Part II Developments at the EU Level, 9 External Aspects of EMU

The intricate nature of Article 111 [now Articles 219 and 138 TFEU] and its convoluted language reflect the difficult birth of this provision. The compromise arrived at in the monstrous arrangements laid down in Article 111 EC Treaty…unmistakeably expresses the labour pains which accompanied the creation of the provision.1 René Smits, The European Central Bank. Institutional Aspects (1997) 375, quoting Rainer Stadler, Der rechtliche Handlungsspielraum des Europäischen Systems der Zentralbanken (1996) 172 9.01 The European System of Central Banks (ESCB) is...