PART THREE U.K. UNION POLICIES AND INTERNAL ACTIONS

TITLE VIII U.K. ECONOMIC AND MONETARY POLICY

CHAPTER 5 U.K. TRANSITIONAL PROVISIONS

Article 141 U.K. (ex Articles 123(3) and 117(2) first five indents, TEC)

1. If and as long as there are Member States with a derogation, and without prejudice to Article 129(1), the General Council of the European Central Bank referred to in Article 44 of the Statute of the ESCB and of the ECB 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:

• 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 exchange-rate mechanism,

• hold consultations concerning issues falling within the competence of the national central banks and affecting the stability of financial institutions and markets,

• carry out the former tasks of the European Monetary Cooperation Fund which had subsequently been taken over by the European Monetary Institute.