obligation of secrecy shall be subject to such
legislation.
ARTICLE 21
Privileges and immunities
The EMI shall enjoy in the territories of the Member States such
privileges and immunities as are necessary for the performance of its
tasks, under the conditions laid down in the Protocol on the Privileges
and Immunities of the European Communities annexed to the Treaty
establishing a Single Council and a Single Commission of the
European Communities.
ARTICLE 22
Signatories
The EMI shall be legally committed to third parties by the President or
the Vice-President or by the signatures of two members of the staff of
the EMI who have been duly authorized by the President to sign on
behalf of the EMI.
ARTICLE 23
Liquidation of the EMI
23.1. In accordance with Article 109l of this Treaty, the EMI shall go
into liquidation on the establishment of the ECB. All assets and
liabilities of the EMI shall then pass automatically to the ECB. The
latter shall liquidate the EMI according to the provisions of this Article.
The liquidation shall be completed by the beginning of the third stage.
23.2. The mechanism for the creation of ECUs against gold and US
dollars as provided for by Article 17 of the EMS agreement shall be
unwound by the first day of the third stage in accordance with Article
20 of the said Agreement.
23.3. All claims and liabilities arising from the very short-term
financing mechanism and the short-term monetary support
mechanism, under the Agreements referred to in Article 6.1, shall be
settled by the first day of the third stage.
23.4. All remaining assets of the EMI shall be disposed of and all
remaining liabilities of the EMI shall be settled.
23.5. The proceeds of the liquidation described in Article 23.4. shall be
distributed to the national central banks in accordance with the key
referred to in Article 16.2
23.6. The Council of the EMI may take the measures necessary for the
application of Articles 23.4. and 23.5.
23.7. Upon the establishment of the ECB, the President of the EMI
shall relinquish his office.

PROTOCOL
ON THE EXCESSIVE DEFICIT PROCEDURE
THE HIGH CONTRACTING PARTIES
DESIRING to lay down the details of the excessive deficit procedure
referred to in Article 104c of the treaty establishing the European
Community,
HAVE AGREED upon the following provisions, which shall be annexed
to the Treaty establishing the European Community:
ARTICLE 1
The reference values referred to in Article 104c(2)