Finally, the more specific provisions concerning monetary policy in the current Treaty as well as the Statute of the ECB and the ESCB will remain unchanged and form part of the constitutional texts of the Union.
By contrast, budgetary and other economic policies will remain under national competence in the future Constitution, in recognition of the fact that the vast majority of “public goods”, such as defence, for which revenues are raised and subsequently dispensed, are still provided at the national level. That said, the draft Constitution also prescribes a close co-ordination of economic policies within the Union.