European Monetary Institute (EMI)

Institut monétaire européen (IME)
Europäisches Währungsinstitut (EWI)

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Founded

1994-01-01

History

1 Jan 1994, as part of the second stage of F-XF4335 - European Economic and Monetary Union (EMU). Seat: Frankfurt-Main (Germany). Statute laid down in a Protocol to T-XT9113 - Treaty on European Union (Maastricht Treaty), signed 7 Feb 1992. In the process of monetary integration, relaunched in Jan 1979 with the creation of U-XF7870 - European Monetary System (EMS), the Institute thus comprised part of the run up to the full F-XF2147 - European Union (EU). Took over the tasks of H-XE7137 - Committee of Governors of the Central Banks of the Member States of the European Economic Community and H-XF0093 - European Monetary Cooperation Fund (EMCF), which were dissolved on its establishment; and precursor to E-XF2923 - European Central Bank (ECB), established 1 Jun 1998. EMI was to specify by 31 Dec 1996 the regulatory, organizational and logistic framework for the F-XF2712 - European System of Central Banks (ESCB) to perform its tasks in the third stage, this to be submitted for decision to ECB on the date of its establishment. Came within the framework of H-XF0662 - European Communities (EC). Ceased to exist, 1 Jun 1998, on establishment of the ECB.

Aims

Strengthen cooperation among national central banks; strengthen coordination of monetary policies of Member States with the aim of ensuring price stability; facilitate use of the Euro - previously ECU - and oversee its development, including smooth functioning of the Euro clearing system; monitor the European Monetary System. In preparation for the third stage of EMU: prepare instruments and procedures necessary for a single monetary policy: promote, where necessary, harmonization of rules and practices governing collection, compilation and distribution of statistics; promote efficiency of cross-border payments; supervise technical preparation of Euro bank notes.

Events

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Activities

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Structure

Council, comprising President (appointed by Heads of State or Government) and the governors of national central banks, one of whom is Vice-President. Council members act according to their own personal responsibility and may not take or seek instructions from Community institutions or bodies or governments of member states. Committee of Alternates, comprising senior representatives of national central banks, prepares Council meetings. Financial Committee, comprising Vice-President (who acts as Chairman) and the 2 most senior Council members. Sub-committees and working groups, composed of experts from national central banks: Sub-Committees (3) - Monetary Policy (previously Group of Monetary Experts); Foreign Exchange Policy; Banking Supervisory. Working Groups (6) - EU Payment Systems; Printing and Issuing a European Banknote; Statistics; Accounting Issues; Information Systems; Legal Experts. The President of the Council of the European Union and a member of the European Commission may participate in meetings of the Council of EMI without right to vote. The President of EMI may participate in meetings of the Council of the European Union when matters relating to objectives and tasks of the EMI are discussed. This includes the President's attendance at informal Council of Finance Ministers of the European Union (Ecofin) Council meetings. The President of EMI may, at the request of the European Parliament or on his own initiative, be heard by the competent committees of the European Parliament.

/Internal Structure/: Director-General. Departments (4) - General Secretariat (including Policy and Legal Divisions); Monetary, Economic and Statistics (including Stage 2, Stage 3 and Statistics Divisions); Administration; Information and Communications Systems.

Staff

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Finance

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Relations with Inter-Governmental Organizations

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Relations with Non-Governmental Organizations

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Publications

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Members

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Type I Classification

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Type II Classification

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Subjects *

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UN Sustainable Development Goals **

GOAL 8: Decent Work and Economic GrowthGOAL 12: Responsible Consumption and ProductionGOAL 16: Peace and Justice Strong Institutions

UIA Org ID

XF2874

Last News

1997

* Subject classification is derived from the organization names and aims.
** UN SDGs are linked to the subject classification.

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