Opinion of the European Central Bank of 17 May 2001 at the request of the Austrian Ministry of Justice on a draft Second Federal Law containing ancillary measures for the introduction of the euro (2. Euro-Justiz-Begleitgesetz) (CON/2001/9)
Date: 2001-05-17
Institutions: European Central Bank
Subjects: Austria, civil law, consumer credit, consumer protection, conversion rate, euro, money

EN

OPINION OF THE EUROPEAN CENTRAL BANK

of 17 May 2001

at the request of the Austrian Ministry of Justice on a draft Second Federal Law containing

ancillary measures for the introduction of the euro

(2. Euro-Justiz-Begleitgesetz)

CON/2001/9

1. 

On  25  April  2001  the  European  Central  Bank  (ECB)  received  a  request  from  the  Austrian

Ministry  of  Justice  on  a  draft  Second  Federal  Law  containing  ancillary  measures  for  the

introduction of the euro (hereinafter referred to as the “draft law”).

2.

The ECB’s competence to deliver an opinion is based on the second indent of Article 105(4) of

the  Treaty  establishing  the  European  Community,  the  second  indent  of  Article  4(a)  of  the

Statute  of  the  European  System  of  Central  Banks  and  of  the  European  Central  Bank  and  the

first indent of Article 2(1) of Council Decision 98/415/EC of 29 June 1998 on the consultation

of  the  ECB  by  national  authorities  regarding  draft  legislative  provisions1,  as  the  legislative

proposal contains provisions concerning currency matters. The Governing Council of the ECB

has adopted this opinion in accordance with the first sentence of Article 17.5 of the Rules of

Procedure of the ECB.

3. 

The main purpose of the draft law is the conversion of amounts and thresholds in schillings into

euro,  to  the  extent  that  this  replacement  was  not  accomplished  by  the  First  Federal  Law

containing ancillary measures for the introduction of the euro (1. Euro-Justiz-Begleitgesetz)2. 

4. 

The substitution of schilling amounts with euro amounts is based on the following principles.

(cid:1) 

In  line  with  the  Austrian  national  changeover  scenario  the  draft  law  provides  for  a

smoothing of “signal amounts and thresholds” whereas the conversion of amounts of less

significance for the general public are directly converted by applying the irrevocably fixed

conversion rate.

OJ L 189, 3.7.1998, p. 42.

The  European  Monetary  Institute  was  consulted  on  the  1.Euro-Justiz-Begleitgesetz  and  delivered  an  opinion  on
13 February 1998 (CON/98/01). The  1.  Euro-Justiz-Begleitgesetz  dealt  with  the  adjustments  necessary  for  1  January
1999 and in particular introduced the “euro options” in the fields of accounting and the establishment of companies.

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(cid:1)  The  conversion  to  the  euro  was  partly  prepared  in  previous  legislative  amendments  by

setting the schilling amounts to enable a relatively simple conversion into convenient and

round euro amounts (e.g. the Ceiling Amending Law 1997 in  the  area  of  civil  procedure,

Erweiterte Wertgrenzen-Novelle 1997).

(cid:1)  Provisions  concerning  fees  (e.g.  notary  and  expert  fees)  are  to  have  no  impact  on  costs.

Consequently, limited smoothing is foreseen (rounding to whole 10 cent amounts), which

should  have  no  impact  on  costs.  The  introduction  of  the  euro  should  not  result  in

advantages or disadvantages for specific groups (such as notaries, experts or interpreters on

the one hand, or their clients or customers on the other).

(cid:1) 

In the field of consumer protection, the amounts have been smoothed to the benefit of the

consumer.

(cid:1)  Some penal provisions have been smoothed down which is deemed to be in the interest of

the  citizens.  However,  the  Penal  Code  is  adapted  to  the  euro  in  a  separate  amendment,

which will also contain a general revision of penal provisions.

5. 

The ECB welcomes the draft law, which provides for the replacement of schilling amounts with

euro amounts in the area of civil law. Such adjustments are in the interest of legal clarity and

transparency of the national legal system. 

6. 

The ECB takes note that a direct conversion of amounts contained in legal acts according to the

provisions  laid  down  by  Council  Regulation  (EC)  No  1103/97  of  17  June  1997  on  certain

provisions relating to the introduction of the euro3 is not always regarded as appropriate by the

Austrian Ministry of Justice. With regard to a number of legislative provisions, a smoothing of

signal amounts is considered necessary for reasons of transparency and practicability. The ECB

also notes the underlying principles regarding the extent and the direction of such smoothing. In

particular, the ECB welcomes and underlines the importance of the principle of “no impact on

costs”.  It  is  noted  that  as  regards  specific  provisions  of  the  Consumer  Protection  Act

implementing  Council  Directive  87/102/EEC  of  22  December  1986  for  the  approximation  of

the laws, regulations and administrative provisions of the Member States concerning consumer

credit4,  the  draft  law  introduces  higher  thresholds  than  provided  by  the  Directive.  This  is

possible as the Directive represents a minimum harmonisation measure.

7. 

The ECB notes that the 2. Euro-Justiz-Begleitgesetz  enters into force on 1 January 2002 unless

provided otherwise. The ECB welcomes the transitory regime regarding fees described  in  the

explanatory memorandum, which makes reference to Article 14 of Regulation (EC) No 974/98

on the introduction of the euro5 and to Articles 4 and 5 of Regulation (EC) No 1103/97.

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OJ L 162, 19.6.1997, p. 1.

OJ L 42, 12.2.1987, p. 48.

OJ L 139, 11.5.1998, p. 1.

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8. 

The  ECB  confirms  that  it  has  no  objections  to  publication  of  this  opinion  by  the  competent

national authorities.

Done at Frankfurt am Main on 17 May 2001.

The President of the ECB

[signed]

Willem F. DUISENBERG

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