resolut european council decemb econom polici coordin stage emu treati articl ec treati european council meet luxembourg decemb regard treati establish european commun recal conclus amsterdam european council notabl improv econom coordin effect wai implement articl treati recal amsterdam european council resolut stabil growth pact recal amsterdam european council resolut growth employ take note report council decemb resolv coordin econom polici stage econom monetari union emu emu link economi euro area member state close share singl monetari polici singl exchang rate cyclic develop converg econom polici wage determin remain nation respons subject provis articl treati stabil growth pact extent nation econom develop impact inflat prospect euro area influenc monetari condit area basic reason move singl currenc requir closer commun surveil coordin econom polici euro area member state econom monetari interdepend particip member state strong particip singl market ensur converg smooth function singl market requir member state includ coordin econom polici interdepend strong euro area member state particip exchang rate mechan countri derog expect enhanc econom polici coordin give full attent nation econom develop polici potenti influenc monetari financi condit euro area smooth function intern market includ close monitor macroeconom develop member state ensur sustain converg exchang rate develop euro surveil budgetari posit polici accord treati stabil growth pact monitor member state structur polici labour product servic market cost price trend affect chanc achiev sustain inflationari growth job creation foster tax reform rais effici discourag harm tax competit enhanc econom polici coordin adher treati principl subsidiar respect prerog nation govern determin structur budgetari polici subject provis treati stabil growth pact respect independ european system central bank escb pursu primari object price stabil role ecofin council central decis make bodi econom coordin respect nation tradit compet respons social partner wage format process ensur smooth function emu council commiss member state call appli treati instrument econom polici coordin fulli effect end broad econom polici guidelin adopt accord articl treati develop effect instrument ensur sustain converg member state provid concret countri specif guidelin focu measur improv member state growth potenti increas employ attent henceforth paid improv competit labour product servic market effici educ train make taxat social protect system employ friendli enhanc coordin aim secur consist nation econom polici implement broad econom polici guidelin proper function emu econom polici develop member state commun monitor framework multilater surveil articl treati attent paid give earli warn threaten budgetari situat accord stabil growth pact develop allow persist threaten stabil competit futur job creation end council expect readi make recommend accord articl treati member state econom polici consist broad econom polici guidelin part member state concern commit time effici measur deem respond council recommend member state commit comprehens speedi exchang inform econom develop polici intent cross border impact monitor econom situat polici discuss regular item agenda inform ecofin session order stimul open frank debat ecofin council time time meet restrict session minist conduct multilater surveil term treati ecofin council centr coordin member state econom polici empow act relev area ecofin council bodi empow formul adopt broad econom polici guidelin constitut main instrument econom coordin defin posit ecofin council centr econom coordin decis make process affirm uniti cohes commun minist state particip euro area meet inform discuss issu connect share specif respons singl currenc commiss european central bank ecb invit part meet matter common interest concern discuss minist member state decis case ecofin council accord procedur determin treati ii implement treati provis exchang rate polici extern posit represent commun articl treati european council recognis respons fall commun introduct euro major currenc world monetari system contribut commun escb strict accord compet procedur establish treati provid centr price stabil part european council resolv plai full part help lai foundat prosper effici economi commun accord principl open economi free competit favour effici alloc resourc complianc principl set articl treati european council convinc provid base currenc strong respect council monitor develop exchang rate euro light wide rang econom data commiss provid analys council econom financi committe prepar council review import make full treati provis ensur exchang inform view council ecb exchang rate euro gener exchang rate outcom econom polici council except circumst case clear misalign formul gener orient exchang rate polici relat ec currenc accord articl treati gener orient respect independ escb consist primari object escb maintain price stabil council decid posit commun intern level issu relev econom monetari union accord articl treati posit relev bilater relat european union individu countri proceed intern organ inform intern group scope provis necessarili limit euro area member state vote articl council european central bank carri task repres commun intern level effici manner complianc alloc power laid treati element econom polici monetari exchang rate polici member state continu present polici commun framework take full account commun interest commiss involv extern represent extent requir enabl perform role assign treati represent intern organ account organ rule regard commun relat intern monetari fund imf predic provis fund articl agreement countri member institut member state capac member imf establish pragmat arrang facilit conduct imf surveil present commun posit includ view escb imf fora iii dialogu council ecb light alloc respons laid treati harmoni econom develop commun stage emu call continu fruit dialogu council ecb involv commiss respect aspect independ escb council plai full part exploit channel commun provid treati presid council posit articl treati report govern council ecb council assess econom situat union econom polici member state discuss ecb view council exchang rate develop prospect treati turn ecb presid attend council meet council discuss matter relat object task escb instanc broad econom polici guidelin develop import attach annual report ecb make european parliament council commiss european council econom financi committe bring senior offici nation central bank ecb financ ministri provid framework dialogu prepar continu level senior offici declar treati european union affirm purpos appli provis set titl vi econom monetari polici treati establish european commun usual practic council meet composit econom financ minist continu prejudic articl articl treati