EP - EXCHANGE RATE POLICY under EMU

Briefing 29
Briefing prepared by the Directorate-General for Research
Economic Affairs Division
The opinions expressed in this brief are those of the author alone,
and do not necessarily represent the view of the European Parliament

Task Force on Economic and Monetary Union

Non-participating EU currencies should be linked to the Euro through a new Exchange Rate Mechanism. The rate of the Euro against the $, etc. will be determined by action under Article 109 of the Treaty; by the European System of Central Banks’ foreign exchange operations; and by international monetary cooperation.

Luxembourg, 4th April 1997 PE 166.752

Source: http://www.europarl.europa.eu/euro/briefing/general/29_en.pdf