The Member States 25 March 1957, Consolidated version of the Treaty on the Functioning of the European Union#PART FIVE - EXTERNAL ACTION BY THE UNION#TITLE VI - THE UNION'S RELATIONS WITH INTERNATIONAL ORGANISATIONS AND THIRD COUNTRIES AND UNION DELEGATIONS#Article 221

2. In the absence of an exchange-rate system in relation to one or more currencies of third States as referred to in paragraph 1, the Council, either on a recommendation from the Commission and after consulting the European Central Bank or on a recommendation from the European Central Bank, may formulate general orientations for exchange-rate policy in relation to these currencies.