Council Regulation (EC) No 836/2007 of 10 July 2007 amending Regulation (EC) No 974/98 as regards the introduction of the euro in Malta
Date: 2007-07-10
Institutions: Council of the European Union
Subjects: Economic and Monetary Union, Malta, euro

18.7.2007

EN

Official Journal of the European Union

L 186/3

COUNCIL REGULATION (EC) No 836/2007

of 10 July 2007

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

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)

(5)

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.

Council Regulation (EC) No 835/2007 (6) amended Regu-
lation (EC) No 974/98 to provide for the substitution of
the euro for the currency of Cyprus.

(6)

(7)

(8)

(9)

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

Pursuant to Council Decision 2007/504/EC of 10 July
2007 in accordance with Article 122(2) of the Treaty
on the adoption by Malta of
the single currency on
1 January 2008 (7), Malta fulfils the necessary conditions
for the adoption of the single currency and the dero-
gation in favour of Malta is to be abrogated with effect
from 1 January 2008.

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

Malta's 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.

(10)

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

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.

(1) OJ C 160, 13.7.2007, p. 1.
(2) OJ L 139, 11.5.1998, p. 1. Regulation as last amended by Council
Regulation (EC) No 835/2007 (See page 1 of this Official Journal).

Article 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.
(6) See page 1 of this Official Journal.

This Regulation shall enter into force on 1 January 2008.

(7) See page 32 of this Official Journal.

L 186/4

EN

Official Journal of the European Union

18.7.2007

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, 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 Luxembourg and
the Netherlands.

Member State

Euro adoption date

Cash changeover date

Member State with a ‘phasing-
out’ period

‘Malta

1 January 2008

1 January 2008

No’