27. 10. 95 Official Journal of the European Communities No L 257/1 (Acts whose publication is obligatory) COUNCIL REGULATION (EC) No 2494/95 of 23 October 1995 concerning harmonized indices of consumer prices THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 213 thereof, 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 (%), Having regard to the opinion of the Economic and Social Committee (¥, Whereas Article 109j of the Treaty requires the Commis- sion and the EMI to report to the Council on the progress made by the Member States in the fulfilment of their obligations regarding the achievement of economic and monetary union in respect of a high degree of price stabi- lity ; Whereas Article 1 of the Protocol on the convergence criteria referred to in Article 109j of the Treaty states that the required sustainable price performance for Member States should be in terms of inflation measured by means of the consumer price index on a comparable basis, taking into account differences in national definitions; whereas existing consumer price indices are not compiled on a directly comparable basis ; Whereas there is a need for the Community and particu- larly its fiscal and monetary authorities to have regular and timely consumer price indices for the purpose of providing comparisons of inflation in the macro- () OJ No C 84, 6. 4. 1995, p. 7. () OJ No C 249, 25. 9. 1995. () Opinion delivered on 31 March 1995 (O] No C 236, 11. 9. 1995, p. 11). (Y OJ No C 236, 11. 9. 1995, p. 11. economic and international context as distinct from indices for national and micro-economic purposes ; Whereas it is recognized that inflation is a phenomenon manifesting itself in all forms of market transactions including capital purchases, government purchases, payments to labour as well as purchases by consumers; whereas it is recognized that a range of statistics, of which consumer price indices from an essential part, is relevant for an understanding of the inflationary process at national level and between the Member States ; Whereas comparable indices of consumer prices may be produced instead of or in addition to similar indices of consumer prices already produced or to be produced in future by Member States ; Whereas the production of comparable indices will involve costs to be allocated between the Community and Member States ; Whereas, according to the principle of subsidiarity, the creation of common statistical standards for consumer price indices is a task that can be dealt with effectively only at Community level and whereas the collection of data and compilation of comparable consumer price indices will be implemented in each Member State under the aegis of the organizations and institutions responsible for compiling official statistics at national level ; Whereas, with a view to the achievement of economic and monetary union, a consumer price index will be needed for the Community as a whole; Whereas the Statistical Programme Committee (SPC), established by Council Decision 89/382/EEC, Euratom (%), has given a favourable opinion on the draft Regulation, () OJ No L 181, 28. 6. 1989, p. 47.