resolut european council establish exchang rate mechan stage econom monetari union amsterdam june build agreement reach meet florenc dublin european council todai agre exchang rate mechan set stage econom monetari union begin januari start stage econom monetari union european monetari system replac exchang rate mechan defin resolut oper procedur laid agreement european central bank nation central bank member state euro area exchang rate mechan link currenc member state euro area euro euro centr mechan mechan function requisit framework stabil orient polici accord treati establish european commun core econom monetari union principl object last converg econom fundament prerequisit sustain exchang rate stabil end stage econom monetari union member state pursu disciplin respons monetari polici direct price stabil sound fiscal structur polici member state equal essenti sustain exchang rate stabil stabl econom environ good function singl market higher invest growth employ interest member state singl market endang real exchang rate misalign excess nomin exchang rate fluctuat euro eu currenc disrupt trade flow member state articl treati member state oblig treat exchang rate polici matter common interest surveil member state macroeconom polici council articl treati organ inter alia view avoid misalign fluctuat exchang rate mechan ensur member state euro area particip mechan orient polici stabil foster converg effort adopt euro provid member state refer conduct sound econom polici gener monetari polici time mechan protect member state adopt euro unwarr pressur foreign exchang market case assist member state euro area particip currenc pressur combin polici respons includ interest rate measur coordin intervent ensur member state seek adopt euro januari receiv treatment equal initi adopt euro respect fulfil converg criteria exchang rate mechan function prejudic primari object european central bank ecd nation central bank maintain price stabil ensur adjust central rate conduct time fashion avoid signific misalign particip exchang rate mechan voluntari member state euro area member state derog expect join mechan member state particip outset exchang rate mechan particip date exchang rate mechan base central rate euro standard fluctuat band wide implement stabil orient econom monetari polici central rate remain focu member state euro area particip mechan suffici flexibl allow accommod vari degre pace strategi econom converg member state euro area join mechan exchang rate polici cooper strengthen allow closer exchang rate link euro currenc exchang rate mechan extent light progress converg exist closer link impli narrow fluctuat band prejudic interpret exchang rate criterion articl treati main featur central rate euro defin currenc member state euro area particip exchang rate mechan standard fluctuat band minu central rate intervent margin principl automat unlimit short term financ ecb central bank particip suspend intervent conflict primari object decis due account relev factor maintain price stabil credibl function exchang rate mechan made clear agreement lai oper procedur exchang rate mechan expect conclud ecb nation central bank flexibl interest rate import featur mechan possibl coordin intra margin intervent decis central rate standard fluctuat band mutual agreement minist euro area member state ecb minist central bank governor euro area member state particip mechan common procedur involv european commiss consult econom financi committe minist governor central bank member state particip exchang rate mechan part vote procedur parti mutual agreement includ ecb initi confidenti procedur aim reconsid central rate case case basi formal agre fluctuat band narrow standard back principl automat intervent financ set request euro area member state concern decis narrow band minist euro area member state ecb minist governor central bank euro area member state concern common procedur involv european commiss consult econom financi committe minist central bank governor member state part procedur vote standard narrow band prejudic interpret indent articl treati detail short term financ mechan determin agreement ecb nation central bank broadli basi present arrang european monetari institut emi draft agreement incorpor oper procedur requir resolut emi submit ecb central bank euro area member state date establish ecb