"...the EMCF was established on 3 April 1973 30 and was the kernel of the future organisation of the central banks at Community level. Its primary aim was to oversee the proper functioning of the progressive narrowing of the fluctuation margins between the Community currencies. It also had to monitor interventions in Community currencies on the exchange markets. Finally, it was responsible for settlements between central banks leading to a concerted policy on reserves. The fund had legal personality and was administered by a board comprising the governors of the national central banks 31 and one representative from the Commission (who was not a member of the board in the strict sense: he had the right of address, but not the right to vote). Generally, it had to abide by the agreements between the central banks on the progressive narrowing of margins and short-term support. 32 However, the fund did not have its own resources, and its powers were limited because the principle of pooling reserves was not adopted. 33..."