THE COUNCIL OF THE EUROPEAN UNION, Having94 regard to the Treaty establishing the European Community, and in particular Article 109c(3) thereof,
(1) Whereas the Treaty provides that an Economic and Financial Commit tee should be set up at the start of the third stage of economic and monetary union;
(2) Whereas the Treaty requires the Council to adopt detailed provisions con cerning the composition of the Economic and Financial Committee; whereas the Member States, the Commission and the European Central Bank are each to appoint no more than two members of the Committee;
(3) Whereas the tasks of the Economic and Financial Committee are set out in Article i09c(2) of the Treaty; whereas as part of those tasks the Economic and Financial Committee is to keep under review the economic and nancial situation of the Member States and of the Community and to report regu larly thereon to the Council and to the Commission in particular on nancial relations with third countries and international institutions; whereas the Eco nomic and Financial Committee is to contribute to the preparation of the work of the Council, inter alia, for recommendations required as part of multilateral surveillance and the broad economic guidelines set down in Article 103 of the Treaty, and for decisions required as part of the excessive decit procedure set down in Article 104c of the Treaty; whereas given the nature and importance of those tasks, it is essential that members of the Committee and alternate mem bers be selected from among experts possessing outstanding competence in the economic and nancial eld;
(4) Whereas in its Resolution 98 on economic policy coordination in Stage III of EMU, the European Council of Luxembourg of 12 and 13 DecemberPage 250 1997 concluded that the Economic and Financial Committee will provide the framework within which the dialogue between the Council and the European Central Bank can be prepared and continued at the level of senior ocials; whereas those ocials will come from the national central banks and the European Central Bank as well as from national administrations;
(5) Whereas 'administration' refers to the services of the ministers attending the Council when meeting in the composition of Economic and Finance ministers;
(6) Whereas the membership of the Committee of ocials from the European Central Bank and national central banks is to be without prejudice to Article 107 of the Treaty,
HAS DECIDED AS FOLLOWS:
The Member States, the Commission and the European Central Bank shall each appoint two members of the Economic and Financial Committee. They may also appoint two alternate members of the Committee.
The members of the Committee and the alternates shall be selected from among experts possessing outstanding competence in the economic and nancial eld.
The two members appointed by the Member States shall be selected respectively from among senior ocials from the administration and the national central bank. The alternates shall be selected under the same conditions.
This Decision shall be published in the Official Journal of the European Communities.
It shall take eect as from 1 January 1999.
Done at Brussels, 21 December 1998.
For the Council
 OJ L 358, 31.12.1998, pp. 109-110.
 OJ C 125, 23.4-1998, P- V. (9
 Opinion delivered on 17 November 1998 (not yet published in the Ocial Journal).
 OJ C 35, 2. 2.1998, p. 1.