Protocol ( No 4 )

on the Statute of the European Monetary Institute

THE HIGH CONTRACTING PARTIES,

DESIRING to lay down the Statute of the European Monetary Institute,

HAVE AGREED upon the following provisions, which shall be annexed to the Treaty establishing the European Community.

Article 1

Constitution and name

1.1. The European Monetary Institute ( EMI ) shall be established in accordance with Article 109f of this Treaty; it shall perform its functions and carry out its activities in accordance with the provisions of this Treaty and of this Statute.

1.2. The members of the EMI shall be the central banks of the Member States ( 'national central banks' ). For the purposes of this Statute, the Institut montaire, luxembourgeois shall be regarded as the central bank of Luxembourg.

1.3. Pursuant to Article 109f of this Treaty, both the Committee of Governors and the European Monetary Cooperation Fund ( EMCF ) shall be dissolved. All assets and liabilities of the EMCF shall pass automatically to the EMI.

Article 2

Objectives

The EMI shall contribute to the realization of the conditions necessary for the transition to the third stage of economic and monetary union, in particular by:

strengthening the coordination of monetary policies with a view to ensuring price stability;
making the preparations required for the establishment of the European System of Central Banks ( ESCB ), and for the conduct of a single monetary policy and the creation of a single currency in the third stage;
overseeing the development of the ECU.

Article 3

General principles

3.1. The EMI shall carry out the tasks and functions conferred upon it by this Treaty and this Statute without prejudice to the responsibility of the competent authorities for the conduct of the monetary policy within the respective Member States.

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