Agreement of 14 September 2000 between the European Central Bank and the national central banks of the Member States outside the euro area amending the Agreement of 1 September 1998 laying down the operating procedures for an exchange rate mechanism in stage III of economic and monetary union
Date: 2000-09-14
Institutions: European Central Bank, Non-euro area Member States: Denmark, Greece, Sweden, United Kingdom
Subjects: Economic and Monetary Union, European Central Bank, Greece, central bank, exchange rate, supplementary trade mechanism

16.12.2000

EN

Official Journal of the European Communities

C 362/11

EUROPEAN CENTRAL BANK

AGREEMENT

of 14 September 2000

between the European Central Bank and the national central banks of the Member States outside
the euro area amending the Agreement of 1 September 1998 laying down the operating
procedures for an exchange rate mechanism in stage III of economic and monetary union

(2000/C 362/10)

THE EUROPEAN CENTRAL BANK (HERINAFTER REFERRED TO AS
THE (cid:145)ECB(cid:146)) AND THE NATIONAL CENTRAL BANKS OF THE MEMBER
STATES OUTSIDE THE EURO AREA (HERINAFTER REFERRED TO AS
THE (cid:145)NON-EURO AREA NCBs(cid:146) AND THE (cid:145)NON-EURO AREA MEMBER
STATES(cid:146) RESPECTIVELY),

(5) It is therefore necessary to amend the ERM II Central Bank
Agreement to take account of the abrogation of the dero-
gation of the Hellenic Republic,

Whereas:

HAVE AGREED AS FOLLOWS:

(1) The European Council in its resolution of 16 June 1997
(hereinafter referred to as (cid:145)the Resolution(cid:146)) agreed to set up
an exchange-rate mechanism (hereinafter referred to as
(cid:145)ERM II(cid:146)) when the third stage of economic and monetary
union began on 11 January 1999.

Article 1

Amendment to ERM II Central Bank Agreement

1.1.
The Bank of Greece shall no longer be party to the
ERM II Central Bank Agreement with effect from 1 January
2001.

(2) Under the terms of the Resolution, ERM II is designed to
help to ensure that non-euro area Member States partici-
pating in ERM II orient their policies to stability,
foster
convergence and thereby help them in their efforts to
adopt the euro.

(3) The Hellenic Republic, as a Member State with a dero-
gation, has participated from the outset in ERM II. The
Bank of Greece
is party to the Agreement of 1
September 1998 between the ECB and the non-euro area
NCBs laying down the operating procedures for ERM II
(hereinafter
the (cid:145)ERM II Central Bank
Agreement(cid:146)).

referred to as

(4) Council Decision 2000/427/EC of 19 June 2000, on the
adoption by Greece of the single currency on 1 January
2001 (1),
the Treaty
in accordance with Article 122 of
establishing the European Community, abrogates the dero-
gation of the Hellenic Republic (2). The euro shall be the
currency of the Hellenic Republic from 1 January 2001.
The Bank of Greece shall no longer be party to the ERM II
Central Bank Agreement with effect from that date.

(1) OJ C 345, 13.11.1998, p. 6.
(2) OJ L 167, 7.7.2000, p. 19.

1.2.
Annex II to the ERM II Central Bank Agreement shall be
amended so as to delete the reference to the Bank of Greece in
the column captioned (cid:145)Central party to this Agreement(cid:146) and so
as to add a reference to the Bank of Greece with a ceiling of nil
in the column captioned (cid:145)Euro area NCBs(cid:146).

Article 2

Final provisions

This Agreement amends, with effect from 1 January

2.1.
2001, the ERM II Central Bank Agreement.

2.2.
This Agreement shall be drawn up in duly signed
versions in English, French and German. A certified copy of
the original in each language shall be sent to each central bank
by the ECB, which is required to retain the originals. This
Agreement
official
Community languages and be published in the C series of
the Official Journal of the European Communities.

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