If by the end of 1997 the date for the beginning of the third stage has not been set, the third stage shall start on 1 January 1999. Before 1 July 1998, the Council, meeting in the composition of the Heads of State or Government, after a repetition of the procedure provided for in paragraphs 1 and 2, with the exception of the second indent of paragraph 2, taking into account the reports referred to in paragraph 1 and the opinion of the European Parliament, shall, acting by a qualified majority and on the basis of the recommendations of the Council referred to in paragraph 2, confirm which Member States fulfil the necessary conditions for the adoption of a single currency.
Če do konca leta 1997 datum začetka tretje faze ni bil določen, se tretja faza začne 1. januarja 1999. Svet v sestavi voditeljev držav ali vlad po ponovitvi postopka, predvidenega v odstavkih 1 in 2 z izjemo druge alinee odstavka 2, ter ob upoštevanju poročil iz odstavka 1 in mnenja Evropskega parlamenta na podlagi priporočil Sveta iz odstavka 2 še pred 1. julijem 1998 s kvalificirano večino potrdi, katere države članice izpolnjujejo potrebne pogoje za uvedbo enotne valute.