L 158/58 Official Journal of the European Union 27.6.2003 COUNCIL DECISION of 18 June 2003 on a revision of the Statutes of the Economic and Financial Committee (2003/476/EC) THE COUNCIL OF THE EUROPEAN UNION, (8)  This adjustment will have a bearing on the participation Having regard to the Treaty establishing the European Commu- nity, and in particular Article 209 thereof, Having regard to the opinion of the Commission ('), Whereas: (1)  In accordance with Article 114(2) of the Treaty an Economic and Financial Committee was set up on 1 January 1999. (2)  The Council adopted on 21 December 1998 Decision 98/743[EC on the composition of the Economic and Financial Committee (*). (3)  The Council adopted on 31 December 1998 Decision 1999/8/EC on the Statutes of the Economic and Finan- cial Committee (*); these Statutes enabled the Committee to function properly so far. (4)  Following the decision by Heads of State or Government taken at the December 2002 Copenhagen European Council, 10 new members signed on 16 April 2003 an Accession Treaty to the European Union and are expected to join on 1 May 2004. (5 The Economic and Financial Committee should continue to work effectively after the enlargement. (6) It is important to preserve the elements which have contributed to the Committee's efficiency. (7 This will require an adjustment of the Committee's working methods. (") Opinion delivered on 21 May 2003 (not yet published in the Offi- cial Journal). () OJ L 358, 31.12.1998, p. 109. () OJ L 5,9.1.1999, p. 71. of central bankers; it will be important to retain their expertise and analytical insight and to keep them involved in issues on which they carry responsibility. (9)  The Statutes of the Economic and Financial Committee should therefore be revised, HAS DECIDED AS FOLLOWS: Atrticle 1 The Statutes of the Economic and Financial Committee, as set out in the Annex to Decision 1999/8/EC, shall be replaced by the text set out in the Annex hereto. Atticle 2 This Decision shall be published in the Official Journal of the European Union. It shall take effect as from 1 July 2003. Done at Luxembourg, 18 June 2003. For the Council The President G. DRYS