European Monetary Institute (EMI)

Institut monétaire européen (IME)
Europäisches Währungsinstitut (EWI)

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History

1 Jan 1994, as part of the second stage of European Economic and Monetary Union (EMU). Seat: Frankfurt-Main (Germany). Statute laid down in a Protocol to Treaty on European Union (Maastricht Treaty), signed 7 Feb 1992. In the process of monetary integration, relaunched in Jan 1979 with the creation of European Monetary System (EMS), the Institute thus comprised part of the run up to the full European Union (EU). Took over the tasks of Committee of Governors of the Central Banks of the Member States of the European Economic Community and European Monetary Cooperation Fund (EMCF), which were dissolved on its establishment; and precursor to European Central Bank (ECB), established 1 June 1998. EMI was to specify by 31 Dec 1996 the regulatory, organizational and logistic framework for the 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 European Communities (EC). Ceased to exist, 1 June 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.

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Activities

The EMI may: formulate opinions or recommendations on overall orientation of monetary policy and exchange rate policy and on related measures in each Member State; submit opinions or recommendations to governments and to the Council of the European Union on policies which might affect the internal or external monetary situation in the Community and, in particular, the functioning of the EMS; make recommendations to the monetary authorities of Member States concerning the conduct of monetary policy. Acting unanimously, it may decide to publish its opinions and recommendations. The EMI is to be consulted by the Council of the European Union regarding any proposed Community act within its field of competence and, within the limits and under the conditions set out by the Council, by the authorities of Member states on any draft legislative provision within its field of competence. The EMI: administers the very short-term financing mechanism provided for by the EMS Agreement and the short-term monetary support mechanism; issues official Euros for the purpose of implementing the EMS Agreement; may hold and manage foreign exchange reserves as an agent for and at the request of national central banks.

Structure

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Staff

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Financing

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Relations with Inter-Governmental Organizations

Relations with 9 inter-governmental organizations.
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Relations with Non-Governmental Organizations

Relations with 2 non-governmental organizations.
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Publications

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Members

Members in 15 countries
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Type I Classification

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Type II Classification

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Subjects *

  • Commerce
    • Banking
    • Currency
    • Money
    • Purchasing, Supplying
  • Policy-making
    • Policy
  • Harmony
    • Harmony

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

F2874

Last News Received

20. Jun 1997
* Subject classification is derived from the organization names and aims.
** UN SDGs are linked to the subject classification.

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