Established in 1994 in conformity with the provisions of the Treaty of Maastricht, the European Monetary Institute (EMI) has its headquarters in Frankfurt and is headed by the President of the ECB. It had the initial task of contributing to the realization of the necessary conditions for the completion of the last phase of the economic and monetary Union, of reinforcing cooperation within the European system of Central Banks and managing the technical preparation for the introduction of the Euro. The EMI also plays a consultative role, formulating opinions and recommendations to the national governments and to the EU Council in terms of the relevant monetary policies for the economic situation inside and outside the European Union and the functioning of the European monetary system. G.A.G.
