council regul eec decemb relat european monetari system council european commun regard treati establish european econom commun articl thereof regard propos commiss regard opinion european parliament regard opinion econom social committe european council meet brussel adopt decemb resolut set arrang relat establish european monetari system effect januari context year start system exist arrang institut merg european monetari fund meantim respons administ monetari system entrust initi european monetari cooper fund set regul eec regul eec council adopt ecu unit account european monetari cooper fund system begin function provid immedi creation suppli ecu part central bank reserv system ecu mean settlement system context introduct ecu oper european monetari cooper fund util mean settlement object pursu commun achiev notabl gradual converg member state econom polici smooth function common market attain econom monetari union power need set system provid treati adopt regul articl european monetari cooper fund empow receiv monetari reserv monetari author member state issu ecu asset articl fund monetari author member state empow ecu mean settlement transact author fund articl administr council fund administr measur implement articl articl regul enter forc januari regul bind entireti directli applic member state brussel decemb council presid matthöfer oj opinion deliv novemb publish offici journal oj page offici journal