Council Regulation (EC) No 835/2007 of 10 July 2007 amending Regulation (EC) No 974/98 as regards the introduction of the euro in Cyprus
Date: 2007-07-10
Institutions: Council of the European Union
Subjects: Cyprus, Economic and Monetary Union, euro

18.7.2007

EN

Official Journal of the European Union

L 186/1

(Acts adopted under the EC Treaty/Euratom Treaty whose publication is obligatory)

I

REGULATIONS

COUNCIL REGULATION (EC) No 835/2007

of 10 July 2007

amending Regulation (EC) No 974/98 as regards the introduction of the euro in Cyprus

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,

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.

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

Council Regulation (EC) No 2169/2005 (4) amended
Regulation (EC) No 974/98 in order to prepare for
subsequent introductions of the euro in Member States
which have not yet adopted the euro as the single
currency.

Council Regulation (EC) No 1647/2006 (5) amended
Regulation (EC) No 974/98 to provide for the substi-
tution of the euro for the currency of Slovenia.

(5)

(6)

(7)

(8)

According to Article 4 of the 2003 Act of Accession,
Cyprus is a Member State with a derogation as defined in
Article 122 of the Treaty.

Pursuant to Council Decision 2007/503/EC of 10 July
2007 in accordance with Article 122(2) of the Treaty on
the single currency on
the adoption by Cyprus of
1 January 2008 (6), Cyprus
the necessary
conditions for the adoption of the single currency and
the derogation in favour of Cyprus is to be abrogated
with effect from 1 January 2008.

fulfils

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

the euro set out

Cyprus' changeover 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 changeover date should be 1 January 2008. No
‘phasing-out’ period should apply.

(9)

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

HAS ADOPTED THIS REGULATION:

(1) OJ C 160, 13.7.2007, p. 1.
(2) OJ L 139, 11.5.1998, p. 1. Regulation as last amended by Regu-

lation (EC) No 1647/2006 (OJ L 309, 9.11.2006, p. 2).

(3) OJ L 300, 29.11.2000, p. 2.
(4) OJ L 346, 29.12.2005, p. 1.
(5) OJ L 309, 9.11.2006, p. 2.

Article 1

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

(6) See page 29 of this Official Journal.

L 186/2

EN

Official Journal of the European Union

18.7.2007

This Regulation shall enter into force on 1 January 2008.

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, 10 July 2007.

For the Council
The President

F. TEIXEIRA DOS SANTOS

ANNEX

In the Annex to Regulation (EC) No 974/98, the following line shall be inserted between the entries for Italy and
Luxembourg.

Member State

Euro adoption date

Cash changeover date

Member State with a ‘phasing-
out’ period

‘Cyprus

1 January 2008

1 January 2008

No’