Article 1
In order to help to achieve sustained non-inflationary growth in the Community, together with a high level of employment and the degree of economic convergence necessary for the success of stage one of economic and monetary union, in the perspective of the completion of the internal market and in the context of the economic and social cohesion, the Council shall undertake multilateral surveillance. In this context it shall apply the following principles; price stability, sound public finances and monetary conditions, sound overall balances of payments and open, competitive markets. It shall examine at least twice a year: - the economic conditions, prospects and policies in the Community and its Member States, - the compatibility of policies within Member States and in the Community at large, - the external economic environment and its interaction with the economy of the Community. Multilateral surveillance shall cover all aspects of economic policy in both the short- and medium-term perspectives.