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Following up to the conclusions of the European Council of 24/25 March 2011, a standardized and identical collective action clause (CAC), including supplemental provisions, 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.

Explanatory notes

Implementation