracting Parties undertake to cooperate in the interests of an economic policy which encourages the right of The functioning of economic and monetary union and economic growth through enhanced convergence and competitiveness. To this end, the Contracting Parties shall take the necessary initiatives and measures in all areas which are essential for the proper functioning of the euro area, in accordance with the objectives of promoting competitiveness, of employment, contribution to the sustainability of public finances and the strengthening of financial stability.

Article 10.

In accordance with the provisions of the Treaties on which the European Union is founded, the Contracting Parties declare their readiness to make active use, where appropriate and necessary, of specific measures for the Member States whose currency is the euro, within the meaning of Article 136 of the Treaty on the Functioning of the European Union, as well as enhanced cooperation within the meaning of Article 20 of the Treaty on European Union and Articles 326 to 334 of the Treaty of The functioning of the European Union, in matters which are essential for the proper functioning of the euro area, without damaging the internal market.

Article 11.

In order to establish as a reference the best practices and to cooperate in the interests of a more closely coordinated economic policy, the Contracting Parties guarantee that all major economic policy reforms which they plan to carry out will be discussed in advance and, where appropriate, coordinate with each other. The institutions of the European Union shall participate in such coordination as required by European Union law.

TITLE V

Eurozone governance

Article 12.

1. The Heads of State or Government of the Contracting Parties whose currency is the euro shall hold informal meetings of the Euro Summit, together with the President of the European Commission. The President of the European Central Bank shall be invited to participate in such meetings.

The President of the Euro Summit will be appointed by a simple majority by the Heads of State or Government of the Contracting Parties whose currency is the euro, at the same time as the European Council chooses its President and for a the same duration command.

2. Meetings of the Euro Summit shall be held where necessary, and at least twice a year, to discuss issues relating to the specific responsibilities they share with respect to the single currency of the Contracting Parties whose currency is the euro, other issues related to the governance of the euro area and the rules applicable to it, as well as the strategic guidelines for the direction of economic policies in order to increase convergence in the euro area. euro.

3. The Heads of State or Government of the Contracting Parties other than those whose currency is the euro which have ratified this Treaty shall participate in the discussions of the meetings of the Euro Summit on the Competitiveness of the Parties. Contracting parties, amending the general architecture of the euro area and the fundamental rules to be applied in the future, as well as, where appropriate and at least once a year, in discussions on specific questions of application of the euro area. This Treaty on Stability, Coordination and Governance in Economic and Monetary Union.

4. The President of the Euro Summit will ensure the preparation and continuity of the Summit meetings, in close cooperation with the President of the European Commission. The Eurogroup shall be the body responsible for the preparation and follow-up of the meetings of the Euro Summit and its President may be invited to attend such meetings for that purpose.

5. The President of the European Parliament may be invited to appear. The President of the Euro Summit will present a report to the European Parliament after each meeting of the Euro Summit.

6. The President of the Euro Summit shall keep apprised of the preparations and results of the meetings of the Summit to the Contracting Parties other than those whose currency is the euro and the other Member States of the Union. European.

Article 13.

In accordance with the provisions of Title II of Protocol (No 1) on the role of national parliaments in the European Union, annexed to the Treaties of the European Union, the European Parliament and the national parliaments of the Contracting Parties shall jointly decide on the organisation and promotion of a conference of representatives of the relevant committees of the European Parliament and of the national parliaments in order to discuss budgetary policies and other issues of the scope of this Treaty.

TITLE VI

General and final provisions

Article 14.

1. This Treaty shall be ratified by the Contracting Parties in accordance with their respective constitutional requirements. The instruments of ratification shall be deposited with the General Secretariat of the Council of the European Union (the Depositary).

2. This Treaty shall enter into force on 1 January 2013, provided that 12 Contracting Parties whose currency is the euro have deposited their instrument of ratification, or on the first day of the month following the deposit of the 12th instrument of ratification by a Contracting Party whose currency is the euro, whichever date is earlier.

3. This Treaty shall apply from its date of entry into force to the Contracting Parties whose currency is the euro which has ratified it. It shall apply to the other Contracting Parties whose currency is the euro from the first day of the month following the deposit of the respective instrument of ratification.

4. By way of derogation from paragraphs 3 and 5, Title V shall apply to all Contracting Parties concerned as from the date of entry into force of this Treaty.

5. This Treaty shall apply to the Contracting Parties with a derogation as defined in Article 139 (1) of the Treaty on the Functioning of the European Union or the Protocol (No 16) on certain provisions relating to: Denmark, annexed to the Treaties of the European Union, which have ratified this Treaty, from the day on which the decision to repeal one or another derogation takes effect, except where the Contracting Party concerned has expressed its the intention to be bound at an earlier date by all or part of the provisions of the Titles III and IV of this Treaty.

Article 15.

This Treaty shall be open to the accession of the Member States of the European Union which are not Contracting Parties. Accession shall be made effective by depositing the instrument of accession with the Depositary, which shall notify the other Contracting Parties. Once authenticated by the Contracting Parties, the text of this Treaty in the official language of the acceding Member State, in its official language and the working language of the institutions of the Union, shall be deposited in the archives of the Depositary as authentic text of this Treaty.

Article 16.

Within the maximum period of five years from the date of entry into force of this Treaty, the necessary measures shall be adopted, on the basis of an assessment of the experience in their implementation, in accordance with the provisions of this Treaty. in the Treaty on European Union and in the Treaty on the Functioning of the European Union, in order to incorporate the content of this Treaty into the legal framework of the European Union.

Made in Brussels, on March 2 of the year two thousand twelve.

