The European Monetary System

Abstract

The European Monetary System has to be seen in the
framework of European integration and of the European Economic Community. Applying a legal approach to the subject,
it therdore suggests itself to start with loaking for provisions
having an impact on European monetary matters in the Treaty
of Rame.ı The authors of this Treaty, however, did not pay
much attentian to monetary problems. The faw provisions of
the Treaty, which refer to monetary questions, are for from
establishing a full - fledged monetary system among the member
states (Arts. 67-73 and 104-109). Also the estacblishment of
a European Monetary System is not mentioned among the
principles of the Community.2 What can be derived from the
provisions of the Treatf of Rame has been called a monetary code of conduct in embryo.3 The chapters on the transfer

of capital and on the balance of payınents contain the relevant
norms (Arts. 67-73 and 104-109). These differ much as to
preciseness and intensity of the obligations of states parties.
Thus states f,i. must admit free currant payments (Art. 1013
par. 1), where as their obligations relating to free capital
transfer are far vaguer. Free capital transfer is only required
to "the extent necessary for the good functioning of the Comman
Market" (Art. 67 par. 1). The Treaty does not contain norms
on the two basic components inherent in any international monetary system: exchangı: rates and mechanisms of cooperation.

Keywords

• The European
• Monetary System
• Economic Community

The European Monetary System

Abstract

The European Monetary System has to be seen in the
framework of European integration and of the European Economic Community. Applying a legal approach to the subject,
it therdore suggests itself to start with loaking for provisions
having an impact on European monetary matters in the Treaty
of Rame.ı The authors of this Treaty, however, did not pay
much attentian to monetary problems. The faw provisions of
the Treaty, which refer to monetary questions, are for from
establishing a full - fledged monetary system among the member
states (Arts. 67-73 and 104-109). Also the estacblishment of
a European Monetary System is not mentioned among the
principles of the Community.2 What can be derived from the
provisions of the Treatf of Rame has been called a monetary code of conduct in embryo.3 The chapters on the transfer

of capital and on the balance of payınents contain the relevant
norms (Arts. 67-73 and 104-109). These differ much as to
preciseness and intensity of the obligations of states parties.
Thus states f,i. must admit free currant payments (Art. 1013
par. 1), where as their obligations relating to free capital
transfer are far vaguer. Free capital transfer is only required
to "the extent necessary for the good functioning of the Comman
Market" (Art. 67 par. 1). The Treaty does not contain norms
on the two basic components inherent in any international monetary system: exchangı: rates and mechanisms of cooperation.

Keywords

• The European
• Monetary System
• Economic Community