Proposal for a Council Regulation on the introduction of the euro (COM(96)0499 - C4-0579/96 - 96/0250(CNS))

The proposal was approved with the following amendments:

(Amendment 7)

Recital 2

>Original text>

(2) Whereas the European Council has decided at its meeting held in Madrid on 15/16 December 1995 that the name given to the European currency shall be the 'euro'; whereas the specific name 'euro' will be used instead of the generic term 'ECU' used by the Treaty to refer to the European currency unit; whereas the euro as the currency of the Member States without a derogation shall be divided into one hundred sub-units with the name 'cent'; whereas the definition of the name 'cent' does not prevent the use of variants of this term in common usage in the Member States;

>Text following EP vote>

(2) Whereas the European Council has decided at its meeting held in Madrid on 15/16 December 1995 that the name given to the European currency shall be the 'euro'; whereas the specific name 'euro' will be used instead of the generic term 'ECU' used by the Treaty to refer to the European currency unit; whereas the euro as the currency of the Member States without a derogation shall be divided into one hundred sub-units with the name 'cent';

(Amendment 8)

Recital 8a(new)

>Text following EP vote>

(8a) Whereas, before and during this transitional period, it is vital to do everything possible to raise the awareness of all economic operators and users in the Member States of the European Union;

(Amendment 29)

Recital 9

>Original text>

(9) Whereas the euro shall be the unit of account of the European Central Bank (ECB) and of the central banks of the participating Member States; whereas this does not prevent national central banks from keeping accounts in their national currency unit during the transitional period, in particular for their staff and for public administrations;

>Text following EP vote>

(9) Whereas the euro shall be the unit of account of the European Community bodies and institutions and of the central banks of the participating Member States; whereas this does not prevent national central banks from keeping accounts in their national currency unit during the transitional period, in particular for their staff and for public administrations;

(Amendment 9)

Recital 9a (new)

>Text following EP vote>

(9a) Whereas, with the aim of promoting the use of the euro from the outset, conversion software shall be made available to financial institutions by the central banks to enable any debtor to discharge his debt by means of a payment from a bank account executed in the currency of his choice, the amount in question being automatically converted into the creditor's currency if the latter is different;

(Amendment 10)

Article 1, second 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 30)

Article 2

>Original text>

The currency of the participating Member States shall be the euro. The currency unit shall be one euro. One euro shall be divided into one hundred cent.

>Text following EP vote>

The currency of the European Community and of the participating Member States shall be the euro. The currency unit shall be one euro. One euro shall be divided into one hundred cent.

(Amendment 11)

Article 3, 2nd and 3rd paragraphs (new)

>Text following EP vote>

Conversion between a currency in a participating Member State and the euro shall be free of charge.

>Text following EP vote>

Conversion between currencies of participating Member States shall be based only on the official conversion rates and any transaction costs must be identified separately.

(Amendment 31)

Article 4

>Original text>

The euro shall be the unit of account of the European Central Bank (ECB) and of the central banks of the participating Member States.

>Text following EP vote>

The euro shall be the unit of account of the European Community bodies and institutions and of the central banks of the participating Member States.

(Amendment 12)

Article 5

>Original text>

Articles 6-9 apply during the transitional period.

>Text following EP vote>

Articles 6-9a apply during the transitional period.

(Amendment 13)

Article 7

>Original text>

The substitution of the euro for the currencies of the participating Member States shall not in itself have the effect of altering the denomination of legal instruments in existence on the date of substitution.

>Text following EP vote>

The substitution of the euro for the currencies of the participating Member States cannot in itself have the effect of altering the terms of legal instruments in existence on the date of substitution.

(Amendment 14)

Article 8(1)

>Original text>

(1) Acts to be performed under legal instruments stipulating the use of a national currency unit shall be performed in that national currency unit. Acts to be performed under legal instruments stipulating the use of the euro unit shall be performed in this unit.

>Text following EP vote>

(1) Until the end of the transitional period, no private economic agent may be compelled, on the basis of this Regulation, to use the euro either as a unit of account or as a means of executing or receiving a payment. As from 1 January 1999, all legal or regulatory restrictions on the use of the euro shall lapse.

(Amendment 15)

Article 8(2)

>Original text>

(2) The provisions of paragraph 1 are subject to anything which parties may have agreed.

>Text following EP vote>

Deleted

(Amendment 16)

Article 8(3)

>Original text>

(3) Notwithstanding the provisions of paragraph 1, any amount denominated either in the euro unit or in the national currency unit of a given participating Member State and payable within that Member State by crediting an account of the creditor, can be paid by the debtor either in the euro unit or in that national currency unit. The amount may be credited to the account of the creditor in the denomination of his account, with any conversion being effected at the conversion rates.

