Council Regulation (EC) No 2595/2000 of 27 November 2000 amending Regulation (EC) No 1103/97 on certain provisions relating to the introduction of the euro
Date: 2000-11-27
Institutions: Council of the European Union
Subjects: EU Member State, euro, exchange rate, monetary integration, monetary union, national currency

29.11.2000

EN

Official Journal of the European Communities

L 300/1

I

(Acts whose publication is obligatory)

COUNCIL REGULATION (EC) No 2595/2000

of 27 November 2000

amending Regulation (EC) No 1103/97 on certain provisions relating to the introduction of the
euro

THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European
Community, and in particular Article 123(5) thereof,
Having regard to the proposal from the Commission (1),
Having regard to the opinion of the European Parliament (2),
Having regard to the opinion of the European Central Bank (3),
Whereas:

(3)

(4)

(1)

(2)

Council Regulation (EC) No 1103/97 of 17 June 1997
on certain provisions relating to the introduction of the
euro (4) includes rules on the adoption of the conversion
rates between the euro and the currencies of
the
Member States which adopt the euro and on the use of
these rates for conversions of monetary amounts. These
rules apply to the conversion rates of the currencies of
those Member States which adopted the euro when the
Community entered the third stage of economic and
monetary union. It is necessary to extend the rules to the
conversion rates of the currencies of any Member States
which adopt the euro at a later date.
For Member States whose currency is replaced by the
euro after the date at which the Community entered the
third stage of economic and monetary union, the defini-
tion of ‘national currency units’ should refer to the unit
of the Member State's currency as it was defined imme-
diately before the introduction of
the euro in that
Member State.

Article 123(5) is now available as a legal basis in order
to take the measures referred to above which are neces-
sary for the introduction of the euro in the Member
States which adopt the euro after the beginning of the
third stage of economic and monetary union.

The provisions of this Regulation, in accordance with
generally accepted principles of law,
in particular the
recognition accorded to the law of the currency, should
be universally recognised as
the
monetary law of the participating Member State, thereby
reinforcing legal certainty and clarity for economic
agents in all Member States and in third countries,

forming part of

HAS ADOPTED THIS REGULATION:

Article 1

In Article 1 of Regulation (EC) No 1103/97:

(a) the words ‘or in accordance with paragraph 5 of that
Article’ shall be added at the end of the third indent;
(b) the words ‘or, as the case may be, on the day before the
euro is substituted for the currency of a Member State
which adopts the euro at a later date’ shall be added at the
end of the fourth indent.

This Regulation shall enter into force on 1 January 2001.

Article 2

This Regulation shall be binding in its entirety and directly applicable in the Member States in
accordance with the Treaty establishing the European Community.

Done at Brussels, 27 November 2000.

For the Council

The President

L. FABIUS

(1) OJ C 177E, 27.6.2000, p. 99.
(2) Opinion delivered on 16 June 2000 (not yet published in the Offi-

cial Journal).

(3) OJ C 177, 27.6.2000, p. 11.
(4) OJ L 162, 14.6.1997, p. 1.