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Summary of Treaty


GENERAL DATA
Official Title Monetary Agreement between the European Union and the Vatican City State
Type of Agreement Bilateral
Place of Signature Brussels
Date of Signature 17/12/2009
Date of Entry Into Force 01/01/2010
Duration Indefinite
Objective of Agreement The objective of the present agreement is
- to replace the 2000 Monetary Convention between the the Italian Republic, on behalf of the European Community, and the Vatican City State in view of the bilateral monetary relationship linking the Vatican to the Italian Republic and in particular in view of Italy becoming part of the Monetary Union.
- to set the criteria for issuing euro coins by the Vatican as from 1 January 2010.
Remarks See in View Other Relevant Treaty Information the Commission Decision of 2 July 2012 updating the Annex to the Monetary Agreement between the European Union and the Vatican City State.

In accordance with this agreement, the Vatican City State uses the euro as its official currency. This agreements will not, however, impose any obligation on the ECB and national Central Banks to recognise the Vatican City's financial instruments as eligible for operations within the ESCB system.

The present agreement repeals the 2000 Monetary Convention. (cf Article 14: The Monetary Agreement of 29 December 2000 shall be repealed from the date of entry into force of the present Agreement.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.)

The European Court of Justice shall have exclusive competence to settle the disputes arising from the implementation of this agreement and which could not have been solved by the Joint Committee.
Relation and Association with Other Agreements -Monetary agreement between the Italian Republic, on behalf of the European Community, and the Vatican City State and, on its behalf, the Holy See
OJ Reference C28, 04/02/2010, p. 13
Contracting Parties European Union, Vatican
Subject Matters Economic and Monetary Affairs
Southern Europe
Clause(s)
Duration (Conditions) Article 12 Agreement
Entry into force conditions Article 13 Agreement
Management Joint Committee (Article 11)
EU PARTICIPATION
Ratification Status NOT
Conclusion Decision Council Decision of 26 November 2009 on the position to be taken by the European Community regarding the renegotiation of the Monetary Agreement with the Vatican City State; OJ L321 of 08/12/2009, p.36
Competence Exclusive
Legal Basis Treaty EC: Article 111(3)
Treaty EU: Article 219 TFEU



Last Update :   23/10/2012