Responsibilities of the Committee of Governors of the Central Banks of the Member States

Additional responsibilities were assigned to the Committee of Governors of the central banks of the Member States of the European Economic Community, which, since its establishment in May 1964, had played an increasingly important role in monetary cooperation. These responsibilities were defined by a Council decision on 12 March 1990 and included, among others, holding consultations and promoting coordination in the field of monetary policy of the Member States, with the aim of achieving price stability.
Given that the available time frame was relatively short and the tasks to be undertaken were complex, the Committee of Governors also undertook the preparatory work for the Third Stage of Economic and Monetary Union (EMU). First, all issues that needed to be examined at an initial stage had to be identified, a work program had to be established until the end of 1993, and the tasks to be undertaken by the existing subcommittees and working groups set up for this purpose had to be appropriately defined.