report court oper effici manag european monetari institut financi year institut repli content paragraph page introduct institut role extern audit institut audit european court auditor manag institut administr manag budgetari manag account institut output work document annual report assess oper effici manag institut circumst system procedur expenditur financi year contribut object conclus annex institut repli introduct institut role articl treati establish european commun provid creation european monetari institut emi main task prepar stage emu establish european system central bank escb introduct singl monetari polici creation singl currenc order achiev aim institut task strengthen coordin nation monetari polici aim increas converg economi member state ensur price stabil addit studi institut carri work deleg structur committe work group made expert institut nation central bank cover inter alia sphere monetari foreign exchang polici bank supervis payment system macroeconom monetari statist part implement european monetari system em manag european monetari cooper fund emcf emi hold monetari reserv particip em extern audit institut regard extern audit emi articl statut stipul firstli annual account audit independ extern auditor approv council emi approv council emi publish end certif issu privat audit firm public account articl specifi provis articl treati audit european court auditor appli examin oper effici manag emi report base court audit work financi year audit european court auditor addit audit organ oper intern control system court audit procedur area set staff recruit manag suppli premis fixtur applianc instal comput equip offic furnitur equip contract work extern servic specialist advic draft budget monitor implement emi subject provis implement procedur financi regul applic gener budget european commun court requir check provis observ manag institut administr manag term treati emi creat januari date exist extent presid appoint decemb council met time januari seat frankfurt chosen end octob build hous emi select april renov complet end interven period emi work carri support logist administr depart bank intern settlement bi basl decemb hous secretariat committe central bank governor abolish creation emi earli dai emi reli staff committe secretariat began recruit staff secretariat nation central bank basi second institut rational staff profession qualif requir immedi temporari natur institut end financi year staff emploi institut number budgetari manag account uncertainti character financi year made difficult provid accur estim institut expenditur budget ecu million actual expenditur ecu million lower estim main categori actual expenditur lower invest tangibl asset lower staff cost lower administr expenditur total expenditur charg financi year annex amount ecu million broken ecu million staff cost paragraph ecu million administr expenditur ecu million account start expens ecu million depreci tangibl asset take account ecu million interest receiv differ expenditur revenu financi year amount ecu million outstand balanc cover contribut nation central bank fact institut capit ecu million paid begin emi balanc sheet decemb tabl annex show asset liabil relat activ connect em total ecu million asset gold dollar ident amount ecu issu commun central bank asset account gold dollar reserv nation central bank balanc sheet show asset liabil relat institut dai dai oper section balanc sheet total ecu million main item asset side ecu million cash balanc ecu million tangibl asset liabil side debt ecu million provis ecu million ecu million advanc receiv nation central bank institut output work document addit document publish financi year annual report financi year emi drew intern preparatori work document submit council committe work group manag larg occupi fit institut head offic frankfurt annual report institut activ report annual report publish offici languag union april report review econom monetari financi situat union period accord statut lastli report institut annual account financi year accompani certif issu auditor assess effici manag institut circumst year institut work clock effort develop organ quickli recruit staff fit premis set administr oper structur simultan continu work prepar stage emu start board governor embark task laid statut financi year character manageri level state continu chang institut organ system procedur shape matter proceed meet requir moment explain provision measur need final date system procedur court audit main manag system procedur oper institut move frankfurt oper resourc whilst system procedur consid accept court circumst room improv area reason court letter observ recommend cover element administr organ intern control institut manag test carri court file relat individu oper main expenditur categori provid confirm emi administr servic make satisfactori effort ensur good qualiti price ratio system settl expenditur lump sum basi call regular monitor adequaci lump sum assess expenditur financi year amount expenditur financi year reflect fact emi take shape hand fact creat limit period budgetari implement remain estim ow delai fit work half amount unspent appropri account spent desir hamper task set institut restrict budgetari framework term treati institut due wound januari januari affect invest capit polici time annual account drawn prudent basi regard provis expenditur financi year break labour cost amount ecu million ecu million shown financi statement administr expenditur start expens ecu million administr expenditur ecu million depreci ecu million break reflect fact institut start work support staff emploi bi time contribut object view fact institut take shape fundament work undertaken oper staff emi ensur cooper nation central bank exist set continu document publish prepar submit council approv includ master plan set consist framework carri preparatori work sphere activ conclus year difficult emi start shape time suppos oper manageri activ year reflect state affair unusu factor account find court audit satisfactori recommend made institut manag view improv aspect system procedur time definit form report adopt court auditor luxembourg court meet septemb court auditor bernhard friedmann presid annex gt tabl gt annex gt tabl gt institut repli european monetari institut note satisfact tenor report posit circumst year exist institut account emi awar due provision infrastructur start period oper system procedur need improv observ recommend regard administr organ intern control address manag institut consid help