icy and exchange rate policy as well as on
related measures introduced in each Member State. The EMI may
submit opinions or recommendations to governments and to the
Council on policies which might affect the internal or external
monetary situation in the Community and, in particular, the functioning
of the EMS.
5.2. The Council of the EMI may also make recommendations to the
monetary authorities of the Member States concerning the conduct of
their monetary policy.
5.3. In accordance with Article 109f(6) of this Treaty, the EMI shall be
consulted by the Council regarding any proposed Community act
within its field of competence.
Within the limits and under the conditions set out by the Council acting
by a qualified majority on a proposal from the Commission and after
consulting the European Parliament and the EMI shall be consulted by
the authorities of the Member States on any draft legislative provision
within its field of competence, in particular with regard to Article 4.2.
5.4. In accordance with Article 109f(5) of this Treaty, the EMI may
decide to publish its opinions and its recommendations.
ARTICLE 6
Operational and technical functions
6.1. The EMI shall;
- provide for the multilateralization of positions resulting from
interventions by the national central banks in Community currencies
and the multilateralization of intra-Community settlements;
- administer the very short-term financing mechanism provided for by
the Agreement of 13 March 1979 between the central banks of the
Member States of the European Economic Community laying down the
operating procedures for the European Monetary System (hereinafter
referred to as "EMS Agreement") and the short-term monetary support
mechanism provided for in the Agreement between the central banks
of the Member States of the European Economic Community of 9
February 1970, as amended;
- perform the functions referred to in Article 11 of Council Regulation
(EEC) No 1969/88 of 24 June 1988 establishing a single facility
providing medium-term financial assistance for Member States'
balances of payments.
6.2. The EMI may receive monetary reserves from the national central
banks and issue ECUs against such assets for the purpose of
implementing the EMS Agreement. These ECUs may be used by the
EMI and the national central banks as a means of settlement and for
transactions between them and the EMI. The EMI shall take the
necessary administrative measures for the implementat