THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Protocol (No 3) on the Statute of the European System of Central Banks and of the European Central Bank (hereinafter referred to as the 'Statute') and in particular to Article 5.4 thereof,

Having regard to the recommendation of the European Central Bank (the 'ECB') [Note: OJ C 246, 6. 8. 1998, p. 12],

Having regard to the opinion of the European Parliament [Note: OJ C 328, 26. 10. 1998],

Having regard to the opinion of the Commission [Note: Opinion delivered on 8 October 1998 (not yet published in the Official Journal)],

Acting in accordance with the procedure laid down in Article 106(6) of the Treaty establishing the European Community and in Article 42 of the Statute,