TREATY ON STABILITY, COORDINATION AND GOVERNANCE – read it in full.

12th April, 2012

TREATY ON STABILITY, COORDINATION AND
GOVERNANCE

IN THE ECONOMIC AND MONETARY UNION BETWEEN

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



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,

 

hereinafter
referred to as “the Contracting Parties”;

 

CONSCIOUS
of their obligation, as Member States of the European Union, to regard
their economic policies as a matter of common concern;

 

DESIRING to
promote conditions for stronger economic growth in the European Union and, to
that end, to develop ever-closer coordination of economic policies within the
euro area;

 

BEARING IN MIND
that the need for governments to maintain sound and sustainable public finances
and to prevent a general government deficit becoming excessive is of essential
importance to safeguard the stability of the euro area as a whole, and
accordingly, requires the introduction of specific rules, including a
“balanced budget rule” and an automatic mechanism to take
corrective action;

 



CONSCIOUS
of the need to ensure that their general government deficit does not exceed
3 % of their gross domestic product at market prices and that their
general government debt does not exceed, or is sufficiently declining towards,
60 % of their gross domestic product at market prices;

 

RECALLING
that the Contracting Parties, as Member States of the European Union, are to
refrain from any measure which could jeopardise the attainment of the Union’s
objectives in the framework of the economic union, particularly the practice of
accumulating debt outside the general government accounts;

 

BEARING IN
MIND that the Heads of State or Government of the euro area Member States
agreed on 9 December 2011 on a reinforced architecture for economic
and monetary union, building upon the Treaties on which the European Union is
founded and facilitating the implementation of measures taken on the basis of
Articles 121, 126 and 136 of the Treaty on the Functioning of the European
Union;

 

BEARING IN
MIND that the objective of the Heads of State or Government of the euro area
Member States and of other Member States of the European Union is to
incorporate the provisions of this Treaty as soon as possible into the Treaties
on which the European Union is founded;

 



WELCOMING
the legislative proposals made by the European Commission for the euro area,
within the framework of the Treaties on which the European Union is founded, on 23 November 2011,
on the strengthening of economic and budgetary surveillance of Member States
experiencing or threatened with serious difficulties with respect to their
financial stability, and on common provisions for monitoring and assessing
draft budgetary plans and ensuring the correction of excessive deficit of the
Member States, and TAKING NOTE of the European Commission’s intention to
present further legislative proposals for the euro area concerning, in
particular, ex ante reporting of debt issuance plans, economic partnership
programmes detailing structural reforms for Member States under an excessive
deficit procedure as well as the coordination of major economic policy reform
plans of Member States;

 

EXPRESSING
their readiness to support proposals which the European Commission might
present to further strengthen the Stability and Growth Pact by introducing, for
Member States whose currency is the euro, a new range for medium-term
objectives in line with the limits established in this Treaty;

 

TAKING NOTE
that, when reviewing and monitoring the budgetary commitments under this Treaty,
the European Commission will act within the framework of its powers, as
provided by the Treaty on the Functioning of the European Union, in particular
Articles 121, 126 and 136 thereof;

 



NOTING in
particular that, in respect of the application of the “balanced budget
rule” set out in Article 3 of this Treaty, that monitoring will be
carried out through the setting up, for each Contracting Party, of
country-specific medium-term objectives and of calendars of convergence,
as appropriate;

 

NOTING that
the medium-term objectives should be updated regularly on the basis of a commonly
agreed method, the main parameters of which are also to be reviewed regularly,
reflecting appropriately the risks of explicit and implicit liabilities for
public finance, as embodied in the aims of the Stability and Growth Pact;

 

NOTING that
sufficient progress towards the medium-term objectives should be evaluated on
the basis of an overall assessment with the structural balance as a reference,
including an analysis of expenditure net of discretionary revenue measures, in
line with the provisions specified under European Union law, in particular
Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of
the surveillance of budgetary positions and the surveillance and coordination
of economic policies, as 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 correction mechanism to be
introduced by the Contracting Parties should aim at correcting deviations from
the medium-term objective or the adjustment path, including their cumulated impact
on government debt dynamics;

