DOCSLIB.ORG

Economic and Monetary Union

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

ECONOMIC AND MONETARY UNION Compilation of Community legislation June 1999 EUROPEAN COMMISSION IMPORTANT This publication includes extracts from the consolidated versions of the EU Treaty and the EC Treaty incorporating the changes made by the Treaty of Amsterdam, signed on 2 October 1997, and which entered into force on 1 May 1999. The extracts contained herein, including protocols, are numbered in accordance with the provisions of the Amsterdam Treaty. In consequence, references to the Treaties in other texts should be read in conjunction with the Table of Equivalences referred to in Article 12 of the Treaty of Amsterdam. The text has been produced for documentary purposes and does not involve the responsibility of the institutions. A great deal of additional information on the European Union is available on the Internet. It can be accessed through the Europa server (http://europa.eu.int) which has a page specifically devoted to the euro (http://europa.eu.int/euro). Cataloguing data can be found at the end of this publication. Luxembourg: Office for Official Publications of the European Communities, 1999 ISBN 92-828-4310-6 © European Communities, 1999 Reproduction is authorised provided the source is acknowledged. Printed in Belgium PRINTED ON WHITE CHLORINE-FREE PAPER Preface On 1 january 1999 the euro became a reality. In creating the single currency, Europe has given its citizens and its partners in the wider world tangible proof of its determination to build a community based on peace and prosperity. The launch of the new currency went ahead according to plan and the euro gained real credibility ftom the outset. For ordinary citizens the next milestone will be 1 january 2002, when the new notes and coins will be put into circulation. In the meantime, the Commission is working hand in hand with the Member States and the European Central Bank to ensure a smooth transition to what will be the major political event ofthe new millennium. Management ofthe new currency has been entrusted to the European Central Bank (ECB), the most independent central bank in the world and one whose main concern is stability. The euro will also be underpinned by a stability and growth pact. The single currency is furthermore emerging as a key instrument in the fight against unemployment: a balanced policy mix, sustained convergence and monetary stability are the foundations of an employment-friendly economic policy. The euro offers a unique opportunity for breaking out of the vicious circle of deficit and unemployment and setting in motion the dynamic ofstability and job creation. The single currency is also an essential complement of the single market. It brings to an end exchange-rate fluctuations between the currencies of participating Member States and, by eliminating the exchange risk, it will make firms more competitive and give them the springboard ftom which to withstand competition in the global economy. It will also make for jitrther integration ofgoods and services markets. In adopting the euro, the peoples ofEurope have decided to occupy a place on the international scene commensurate with their history and their economic and commercial strength. The single currency will enable Europe to enhance its position and role in the world. The euro's credibility, allied to a large and very liquid financial market, will attract foreign investment. More fimdamentally, the euro, through its recognised stability and widespread use, will help establish a better balance in international monetary relations. To achieve all this, Europe must be able to speak with one voice and hence play its rightful role on the international scene. The euro will therefore emerge as a reserve currency, a transaction currency and an investment currency; its aim is also to instil more stability into the international monetary system. The arrival of the euro is a major event on the monetary scene and offers all players on the financial market - issuers, intermediaries and investors - new opportunities for raising and investing capital. This compilation brings together the whole body of Community legislation on economic and monetary union and the introduction of the euro. The texts have been updated following the entry into force of the Amsterdam Treaty. 