diff --git a/include/boost/shared_ptr.hpp b/include/boost/shared_ptr.hpp
index 9d92fd7..5697339 100644
--- a/include/boost/shared_ptr.hpp
+++ b/include/boost/shared_ptr.hpp
@@ -634,7 +634,7 @@ template<class T> inline T * get_pointer(shared_ptr<T> const & p)
 
 #if !defined(BOOST_NO_IOSTREAM)
 
-#if defined(__GNUC__) &&  (__GNUC__ < 3)
+#if defined(BOOST_NO_TEMPLATED_IOSTREAMS) || ( defined(__GNUC__) &&  (__GNUC__ < 3) )
 
 template<class Y> std::ostream & operator<< (std::ostream & os, shared_ptr<Y> const & p)
 {