A4-0375/96

Proposal for a Council Regulation on some provisions relating to the introduction of the euro (COM(96)0499 - C4-0578/96 - 96/0249(CNS))

The proposal was approved with the following amendments:

(Amendment 1)

Recital 4

>Original text>

(4) Whereas it is necessary for the smooth operation of the common market and the changeover to the single currency to provide legal certainty for market participants in all Member States on some provisions relating to the introduction of the euro well before the entry into the third stage;

>Text following EP vote>

(4) Whereas it is necessary for the smooth operation of the common market and the changeover to the single currency to provide legal certainty for market participants in all Member States on some provisions relating to the introduction of the euro well before the entry into the third stage, and to do everything possible to raise user awareness in the Member States of the European Union;

(Amendment 2)

Recital 7

>Original text>

(7) Whereas it is a generally accepted principle of law that the continuity of legal instruments is not affected by the introduction of a new currency; whereas the principle of freedom of contract has to be respected; whereas in order to reinforce legal certainty and clarity it is appropriate explicitly to confirm that the principle of continuity of legal instruments and in particular of contracts shall apply between the former national currencies and the euro and between the ECU as referred to in Article 109 g of the Treaty and as defined in Council Regulation (EC) No. 3320/94 and the euro; whereas this implies in particular that in the case of fixed interest rate instruments the introduction of the euro does not alter the nominal interest rate payable by the debtor; whereas the provisions on continuity can only fulfil their objective to provide legal certainty to the markets if they enter into force as soon as possible;

>Text following EP vote>

(7) Whereas the provisions of this Regulation constitute fundamental provisions of the monetary law of the Union and its Member States; whereas, by virtue of the recognized effect of monetary law, these provisions, which notably concern the introduction of a new currency unit, are binding within the jurisdiction both of the Member States and of third states; whereas it follows from these principles that the continuity of legal instruments is not affected by the introduction of a new currency; whereas the principle of freedom of contract has to be respected; whereas in order to reinforce legal certainty and clarity it is appropriate explicitly to confirm that the principle of continuity of legal instruments and in particular of contracts shall apply between the former national currencies and the euro and between the ECU as referred to in Article 109 g of the Treaty and as defined in Council Regulation (EC) No. 3320/94 and the euro; whereas this implies in particular that in the case of fixed interest rate instruments the introduction of the euro does not alter the nominal interest rate payable by the debtor; whereas the provisions on continuity can only fulfil their objective to provide legal certainty to the markets if they enter into force as soon as possible;

(Amendment 28)

Recital 8a (new)

>Text following EP vote>

(8a) Whereas consumers must be afforded legal protection against abuses and fraud which might be committed when the euro is introduced; whereas Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts must be modified and strengthened in good time, and whereas national criminal provisions to prevent such abuses and fraud must be harmonized;

(Amendment 3)

Article 1, first indent

This amendment applies only to Member States which make a distinction between

'laws' and 'regulations'

>Original text>

- 'legal instruments' shall mean legislative provisions, acts of administration, judicial decisions, contracts, unilateral legal acts, payment instruments other than banknotes and coins, and other instruments with legal effect;

>Text following EP vote>

- 'legal instruments' shall mean legislative and regulatory provisions, acts of administration, judicial decisions, contracts, unilateral legal acts, payment instruments other than banknotes and coins, and other instruments with legal effect;

(Amendment 4)

Article 3

>Original text>

The introduction of the euro shall not have the effect of altering any term of a legal instrument or of discharging or excusing performance under any legal instrument, nor give a party the right unilaterally to alter or terminate a legal instrument. This provision is subject to anything which parties may have agreed.

>Text following EP vote>

Save as otherwise agreed by the parties, introduction of the euro shall not have the effect of altering any term of a legal instrument or of discharging or excusing performance under any legal instrument, nor give a party the right unilaterally to alter or terminate a legal instrument. In particular, in the case of instruments with fixed interest rates, the introduction of the euro shall not in itself alter the nominal interest rate payable by the debtor.

(Amendment 5)

Article 3a (new)

>Text following EP vote>

Article 3a

Any clause permitting one of the parties to avoid his obligations in the event of the euro replacing one of the national currencies of the participating Member States shall be deemed null and void if it is included in a standard contract concluded between consumers and representatives of businesses. This also applies to standard and preprinted agreements which have not been individually negotiated between the parties.

(Amendment 6)

Article 6, first paragraph a (new)

>Text following EP vote>

Member States shall take appropriate action in conjunction with relevant trade, professional and consumer organisations to inform, advise and prepare for the introduction of the euro.

Legislative resolution embodying Parliament's opinion on the proposal for a Council Regulation on some provisions relating to the introduction of the euro (COM(96)0499 - C4-0578/96 - 96/0249(CNS))

(Consultation procedure)

The European Parliament,

- having regard to the Commission proposal to the Council, COM(96)0499 - 96/0249(CNS),

- having been consulted by the Council pursuant to Article 235 of the EC Treaty (C4-0578/96),

- having regard to Rule 58 of its Rules of Procedure,

- having regard to the report of the Committee on Economic and Monetary Affairs and Industrial Policy and the opinion of the Committee on the Environment, Public Health and Consumer Protection (A4-0375/96),

1. Approves the Commission proposal, subject to Parliament's amendments;

2. Calls on the Commission to alter its proposal accordingly, pursuant to Article 189a(2) of the EC Treaty;

3. Calls on the Council to notify Parliament should it intend to depart from the text approved by Parliament;

4. Calls for the conciliation procedure to be opened should the Council intend to depart from the text approved by Parliament;

5. Asks to be consulted again should the Council intend to make substantial modifications to the Commission proposal;

6. Instructs its President to forward this opinion to the Council and Commission.