council decis march strengthen oper central bank member state european econom commun eec council european commun regard treati establish european econom commun articl thereof regard final communiqu confer head state govern held hagu decemb item thereof regard resolut council repres govern member state march phase establish econom monetari union commun item iii thereof regard recommend commiss regard opinion european parliament resolut refer strengthen oper central bank adopt decis articl member state ordin monetari credit polici regard guidelin gener econom polici laid council articl framework central bank invit limit power scope respect respons ordin polici monetari credit matter committe governor central bank establish gener guidelin trend bank liquid term suppli credit level interest rate lai practic method applic procedur articl decis address member state brussel march council presid cointat oj