In April 1993, the Committee of Governors of the Central Banks publishes its second annual report on its activities and on the monetary and financial situation in the Community in 1992. It highlights the turbulence in the exchange markets in the second half of 1992 and the consequences of the signing of the Maastricht Treaty in February 1992. It also reports on the establishment of the European Monetary Institute, which will take over the committee’s activities from 1993.