The launching of the third stage of Economic and Monetary Union re- presents a further step in the process of economic integration within the European Union, and the introduction of the euro is a major event for the international monetary system. The external representation of the euro area will imply changes in the current organization of international fora like the G7 and the International Monetary Fund. This reality is reflected in the Treaty of Amsterdam, and in particular in Article 111 of the EC Treaty. This Article not only sets out internal procedures for the Community to establish an exchange-rate policy, but also provides a framework which allows the European Union to be an actor on the international stage in macro-economic and monetary issues. Under this Article, The European Community, or the euro area, must establish a common position for international discussion of agreements concerning monetary or foreign exchange regime matters. Regarding the representation of the Community at the international level, the coherence and effectiveness of the Community require it to speak with one voice on issues of particular relevance to Economic and Monetary Union. Regarding matters which are not relevant to Community competence, appropriate is for Member States to express a common understanding. Further efforts are nevertheless required. The Council, the Commission, and the Member States imust take necessary action to ensure a timely and effective preparation of copmon positions and common under-standing which can be presented to third parties in international fora.