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 paragraph shall be binding on the institutions of the Community, on the ECB and on Member States.

4. Subject to paragraph 1, the Council shall, on a proposal from the Commission and  after consulting the ECB, acting by a qualified majority decide on the position of the  Community at international level as regards issues of particular relevance to  economic and monetary union and, acting unanimously, decide its representation in  compliance with the allocation of powers laid down in Articles 103 and 105.

5. Without prejudice to Community competence and Community agreements as  regards economic and monetary union, Member States may negotiate in international  bodies and conclude international agreements.

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