FantasticSearch

In the first stage of its functions the Fund shall be responsible for: - the concerted action necessary for the proper functioning of the Community exchange system; - the multilateralization of positions resulting from interventions by Central Banks in Community currencies and the multilateralization of intra-Community settlements; - the administration of the very short-term financing provided for by the Agreement between the Central Banks of the enlarged Community of 10 April 1972 and of the short-term monetary support provided for in the Agreement between the Central Banks of the Community of 9 February 1970, to which the Central Banks of Denmark, Ireland and the United Kingdom acceded with effect from 8 January 1973, and the regroupment of these mechanisms in a renewed mechanism.

The Board of Governors shall represent the Fund. It shall decide on the organization of the Funds, the powers which will be delegated and who may commit the Fund vis-à-vis third parties. The Board of Governors may delegate to an agent the responsibility for the execution of technical aspects of the Fund's operations.