council decis march attain progress converg econom polici perform stage econom monetari union eec 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 madrid june restat determin achiev progress econom monetari union provid singl act decid stage realiz econom monetari union begin juli state econom monetari union perspect complet intern market context econom social cohes realiz account parallel econom monetari aspect respect principl quot subsidiar quot divers specif situat progress econom monetari union requir high degre converg econom perform member state greater compat closer coordin econom polici strengthen econom polici coordin contribut achiev commun object converg high level econom perform framework monetari stabil achiev goal singl european act complet intern market requir effect polici coordin extent increas degre econom financi integr reinforc competit structur chang amplifi cross border effect econom polici pursuant articl treati member state account experi acquir cooper framework european monetari system develop ecu respect exist power field stage econom monetari union provid sound basi success develop sustain strengthen coordin reli polit develop consensu broad econom polici approach progress coordin process call flexibl subsidiar precis commit decis make learn council decis eec februari attain high degre converg econom polici member state european econom commun council direct eec februari stabil growth full employ commun repeal adopt decis articl order achiev sustain inflationari growth commun high level employ degre econom converg success stage econom monetari union perspect complet intern market context econom social cohes council undertak multilater surveil context appli principl price stabil sound public financ monetari condit sound balanc payment open competit market examin year econom condit prospect polici commun member state compat polici member state commun larg extern econom environ interact economi commun multilater surveil cover aspect econom polici short medium term perspect articl council undertak multilater surveil restrict session author presid make public result deliber learn multilater surveil increasingli result compat polici precis commit member state context council make econom polici suggest propos commiss issu econom polici recommend articl multilater surveil focu macroeconom microeconom structur polici surveil conduct council basi report analys submit commiss includ indic econom perform econom polici includ monetari budgetari polici suppli demand trend price cost develop employ region develop financi market public financ monetari aggreg interest rate exchang rate extern imbal regular report nation econom condit prospect polici period assess econom situat commun annual report review econom outlook underli econom polici orient medium term interact review budgetari polici place possibl ahead nation budgetari plan focu size financ budget deficit medium term orient budgetari polici aim reduc excess high deficit avoid monetari financ council work multilater surveil prepar monetari committe purpos includ expert repres member state commiss econom polici committe chairmen monetari committe econom polici committe attend council meet surveil carri articl propos commiss annual econom report adopt council consult european parliament econom social committe articl potenti actual econom develop member state threaten econom stabil cohes commun council undertak examin econom situat examin result formul countri specif recommend view encourag polici correct articl event commun threaten econom stabil cohes commun consult place commun bodi measur articl order promot consist monetari econom polici chairman committe governor central bank member state european commun invit particip relev council meet articl presid council commiss report regularli result multilater surveil european council european parliament presid council invit compet committe european parliament council made polit recommend govern bring result multilater surveil attent nation parliament account nation polici make articl basi report submit commiss consult monetari committe council period examin progress made multilater surveil applic decis report transmit european parliament articl decis eec direct eec repeal articl decis address member state brussel march council presid reynold oj oj oj oj