The European Monetary Institute (EMI) is the chief institutional innovation of the second stage of Economic and Monetary Union (EMU) which began on 1 January 1994. T his article is concerned with what the Maastricht Treaty says about the role of the EMI. It examines the EMI's mandate, the part it will play in co-ordinating the work of the national central banks, its responsibilities for preparing for Stage 3 of EMU and its other advisory and operational functions. A box gives additional details on the organisation of the EMI.
The role of the European Monetary Institute