Safeguard measures and derogations

1.   The Commission may adopt implementing acts safeguarding the application of Union law if exceptional monetary practices concerning a national currency are likely to jeopardise it. Those implementing acts may derogate from the existing rules only for a period of time which is strictly necessary. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 103(3).
The European Parliament, the Council and the Member States shall be notified forthwith of the measures referred to in the first subparagraph.
2.   Where exceptional monetary practices concerning a national currency are likely to jeopardise the application of Union law, the Commission is empowered to adopt delegated acts in accordance with Article 102 supplementing this Regulation with derogations from this Chapter in the following cases:
(a)
where a Member State uses abnormal exchange techniques such as multiple exchange rates or operates barter agreements;
(b)
where Member States have currencies which are not quoted on official foreign exchange markets or where the trend in such currencies is likely to create distortion in trade.