L 189/42 Official Journal of the European Communities 3.7.98 COUNCIL DECISION of 29 June 1998 on the consultation of the European Central Bank by national authorities regarding draft legislative provisions (98/415/EC) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community and in particular Article 105(4) thereof and Article 4 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank annexed thereto, Having regard to the proposal from the Commission ('), Having regard to the opinion of the European Parlia- ment (%), Having regard to the opinion of the European Monetary Institute (%), Acting in accordance with the procedure provided for in Atrticle 106(6) of the Treaty and in Article 42 of the said Protocol, (1)  Whereas the European Central Bank (ECB) will be established as soon as its Executive Board is appointed; (2)  Whereas the Treaty stipulates that national author- ities shall consult the ECB regarding any draft legislative provision in its fields of competence; whereas it is for the Council to set out the limits and the conditions of such consultation; (3)  Whereas this obligation on the authorities of the Member States to consult the ECB must not pre- judice the responsibility of these authorities for the matters which are the subject of such provision; whereas Member States must consult the ECB on any draft legislation in its fields of competence in accordance with Article 105(4) of the Treaty; whereas the list of particular areas included in Article 2 of this Decision is not exhaustive; whereas the sixth indent of Article 2 of this Decision is without prejudice to the present assignment of competences for policies relating to the prudential supervision of credit institutions and the stability of the financial system; () OJ C 118, 17. 4. 1998, p. 11. () OJ C 195, 22. 6. 1998. () Opinion delivered on 6 April 1998 (not yet published in the Official Journal). (4)  Whereas the monetary functions and operations of the European System of Central Banks (ESCB) are defined in the Statute of the ESCB and of the ECB; whereas central banks of participating Member States are an integral part of the ESCB and must act in accordance with the guidelines and instructions of the ECB; whereas, in the third stage of Economic and Monetary Union (EMU), the author- ities of non-participating Member States must consult the ECB on draft legislative provisions on the instruments of monetary policy; (5) Whereas as long as Member States do not parti- cipate in the monetary policy of the ESCB, this Decision does not concern decisions taken by authorities of these Member States in the context of the implementation of their monetary policy; (6)  Whereas consultation of the ECB must not unduly lengthen procedures for adopting legislative provi- sions in the Member States; whereas the time limits within which the ECB must deliver its opinion must, nevertheless, enable it to examine the texts referred to it with the required care; whereas, in duly justified cases of extreme urgency, for which the reasons will be stated, for example on account of market sensitivity, Member States may set a time limit which is less than one month and which reflects the urgency of the situation; whereas in these cases particularly, dialogue between the national authorities and the ECB should enable the interests of both to be taken into account; (7)  Whereas, in accordance with paragraphs 5 and 8 of Protocol No 11 annexed to the Treaty, this Decision shall not apply to the United Kingdom of Great Britain and Northern Ireland if and so long as that Member State does not move to the third stage of EMU; (8)  Whereas, from the date of the establishment of the ECB until the start of the third stage of EMU, national authorities have to consult the ECB, pursuant to Decision 93/717/EC () and Article 1091(2) of the Treaty, (y OJ L 332, 31. 12. 1993, p. 14.