The Treaty of the European Union [Maastricht] | Page 5

Community shall be amended in accordance with the provisions of this Article, in order to establish a European Community. A. Throughout the Treaty: 1) The term "European Economic Community" shall be replaced by the term "European Community". B. In Part One "Principles": 2) Article 2 shall be replaced by the following: "ARTICLE 2 The Community shall have as its task, by establishing a common market and an economic and monetary union and by implementing the common policies or activities referred to in Articles 3 and 3a, to promote throughout the Community a harmonious and balanced development of economic activities, sustainable and non-inflationary growth respecting the environment, a high degree of convergence of economic performance, a high level of employment and of social protection, the raising of the standard of living and quality of life, and economic and social cohesion and solidarity among Member States.' 3) Article 3 shall be replaced by the following: "ARTICLE 3 For the purposes set out in Article 2, the activities of the Community shall include, as provided in this Treaty and in accordance with the timetable set out therein: (a) the elimination, as between Member States, of customs duties and quantiative restrictions on the import and export of goods, and of all other measures having equivalent effect; (b) a common commercial policy; (c) an internal market characterized by the abolition, as between Member States of obstacles to the free movement of goods, persons, services and capital; (d) measures concerning the entry and movement of persons in the internal market as provided for in Article l00c; (e) a common policy in the sphere of agriculture and fisheries; (f) a common policy in the sphere of transport; (g) a system ensuring that competition in the internal market is not distorted; (h) the approximation of the laws of Member States to the extent required for the functioning of the common market; (i) a policy in the social sphere comprising a European Social Fund; (j) the strengthening of economic and social cohesion; (k) a policy in the sphere of the environment; (l) the strengthening of the competitiveness of Community industry; (m) the pomotion of research and technological development; (n) encouragement for the establishment and development of trans- European networks; (o) a contribution to the attainment of a high level of health protection; (p) a contribution to education and training of quality and to the flowering of the cultures of the Member States; (q) a policy in the sphere of development co-operation; (r) the association of the overseas countries and territories in order to increase trade and promote jointly economic and social development; (s) a contribution to the strengthening of consumer protection; (t) measures in the spheres of energy, civil protection and tourism." 4) The following Article shall be inserted: "ARTICLE 3a 1. For the purposes set out in Article 2, the activities of the Member States and the Community shall include, as provided in this Treaty and in accordance with the timetable set out therein, the adoption of an economic policy which is based on the close co-ordination of Member States' economic policies, on the internal market and on the definition of common objectives, and conducted in accordance with the principle of an open market economy with free competition. 2. Concurrently with the foregoing, and as provided in this Treaty and in accordance with the timetable and the procedures set out therein, these activities shall include the irrevocable fixing of exchange rates leading to the introduction of a single currency, the ECU, and the definition and conduct of a single monetary policy and exchange rate policy the primary objective of both of which shall be to maintain price stability and, without prejudice to this objective, to support the general economic policies in the Community, in accordance with the principle of an open market economy with free competition. 3. These activities of the Member States and the Community shall entail compliance with the following guiding principles: stable prices, sound public finances and monetary conditions and a sustainable balance of payments." 5) The following Article shall be inserted: "ARTICLE 3b The Community shall act within the limit of the powers conferred upon it by this Treaty and of the objectives assigned to it therein. In areas which do not fall within its exclusive competence, the Community shall take action, in accordance with the principle of subsidiarity, only if and in so far as the objectives of the proposed action cannot be sufficiently achieved by the Member States and can therefore, by reason of the scale or effects of the proposed action, be better achieved by the Community. Any action by the Community shall not go beyond what is necessary to achieve the objectives of this Treaty." 6) Article 4 shall be replaced by the following: "ARTICLE 4 1. The tasks entrusted