 



NOTING that
compliance with the Contracting Parties’ obligation to transpose the
“balanced budget rule” into their national legal systems,  through binding, permanent and preferably
constitutional provisions, 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 a lump sum or
penalty payment on a 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 penalty payment to be
imposed in the framework of that Article;

 

RECALLING
the need to facilitate the adoption of measures under the excessive deficit
procedure of the European Union in respect of Member States whose currency is
the euro and whose planned or actual ratio of general government deficit to
gross domestic product exceeds 3 %, whilst strongly reinforcing the
objective of that procedure, namely to encourage and, if necessary, compel a
Member State to reduce a deficit which might be identified;

 

RECALLING
the obligation for those Contracting Parties whose general government debt
exceeds the 60 % reference value to reduce it at an average rate of one
twentieth per year as a benchmark;

 



BEARING IN
MIND the need to respect, in the implementation of this Treaty, the specific
role of the social partners, as it is recognised in the laws or national
systems  of each of the
Contracting Parties;

 

STRESSING
that no provision of this Treaty is to be interpreted as altering in any way
the economic policy conditions under which financial assistance has been
granted to a Contracting Party in a stabilisation programme involving the
European Union, its Member States or the International Monetary Fund;

 

NOTING that
the proper functioning of the economic and monetary union requires the
Contracting Parties to work jointly towards an economic policy where, whilst
building upon the mechanisms of economic policy coordination, as defined in the
Treaties on which the European Union is founded, they take the necessary
actions and measures in all the areas which are essential to the proper
functioning of the euro area;

 

NOTING, in
particular, the wish of the Contracting Parties to make a more active use of
enhanced cooperation, as provided for in Article 20 of the Treaty on European
Union and Articles 326 to 334 of the Treaty on the Functioning of the
European Union, without undermining the internal market, and their wish to have
full recourse to measures specific to the Member States whose currency is the
euro pursuant to Article 136 of the Treaty on the Functioning of the European Union,
and to a procedure for the ex ante discussion and coordination among the
Contracting Parties whose currency is the euro of all major economic policy
reforms planned by them, with a view to benchmarking best practices;

 



RECALLING
the agreement of the Heads of State or Government of the euro area
Member States, of 26 October 2011, to improve the governance of
the euro area, including the holding of at least two Euro Summit meetings per year,
to be convened, unless justified by exceptional circumstances, immediately
after meetings of the European Council or meetings with the participation of
all Contracting Parties having ratified this Treaty;

 

RECALLING
also the endorsement by the Heads of State or Government of the euro area
Member States and of other Member States of the European Union, on 25
March 2011, of the Euro Plus Pact, which identifies the issues that are
essential to fostering competitiveness in the euro area;

 

 

STRESSING
the importance of the Treaty establishing the European Stability Mechanism as
an element of the global strategy to strengthen the economic and monetary union
and POINTING OUT that the granting of financial assistance in the framework of
new programmes under the European Stability Mechanism will be conditional, as
of 1 March 2013, on the ratification of this Treaty by the Contracting Party
concerned and, as soon as the transposition period referred to in Article 3(2)
of this Treaty has expired, on compliance with the requirements of that
Article;

 



NOTING 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 that, as such, they will be bound by this Treaty from the first day of
the month following the deposit of their instrument of ratification if the
Treaty is in force at that date;

 

NOTING ALSO
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 Member States of the
European Union, have, at the date of signature of this Treaty, a
derogation or an exemption from participation in the single currency and may be
bound, as long as such derogation or exemption is not abrogated, only by those
provisions of Titles III and IV of this Treaty by which they declare, on
depositing their instrument of ratification or at a later date, that they
intend to be bound;

 

HAVE AGREED UPON THE FOLLOWING PROVISIONS:


TITLE I

PURPOSE AND SCOPE

 

 

ARTICLE 1

 

1.         By this Treaty, the Contracting Parties
agree, as Member States of the European Union, to strengthen the economic
pillar of the economic and monetary union by adopting a set of rules intended
to foster budgetary discipline through a fiscal compact, to strengthen the
coordination of their economic policies and to improve the governance of the
euro area, thereby supporting the achievement of the European Union’s
objectives for 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 extent and under the conditions set out in
Article 14.

