(Consultation procedure)

The European Parliament,

–   having regard to the Commission proposal to the Council (COM(2004) 26)(1),

–   having regard to Article 89 of the EC Treaty, pursuant to which the Council consulted Parliament (C5-0061/2004),

–   having regard to Rule 67 and 158(1) of its Rules of Procedure,

–   having regard to the report of the Committee on Economic and Monetary Affairs (A5-0056/2004),

1.  Approves the Commission proposal;

2.  Calls on the Council to notify Parliament if it intends to depart from the text approved by Parliament;

3.  Calls for initiation of the conciliation procedure under the Joint Declaration of 4 March 1975 if the Council intends to depart from the text approved by Parliament;

4.  Asks the Council to consult Parliament again if it intends to amend the Commission proposal substantially;

5.  Instructs its President to forward its position to the Council and Commission.

(1) Not yet published in OJ.