On 10 July 1991, the European Parliament adopts a highly critical resolution on the conclusions of the European Council held in Luxembourg on 28 and 29 June 1991. It reaffirms its rejection of integration based on intergovernmental cooperation and calls for respect for the federal vocation of the European project. It particularly defends the existence of a single set of institutions, the preservation of the Community acquis, the principle of strict equality between the two legislative arms of the future codecision procedure, a central role for Parliament in Economic and Monetary Union (EMU) and the establishment of a European system of central banks with the requisite powers at the beginning of the second stage of EMU.