 

 


TITLE II

CONSISTENCY AND
RELATIONSHIP WITH

THE LAW OF THE UNION

 

 

ARTICLE 2

 

1.         This Treaty shall be applied and
interpreted by the Contracting Parties in conformity with the Treaties on which
the European Union is founded, in particular Article 4(3) of the Treaty on
European Union, and with European Union law, including procedural law whenever
the adoption of secondary legislation is required.

 

2.         This Treaty shall apply insofar as it
is  compatible with the Treaties on which
the European Union is founded and with European Union law. It shall not
encroach upon the competence of the Union to act in the area of the economic
union.

 

 


TITLE III

 

FISCAL COMPACT

 

 

ARTICLE 3

 

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

 

(a)        the
budgetary position of the general government of a Contracting Party shall be
balanced or in surplus;

 

(b)       the
rule under point (a) shall be deemed to be respected if the annual structural
balance of the general government is at its country-specific medium-term
objective, as defined in the revised Stability and Growth Pact, with a lower
limit of a structural deficit of 0,5 % of the gross domestic product at
market prices. The Contracting Parties shall ensure rapid convergence towards
their respective medium-term objective. The time-frame for such convergence
will be proposed by the European Commission taking into consideration
country-specific sustainability risks. Progress towards, and respect of, the
medium-term objective shall be evaluated on the basis of an overall assessment
with the structural balance as a reference, including an analysis of
expenditure net of discretionary revenue measures, in line with the revised
Stability and Growth Pact;

 



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

 

(d)       where the ratio of the general
government debt to gross domestic product at market prices is significantly
below 60 % and where risks in terms of long-term sustainability of public
finances are low, the lower limit of the medium-term objective specified under
point (b) can reach a structural deficit of at most 1,0 % of the gross
domestic product at market prices;

 

(e)        in
the event of significant observed deviations from the medium-term objective or
the adjustment path towards it, a correction mechanism shall be triggered
automatically. The mechanism shall include the obligation of the Contracting
Party concerned to implement measures to correct the deviations over a defined
period of time.

 

2.         The rules set out in paragraph 1 shall
take effect in the national law of the Contracting Parties at the latest one
year after the entry into force of this Treaty through provisions of binding force
and permanent character, preferably constitutional, or otherwise guaranteed to
be fully respected and adhered to throughout the national budgetary processes. The
Contracting Parties shall put in place at national level the correction
mechanism referred to in paragraph 1(e) on the basis of common principles to be
proposed by the European Commission, concerning in particular the nature, size
and time-frame of the corrective action to be undertaken, also in the case of
exceptional circumstances, and the role and independence of the institutions
responsible at national level for monitoring compliance with the rules set out
in paragraph 1. Such correction mechanism shall fully respect the prerogatives
of national Parliaments.

 



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

 

The
following definitions shall also apply for the purposes of this Article:

 

(a)        “annual
structural balance of the general government” refers to the annual
cyclically‑adjusted balance net of one-off and temporary measures;

 

(b)       “exceptional
circumstances” refers to the case of an unusual event outside the control of the Contracting Party
concerned which has a major impact on the financial position of the general
government or to periods of severe economic downturn as set out in the revised
Stability and Growth Pact, provided that the temporary deviation of the
Contracting Party concerned does not endanger fiscal sustainability in the
medium-term.

