Translation of "Rapport entre monnaie fiduciaire et masse monétaire " (French → English) :

The President of the ECOFIN Council recommended to the European Council that it: - instruct the ECOFIN Council to define, in consultation with the Commission and the EMI, a reference scenario guaranteeing full compliance with the Treaty, this being a pre-condition for the irreversibility necessary at the start of stage 3, with a view to reporting back to the Madrid European Council in December 1995; - ask the Commission to undertake the necessary consultations with a view to reporting back to the European Council in Madrid; - note the work already completed on defining the technical characteristics of coins and ask the ECOFIN Council to continue with all the necessary work; - ask Member States to take all the necessary steps to see that ...[+++]public services consider the practical arrangements for switching their operations to the single currency when the time comes; - request the ECOFIN Council to examine, together with the EMI, the future relationship between the currencies of the Member Countries of the Monetary Union and of the other States of the European Union.

WHEREAS THE SAID ARTICLE 1A PROVIDES , IN PARAGRAPH 3 , THAT THE SPECIAL RATE FOR THE FLOATING CURRENCIES SHALL BE EQUAL TO THE CONVERSION RATE FOR THE CURRENCY CONCERNED AGAINST THE EUROPEAN MONETARY UNIT OF ACCOUNT ; WHEREAS , FOLLOWING THE ENTRY INTO FORCE OF THE EUROPEAN MONETARY SYSTEM , THE EUROPEAN MONETARY UNIT OF ACCOUNT NO LONGER EXISTS ; WHEREAS IT WAS MADE UP OF THE TOTALITY OF THE MEMBER STATES ' CURRENCIES KEPT AT ANY GIVEN MOMENT WITHIN A MAXIMUM SPREAD OF 2.25 % ; WHEREAS THIS GROUP OF CURRENCIES , INCREASED TO INCLUDE THE FRENCH FRANC AND THE IRISH POUND , STILL EXISTS ; WHEREAS THE MECHANISM HITHERTO APPLIED CAN ACCORDINGLY STILL BE MAINTAINED ; WHEREAS , HOWEVER , IT IS NECESSARY TO ALTER THE WORDING OF THE SAID PROV ...[+++]ISION ;

WHEREAS COUNCIL REGULATION N 129 ( 2 ) ON THE VALUE OF THE UNIT OF ACCOUNT AND THE EXCHANGE RATES TO BE APPLIED FOR THE PURPOSES OF THE COMMON AGRICULTURAL POLICY , AS AMENDED BY REGULATION ( EEC ) N 653/68 , DEFINED BY A WEIGHT IN FINE GOLD THE VALUE OF THE UNIT OF ACCOUNT TO BE USED FOR THE COMMON AGRICULTURAL POLICY AND THE SPECIAL TRADE SYSTEMS FOR CERTAIN GOODS PROCESSED FROM AGRICULTURAL PRODUCTS ; WHEREAS , MOREOVER , THAT REGULATION ALSO PROVIDED THAT THE RATES OF EXCHANGE BETWEEN CURRENCIES TO BE APPLIED FOR THE SAME PURPOSES ARE THOSE CORRESPONDING TO THE PAR VALUE COMMUNICATED TO THE INTERNATIONAL MONETARY FUND , WHICH IS ALSO DEFINED BY A WEIGHT IN GOLD ; WHEREAS THAT REGULATION THUS FIXED THE RATIO BETWEEN THE UNIT OF ACCOUNT ...[+++] AND THE DIFFERENT CURRENCIES ; WHEREAS , IN ACCORDANCE WITH REGULATION ( EEC ) N 653/68 , RULES SHOULD BE ADOPTED TO BE APPLIED WHERE THERE IS AN ALTERATION IN THE VALUE OF THE UNIT OF ACCOUNT OR THE EXCHANGE RATES ;

21 October 1990 - The Commission adopts its opinion on political union: a single Community; ensuring unity and coherence in the Community's international action; strengthening democratic legitimacy (relations between the institutions and the people of Europe); improving the effectiveness of the institutions. 27n28 October 1990 - Mr Guido Carli, Italian Minister for the Treasury, reports to the European Council on EMU on the basis of the Finance Ministers' deliberations on 23 July and 8 September. The European Council takes note of this as the basis for the intergovernmental conference, defines economic and ...[+++]monetary union, affirms that the final objective is irrevocably fixed exchange rates, i.e. a single currency - a strong and stable ecu. The European Council determines that the second stage is to start on 1 January 1994, when a new institution will be set up to strengthen the coordination of monetary policies, develop the instruments needed for a single monetary policy and oversee the development of the ecu. The move to this stage will require progress in convergence of economies. The United Kingdom is unable to accept this approach to the intergovernmental conference. With respect to political union, the European Council confirms its will to develop the political dimension of the Community by extending its powers, developing Parliament's role in the legislative sphere and defining European citizenship (Spanish proposal made in July).

The main objectives of the legislation are: - to establish that from 1 January 1999 the euro shall be the currency of participating Member States, with the euro being expressed, during the transitional period (1 January 1999 until 31 December 2001, at the latest) in terms of the national currency units, thus ensuring a legally enforceable equivalence between the euro and the national currency units; - to confirm that notes and coins denominated in euro will be introduced from 1 January 2002 at the latest and will immediately have legal tender status in all participating countries.

Mr Monti will identify six areas where he has taken initiatives during the course of this year: 1) Completing the legislative framework for the Single Market (e.g. the proposals for elimination of border checks on people in a framework of security) 2) Enforcing Single Market rules more effectively to ensure a level playing field (e.g. more rapid and transparent Commission infringement procedures; EU Court sanctions against Member States for violations of EU legislation 3) Developing the Single Market to take account of technological change and new dimensions in economic activity (e.g. Green Papers on different aspects of the information ...[+++] society) 4) Preparing for enlargement of the Single Market to the East (CEECs) and the South (Cyprus and Malta), in particular through technical assistance and guidance (e.g. White Paper on preparation of the CEECs for integration into the Internal Market of the Union) 5) Defending vigorously the Single Market from the threats caused by monetary disturbances, by resisting demands for new barriers to trade or compensatory measures, whereas the appropriate response consists of increased budgetary discipline and convergence to the single currency (e.g. the recent report of the impact of currency fluctuations on the Single Market) 6) Ensuring the Single Market is made relevant to the citizen (Mr Monti will outline the Citizens First initiative on explaining people's rights derived from the Single Market and the practical benefits these rights bring to the individual).