Considering that it is necessary to ensure that the existing and future provisions of EU law necessary for the functioning of the Economic and Monetary Union continue to be applied in St. Bartholomew, in particular to ensure the unity of the Eurosystem`s monetary policy, to balance the conditions of competition between financial institutions established in the euro area and to prevent fraud and falsification of cash and cash and money laundering; The French Republic has informed the Union institutions of its intention to maintain the euro as the only currency in Saint-Barthélemy. That is why an agreement on monetary policy should be concluded. By the 2010/718/EU decision of the European Council of 29 October 2010 amending the status of the European Union for the European Union on the island of St. Bartholomew (1), the island of Saint-Barthélemy Barthélemy will cease to be an outermost region of the Union from 1 January 2012 and will hencemore have the status of overseas country or territory in accordance with Part 4 of the Treaty. The French Republic is committed to concluding the necessary agreements to ensure that the union`s interests are preserved as part of this amendment. The European Court of Justice has sole jurisdiction to resolve disputes between the parties that may arise from the application of this agreement and which have not been resolved in the Joint Committee. The euro remains the currency of St. Bartholomew. Every two years, the French Republic submits a report to the Commission and the European Central Bank on the application of the European Union`s actions and regulations in Saint-Barthélemy. In particular, the report contains a list of directly applicable EU legal acts, including acts of the European Central Bank that automatically apply to St.
Bartholomew`s under Article 5. The first report will be submitted before the end of 2012. 1. If necessary, a joint committee is convened. The Commission is chaired by the Commission, made up of representatives from the European Union and the French Republic. 2. The text of the agreement is attached to this decision.