CELEX: 51990PC0081
Language: en
Date: 1990-03-01 00:00:00
Title: 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

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)
 ---pagebreak---                                                                   Brussels,                                               /
                                                Amended Recommendation
                            ( a c c o r d i n g t o A r t i c l e 149/3 o f the T r e a t y )
                                                                 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 r e g a r d t o t h e T r e a t y e s t a b l i s h i n g t h e European Economic Community, and in
p a r t i c u l a r to A r t i c l e   105(1) and t o t h e f i r s t      i n d e n t of A r t i c l e 145 t h e r e o f .
Having r e g a r d t o t h e Recommendation from t h e Commission
Having r e g a r d t o t h e O p i n i o n of t h e European              Parliament,
Having r e g a r d t o t h e O p i n i o n of t h e Economic and S o c i a l               Committee
 ---pagebreak--- 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;
                                                                            - 2 -
             •wr-w
 ---pagebreak--- 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
                                                                             - 3 -
 ---pagebreak--- 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;
                                                                            - 4 -
 ---pagebreak---     (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."
                                                                               5 -
 ---pagebreak--- 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
                                                                           - 6 -
                                     m •:                   vev,,v
 ---pagebreak---  ---pagebreak---                                                                      ISSN 0254-1475
                                                               COM(90) 81 final
                                                      DOCUMENTS
EN                                                                         18 10
                                 Catalogue number : CB-CO-90-106-EN-C
                                                             ISBN 92-77-58261-8
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