ocedures set out therein,
these activities shall include the irrevocable fixing of exchange rates
leading to the introduction of a single currency, the ECU, and the
definition and conduct of a single monetary policy and exchange rate
policy the primary objective of both of which shall be to maintain price
stability and, without prejudice to this objective, to support the general
economic policies in the Community, in accordance with the principle
of an open market economy with free competition.
3. These activities of the Member States and the Community shall
entail compliance with the following guiding principles: stable prices,
sound public finances and monetary conditions and a sustainable
balance of payments."
5) The following Article shall be inserted:
"ARTICLE 3b
The Community shall act within the limit of the powers conferred upon
it by this Treaty and of the objectives assigned to it therein.
In areas which do not fall within its exclusive competence, the
Community shall take action, in accordance with the principle of
subsidiarity, only if and in so far as the objectives of the proposed
action cannot be sufficiently achieved by the Member States and can
therefore, by reason of the scale or effects of the proposed action, be
better achieved by the Community.
Any action by the Community shall not go beyond what is necessary to
achieve the objectives of this Treaty."
6) Article 4 shall be replaced by the following:
"ARTICLE 4
1. The tasks entrusted to the Community shall be carried out by the
following institutions:
- a EUROPEAN Parliament,
- a COUNCIL,
- a COMMISSION,
- a COURT OF JUSTICE,
- a COURT OF AUDITORS.
Each institution shall act within the limits of the powers conferred upon
it by this Treaty.
2. The Council and the Commission shall be assisted by an Economic
and Social Committee and a Committee of the Regions acting in an
advisory capacity."
7) The following Articles shall be inserted:
"ARTICLE 4a
A European System of Central Banks (hereinafter referred to as
"ESCB") and a European Central Bank (hereinafter referred to as
"ECB") shall be established in accordance with the procedures laid
down in this Treaty; they shall act within the limits of the powers
conferred upon them by this Treaty and by the Statute of the ESCB and
of the ECB (hereinafter referred to as "Statute of the ESCB") annexed
thereto.
ARTICLE 4b
A European Investment Bank is hereby established, which shall act
within the limi