4 Economic and monetary union - Compilation of Community legislation It provides the appropriate legal basis for detennining the scope of the decisions taken in this area and will constitute an essential refirence tool for all those working in the field and a usefit! aid to understanding what economic and monetary union means both now and in the future. Giovanni Ravasio Director-General for Economic and Financial Affairs Contents Tables of equivalences referred to in Article 12 of the Treaty of Amsterdam 9 Part A - Extracts from the Treaty establishing the European Community, annexed protocols and declarations A 1 - Article 4 (ex Article 3a) 19 A 2 - Title VII (ex Title VI)- Economic and monetary policy 20 A 3 - Protocol on the Statute of the European System of Central Banks and of the European Central Bank 35 A 4 - Protocol on the excessive deficit procedure 50 A 5 - Protocol on the convergence criteria referred to in Article 121 (ex Article 109j) of the Treaty establishing the European Community 51 A 6 - Protocol amending the Protocol on the privileges and immunities of the European Communities 53 A 7 - Protocol on Denmark 54 A 8 - Protocol on Portugal 55 A 9 - Protocol on the transition to the third stage of economic and monetary union 56 A 10 - Protocol on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland 57 A 11 - Protocol on certain provisions relating to Denmark 59 A 12 - Protocol on France 60 A 13 - Declarations 61 Part B - The scenario for the changeover to the single currency B 1 - Presidency conclusions of the Madrid European Council of 15 and 16 December 1995 on the scenario for the changeover to the single currency 65 B 2 - Annex I to the conclusions of the European Council held at Madrid on 15 and 16 December 1995 67 Part C - Decisions on Member States adopting the euro C 1 - Council decision of 3 May 1998 in accordance with Article 109j( 4) of the Treaty (98/317/EC) 75 C 2 - Council Regulation (EC) No 2866/98 of 31 December 1998 on the conversion rates between the euro and the currencies of the Member States adopting the euro 83 Part D - Legal framework for the euro D 1 - Council Regulation (EC) No 11 03/97 of 17 June 1997 on certain provisions relating to the introduction of the euro 87 6 Economic and monetary union - Compilation of Community legislation D 2 - Council Regulation (EC) No 97 4/98 of 3 May 1998 on the introduction of the euro 91 Part E - Economic policy coordination E 1 - Resolution of the European Council of 13 December 1997 on economic policy coordination in stage 3 of EMU and on Treaty Articles 109 and 109b of the EC Treaty (Parts I and Ill) 101 E 2 - Declaration of 1 May 1998 by the Ecofin Council and the ministers meeting in that Council accompanying the Council's recommendation on Member States participating in EMU 104 E 3 - Council decision of 21 December 1998 on the detailed provisions concerning the composition of the Economic and Financial Committee (98/7 43/EC) 106 E 4 - Council decision of 31 December 1998 adopting the Statutes of the Economic and Financial Committee (1999/8/EC) 108 Part F - Stability and Growth Pact, growth and employment F 1 - Resolution of the European Council on the Stability and Growth Pact - Amsterdam, 17 June 1997 113 F 2 - Resolution of the European Council on growth and employment- Amsterdam, 16 June 1997 11 6 F 3 - Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies 119 F 4 - Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure 126 Part G - Exchange rate mechanism in stage three of EMU G 1 - Resolution of the European Council on the establishment of an exchange-rate mechanism in the third stage of economic and monetary union -Amsterdam, 16 June 1997 137 G 2 - Agreement of 1 September 1998 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of economic and monetary union 140 Part H - External aspects of the euro H 1 - Resolution of the European Council of 13 December 1997 on economic policy coordination in stage 3 of EMU and on Treaty Articles 109 and 109b of the EC Treaty (Part II) 151 H 2 - Report of the Council to the European Council on the state of preparation for Stage Ill of EMU, in particular the external representation of the Community (Annex II of the Presidency conclusions of the Vienna European Council of 11 and 12 December 1998) 153 Contents 7 H 3 - Council decision of 23 November 1998 concerning exchange rate matters relating to the CFA franc and the Comorian franc (98/683/EC) 158 H 4 - Council decision of 21 December 1998 concerning exchange rate matters relating to the Cape Verde escudo (98/7 44/EC) 161 H 5 - Council decision of 31 December 1998 on the position to be taken by the Community regarding an agreement concerning the monetary relations with the Principality of Monaco (1999/96/EC) 164 H 6 - Council decision of 3 1 December 1998 on the position to be taken by the Community regarding an agreement concerning the monetary relations with the Republic of
Recommended publications
  • June 2021 Indices Des Prix De Détail Relatif Aux Dépenses De La Vie Courante Des Fonctionnaires De L'onu New York = 100, Date D'indice = Juin 2021

