1978R3181 — EN — 04.11.1985 — 001.001 — 1
This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents
►B COUNCILREGULATION(EEC)No3181/78
of18December 1978
relating totheEuropeanmonetarysystem
(OJ L 379, 30.12.1978, p. 2)
Amended by:
Official Journal
No page date
►M1Council Regulation (EEC) No 3066/85 of 28 October 1985 L 290 95 1.11.1985
NB: This consolidated version contains references to the European unit of account and/or the ecu, which from 1 January 1999
should be understood as references to the euro — Council Regulation (EEC) No 3308/80 (OJ L 345, 20.12.1980, p. 1) andCouncil Regulation (EC) No 1103/97 (OJ L 162, 19.6.1997, p. 1).
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COUNCILREGULATION(EEC)No3181/78
of18December 1978
relatingtotheEuropeanmonetarysystem
THE COUNCIL OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European Economic
Community, and in particular Article 235 thereof,
Having regard to the proposal from the Commission,
Having regard to the opinion of the European Parliament(1),
Having regard to the opinion of the Economic and Social
Committee(2),
Whereas the European Council meeting in Brussels adopted, on 5
December 1978, a resolution setting out the arrangements related tothe establishment of the European monetary system which will come
into effect from 1 January 1979;
Whereas, in this context, and not later than two years after the start of
the system, the existing arrangements and institutions would be mergedinto a European Monetary Fund; whereas, in the meantime, responsi-bility for administering the new monetary system should be entrusted
initially to the European Monetary Cooperation Fund, set up by Regu-
lation(EEC) No 907/73(
3);
Whereas, by Regulation(EEC) No 3180/78(4), the Council adopted the
ECU as the unit of account used by the European Monetary Coopera-tionFun d;
Whereas, for the system to begin functioning, it is necessary to provide
immediately for the creationof a supply of ECU again st part of the
Central Banks' reserves placed with the system, and for those ECU tobe used as a means of settlement within the system;
Whereas, in this context, the introduction of the ECU into the opera-
tions of the European Monetary Cooperation Fund and its utilizationas a means of settlement are necessary if the objectives pursued by
the Community are to be achieved, notably the gradual convergence
of Member States' economic policies, the smooth functioning of thecommon market and the attainment of economic and monetary union;whereas the powers needed to set up the system are not provided for inthe Treaty,
HAS ADOPTED THIS REGULATION:
Article 1
The European Monetary Cooperation Fund is hereby empowered to
receive monetary reserves from the monetary authorities of theMember States and to issue ECU against such assets.
Article 2
The Fund and the monetary authorities of the Member States are
hereby empowered to use ECU as a means of settlement and for trans-
actions between those authorities and the Fund.
The Fund is also empowered to grant to the monetary authorities of
non-member countries and international monetary institutions the statusof ‘other holders’ of ECU as referred to inArticle 1 an d to fix the1978R3181 — EN — 04.11.1985 — 001.001 — 2
(1) OJ No C 296, 11. 12. 1978, p. 62.
(2) Opinion delivered on 29 and 30 November 1978 (not yet published in the
Official Journal).
(3) OJ No L 89, 5. 4. 1973, p. 2.
(4) See page 1 of this Official Journal.▼M1
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terms and conditions under which such ECU may be acquired, held and
used.
Article 3
The Administrative Council of the Fund shall take the administrative
measures necessary for the implementation of Articles 1 and 2.
Article 4
This Regulation shall enter into force on 1 January 1979.
This Regulation shall be binding in its entirety and directly applicable
inall Member States.1978R3181 — EN — 04.11.1985 — 001.001 — 3
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