In accordance with Article 114(2) of the Treaty establishing the European Community, an Economic and Financial Committee (‘Committee’) was set up on 1 January 1999.

The Heads of State or Government of the Member States whose currency is the euro stated on 26 October 2011 that the preparatory body referred to in Article 1 of Protocol (No 14) on the euro Group, composed of representatives of the Ministers with responsibility for finance of the Member States whose currency is the euro and of the Commission (‘the Eurogroup Working Group’), would be chaired by a full-time President. As a consequence, the person nominated to this post will cease to be an official in a national administration and will be employed by the EU Institutions.

On the same day, the Heads of State or Government of the Member States whose currency is the euro stated that the existing administrative structures providing assistance to the Council and to the Committee, namely, the General Secretariat of the Council and the Secretariat of the Economic and Financial Committee, would provide adequate support to the euro Summit President and the President of the Eurogroup, under the guidance of the President of the Committee/Eurogroup Working Group.

The Committee should be able to choose its President from among the most qualified candidates, including the President of the Eurogroup Working Group.

The Statutes of the Committee should therefore be revised,