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- or the introduction of a common currency; Whereas it is necessary to confer immediately on the Fund the responsibility for facilitating both the concertation necessary for the smooth operation of the exchange arrangements introduced in the Community and for the settlement of the positions resulting from interventions in Community currencies, for assuring thereby the multilateralization of intra-Community settlements, and for administering a financing mechanism which combines the mechanism for short-term monetary support contained in the Agreement of 9 February 1970 between the Central Banks of the Community with the mechanism for very short-term financing which was contained in the Agreement of 10 April 1972 between those same Central Banks; Whereas the conferment of these responsibilities constitutes merely a first stage in the progressive development of the Fund ; whereas it is therefore important that the Statutes of the Fund should be drawn up in such a way as to permit the scope of its activities to be gradually extended;

Whereas it is necessary to establish the Fund if Community objectives are to be attained, in particular as regards the progressive harmonization of the Member States' economic policies, the proper functioning of the common market and the establishment of economic and monetary union ; whereas the Treaty made no provision for the powers essential to the establishment of the Fund; Whereas it is appropriate to specify that the general provisions of the Treaties concerning the European Communities as regards privileges and immunities, non-contractual liability and the obligation of professional secrecy are applicable to the Fund; HAS ADOPTED THIS REGULATION:

Whereas the Council Resolution (1) and the Representatives of the Governments of the Member States of 22 March 1971 on the progressive establishment of economic and monetary union in the Community provided for the establishment of a European Monetary Cooperation Fund to be integrated at a later stage into a Community organization of central banks; Whereas the Heads of State or of Government meeting in Paris on 19 and 20 October 1972 envisaged that the Fund should be established before 1 April 1973; Whereas the Council has been informed of the Opinions requested on this subject in the Council Resolution (2) and the Representatives of the Member States, of 21 March 1972, from the Monetary Committee and from the Committee of Governors of the Central Banks; Whereas the purpose of the Fund must be to contribute to the progressive establishment of an Economic and Monetary Union between the Member States of the European Economic Community, which, in its final stage as regards its monetary aspects will have the following characteristics: - either the total and irreversible convertibility, at irrevocable parities, of Community currencies against each other,