apply to regulations and decisions adopted
by the ECB.
The ECB may decide to publish its decisions, recommendations and
opinions.
3. Within the limits and under the conditions adopted by the Council
under the procedure laid down in Article 106(6), the ECB shall be
entitled to impose fines or periodic penalty payments on undertakings
for failure to comply with obligations under its regulations and
decisions.
ARTICLE 109
1. By way of derogation from Article 228, the Council may, acting
unanimously on a recommendation from the ECB or from the
Commission, and after consulting the ECB in an endeavour to reach a
consensus consistent with the objective of price stability, after
consulting the European Parliament, in accordance with the procedure
in paragraph 3 for determining the arrangements, conclude formal
agreements on an exchange rate system for the ECU in relation to
non-Community currencies. The Council may, acting by a qualified
majority on a recommendation from the ECB or from the Commission,
and after consulting the ECB in an endeavour to reach a consensus
consistent with the objective of price stability, adopt, adjust or
abandon the central rates of the ECU within the exchange rate system.
The President of the Council shall inform the European Parliament of
the adoption, adjustment or abandonment of the ECU central rates.
2. In the absence of an exchange rate system in relation to one or
more non-Community currencies as referred to in paragraph 1, the
Council, acting by a qualified majority either on a recommendation
from the Commission and after consulting the ECB or on a
recommendation from the ECB, may formulate general orientations for
exchange-rate policy in relation to these currencies. These general
orientations shall be without prejudice to the primary objective of the
ESCB to maintain price stability.
3. By way of derogation from Article 228, where agreements
concerning monetary or foreign exchange regime matters need to be
negotiated by the Community with one or more States or international
organizations, the Council, acting by a qualified majority on a
recommendation from the Commission and after consulting the ECB,
shall decide the arrangements for the negotiation and for the
conclusion of such agreements. These arrangements shall ensure that
the Community expresses a single position. The Commission shall be
fully associated with the negotiations.
Agreements concluded in accordance with this paragrap