ities for the conduct of the monetary policy within
the respective Member States.
3.2. The EMI shall act in accordance with the objectives and principles
stated in Article 2 of the Statute of the ESCB.
ARTICLE 4
Primary tasks
4.1. In accordance with Article 109f(2) of this Treaty, the EMI shall:
- strengthen co-operation between the national central banks;
- strengthen the co-ordination of the monetary policies of the Member
States with the aim of ensuring price stability;
- monitor the functioning of the European Monetary System (EMS);
- hold consultations concerning issues falling within the competence of
the national central banks and affecting the stability of financial
institutions and markets;
- take over the tasks of the EMCF; in particular it shall perform the
functions referred to in Articles 6.1, 6.2 and 6.3;
- facilitate the use of the ECU and oversee its development, including
the smooth functioning of the ECU clearing system.
The EMI shall also:
- hold regular consultations concerning the course of monetary
policies and the use of monetary policy instruments;
- normally be consulted by the national monetary authorities before
they take decisions on the course of monetary policy in the context of
the common framework for ex ante co-ordination.
4.2. 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, in accordance with the
principle of an open market economy with free competition. This
framework shall be submitted by the Council of the EMI for decision to
the ECB at the date of its establishment.
In accordance with Article 109f(3) of this Treaty, the EMI shall in
particular:
- prepare the instruments and the procedures necessary for carrying
out a single monetary policy in the third stage;
- promote the harmonization, where necessary, of the rules and
practices governing the collection, compilation and distribution of
statistics in the areas within its field of competence;
- prepare the rules for operations to be undertaken by the national
central banks in the framework of the ESCB;
- promote the efficiency of cross-border payments;
- supervise the technical preparation of ECU bank notes.
ARTICLE 5
Advisory functions.
5.1. In accordance with Article 109f(4) of this Treaty, the Council of the
EMI may formulate opinions or recommendations on the overall
orientation of monetary pol