The Monetary Policy of the European Community : An Introduction to Title VII, Chapter 2 TEC

This contribution is an introduction to the provisions of the TEC concerning the monetary policy of the European Community. This introduction starts with an overview of the European Community's setup and its pillar structure. Subsequently the institutional framework of the European System of Central Banks and its objectives and tasks are addressed. The contribution continues with a short analysis of the special position of the Member States with a so-called derogation and those Member States that have negotiated an opt-out. In this context the legal and economic convergence criteria applied when assessing Member States's preparation to accede to the EU and subsequently to the euro area are discussed. All issues included in this introduction are elaborated upon in the commentaries on the Articles 105-111 of the TEC