unctioning of the ECU clearing system.
3. For the preparation of the third stage, the EMI shall:
- prepare the instruments and procedures necessary for carrying out a
single monetary policy in the third stage;
- promote the harmonization, where necessary, of rules and practices
governing the collection, compilation and distribution of statistics in
the areas in the areas within its field of competence;
- prepare the rules for operations to be undertaken by the national
central banks within the framework of the ESCB;
- promote the efficiency of cross-border payments;
- supervise the technical preparation of ECU bank notes.
At the latest by 31 December 1996, the EMI shall specify the
regulatory, organizational and logistical framework necessary for the
ESCB to perform its tasks in the third stage. This framework shall be
submitted for decision to the ECB at the date of its establishment.
4. The EMI, acting by a majority of two thirds of the members of its
Council, may:
- formulate opinions or recommendations on the overall orientation of
monetary policy and exchange rate policy as well as on related
measures introduced in each Member State;
- 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 European Monetary System;
- make recommendations to the monetary authorities of the Member
States concerning the conduct of monetary policy.
5. The EMI, acting unanimously, may decided to publish its opinions
and its recommendations.
6. 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, the EMI shall be
consulted by the authorities of the Member States on any draft
legislative provision within its field of competence.
7. The Council may, acting unanimously on a proposal from the
Commission and after consulting the European Parliament and the
EMI, confer upon the EMI other tasks for the preparation of the third
stage.
8. Where this Treaty provides for a consultative role for the ECB,
reference to the ECB shall be read as referring to the EMI before the
establishment of the ECB. Where this Treaty provides for a
consultative role for th