exchanged by the national central banks at their respective par values. ARTICLE 53 Applicability of the transitional provisions If and as long as there are Member States with a derogation Articles 43 to 48 shall be applicable. PROTOCOL ON THE STATUTE OF THE EUROPEAN MONETARY INSTITUTE THE HIGH CONTRACTING PARTIES, DESIRING to lay down the Statute of the European Monetary Institute, HAVE AGREED upon the following provisions, which shall be annexed to the Treaty establishing the European Community: ARTICLE 1 Constitution and name 1.1. The European Monetary Institute (EMI) shall be established in accordance with Article 109f of this Treaty; it shall perform its functions and carry out its activities in accordance with the provisions of this Treaty and of this Statute. 1.2. The members of the EMI shall be the central banks of the Member States ("national central banks"). For the purposes of the Statute, the Institut monetaire luxembourgeois shall be regarded as the central bank of Luxembourg. 1.3. Pursuant to Article 109f of this Treaty, both the Committee of Governors and the European Monetary Co-operation Fund (EMCF) shall be dissolved. All assets and liabilities of the EMCF shall pass automatically to the EMI. ARTICLE 2 Objectives The EMI shall contribute to the realization of the conditions necessary for the transition to the third stage of Economic and Monetary Union, in particular by: - strengthening the co-ordination of monetary policies with a view to ensuring price stability; - making the preparations required for the establishment of the European System of Central Banks (ESCB), and for the conduct of a single monetary policy and the creation of a single currency in the third stage; - overseeing the development of the ECU. ARTICLE 3 General principles 3.1. The EMI shall carry out the tasks and functions conferred upon it by this Treaty and this Statute without prejudice to the responsibility of the competent authorities for the conduct of the monetary policy within the respective Member States. 3.2. The EMI shall act in accordance with the objectives and principles stated in Article 2 of the Statute of the ESCB. ARTICLE 4 Primary tasks 4.1. In accordance with Article 109f(2) of this Treaty, the EMI shall: - strengthen co-operation between the national central banks; - strengthen the co-ordination of the monetary policies of the Member States with the aim of ensuring price stability; - monitor the functioning of the European Monetary System (EMS); - hold consultations concerning issues falling within the competence of the national central banks and affecting the stability of financial institutions and markets; - take over the tasks of the EMCF; in particular it shall perform the functions referred to in Articles 6.1, 6.2 and 6.3; - facilitate the use of the ECU and oversee its development, including the smooth functioning of the ECU clearing system. The EMI shall also: - hold regular consultations concerning the course of monetary