regul eec council april establish european monetari cooper fund council european commun regard treati establish european econom commun articl thereof regard propos commiss regard opinion european parliament regard opinion econom social committe council resolut repres govern member state march progress establish econom monetari union commun provid establish european monetari cooper fund integr stage commun organ central bank head state govern meet pari octob envisag fund establish april council inform opinion request subject council resolut repres member state march monetari committe committe governor central bank purpos fund contribut progress establish econom monetari union member state european econom commun final stage monetari aspect characterist total irrevers convert irrevoc pariti commun currenc introduct common currenc confer immedi fund respons facilit concert smooth oper exchang arrang introduc commun settlement posit result intervent commun currenc assur multilater intra commun settlement administ financ mechan combin mechan short term monetari support contain agreement februari central bank commun mechan short term financ contain agreement april central bank confer respons constitut stage progress develop fund import statut fund drawn permit scope activ gradual extend establish fund commun object attain progress harmon member state econom polici proper function common market establish econom monetari union treati made provis power essenti establish fund gener provis treati european commun privileg immun contractu liabil oblig profession secreci applic fund adopt regul articl european monetari cooper fund hereinaft refer quot fund quot establish legal person articl limit power fund promot proper function progress narrow margin fluctuat commun currenc intervent commun currenc exchang market settlement central bank lead concert polici reserv oj oj articl stage function fund respons concert action proper function commun exchang system multilater posit result intervent central bank commun currenc multilater intra commun settlement administr short term financ provid agreement central bank enlarg commun april short term monetari support provid agreement central bank commun februari central bank denmark ireland unit kingdom acced effect januari regroup mechan renew mechan articl provis contain agreement refer indent articl administr rule fund technic adapt provis made board governor fund chang basic natur provis consult procedur contain articl statut fund set annex regul form integr part thereof articl regul enter forc april regul bind entireti directli applic member state luxembourg april council presid van elsland annex statut european monetari cooper fund articl fund direct manag board governor member board governor member committe governor central bank member state european econom commun establish council decis collabor central bank member state european econom commun unabl attend repres member govern bodi central bank member luxembourg currenc author sit board governor part decis right oblig grand duchi luxembourg exercis nation bank belgium behalf member state belgo luxembourg econom union member commiss part proceed board governor appoint altern articl board governor order achiev aim fund act accord gener econom polici guidelin drawn treati council accord direct council adopt act unanim propos commiss june decemb year board governor draw report activ submiss council commiss articl board governor repres fund decid organ fund power deleg commit fund vi vi parti board governor deleg agent respons execut technic aspect fund oper articl stage function expenditur incur manag fund cover incom made contribut central bank accord scale contribut short term monetari support articl fund oper currenc member state express european monetari unit account gramm fine gold member state alter pariti central rate currenc simultan direct unit account chang automat pariti chang proport direct proport pariti central rate pariti chang proport direct chang proport smallest chang pariti central rate council decid larger chang case council act dai offici announc member state chang pariti central rate currenc accord procedur laid fourth paragraph articl simultan pariti central rate currenc member state made dai period refer unit account decid council act unanim propos commiss consult monetari committe board governor fund articl member state fund enjoi extens legal capac accord legal person law acquir dispos moveabl immov properti open account conclud agreement central bank member state commun receiv grant credit invest fund manag respons recruit personnel parti legal proceed oj articl protocol privileg immun european commun appli fund board governor personnel fund articl oblig profession secreci contain articl treati appli member board governor member commiss sit board altern person engag activ fund articl case contractu liabil provis articl treati appli damag loss caus fund servant perform duti articl board governor adopt rule procedur fund rule procedur requir unanim approv council consult commiss