    June 2021 Indices Des Prix De Détail Relatif Aux Dépenses De La Vie Courante Des Fonctionnaires De L'onu New York = 100, Date D'indice = Juin 2021

    Price indices Indices des prix Retail price indices relating to living expenditures of United Nations Officials New York City = 100, Index date = June 2021 Indices des prix de détail relatif aux dépenses de la vie courante des fonctionnaires de l'ONU New York = 100, Date d'indice = Juin 2021 National currency per US $ Index - Indice Monnaie nationale du $ E.U. Excluding Country or Area Duty Station housing 2 Pays ou Zone Villes-postes Per US$ 1 Currency Total Non compris 1 Cours du $E-U Monnaie l'habitation 2 Afghanistan Kabul 78.070 Afghani 86 93 Albania - Albanie Tirana 98.480 Lek 78 82 Algeria - Algérie Algiers 132.977 Algerian dinar 80 85 Angola Luanda 643.121 Kwanza 84 93 Argentina - Argentine Buenos Aires 94.517 Argentine peso 81 84 Armenia - Arménie Yerevan 518.300 Dram 75 80 Australia - Australie Sydney 1.291 Australian dollar 82 88 Austria - Autriche Vienna 0.820 Euro 91 100 Azerbaijan - Azerbaïdjan Baku 1.695 Azerbaijan manat 81 87 Bahamas Nassau 1.000 Bahamian dollar 100 96 Bahrain - Bahreïn Manama 0.377 Bahraini dinar 83 86 Bangladesh Dhaka 84.735 Taka 81 89 Barbados - Barbade Bridgetown 2.000 Barbados dollar 90 95 Belarus - Bélarus Minsk 2.524 New Belarusian ruble 85 91 Belgium - Belgique Brussels 0.820 Euro 84 92 Belize Belmopan 2.000 Belize dollar 76 80 Benin - Bénin Cotonou 537.714 CFA franc 83 92 Bhutan - Bhoutan Thimpu 72.580 Ngultrum 77 83 Bolivia (Plurinational State of) - Bolivie (État plurinational de) La Paz 6.848 Boliviano 73 80 Bosnia and Herzegovina - Bosnie-Herzégovine Sarajevo 1.603 Convertible mark 73 79 Botswana Gaborone 10.582 Pula 75 83 Brazil - Brésil Brasilia 5.295 Real 71 82 British Virgin Islands - Îles Vierges britanniques Road Town 1.000 US dollar 87 93 Bulgaria - Bulgarie Sofia 1.603 Lev 70 85 Burkina Faso Ouagadougou 537.714 CFA franc 80 87 Burundi Bujumbura 1,953.863 Burundi franc 82 90 Cabo Verde - Cap-Vert Praia 90.389 CV escudo 79 87 Cambodia - Cambodge Phnom Penh 4,098.000 Riel 82 88 Cameroon - Cameroun Yaounde 537.714 CFA franc 83 91 Canada Montreal 1.208 Canadian dollar 91 96 Central African Rep.
  • The Euro: Internationalised at Birth

    The Euro: Internationalised at Birth

    The euro: internationalised at birth Frank Moss1 I. Introduction The birth of an international currency can be defined as the point in time at which a currency starts meaningfully assuming one of the traditional functions of money outside its country of issue.2 In the case of most currencies, this is not straightforwardly attributable to a specific date. In the case of the euro, matters are different for at least two reasons. First, internationalisation takes on a special meaning to the extent that the euro, being the currency of a group of countries participating in a monetary union is, by definition, being used outside the borders of a single country. Hence, internationalisation of the euro should be understood as non-residents of this entire group of countries becoming more or less regular users of the euro. Second, contrary to other currencies, the launch point of the domestic currency use of the euro (1 January 1999) was also the start date of its international use, taking into account the fact that it had inherited such a role from a number of legacy currencies that were issued by countries participating in Europe’s economic and monetary union (EMU). Taking a somewhat broader perspective concerning the birth period of the euro, this paper looks at evidence of the euro’s international use at around the time of its launch date as well as covering subsequent developments during the first decade of the euro’s existence. It first describes the birth of the euro as an international currency, building on the international role of its predecessor currencies (Section II).
  • The UK in the European Union: in Brief

