COMMISSION OF THE EUROPEAN COMMUNITIES 
C0M(90) 81 final 
Brussels, 1 March 1990 
Amended Recommendation for a 
COUNCIL DECISION 
amending Council Decision 64/300/EEC on cooperation between 
the Central Banks of the Member States of the 
European Economic Community 
(presented by the Commission pursuant to Article 149(3) 
of the EEC Treaty) 
Brussels, / 
Amended Recommendation 
(according to Article 149/3 of the Treaty) 
for a 
COUNCIL DECISION 
amending Council Decision 64/300/EEC 
on co-operation between the Central Banks 
of the Member States of the 
European Economic Community 
THE COUNCIL OF THE EUROPEAN COMMUNITIES. 
Having regard to the Treaty establishing the European Economic Community, and in 
particular to Article 105(1) and to the first indent of Article 145 thereof. 
Having regard to the Recommendation from the Commission 
Having regard to the Opinion of the European Parliament, 
Having regard to the Opinion of the Economic and Social Committee 
Whereas the European Council, at its meeting in Madrid on 26 and 27 June 1989, 
decided that the first stage of the realization of Economic and Monetary Union 
should begin on 1 July 1990; 
Whereas Article 102a of the Treaty together with the realization of the first 
stage of the Economic and Monetary Union call for an increased degree of 
convergence in economic performance towards non-inflationary growth and of 
economic and social cohesion between the Member States; 
Whereas greater convergence should be promoted with a view to achieving domestic 
price stability, which is at the same time a necessary condition for stable 
exchange rates, in accordance with the requirements of the European Monetary 
System: 
Whereas the realization of the first stage of Economic and Monetary Union will 
focus on completing the internal market and in particular on removing all 
obstacles to financial integration, on strengthening the process of co-ordination 
of monetary policies, on intensifying co-operation between Central Banks on other 
matters falling within their competence and whereas, in this connection, 
consideration should be given to extending the scope of the Central Banks' 
autonomy; 
Whereas arrangements for the formulation of monetary policy within the framework 
of an Economic and Monetary Union should provide for adequate autonomy for the 
institutions and for commitment to price stability, which is essential to the 
success of that Union; 
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Whereas, in view of the objective of the progressive realization of Economic and 
Monetary Union, the tasks should be extended and the tasks and role of the 
Committee of Governors of the Central Banks of the Member States of the Kuropfan 
Community should be reinforced; 
Whereas Decision 64/300/EEC should be amended in consequence, 
HAS DECIDED AS FOLLOWS: 
Sole Article 
Decision 64/300/EEC is hereby amended as follows: 
1. Article 2 shall be replaced by the following: 
"Article 2 
The Committee shall be composed of the Governors of the Central Banks of the 
Member States and the Director General of the Luxembourg Monetary Institute. 
If they are unable to attend, they may nominate another representative of 
their institution. 
The Commission shall, as a general rule, be invited to send one of its 
members as a representative to the meetings of the Committee. 
The Committee may, furthermore, if it considers it necessary, invite 
qualified persons to attend and in particular the Chairman of the Monetary 
Committee." 
(I) OJ No 77, 21.^.1964. p. 1206/64 
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2. The following Article shall be inserted: 
"Article 2a 
The Chairman of the Committee shall be invited to participate in the meetings 
of the Council of Ministers whenever it deals with issues involving the tasks 
of the Committee of Governors." 
3. Article 3 shall be replaced by the following: 
"Article 3 
The tasks of the Committee shall be: 
(1) to hold consultations concerning the general principles and the broad 
lines of monetary policy, in particular as regards credit, the money and 
foreign exchange markets as well as issues falling within the competence 
of the Central Banks and affecting the stability of financial 
institutions and markets; 
(2) to exchange information regularly about the most important measures that 
fall within the competence of the Central Banks, and to examine those 
measures. The Committee shall normally be consulted before the national 
authorities take decisions on the course of monetary policy, such as the 
setting of annual money supply and credit targets; 
(3) to promote the co-ordination of the monetary policies of the 
Member States with the aim of achieving price stability as a necessary 
condition for the proper functioning of the European Monetary System and 
the realization of its objective of monetary stability; 
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(4) to formulate opinions on the overall orientation of monetary and exchange 
rate policy as well as on the respective measures introduced in 
individual Member States; 
(5) to express opinions to individual governments and the Council of 
Ministers on policies which might affect the internal and external 
monetary situation in the Community and, in particular, the functioning 
of the European Monetary System. 
In carrying out its tasks, the Committee shall keep under review the monetary 
situation and prospects both inside and outside the Community. 
The Committee shall prepare an annual report on its activities and on the 
monetary and financial conditions in the Community, which will be transmitted 
to the European Parliament the Council of Ministers, and the European 
Council. The chairman of the Committee may be invited to appear before the 
European Parliament on this occasion and may also be invited to appear before 
the responsible committee of Parliament when circumstances so warrant. 
The Committee may authorize its Chairman to make the outcome of its 
deliberations public. 
4. The following Article shall be inserted: 
"Article _3_a 
The members of the Committee, who are the representatives of their 
institutions, shall act. with respect to their activities on the Committee, 
according to their own responsibilities and having due regard to Community 
object ives." 
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5. Article 5 shall be replaced by the following: 
"Article 5 
The Committee shall adopt its own rules of procedure. It may set up 
sub-committees and provide its own Secretariat and research services." 
Done at Brussels, 
For the Council 
The President 
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ISSN 0254-1475 
COM(90) 81 final 
DOCUMENTS 
EN 18 10 
Catalogue number : CB-CO-90-106-EN-C 
ISBN 92-77-58261-8 
Office for Official Publications of the European Communities 
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