This Treaty, drawn up in a single original copy in the Bulgarian, Danish, Dutch, English, Estonian, Finnish, French, German, Greek, Hungarian, Irish, Italian, Latvian, Lithuanian, Maltese, Slovenian, Spanish, original, Dutch, Polish, Portuguese, Romanian and Swedish, whose texts are equally authentic, shall be deposited in the archives of the Depositary, which shall transmit an authenticated copy to each of the Contracting Parties.

MINUTES OF THE SIGNING OF THE TREATY ON STABILITY, COORDINATION AND GOVERNANCE IN ECONOMIC AND MONETARY UNION

The plenipotentiaries of the Kingdom of Belgium, the Republic of Bulgaria, the Kingdom of Denmark, the Federal Republic of Germany, the Republic of Estonia, Ireland, the Hellenic Republic, the Kingdom of Spain, the French Republic, the Italian Republic, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Grand Duchy of Luxembourg, Hungary, Malta, the Kingdom of the Netherlands, the Republic of Austria, the Republic of Poland, the Portuguese Republic, Romania, the Republic of Slovenia, the Slovak Republic, the Republic of Finland and the Kingdom of Sweden signed today the Treaty on Stability, Coordination and Governance in Economic and Monetary Union.

For this reason, the signatories agree to attach the following arrangements to this act.

Done in Brussels, 2 March 2012.

ANNEX

Treaty on Stability, Coordination and Governance in Economic and Monetary Union

Agreement signed by the Contracting Parties at the time of signature concerning Article 8 of the Treaty

The following shall apply to the submission of a case to the Court of Justice of the European Union in accordance with the second sentence of Article 8 (1) of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (hereinafter referred to as "the Treaty") and on the basis of Article 273 of the Treaty on the Functioning of the European Union, to conclude the Commission in a report to the Contracting Parties which one of them has failed to fulfil. provided for in Article 3 (2) of the Treaty:

(1) The application to the Court of Justice to declare that a Contracting Party has failed to comply with Article 3 (2) of the Treaty, in the light of the conclusion of the Commission's report, shall be lodged at the Registry of the Court of Justice by the applicants referred to in point (2) within three months of receipt by the Contracting Parties of the report of the Commission concluding that a Party Contracting party has failed to comply with the provisions of Article 3 (2). The applicants shall act in the interests of, and in close cooperation with, all Contracting Parties bound by Articles 3 and 8 of the Treaty, with the exception of the Contracting Party against which the matter is referred, and in accordance with the Statute and the Rules of Procedure of the Court of Justice.

(2) The Contracting Parties bound by Articles 3 and 8 of the Treaty which are Member States of the predetermined group of three Member States holding the Presidency of the Council of the Union shall be the applicants. European in accordance with Article 1 (4) of the Council's Rules of Procedure (Trio de Presidencies ¹) on the date of the publication of the Commission's report, to the extent that on that date: (i) it is not considered, on the basis of a Commission report, that they have failed to fulfil their obligations under Article 3 (2) of the Treaty, (ii) are not otherwise in proceedings before the Court of Justice pursuant to Article 8, (1) or (2) of the Treaty, and (iii) are not incapable of acting for reasons of fundamental reasons in accordance with the general principles of international law. If none of the three Member States meet these criteria, it will be up to the members of the previous Trio of Presidencies to refer the case to the Court of Justice under the same conditions.

(3) At the request of the applicants, the Contracting Parties in whose interest the case has been submitted shall give them all the necessary technical or logistical support during the proceedings before the Court of Justice.

(4) The costs incurred by the applicants as a result of the judgment of the Court of Justice shall be borne jointly by all the Contracting Parties in whose interest the case has been brought.

(5) If the Commission concludes in a new report that the Contracting Party concerned has ceased to comply with the provisions of Article 3 (2) of the Treaty, the applicants shall immediately inform the Court of Justice of the withdrawal of the proceedings, in accordance with the relevant provisions of the Rules of Procedure of the Court of Justice.

(6) On the basis of the European Commission's assessment that a Contracting Party has not taken the necessary measures to comply with the judgment of the Court of Justice referred to in Article 8 (1) of the Treaty, Treaty, the Contracting Parties bound by Articles 3 and 8 of the Treaty declare their intention to make full use of the procedure laid down in Article 8 (2) in order to bring the matter before the Court of Justice, pursuant to the provisions of Article 8 (2) of the Treaty. for the purposes of the application of Article 8 (1

.

1 The list of the Trios of successive Presidencies is set out in Annex I to Council Decision 2009 /908/EU of 1 December 2009 laying down detailed rules for the development of the European Council Decision on the exercise of the Presidency of the Council of the Presidency of the Council's preparatory bodies (OJ L 322, 9.12.2009, p. 28, as corrected by OJ L 344, 23.12.2009, p. 56).

DECLARATION BY THE REPUBLIC OF BULGARIA ON THE OCCASION OF THE SIGNING OF THE TREATY ON STABILITY, COORDINATION AND GOVERNANCE IN ECONOMIC AND MONETARY UNION

In accordance with the National Assembly Decision of 27 January 2012, promulgated in the State Bulletin on 3 February, Bulgaria intends to implement the provisions of Title III of the Treaty on Stability, Coordination and Governance in Economic and Monetary Union after ratification by the National Assembly.

Bulgaria is ready to apply the Treaty in its entirety from the date of its accession to the euro area, as provided for in Article 5 of the Act concerning the Conditions of Accession of the Republic of Bulgaria and Romania and the adjustments to the Treaties on which the European Union is founded.

DECLARATION BY THE KINGDOM OF BELGIUM ON NATIONAL PARLIAMENTS

Belgium specifies that, by virtue of its constitutional right, both the House of Representatives and the Senate of the Federal Parliament and the Parliamentary Assemblies of the Communities and Regions act, within the framework of their powers, as components of the National Parliament for the purposes of the Treaty on Stability, Coordination and Governance in Economic and Monetary Union.