    The UK in the European Union: in Brief

    The UK in the European Union: in brief Standard Note: SN/IA/7060 Last updated: 15 December 2014 Author: Vaughne Miller Section International Affairs and Defence Section The European Economic Community (EEC) was established by the Treaty of Rome in 1957 and the UK joined the EEC in 1973. This Note looks at some of the main events of the UK’s membership of the EEC/EC/EU. This information is provided to Members of Parliament in support of their parliamentary duties and is not intended to address the specific circumstances of any particular individual. It should not be relied upon as being up to date; the law or policies may have changed since it was last updated; and it should not be relied upon as legal or professional advice or as a substitute for it. A suitably qualified professional should be consulted if specific advice or information is required. This information is provided subject to our general terms and conditions which are available online or may be provided on request in hard copy. Authors are available to discuss the content of this briefing with Members and their staff, but not with the general public. Contents Introduction 3 1951– Treaty of Paris 3 1955 – Messina Conference 3 1957 – Treaty of Rome 3 1959 – UK joins European Free Trade Association 3 1961- UK bid to join EEC 3 1967 – French veto of UK EEC membership 3 1969 – Third UK application 3 1973 – UK joins the EEC 4 1975 – UK Referendum on EU membership 4 1977 – First UK Presidency 4 1979 - European Monetary System 4 1981 – EU enlargement 4 1984 – UK Budget Rebate 4 1986
  • Mintage of Irish Euro Coins

    Mintage of Irish Euro Coins

    Central Bank of Ireland - UNRESTRICTED Central Bank of Ireland Currency Centre MINTAGE OF IRISH EURO COINS FIGURES COMPLETED UP TO 31 DECEMBER 2019 COINAGE DATED 2002 – 2019 2002 2003 2004 2005 20061 20072 2008 2009 1 cent 404,340,000 77,900,000 174,830,000 128,550,000 110,930,000 163,800,000 46,120,000 52,170,000 2 cent 354,640,000 177,290,000 143,000,000 74,650,000 26,550,000 200,940,000 35,800,000 44,250,000 5 cent 456,270,000 48,350,000 82,330,000 56,510,000 89,770,000 136,210,000 61,870,000 11,300,000 10 cent 275,910,000 133,820,000 36,770,000 7,150,000 9,600,000 76,990,000 56,530,000 11,740,000 20 cent 234,580,000 57,140,000 32,420,000 40,490,000 10,360,000 34,470,000 45,970,000 5,390,000 50 cent 144,140,000 11,810,000 6,750,000 17,310,000 7,460,000 8,680,000 1,190,000 2,900,000 1 Euro 135,140,000 2,520,000 1,630,000 6,820,000 4,000,000 5,700,000 2,560,000 3,290,000 2 Euro 90,590,000 2,630,000 3,740,000 13,470,000 5,080,000 12,110,0003 6,080,000 1,010,0004 Total 2,095,610,000 511,460,000 481,470,000 344,950,000 263,750,000 638,900,000 256,120,000 132,050,000 2010 2011 2012 2013 2014 20156 20168 2017 2018 2019 1 cent 10,920,000 40,950,000 61,370,000 61,464,000 35,131,000 40,000 210,000 9,170 19980 - 2 cent 3,470,000 4,700,000 11,910,000 34,799,000 3,112,000 40,000 160,000 9,120 19990 - 5 cent 990,000 990,000 1,020,000 1,042,000 1,055,000 1,100,000 80,000 782,980 30,066,180 30,000,000 10 cent 1,050,000 920,000 1,060,000 936,000 1,080,000 9,160,000 2,280,000 189,255 179,800 10,000,000 20 cent 1,000,000 1,140,000 970,000 1,284,000 1,183,000
  • March 31, 2013 Foreign Currency Country-Currency to $1.00

