There shall be a Standing Committee of the Court on Economic Initiatives which shall:
a. monitor and consider economic, fiscal and monetary initiatives of the European Union, international agencies and states, and economic factors generally, which may affect the Isle of Man; and
b. consider items of EU legislation which have been approved (or which have been laid before Tynwald in draft form, prior to consideration by Tynwald) which have been referred by Members, or as the Committee sees fit.
The Committee shall be composed of five Members.
The Committee shall report, with or without recommendations, each July and at such other times as the Committee deems necessary.
The Committee shall have power to take written and oral evidence pursuant to sections 3 and 4 of the Tynwald Proceedings Act 1876 as amended.