CELEX: 11992M/PRO/IME/06
Language: en
Date: 1992-02-07 00:00:00
Title: Treaty on European Union - Protocol on the statute of the European Monetary Institute - Article 6: Operational and technical functions

Avis juridique important

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11992M/PRO/IME/06

Treaty on European Union - Protocol on the statute of the European Monetary Institute - Article 6: Operational and technical functions  

Official Journal C 191 , 29/07/1992 P. 0080

 Article 6  Operational and technical functions 6.1. The EMI shall:  - provide for the multilateralization of positions resulting from interventions by the national central banks in Community currencies and the multilateralization of intra- Community settlements;  - administer the very short-term financing mechanism provided for by the Agreement of 13 March 1979 between the central banks of the Member States of the European Economic Community laying down the operating procedures for the European Monetary System (hereinafter referred to as 'EMS Agreement') and the short- term monetary support mechanism provided for in the Agreement between the central banks of the Member States of the European Economic Community of 9 February 1970, as amended;  - perform the functions referred to in Article 11 of Council Regulation (EEC) No 1969/88 of 24 June 1988 establishing a single facility providing medium-term financial assistance for Member States' balances of payments.  6.2. The EMI may receive monetary reserves from the national central banks and issue ECUs against such assets for the purpose of implementing the EMS Agreement. These ECUs may be used by the EMI and the national central banks as a means of settlement and for transactions between them and the EMI. The EMI shall take the necessary administrative measures for the implementation of this paragraph.  6.3. The EMI may grant to the monetary authorities of third countries and to international monetary institutions the status of 'Other Holders' of ECUs and fix the terms and conditions under which such ECUs may be acquired, held or used by Other Holders.  6.4. The EMI shall be entitled to hold and manage foreign exchange reserves as an agent for and at the request of national central banks. Profits and losses regarding these reserves shall be for the account of the national central bank depositing the reserves. The EMI shall perform this function on the basis of bilateral contracts in accordance with rules laid down in a decision of the EMI. These rules shall ensure that transactions with these reserves shall not interfere with  the monetary policy and exchange rate policy of the competent monetary authority of any Member State and shall be consistent with the objectives of the EMI and the proper functioning of the Exchange Rate Mechanism of the EMS.