Council Regulation (EC) No 1647/2006 of 7 November 2006 amending Regulation (EC) No 974/98 on the introduction of the euro
Date: 2006-11-07
Institutions: Council of the European Union
Subjects: Slovenia, accession to an agreement, euro, monetary union

L 309/2

EN

Official Journal of the European Union

9.11.2006

COUNCIL REGULATION (EC) No 1647/2006

of 7 November 2006

amending Regulation (EC) No 974/98 on the introduction of the euro

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty
Community, and in particular Article 123(5) thereof,

establishing the European

Having regard to the proposal from the Commission,

After consulting the European Parliament,

Having regard to the opinion of the European Central Bank (1),

Whereas:

(1)

(2)

(3)

(4)

Council Regulation (EC) No 974/98 of 3 May 1998 on
the introduction of the euro (2) provides for the substi-
tution of the euro for the currencies of the Member
States which fulfilled the necessary conditions for the
adoption of the single currency at the time when the
Community entered the third stage of economic and
monetary union.

Regulation (EC) No 2596/2000 (3) amended Regulation
(EC) No 974/98 to provide for the substitution of the
euro for the currency of Greece.

Regulation (EC) No 2169/2005 amended Regulation (EC)
No 974/98 in order to prepare for subsequent intro-
ductions of the euro in Member States which have not
yet adopted the euro as the single currency.

According to Article 4 of the 2003 Act of Accession,
Slovenia is a Member State with a derogation within the
meaning of Article 122 of the Treaty.

(5)

(6)

(7)

Pursuant to Council Decision 2006/495/EC of 11 July
2006 in accordance with Article 122(2) of the Treaty on
the single currency on
the adoption by Slovenia of
1 January 2007 (4), Slovenia
the necessary
conditions for the adoption of the single currency and
the derogation in favour of Slovenia is to be abrogated
with effect from 1 January 2007.

fulfils

The introduction of the euro in Slovenia requires the
extension to Slovenia of the existing provisions on the
introduction of
in Regulation (EC)
No 974/98.

the euro set out

Slovenia's change over plan specifies that euro banknotes
and coins should become legal tender in that Member
State on the day of the introduction of the euro as its
currency. Consequently, the euro adoption date and the
cash change over date should be 1 January 2007. No
‘phasing-out’ period should apply.

(8)

Regulation (EC) No 974/98 should be
accordingly,

amended

HAS ADOPTED THIS REGULATION:

Article 1

The Annex to Regulation (EC) No 974/98 shall be amended in
accordance with the Annex to this Regulation.

Article 2

This Regulation shall enter into force on 1 January 2007.

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, 7 November 2006.

For the Council
The President

E. HEINÄLUOMA

(1) OJ C 163, 14.7.2006, p. 10.
(2) OJ L 139, 11.5.1998, p. 1. Regulation as last amended by Regu-

lation (EC) No 2169/2005 (OJ L 346, 29.12.2005, p. 1).

(3) OJ L 300, 29.11.2000, p. 2.

(4) OJ L 195, 15.7.2006, p. 25.

9.11.2006

EN

Official Journal of the European Union

L 309/3

ANNEX

In the Annex to Regulation (EC) No 974/98, the following line is inserted between the entries for Portugal and Finland.

Member State

Euro adoption date

Cash change over date

Member State with a
‘phasing-out’ period

‘Slovenia

1 January 2007

1 January 2007

No’