    March 31, 2013 Foreign Currency Country-Currency to $1.00

    04/29/15 Page: 1 TREASURY REPORTING RATES OF EXCHANGE As of March 31, 2013 Foreign Currency Country-Currency To $1.00 Afghanistan-Afghani 53.1800 Albania-Lek 109.0700 Algeria-Dinar 78.9000 Angola-Kwanza 95.0000 Antigua & Barbuda-E. Caribbean Dollar 2.7000 Argentina-Peso 5.1200 Armenia-RUBLE 415.0000 Australia-Dollar .9600 Austria-Euro .7800 Austria-Schilling .0000 Azerbaidjan-Ruble .8000 Azerbaijan-New Manat .0000 Bahamas-Dollar 1.0000 Bahrain-Dinar .3800 Bangladesh-Conv. Taka .0000 Bangladesh-Non-Conv. Taka 80.0000 Barbados-Dollar 2.0200 Belarus-Ruble 8,680.0000 Belgium-Euro .7800 Belgium-Franc .0000 Belize-Dollar 2.0000 Benin-CFA Franc 511.6700 Bermuda-Dollar 1.0000 Bolivia-Boliviano 6.9600 Bosnia-Dinar 1.5300 Botswana-Pula 8.2400 Brazil-Cruzados .0000 Brazil-Cruzeiro 2.0200 Brunei-Dollar 1.2400 Bulgaria-Lev 1.5300 Burkina Faso-CFA Franc 511.6700 Burma-Kyat 878.0000 Burundi-Franc 1,650.0000 Cambodia (Khmer)-Riel 4,103.0000 Cameroon-CFA Franc 511.6700 Canada-Dollar 1.0200 Cape Verde-Escudo 84.1800 Cayman Island-Dollar .8200 Central African Rep.-CFA Franc 511.6700 Chad-CFA Franc 511.6700 Chile-Peso 471.5000 China-Renminbi 6.2100 China-Yuan .0000 Colombia-Peso 1,824.0000 Comoros-CFA Franc 361.3500 Congo-CFA Franc 511.6700 Costa Rica-Colon 498.6000 Croatia-KUNA 5.8300 Cuba-Peso 1.0000 Cyprus-Euro .7800 Cyprus-Pound .7890 Czech. Republic-Koruna 19.7000 Czechoslovakia-Tuzex Koruna .0000 CFA Franc-CFA Franc .0000 Dem. Rep. of Congo-Congolese Franc 920.0000 Denmark-Kroner 5.8200 Djibouti-Franc 177.0000 Dominican Republic-Peso 40.8600 East Germany-GDR Mark .0000 Ecuador-Dollar 1.0000 Ecuador-Sucre .0000 Egypt-Pound 6.8000 El Salvador-Colon 1.0000 Equatorial Guinea-CFA Franc 511.6700 Eritrea-Birr 15.0000 Estonia-EURO .7800 Estonia-Kroon 11.6970 04/29/15 Page: 2 TREASURY REPORTING RATES OF EXCHANGE As of March 31, 2013 Foreign Currency Country-Currency To $1.00 Ethiopia-Birr 18.4000 Euro-Euro .7800 European Community-European Comm.
  • Towards a More United & Prosperous Union of Comoros

    Towards a More United & Prosperous Union of Comoros

    TOWARDS A MORE UNITED & PROSPEROUS Public Disclosure Authorized UNION OF COMOROS Systematic Country Diagnostic Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized ABBREVIATIONS & ACRONYMS i CPIA Country Policy and Institutional Assessment CSOs Civil Society Organizations DeMPA Debt Management Performance Assessment DPO Development Policy Operation ECP Economic Citizenship Program EEZ Exclusive Economic Zone EU European Union FDI Foreign Direct Investment GDP Gross Domestic Product GNI Gross National Income HCI Human Capital Index HDI Human Development Index ICT Information and Communication Technologies IDA International Development Association IFC International Finance Corporation IMF International Monetary Fund INRAPE National Institute for Research on Agriculture, Fisheries, and the Environment LICs Low-income Countries MDGs Millennium Development Goals MIDA Migration for Development in Africa MSME Micro, Small, and Medium Enterprises NGOs Non-profit Organizations PEFA Public Expenditure and Financial Accountability PPP Public/Private Partnerships R&D Research and Development SADC Southern African Development Community SDGs Sustainable Development Goals SOEs State-Owned Enterprises SSA Sub-Saharan Africa TFP Total Factor Productivity WDI World Development Indicators WTTC World Travel & Tourism Council ii ACKNOWLEDGEMENTS We would like to thank members of the Comoros Country Team from all Global Practices of the World Bank and the International Finance Corporation, as well as the many stakeholders in Comoros (government authorities, think tanks, academia, and civil society organizations, other development partners), who have contributed to the preparation of this document in a strong collaborative process (see Annex 1). We are grateful for their inputs, knowledge and advice. This report has been prepared by a team led by Carolin Geginat (Program Leader EFI, AFSC2) and Jose Luis Diaz Sanchez (Country Economist, GMTA4).
  • The Euro: a Social Accentuation Experiment

