In particular, the Treaty requires each member state to ensure that its central bank is independent from the government and all other political bodies; the necessary reforms must be enacted before the introduction of the single currency.
Within the general framework laid down in the Treaty, the European Monetary Institute and the Commission have done valuable work in analyzing and interpreting the relevant provisions and providing clear indications of the criteria to be followed in adapting national legislation to Community law, not least in view of the need for the latter’s uniform application throughout the European Union.