Draft Treaty establishing the European Union

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Part Four THE POLICIES OF THE UNION

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Article 52 European Monetary System

Article 52 European Monetary System

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1. All the Member States shall participate in the European Monetary System, subject to the principle set out in Article 35 of this Treaty.

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2. The Union shall have concurrent competence for the progressive achievement of full monetary union.

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3. An organic law shall lay down rules governing:

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the Statute and the operation of the European Monetary Fund in accordance with Article 33 of this Treaty,

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the conditions for the effective transfer to the European Monetary Fund of part of the reserves of the Member States,

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the conditions for the progressive conversion of the ECU into a reserve currency and a means of payment, and its wider use,

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the procedures and the stages for attaining monetary union,

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the duties and obligations of the central banks in the determination of their objectives regarding money supply.

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4. During the five years following the entry into force of this Treaty, by derogation from Articles 36, 38 and 39 thereof, the European Council may suspend the entry into force of the organic laws referred to above within a period of one month following their adoption and refer them back to the Parliament and the Council of the Union for fresh consideration.

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