ugal commits itself to pursue its best endeavors in order to put
an end to the above mentioned facility as soon as possible.

PROTOCOL
ON THE TRANSITION TO THE THIRD STAGE OF ECONOMIC AND
MONETARY UNION
THE HIGH CONTRACTING PARTIES,
Declare the irreversible character of the Community's movement to the
third stage of Economic and Monetary Union by signing the new Treaty
provisions on Economic and Monetary Union.
Therefore all Member States shall, whether they fulfil the necessary
conditions for the adoption of a single currency or not, respect the will
for the Community to enter swiftly into the third stage, and therefore no
Member State shall prevent the entering into the third stage.
If by the end of 1997 the date of the beginning of the third stage has
not been set, the Member States concerned, the Community
institutions and other bodies involved shall expedite all preparatory
work during 1998, in order to enable the Community to enter the third
stage irrevocably on 1 January 1999 and to enable the ECB and ESCB
to start their full functioning from this date.
This Protocol shall be annexed to the Treaty establishing the
European Community.

PROTOCOL
ON CERTAIN PROVISIONS RELATING TO THE UNITED KINGDOM OF
GREAT BRITAIN AND NORTHERN IRELAND
THE HIGH CONTRACTING PARTIES,
RECOGNIZING that the United Kingdom shall not be obliged or
committed to move to the third stage of economic and monetary union
without a separate decision to do so by its government and
Parliament,
NOTING the practice of the government of the United Kingdom to fund
its borrowing requirement by the sale of debt to the private sector.
HAVE AGREED the following provisions, which shall be annexed to the
Treaty establishing the European Community:
1. The United Kingdom shall notify the Council whether it intends to
move to the third stage before the Council makes its assessment
under Article 109j(2) of this Treaty;
Unless the United Kingdom notifies the Council that it intends to move
to the third stage, it shall be under no obligation to do so.
If no date is set for the beginning of the third stage under Article
109j(3) of this Treaty, the United Kingdom may notify its intention to
move to the third stage before 1 January 1998.
2. Paragraphs 3 to 9 shall have effect if the United Kingdom notifies
the Council that it does not intend to move to the third stage.
3.The United Kingdom shall not be included among the majority of
Member States which fulfil