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Wednesday, 04 November 2009

Economic co-operation between Portugal and São Tomé and Príncipe

The 2970th General Affairs Council meeting held in Luxembourg, on 26 October 2009, took note of the Commission Recommendation concerning the conclusion of an Agreement on Economic Cooperation between the Republic of Portugal and the Democratic Republic of São Tomé and Príncipe with a view to fostering macroeconomic and financial stability of São Tomé and Príncipe. Since the introduction of the euro, the Community has an exclusive competence for monetary and exchange rate matters in the euro area. In accordance with Article 111 of the Treaty, euro-area Member States may negotiate and conclude international agreements provided that the exclusive competences of the Community are preserved.

Source: European Council