report court oper effici manag european monetari institut financi year institut repli content paragraph page introduct institut role extern audit institut audit european court auditor manag institut administr manag budgetari manag account institut output work document annual report assess oper effici manag institut circumst system procedur expenditur financi year contribut object conclus annex institut repli introduct institut role articl treati establish european commun provid creation european monetari institut emi main task prepar stage emu establish european system central bank escb introduct singl monetari polici creation singl currenc order achiev aim institut task strengthen coordin nation monetari polici aim increas converg economi member state ensur price stabil addit studi institut carri work deleg structur committe work group made expert institut nation central bank cover inter alia sphere monetari foreign exchang polici bank supervis payment system macroeconom monetari statist part implement european monetari system em manag european monetari cooper fund emcf emi hold monetari reserv particip em extern audit institut regard extern audit emi articl statut stipul firstli annual account audit independ extern auditor approv council emi approv council emi publish end certif issu privat audit firm public account articl specifi provis articl treati audit european court auditor appli examin oper effici manag emi report base court audit work financi year audit european court auditor addit audit organ oper intern control system court audit procedur area set staff recruit manag suppli premis fixtur applianc instal comput equip offic furnitur equip contract work extern servic specialist advic draft budget monitor implement emi subject provis implement procedur financi regul applic gener budget european commun court requir check provis observ manag institut administr manag term treati emi creat januari date exist extent presid appoint decemb council met time januari seat frankfurt chosen end octob build hous emi select april renov complet end interven period emi work carri support logist administr depart bank intern settlement bi basl decemb hous secretariat committe central bank governor abolish creation emi earli dai emi reli staff committe secretariat began recruit staff secretariat nation central bank basi second institut rational staff profession qualif requir immedi temporari natur institut end financi year staff emploi institut number budgetari manag account uncertainti character financi year made difficult provid accur estim institut expenditur budget ecu million actual expenditur ecu million lower estim main categori actual expenditur lower invest tangibl asset lower staff cost lower administr expenditur total expenditur charg financi year annex amount ecu million broken ecu million staff cost paragraph ecu million administr expenditur ecu million account start expens ecu million depreci tangibl asset take account ecu million interest receiv differ expenditur revenu financi year amount ecu million outstand balanc cover contribut nation central bank fact institut capit ecu million paid begin emi balanc sheet decemb tabl annex show asset liabil relat activ connect em total ecu million asset gold dollar ident amount ecu issu commun central bank asset account gold dollar reserv nation central bank balanc sheet show asset liabil relat institut dai dai oper section balanc sheet total ecu million main item asset side ecu million cash balanc ecu million tangibl asset liabil side debt ecu million provis ecu million ecu million advanc receiv nation central bank institut output work document addit document publish financi year annual report financi year emi drew intern preparatori work document submit council committe work group manag larg occupi fit institut head offic frankfurt annual report institut activ report annual report publish offici languag union april report review econom monetari financi situat union period accord statut lastli report institut annual account financi year accompani certif issu auditor assess effici manag institut circumst year institut work clock effort develop organ quickli recruit staff fit premis set administr oper structur simultan continu work prepar stage emu start board governor embark task laid statut financi year character manageri level state continu chang institut organ system procedur shape matter proceed meet requir moment explain provision measur need final date system procedur court audit main manag system procedur oper institut move frankfurt oper resourc whilst system procedur consid accept court circumst room improv area reason court letter observ recommend cover element administr organ intern control institut manag test carri court file relat individu oper main expenditur categori provid confirm emi administr servic make satisfactori effort ensur good qualiti price ratio system settl expenditur lump sum basi call regular monitor adequaci lump sum assess expenditur financi year amount expenditur financi year reflect fact emi take shape hand fact creat limit period budgetari implement remain estim ow delai fit work half amount unspent appropri account spent desir hamper task set institut restrict budgetari framework term treati institut due wound januari januari affect invest capit polici time annual account drawn prudent basi regard provis expenditur financi year break labour cost amount ecu million ecu million shown financi statement administr expenditur start expens ecu million administr expenditur ecu million depreci ecu million break reflect fact institut start work support staff emploi bi time contribut object view fact institut take shape fundament work undertaken oper staff emi ensur cooper nation central bank exist set continu document publish prepar submit council approv includ master plan set consist framework carri preparatori work sphere activ conclus year difficult emi start shape time suppos oper manageri activ year reflect state affair unusu factor account find court audit satisfactori recommend made institut manag view improv aspect system procedur time definit form report adopt court auditor luxembourg court meet septemb court auditor bernhard friedmann presid annex gt tabl gt annex gt tabl gt institut repli european monetari institut note satisfact tenor report posit circumst year exist institut account emi awar due provision infrastructur start period oper system procedur need improv observ recommend regard administr organ intern control address manag institut consid help