Article 142 [Exchange-Rate Policy]

Before the launching of the third stage of EMU, all MS were required under ex-Article 124 (1) TEC to treat their exchange-rate policy as a matter of common interest. This Treaty provision further declared that until the beginning of the third stage of EMU, MS shall consider the experience acquired in cooperation within the framework of the European Monetary System (EMS) and in developing the European currency unit (ECU). It further declared that from the beginning of the third stage of EMU and as long as an MS has a derogation, such countries shall treat their exchange-rate policy as a matter of common interest. They need to consult each other and, where necessary, coordinate their action.