mcel_masterworkingpaper_2018_12.pdf
(2.16 MB, PDF)
… as the basis of Council Regulation (EEC) 907/73 which established the European Monetary Cooperation Fund in order to support the functioning of the “snake” mechanism. Member States would deposit reserves to provide a pool of resources to stabilize exchange rates and finance balance of payments support. The value of the unit of account was determined on the basis of the value of a certain weight of fine gold. Later on, in 1978, Council Regulation (EEC) 3181/78 empowered the European Monetary … Two additional substantive limitations are included in paragraphs 3 and 4 which require that the relevant measure must not entail harmonization of laws, where the Treaties do not allow for it, and that the clause cannot be used in the field of common foreign and security policy. Under these circumstances, in relation to the proposal of the Commission for the integration of ESM into the EU legal order, there are three major issues that arise regarding the use of Art 352 TFEU: The first issue … fur Europaische Politik, “European Monetary Fund”, cep PolicyBrief No. 2018-13, (2018); Kevin Körner for Deutsche Bank Research, “The Commission’s Saint Nicholas” EMU package – no real surprises”, Deutsche Bank Research (8 December 2017), available online at www.dbresearch.com. 63 Ioannidis, supra n. 43 18 Ignoring this fundamental conceptual clarification will subsequently prevent us from taking under consideration, during our necessity assessment, the “inner” objectives of the Commission’s …