Following up to the conclusions of the European Council of 24/25 March 2011, a standardized and identical collective action clause (CAC) 
[66 KB] , including supplemental provisions [52 KB] , has been developed and agreed by the Economic and Financial Committee (EFC) on 18November 2011.
The Economic and Financial Committee has agreed on a schedule for the ESDM to monitor Member States' progress in implementing the model CAC, with a view to its timely introduction in all euro area government securities issued after 31 December 2012.
The ESDM expects to publish a report on the implementation of the model CAC prior to January 2013.
Explanatory notes
