GLOSSARY

The reform of the European Union

The European Union

M

Monetary policy

Monetary policy is covered in Articles 105 to 109. It is fundamental to economic and monetary union (EMU). Decision-making procedures vary according to the topics in hand:

• the procedure referred to in Article 189c after consultation of the ECB for the issue of coins by the Member States (Art. 105a(2));
• qualified majority in the Council on a recommendation from the European Central Bank (ECB) or from the Commission after consulting the ECB for the formulation of exchange-rate policy guidelines (Art. 109(2));
• qualified majority in the Council on a recommendation from the ECB and after consulting the European Parliament and the Commission in the case of the implementing measures referred to in the Statute of the European System of Central Banks (ESCB) (Art. 106(6)) and the limits and conditions under which the ECB is entitled to impose fines (Art. 108a(3));
• qualified majority in the Council on a recommendation from the ECB and after consulting the Commission and obtaining the assent of the European Parliament for technical adjustments to the Statute of the ESCB (Art. 106(5));
• unanimity in the Council on a recommendation from the ECB or the Commission, and after consulting the European Parliament, for exchange rates for the ECU in relation to non-Community currencies (Art. 109(1)).

The institutional provisions (Art. 109a-109d) and transitional provisions (Art. 109e-109m) concerning Title VI of the EC Treaty (economic and monetary policy) have their own special decision-making procedures which are separate from those identified here.

Monitoring the application of Community law

The task of monitoring the application of Community law falls to the European Commission as the guardian of the Treaties. It is an expression of the fact that the European Union is based on the rule of law and its purpose is to make sure that the law is observed and actually applied in and by the Member States. In exercising its monitoring function the Commission takes care to safeguard the role which is also assigned to national authorities, particularly the courts, in this area.

Monitoring the application of the law may take the following forms:

• instituting infringement proceedings following complaints or where cases are discovered in the ordinary course of events;
• court action against the other institutions;
• checking whether aid given by the Member States is lawful;
• checking that the principles prohibiting certain types of agreements, decisions and concerted practices and the abuse of a dominant position are observed.

The Commission's annual reports on the application of Community law are an expression of the desire for transparency in dealings not only with complainants but also with citizens and members of parliament.

Mr/Ms CFSP

The term "Mr/Ms CFSP" refers to the question of whether a specific new position should be created in the area of common foreign and security policy, and if so what form this should take. The idea is that by giving the Union a single, recognisable face and voice it will be able to present itself more visibly and consistently on the international stage.

"Multi-speed" Europe

"Multi-speed" Europe is the term used to describe the idea of a method of differentiated integration whereby common objectives are pursued by a group of Member States both able and willing to advance, it being implied that the others will follow later.