 

 


ARTICLE 4

 

When the
ratio of a Contracting Party’s general government debt to gross domestic
product exceeds the 60 % reference value referred to in Article 1 of the
Protocol (No 12) on the excessive deficit procedure, annexed to the European
Union Treaties, that Contracting Party shall reduce it at an average rate of
one twentieth per year as a benchmark, as provided for in Article 2 of
Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and
clarifying the implementation of the excessive deficit procedure, as amended by
Council Regulation (EU) No 1177/2011 of 8 November 2011. The
existence of an excessive deficit due to the breach of the debt criterion will
be decided in accordance with the procedure set out in Article 126 of the
Treaty on the Functioning of the European Union.

 

 

ARTICLE 5

 

1.         A Contracting Party that is subject to
an excessive deficit procedure under the Treaties on which the European Union
is founded shall put in place a budgetary and economic partnership programme
including a detailed description of the structural reforms which must be put in
place and implemented to ensure an effective and durable correction of its
excessive deficit. The content and format of such programmes shall be defined
in European Union law. Their submission to the Council of the European Union
and to the European Commission for endorsement and their monitoring will take
place within the context of the existing surveillance procedures under the
Stability and Growth Pact.

 



2.         The implementation of the budgetary and
economic partnership programme, and the yearly budgetary plans consistent with
it, will be monitored by the Council of the European Union and by the European
Commission .

 

 

ARTICLE 6

 

With a view
to better coordinating the planning of their national debt issuance, the
Contracting Parties shall report ex-ante on their public debt issuance plans to
the Council of the European Union and to the European Commission .

 

 

ARTICLE 7

 

While
fully respecting the procedural requirements of the Treaties on which the
European Union is founded, the Contracting Parties whose currency is the euro
commit to supporting the proposals or recommendations submitted by the European
Commission where it considers that a Member State of the European Union whose
currency is the euro is in breach of the deficit criterion in the framework of
an excessive deficit procedure. This obligation shall not apply where it is
established among the Contracting Parties whose currency is the euro that a
qualified majority of them, calculated by analogy with the relevant provisions
of the Treaties on which the European Union is founded, without taking into
account the position of the Contracting Party concerned, is opposed to the decision
proposed or recommended.

 

 


ARTICLE 8

 

1.         The European Commission is invited to
present in due time to the Contracting Parties a report on the provisions
adopted by each of them in compliance with Article 3(2). If the
European Commission, after having given the Contracting Party concerned
the opportunity to submit its observations, concludes in its report that such
Contracting Party has failed to comply with Article 3(2), the matter will
be brought to the Court of Justice of the European Union by one or more Contracting
Parties. Where a Contracting Party considers, independently
of the Commission’s report, that another Contracting Party has failed to comply
with Article 3(2), it may also bring 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, which shall take the necessary measures to comply with the
judgment within a period to be decided by the Court of Justice.

 

2.         Where, 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 necessary measures to comply
with the judgment of the Court of Justice referred to in paragraph 1, it may
bring the case before the Court of Justice and request the imposition of
financial sanctions following criteria established by the European Commission
in the framework of Article 260 of the Treaty on the Functioning of the
European Union. If the Court of Justice finds that the Contracting Party
concerned has not complied with its judgment, it may impose on it a lump sum or
a penalty payment appropriate in the circumstances and that shall not exceed
0,1 % of its 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, payments shall be made to the general budget of the European
Union.

 



3.         This Article constitutes a special
agreement between the Contracting Parties within the meaning of Article 273 of
the Treaty on the Functioning of the European Union.

 

 

TITLE IV

ECONOMIC POLICY
COORDINATION AND CONVERGENCE

ARTICLE 9

 

Building upon economic policy coordination,
as defined in the Treaty on the Functioning of the European Union, the
Contracting Parties undertake to work jointly towards an economic policy that
fosters the proper functioning of the economic and monetary union and economic growth
through enhanced convergence and competitiveness.
To that end, the
Contracting Parties shall take the necessary actions and measures in all the
areas which are essential to the proper functioning of the euro area in pursuit
of the objectives of fostering competitiveness, promoting employment,
contributing further to the sustainability of public finances and reinforcing
financial stability.

