o examine, at least once a year, the situation regarding the
movement of capital and the freedom of payments, as they result from
the application of this Treaty and of measures adopted by the Council;
the examination shall cover all measures relating to capital
movements and payments; the Commission shall report to the
Commission and to the Council on the outcome of this examination.
The Member States, the Commission and the ECB shall each appoint
no more than two members of the Committee.
3. The Council shall, acting by qualified majority on a proposal from
the Commission and after consulting the ECB and the Committee
referred to in this Article, lay down detailed provisions concerning the
composition of the Economic and Financial Committee. The President
of the Council shall inform the European Parliament of such a
decision.
4. In addition to the tasks set in paragraph 2, if and as long as there
are Member States with a derogation as referred to in Articles 109k
and 109l, the Committee shall keep under review the monetary and
financial situation and the general payments system of those Member
States and report regularly thereon to the Council and to the
Commission.
ARTICLE 109d
For matters within the scope of Articles 103(4), 104c with the exception
of paragraph 14, 109, 109j, 109k and 109l(4) and (5), the Council or a
Member State may request the Commission to make a
recommendation or a proposal, as appropriate. The Commission shall
examine this request and submit its conclusions to the Council without
delay.
CHAPTER 4
TRANSITIONAL PROVISIONS
ARTICLE 109e
1. The second stage for achieving economic and monetary union shall
begin on 1 January 1994.
2. Before that date
(a) each Member State shall:
- adopt, where necessary, appropriate measures to comply with the
prohibitions laid down in article 73b, without prejudice to Article 73e,
and in Articles 104 and 104a(1);
- adopt, if necessary, with a view to permitting the assessment
provided for in subparagraph (b), multiannual programmes intended to
ensure the lasting convergence necessary for the achievement of
economic and monetary union, in particular with regard to price
stability and sound public finances;
(b) the Council shall, on the basis of a report from the Commission,
assess the progress made with regard to economic and monetary
convergence, in particular with regard to price stability and sound
public finances, and the progress made with the implementat