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TREATY ESTABLISHING A CONSTITUTION FOR EUROPE
PART-III: THE POLICIES AND FUNCTIONING OF THE UNION
TITLE-III: INTERNAL POLICIES AND ACTION
CHAPTER-II: ECONOMIC AND MONETARY POLICY
SECTION-5: TRANSITIONAL PROVISIONS
ARTICLE III-199
ARTICLE III-199
1. If and as long as there are Member States with a derogation, and without prejudice to Article III-187(1), the General Council of the European Central Bank referred to in Article 45 of the Statute of the European System of Central Banks and of the European Central Bank shall be constituted as a third decision-making body of the European Central Bank.
2.
If and as long as there are Member States with a derogation, the European Central Bank shall, as regards those Member States:
(a) strengthen cooperation between the national central banks;
(b) strengthen the coordination of the monetary policies of the Member States, with the aim of ensuring price stability;
(c) monitor the functioning of the exchange-rate mechanism;
(d) hold consultations concerning issues falling within the competence of the national central banks and affecting the stability of financial institutions and markets;
(e) carry out the former tasks of the European Monetary Cooperation Fund which had subsequently been taken over by the European Monetary Institute.