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Document 11957E109M

TREATY ESTABLISHING THE EUROPEAN COMMUNITY
PART THREE : COMMUNITY POLICIES
TITLE VI : ECONOMIC AND MONETARY POLICY
CHAPTER 3 : INSTITUTIONAL PROVISIONS
ARTICLE 109M

OJ C 191, 29.7.1992, p. 22 (ES, DA, DE, EL, EN, FR, IT, NL, PT)

In force

11957E109M

TREATY ESTABLISHING THE EUROPEAN COMMUNITY - PART THREE : COMMUNITY POLICIES - TITLE VI : ECONOMIC AND MONETARY POLICY - CHAPTER 3 : INSTITUTIONAL PROVISIONS - ARTICLE 109M

Official Journal C 191 , 29/07/1992 P. 0022


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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