It shall have the following tasks:

to keep under review the monetary and financial situation of the Member States  and of the Community and the general payments system of the Member States  and to report regularly thereon to the Council and to the Commission;

to deliver opinions at the request of the Council or of the Commission, or on its  own initiative for submission to those institutions;

without prejudice to Article 151, to contribute to the preparation of the work of  the Council referred to in Articles 73f, 73g, 103( 2 ), ( 3 ), ( 4 ) and ( 5 ), 103a,  104a, 104b, 104c, 109e( 2 ), 109f( 6 ), 109h, 109i, 109j( 2 ) and 109k( 1 );  to examine, at least once a year, the situation regarding the movement of capital  and the freedom of payments, as they result from the application of this Treaty  and of measures adopted by the Council; the examination shall cover all  measures relating to capital movements and payments; the Committee shall  report to the Commission and to the Council on the outcome of this examination.

The Member States and the Commission shall each appoint two members of the  Monetary Committee.

2. At the start of the third stage, an Economic and Financial Committee shall be set  up. The Monetary Committee provided for in paragraph 1 shall be dissolved.

The Economic and Financial Committee shall have the following tasks:  to deliver opinions at the request of the Council or of the Commission, or on its  own initiative for submission to those institutions;

to keep under review the economic and financial situation of the Member States  and of the Community and to report regularly thereon to the Council and to the  Commission, in particular on financial relations with third countries and  international institutions;

without prejudice to Article 151, to contribute to the preparation of the work of  the Council referred to in Articles 73f, 73g, 103( 2 ), ( 3 ), ( 4 ) and ( 5 ), 103 a,  104a, 104b, 104c, 105( 6 ), 105a( 2 ), 106( 5 ) and ( 6 ), 109, 109h, 109i( 2 ) and ( 3 ),  109k( 2 ), 1091( 4 ) and ( 5 ), and to carry out other advisory and preparatory tasks  assigned to it by the Council;

to examine, at least once a year, the situation regarding the movement of capital  and the freedom of payments, as they result from the application of this Treaty  and of measures adopted by the Council; the examination shall cover all  measures relating to capital movements and payments; the Committee shall  report to the Commission and to the Council on the outcome of this examination.

The Member States, the Commission and the ECB shall each appoint no more than  two members of the Committee.

3. The Council shall, acting by a qualified majority on a proposal from the  Commission and after consulting the ECB and the Committee referred to in this  Article, lay down detailed provisions concerning the composition of the Economic  and Financial Committee. The President of the Council shall inform the European  Parliament of such a decision.

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