3. If and as long as there are Member States with a derogation, and without prejudice  to Article 106( 3 ) of this Treaty, the General Council of the ECB referred to in  Article 45 of the Statute of the ESCB shall be constituted as a third decision making  body of the ECB.

4. At the starting date of the third stage, the Council shall, acting with the unanimity  of the Member States without a derogation, on a proposal from the Commission and  after consulting the ECB, adopt the conversion rates at which their currencies shall  be irrevocably fixed and at which irrevocably fixed rate the ECU shall be substituted. for these currencies, and the ECU will become a currency in its own right. This  measure shall by itself not modify the external value of the ECU. The Council shall,  acting according to the same procedure, also take the other measures necessary for  the rapid introduction of the ECU as the single currency of those Member States.

5. If it is decided, according to the procedure set out in Article 109k( 2 ), to abrogate  a derogation, the Council shall, acting with the unanimity of the Member States  without a derogation and the Member State concerned, on a proposal from the  Commission and after consulting the ECB, adopt the rate at which the ECU shall be  substituted for the currency of the Member State concerned, and take the other  measures necessary for the introduction of the ECU as the single currency in the  Member State concerned.

Article 109m

1. Until the beginning of the third stage, each Member State shall treat its exchange  rate policy as a matter of common interest. In so doing, Member States shall take  account of the experience acquired in cooperation within the framework of the  European Monetary System ( EMS ) and in developing the ECU, and shall respect  existing powers in this field.

2. From the beginning of the third stage and for as long as a Member State has a  derogation, paragraph 1 shall apply by analogy to the exchange rate policy of that  Member State.

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