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Intergovernmental conferences

190 pages
Contributions by the Commission
Community Treaties, agreements and conventions
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>ean Communitie
Supplement 2/91
Commission of the
European Communities
Contributions by the
Commission Supplements 1991
1/91 The Commission's programme for 1991
2/91 Intergovernmental Conferences — Contributions by the Commission
*3/91 European industrial policy for the 1990s
In preparation Bulletin of the
European Communities
Supplement 2/91
Intergovernmental Conferences:
Contributions by the
Commission Cataloguing data can be found at the end of this publication.
Luxembourg: Office for Official Publications of the European Communities, 1991
ISBN 92-826-2947-3
Catalogue number: CM-NF-91-002-EN-C
© ECSC-EEC-EAEC, Brussels · Luxembourg, 1991
Reproduction is authorized, except for commercial purposes, provided the source is
Printed in Germany General contents
Economic and monetary union 5
Political union 65
S.2/91 Economie and monetary union
Economic and monetary union
(Communication of the Commission of 21 August 1990)
Draft treaty amending the Treaty establishing the European
Economic Community with a view to achieving economic and
monetary union
Document drawn up on the basis of SEC(90) 1659 and SEC(90)
S.2/91 Contents
Preface 9
Economic and monetary union 13
/. Benefits andcosts of economic and monetary union 16
1.1. Definition
1.2. Major benefits and costs
1.3. Benefits and costs in the processes of convergence and the transition7
1.4. Overall evaluation 19
2. Monetary union
2.1. The choice of a single currency
2.2. General principles and organization 20
2.3. Internal monetary policy and the ecu
2.4. The ecu and external monetary policy1
Economic union 3. 2
3.1. Principles, objectives and coherence 2
3.2. Efficiency 22
3.3. Cooperation 23
3.4. Economic and social cohesion 24
3.5. Consequences for Community finance 25
4. Transition 26
4.1. The general conception 26
4.2. What is at stake in Stage I? 27
4.3. Consolidation of the EMS 28
4.4. The creation of the new monetary institution 28
4.5. The ecu 29
5. Institutional aspects 30
5.1. The creation of Eurofed
5.2. Economic provisions
5.3. Provisions for the transition1
5.4. Balance between the institutions
5.5. The role of each institution
S.2/91 Draft treaty with a view to achieving economic and monetary union 33
Explanatory memorandum 33
1. Need for coherence between the two Intergovernmental Conferences3
2. The march towards economic and monetary union4
3. Points of agreement and remaining differences of approach5
4. The Community's responsibilities and the creation of appropriate instruments 37
Draft treaty9
Commentary 49