 

 


ARTICLE 10

 

In
accordance with the requirements of the Treaties on which the European Union is
founded, the Contracting Parties stand ready to make active use, whenever
appropriate and necessary, of measures specific to those Member States whose
currency is the euro, as provided for in Article 136 of the Treaty on the
Functioning of the European Union, and of enhanced cooperation, as provided for
in Article 20 of the Treaty on European Union and in Articles 326 to 334 of the
Treaty on the Functioning of the European Union on matters that are essential
for the proper functioning of the euro area, without undermining the internal
market.

 

 

ARTICLE 11

 

With a view
to benchmarking best practices and working towards a more closely coordinated economic
policy, the Contracting Parties ensure that all major economic policy reforms
that they plan to undertake will be discussed ex-ante and, where appropriate,
coordinated among themselves. Such coordination shall involve the institutions
of the European Union as required by European Union law.

 

 


TITLE V

GOVERNANCE OF THE EURO AREA

 

 

ARTICLE
12

 

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

 

The
President of the Euro Summit shall be appointed by the Heads of State or
Government of the Contracting Parties whose currency is the euro by simple
majority at the same time as the European Council elects its President and
for the same term of office.

 

2.         Euro Summit meetings shall take place
when necessary, and at least twice a year, to discuss questions relating to the
specific responsibilities which the Contracting Parties whose currency is the
euro share with regard to the single currency, other issues concerning the
governance of the euro area and the rules that apply to it, and strategic
orientations for the conduct of economic policies to increase convergence in
the euro area.

 



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
discussions of Euro Summit meetings concerning competitiveness for the
Contracting Parties, the modification of the global architecture of the euro
area and the fundamental rules that will apply to it in the future, as well as,
when appropriate and at least once a year, in discussions on specific issues of
implementation of this Treaty on Stability, Coordination and Governance in the
Economic and Monetary Union.

 

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

 

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

 

6.         The President of the Euro Summit shall
keep the Contracting Parties other than those whose currency is the euro and
the other Member States of the European Union closely informed of the
preparation and outcome of the Euro Summit meetings.


ARTICLE 13

 

As provided
for in Title II of Protocol (No 1) on the role of national Parliaments in
the European Union annexed to the European Union Treaties, the European
Parliament and the national Parliaments of the Contracting Parties will
together determine the organisation and promotion of a conference of
representatives of the relevant committees of the European Parliament and
representatives of the relevant committees of national Parliaments in order to
discuss budgetary policies and other issues covered by 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 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, whichever is the earlier.

 

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

 

4.         By 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 with an exemption, as
referred to in Protocol (No 16) on certain provisions related to Denmark
annexed to the European Union Treaties, which have ratified this Treaty,
as from the date when the decision abrogating that derogation or exemption
takes effect, unless the Contracting Party concerned declares its intention to
be bound at an earlier date by all or part of the provisions in Titles III
and IV of this Treaty.

 

 


ARTICLE 15

 

This Treaty
shall be open to accession by Member States of the European Union other than
the Contracting Parties. Accession shall be effective upon depositing the
instrument of accession with the Depositary, which shall notify the other
Contracting Parties thereof. Following authentication by the Contracting
Parties, the text of this Treaty in the official language of the acceding
Member State that is also an official language and a working language of
the institutions of the Union, shall be deposited in the archives of the
Depositary as an authentic text of this Treaty.

 

 


ARTICLE 16

 

Within five
years, at most, of the date of entry into force of this Treaty, on the basis of
an assessment of the experience with its implementation, the necessary steps
shall be taken, in accordance with the Treaty on the European Union and the
Treaty on the Functioning of the European Union, with the aim of
incorporating the substance of this Treaty into the legal framework of the
European Union.

 

 

Done at Brussels this second day of March in the year
two thousand and twelve.

 

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

 

 

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