resolut council repres govern member state march applic resolut march attain stage econom monetari union commun council european commun repres govern member state desir fix exchang relationship commun pursu applic resolut council repres govern member state march attain stage econom monetari union commun context parallel develop monetari integr converg econom polici develop concert action region structur social field regard recommend januari commiss council regard propos commiss regard opinion european parliament adopt resolut provis adopt order streng effect council decis march strengthen coordin short term econom polici member state member state plan measur decis differ guidelin govern econom polici set council consult place coordin group refer paragraph prior adopt measur decis member state commiss measur decis give rise reserv request consult place council meet dai order exchang reciproc continu basi inform short term econom financi polici coordin polici guidelin govern econom polici set council group attach council consist singl special repres relev minist minist member state repres commiss chairman short term econom polici committe monetari committe budgetari polici committe attend meet group group cooper close committe perman repres regard prepar council meet deal coordin econom polici council meet deal prior consult provid paragraph commiss obtain opinion relev committe submit council draft direct aim promot stabil growth full employ commun ii order initi delai action region structur field ultim attain econom monetari union council agre principl european agricultur guidanc guarante fund eaggf onward measur foster region develop region develop fund set altern system region develop introduc commun resourc council request commiss place propos accord paragraph part iii resolut march council octob decis propos submit commiss oj oj iii step creation monetari zone framework intern system council request central bank member state full margin fluctuat allow world wide scale intern monetari fund reduc stage differ exist time highest lowest rate exchang currenc member state end central bank request phase procedur appli experiment basi interven respect foreign exchang market accord principl set date fix governor central bank intervent carri commun currenc basi margin record date foreign exchang market limit move closer margin refer subparagraph reduc extend juli latest differ exist time spot exchang rate member state exce accord resolut march longer term object remain elimin margin fluctuat currenc commun end central bank request interven foreign exchang market countri accord principl set commun currenc exchang rate relev foreign exchang market reach maximum limit fluctuat allow paragraph dollar dollar exchang rate relev foreign exchang market reach maximum limit fluctuat allow rule intern monetari fund limit fluctuat joint decis central bank central bank request settl balanc result intervent commun currenc month agre committe governor central bank method settlement determin light reserv asset structur debtor countri present circumst council consid import monetari committe committe governor central bank accord paragraph part iii resolut march submit june report organ function statut european monetari cooper fund council give rule conclus report end order discourag excess inflow capit neutral harm effect intern liquid council adopt direct regul intern flow capit neutral undesir effect intern liquid propos commiss june iv council agre propos submit commiss order attain stage econom monetari union relat fiscal harmon progress develop european capit market set matter prioriti agenda council council give rule propos month date set agenda