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 EMJ shall:

strengthen cooperation between the national central banks;
strengthen the coordination 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 function 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 coordination.

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 banknotes.

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