24. 3. 90 Official Journal of the European Communities No L 78/25 COUNCIL DECISION of 12 March 1990 amending Council Decision 64/300/EEC on cooperation between the central banks of the Member States of the European Economic Community (90/142/EEC) THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular to Article 105 (1) and to the first indent of Article 145 thereof, Having regard to the recommendation from the Commis- sion, ’ Having regard to the opinion of the European Parli- ament ('), Having regard to the opinion of the Economic and Social Committee (3), Whereas the European Council, at its meeting in Madrid on 26 and 27 June 1989, decided that the first stage of the realization of economic and monetary union should begin on 1 July 1990; Whereas Article 102a of the Treaty together with the rationalization -of the first stage of the economic and - monetary union call for an increased degree of conver- gence in economic performance towards non-inflationary - growth and of economic and social cohesion between the Member States ; Whereas greater convergence should be promoted with a view to-achieving domestic price stability, which is at the same.time a necessary condition for stable exchange rates, in accordance with the requirements of the European Monetary System ; Whereas the realization of the first stage of economic and monetary union will focus on completing the internal market and in particular on-removing all obstacles to financial integration, on strengthening the process of coordination of monetary policies, on intensifying coope- ration between central banks on other matters falling within their-competence and whereas, in this -connection, consideration  should be given to extending the scope of the central banks’ autonomy ; Whereas arrangements for.the formulation of monetary - policy within the framework of an economic and mone- tary union should provide for adequate autonomy for the. institutions and -for commitment to price stability, which- is essential to the success of that union; Whereas, in view of the objective of the progressive reali- zation of economic and monetary union, the tasks should () OJ No C 68, 19. 3. 1990. () OJ No C 56, 7. 3. 1990, p. 47. be extended and the tasks and role of the Committee of Governors of the Central Banks of the Member States of the Buropean Community should-be reinforced ; Whereas Decision 64/300/EEC (°) should be amended in . consequence, HAS DECIDED AS. FOLLOWS: Sole Article Decision 64/300/EEC is amended as follows: 1. Article 2 is replaced by the following : ‘Article 2 The Committee shall be composed of the Governors of the central banks of the Member States and the Director-General of the Luxembourg Monetary Insti- tute. If they are unable to attend, they may nominate another representative of their institution. The Commission shall, as a general rule, be invited to send one of its members as a- representative to the meetings of the Committee.. The Committee - may, furthermore, if it considers it necessary, invite qualified persons to attend and in particular the chairman of the monetary committee. 2. The following Article is inserted : ‘Article 2a The chairman of the Committee shall be invited to participate in the meetings of the Council of Ministers whenever it deals with issues involving the tasks of the Committee of iGovemors.’ ' 3. Article 3 is replaced by the following: ‘Article 3 The tasks of the Committee shall be: (1) to hold consultations concerning the general prin- ciples and the broad lines of monetary policy, in particular as regards credit, the money and foreign exchange markets as well as issues falling within the competence of the central banks and affecting the stability of financial institutions and markets ; (2) to exchange information regularly about the most important measures that fall within the compe- tence of the central banks, and to examine those measures. The Committee shall normally be () OJ No 77, 21. 5. 1964, p. 1206/64.