This document is an excerpt from the EUR-Lex website
The euro - Europe’s common currency
The euro - Europe’s common currency
The euro - Europe’s common currency
This summary has been archived and will not be updated, because the summarised document is no longer in force or does not reflect the current situation.
The euro - Europe’s common currency
Legal certainty, especially for individuals and companies, is absolutely essential when an EU country replaces its national currency with the euro. These two pieces of legislation ensure that certainty to provide a smooth changeover.
ACT
Council Regulation (EC) No 1103/97 of 17 June 1997 on certain provisions relating to the introduction of the euro.
Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro.
SUMMARY
WHAT DO THE REGULATIONS DO?
The two regulations - No 1103/97 and No 974/98 (amended by Regulation (EC) No 2169/2005) - provide the legal foundation for the introduction of the euro (economic and monetary union - EMU). The first covers issues such as conversion rates and procedures, status of contracts and payment instructions. The second sets out a timetable for the transition to the euro. Their provisions must be complied with by all EU countries adopting the euro.
KEY POINTS (REGULATION (EC) NO 1103/97)
KEY POINTS (REGULATIONS (EC) NOS 974/98 AND 2169/2005)
Council Regulation (EC) No 974/98 governed the initial introduction of the euro and was adapted by Regulation (EC) No 2169/2005 to prepare for the enlargement of the euro area. (A related summary describes how the switchover to the euro works in practice).
EURO USERS
Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain (since 1999), Greece (2001), Slovenia (2007), Cyprus and Malta (2008), Slovakia (2009), Estonia (2011), Latvia (2014) and Lithuania (2015).
Further information is available from the European Commission’s Directorate-General for Economic and Financial Affairs’ website and publication.
REFERENCES
Act |
Entry into force |
Deadline for transposition in the Member States |
Official Journal |
Regulation (EC) No 1103/97 |
20.6.1997 |
- |
|
Regulation (EC) No 974/98 |
1.1.1999 |
- |
Amending act |
Entry into force |
Deadline for transposition in the Member States |
Official Journal |
Regulation (EC) No 2169/2005 |
18.1.2006 |
- |
last update 10.09.2015