EC-Treaty
Article 111
1. By way of derogation from Article 300, 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 300, where agreements concerning
monetary or foreign-exchange regime matters need to be negotiated by the
Community with one or more States or international organisations, 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, acting by a qualified majority
on a proposal from the Commission and after consulting the ECB, shall decide on
the position of the Community at international level as regards issues of
particular relevance to economic and monetary union and on its representation,
in compliance with the allocation of powers laid down in Articles 99 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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