Provisions Amending the Treaties Establishing the European Communities
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Sub-section II – Monetary capacity
1. A new Chapter 1 shall be inserted in Part Three, Title II of the EEC Treaty reading as follows:
‘CHAPTER 1 Co-operation in Economic and Monetary Policy (Economic and Monetary Union)
1. In order to ensure the convergence of economic and monetary policies which is necessary for the further development of the Community, member States shall co-operate in accordance with the objectives of Article 104. In so doing, they shall take account of the experience acquired in co-operation within the framework of the European Monetary System (EMS) and in developing the ECU, and shall respect existing powers in this field.
2. In so far as further development in the field of economic and monetary policy necessitates institutional changes, the provisions of Article 236 shall be applicable. The Monetary Committee and the Committee of Governors of the Central Banks shall also be consulted regarding institutional changes in the monetary area.’
3. Chapters 1, 2 and 3 shall become Chapters 2, 3 and 4 respectively.
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Treaty Provisions on European Co-operation in the Sphere of Foreign Policy
European Co-operation in the sphere of foreign policy shall be governed by the following provisions:
1. The High Contracting Parties, being members of the European Communities, shall endeavour jointly to formulate and implement a European foreign policy.
2. (a) The High Contracting Parties undertake to inform and consult each other on any foreign policy matters of general interest so as to ensure that their combined influence is exercised as effectively as possible through co-ordination, the convergence of their positions and the implementation of joint action.
(b) Consultations shall take place before the High Contracting Parties decide on their final position.
(c) In adopting its positions and in its national measures each High Contracting Party shall take full account of the positions of the other partners and shall give due consideration to the desirability of adopting and implementing common European positions.