>Text following EP vote>

(3) Any amount denominated either in the euro unit or in the national currency unit of a given participating Member State and payable by crediting an account of the creditor, can be paid by the debtor either in the euro unit or in that national currency unit. The amount may be credited to the account of the creditor in the denomination of his account, with any conversion being effected at the conversion rates. Any creditor holding an account denominated in euro shall be presumed to accept that his debtor may discharge his debt in euro by crediting this account unless he has expressly excluded this possibility.

(Amendment 17)

Article 8(6a) (new)

>Text following EP vote>

(6a) Regular surveys of prices, including bank charges, shall be published before, during and after the changeover to the single currency.

(Amendment 32)

Article 8(6b) (new)

>Text following EP vote>

(6b) Member States shall take the measures that they deem most appropriate to ensure that, during the critical period of the introduction of the euro as legal tender, the displaying of prices in euro cannot mislead consumers as to the actual value of the goods or services that they purchase.

(Amendment 20)

Article 8a (new)

>Text following EP vote>

Article 8a

For the purpose of compliance with the legal provisions concerning the calculation of risks, no exchange rate risk shall be deemed to exist between the euro and the national currencies of the participating Member States or between the latter's national currencies.

(Amendment 21)

Article 8b (new)

>Text following EP vote>

Article 8b

Routine conversion of national currencies of participating Member States into and out of euro shall be free of costs and charges.

(Amendment 22)

Article 9

>Original text>

Banknotes and coins denominated in a national currency unit shall retain their status as legal tender within the territorial limits as of the last day before the third stage.

>Text following EP vote>

Banknotes and coins denominated in the national currency unit shall retain their status as legal tender within the same territorial limits as applied on the last day before the third stage.

(Amendment 23)

Article 9a (new)

>Text following EP vote>

Article 9a

Bonds, government securities and deposit certificates with terms longer than three years issued by the public authorities after 1 January 1999 shall be denominated in euro.

(Amendment 24)

Article 10

>Original text>

As from 1 January 2002 at the latest, the ECB and the central banks of the participating Member States shall put into circulation banknotes denominated in euro. Notwithstanding Article 15, these banknotes shall be the only banknotes which have the status of legal tender in all these Member States.

>Text following EP vote>

As from 1 January 2002 at the latest, the ECB shall issue banknotes denominated in euro which shall be put into circulation by itself and the central banks of the participating Member States. Notwithstanding Article 15, these euro- denominated banknotes shall be the only banknotes which have the status of legal tender in all these Member States.

(Amendment 25)

Article 11

>Original text>

As from 1 January 2002 at the latest, the participating Member States shall issue coins denominated in euro or in cent and complying with the denominations and technical specifications which the Council may lay down in accordance with Article 105a (2) second sentence of the Treaty. Notwithstanding Article 15, these coins shall be the only coins which have the status of legal tender in all these Member States. Except for the issuing authority and for those persons specifically designated by the national legislation of the issuing Member States, no party shall be obliged to accept more than fifty coins in any single payment.

>Text following EP vote>

As from 1 January 2002 at the latest, the participating Member States shall issue coins denominated in euro or in cent and complying with the denominations and technical specifications which the Council shall lay down in accordance with Article 105a (2) second sentence of the Treaty. Notwithstanding Article 15, these coins shall be the only coins which have the status of legal tender in all these Member States. Except for the issuing authority and for those persons specifically designated by the national legislation of the issuing Member States, no party shall be obliged to accept more than fifty coins in any single payment.

(Amendment 26)

Article 12

>Original text>

Participating Member States shall ensure adequate sanctions against counterfeiting and falsification of banknotes and coins.

>Text following EP vote>

Member States, in cooperation with one another, shall ensure adequate sanctions against counterfeiting and falsification of banknotes and coins.

(Amendment 33)

Article 12a (new)

>Text following EP vote>

Article 12a

Without prejudice to Article 105a of the Treaty, no monetary instrument, other than notes and coins, intended to circulate among the public as a means of payment may be issued other than by virtue of a Council Regulation.

>Text following EP vote>

Member States shall lay down appropriate penalties with regard to any unauthorized issue.

Legislative resolution embodying Parliament's opinion on the proposal for a Council Regulation on the introduction of the euro (COM(96)0499 - C4-0579/96 - 96/0250(CNS))

(Consultation procedure)

The European Parliament,

- having regard to the Commission proposal to the Council, COM(96)0499 - 96/0250(CNS),

- having been consulted by the Council (C4-0579/96),

- 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.