council decis march amend council decis eec cooper central bank member state european econom commun eec council european commun regard treati establish european econom commun articl indent articl thereof regard recommend commiss regard opinion european parliament regard opinion econom social committe european council meet madrid june decid stage realiz econom monetari union begin juli articl treati ration stage econom monetari union call increas degre converg econom perform inflationari growth econom social cohes member state greater converg promot view achiev domest price stabil time condit stabl exchang rate accord requir european monetari system realiz stage econom monetari union focu complet intern market remov obstacl financi integr strengthen process coordin monetari polici intensifi cooper central bank matter fall compet connect consider extend scope central bank autonomi arrang formul monetari polici framework econom monetari union provid adequ autonomi institut commit price stabil essenti success union view object progress realiz econom monetari union task extend task role committe governor central bank member state european commun reinforc decis eec amend consequ decid sole articl decis eec amend articl replac articl committe compos governor central bank member state director gener luxembourg monetari institut unabl attend nomin repres institut commiss gener rule invit send member repres meet committe committe consid invit qualifi person attend chairman monetari committe articl insert articl chairman committe invit particip meet council minist deal issu involv task committe governor articl replac articl task committe hold consult gener principl broad line monetari polici credit monei foreign exchang market issu fall compet central bank affect stabil financi institut market exchang inform regularli import measur fall compet central bank examin measur committe consult nation author decis monetari polici set annual monei suppli credit target promot coordin monetari polici member state aim achiev price stabil condit proper function european monetari system realiz object monetari stabil formul opinion orient monetari exchang rate polici respect measur introduc individu member state express opinion individu govern council minist polici affect intern extern monetari situat commun function european monetari system carri task committe review monetari situat prospect insid commun committe prepar annual report activ monetari financi condit commun transmit european parliament council minist european council presid committe invit european parliament occas compet committe european parliament circumst justifi committe author chairman make outcom deliber public articl insert articl member committe repres institut act respect activ committe respons due regard commun object articl replac articl committe adopt rule procedur set subcommitte provid secretariat research servic brussel march council presid reynold oj oj oj