    The Euro: a Social Accentuation Experiment

    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Molz, Günter; Hopf, Andreas Article The euro: A social accentuation experiment Economic Sociology: European Electronic Newsletter Provided in Cooperation with: Max Planck Institute for the Study of Societies (MPIfG), Cologne Suggested Citation: Molz, Günter; Hopf, Andreas (2002) : The euro: A social accentuation experiment, Economic Sociology: European Electronic Newsletter, ISSN 1871-3351, Max Planck Institute for the Study of Societies (MPIfG), Cologne, Vol. 3, Iss. 2, pp. 26-31 This Version is available at: http://hdl.handle.net/10419/155805 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu 1 THE EURO – A SOCIAL ACCENTUATION EXPERIMENT By Günter Molz & Andreas Hopf Justus-Liebig-University Giessen [email protected] The introduction of the euro released both hope and fear.
  • Estimation of Euro Currency in Circulation Outside the Euro Area1

    Estimation of Euro Currency in Circulation Outside the Euro Area1

    EXTERNAL STATISTICS DIVISION ECB-PUBLIC 6 April 2017 ETS/2017/091 Estimation of euro currency in circulation 1 outside the euro area 1. Introduction Recent empirical evidence on currency in circulation has shown a significant inconsistency between total currency in circulation and the estimates of holdings in various statistical domains.2 Some of the evidence points to the European Central Bank (ECB) estimate of euro currency circulating outside the euro area as a prominent cause of this inconsistency.3 In this context, in 2015 and 2016 the European System of Central Banks (ESCB) discussed alternative methods for the estimation of circulation outside the euro area. A new methodology was approved in December 2016 and introduced on 6 April 2017 with the release of quarterly balance of payments (b.o.p.) and international investment position (i.i.p.) statistics for the last quarter of 2016. The following sections present and explain the new methodology used to estimate euro currency holdings by non-euro area residents. 2. New estimation method: lower and upper bounds Given the large variability in the results of the various estimation methods tested and discussed by the ESCB Statistics Committee (STC) in 2016, it was decided to continue using a linear combination of two methods rather than selecting a single method. Two estimates have been chosen to set boundaries to circulation outside the euro area by establishing a lower limit (an estimate of minimum circulation under certain reasonable assumptions on not observable data) and an upper limit (an estimate of a maximum circulation, also on under certain assumptions).
  • 'Foreign Exchange Markets Welcome the Start of the EMS' from Le Monde (14 March 1979)

    'Foreign Exchange Markets Welcome the Start of the EMS' from Le Monde (14 March 1979)

    'Foreign exchange markets welcome the start of the EMS' from Le Monde (14 March 1979) Caption: On 14 March 1979, the day after the implementation of the European Monetary System (EMS), the French daily newspaper Le Monde describes the operation of the EMS and highlights its impact on the European currency exchange market. Source: Le Monde. dir. de publ. Fauvet, Jacques. 14.03.1979, n° 10 612; 36e année. Paris: Le Monde. "Le marché des changes a bien accueilli l'entrée en vigueur du S.M.E.", auteur:Fabra, Paul , p. 37. Copyright: (c) Translation CVCE.EU by UNI.LU All rights of reproduction, of public communication, of adaptation, of distribution or of dissemination via Internet, internal network or any other means are strictly reserved in all countries. Consult the legal notice and the terms and conditions of use regarding this site. URL: http://www.cvce.eu/obj/foreign_exchange_markets_welcome_the_start_of_the_ems _from_le_monde_14_march_1979-en-c5cf1c8f-90b4-4a6e-b8e8-adeb58ce5d64.html Last updated: 05/07/2016 1/3 Foreign exchange markets welcome the start of the EMS With a little more than three months’ delay, the European Monetary System (EMS) came into force on Tuesday 13 March. The only definite decision taken by the European Council, it was announced in an official communiqué published separately at the end of Monday afternoon. In the official text, the European Council stated that ‘all the conditions had now been met for the implementation of the exchange mechanism of the European Monetary System.’ As a result, the eight full members of the exchange rate mechanism, i.e. all the EEC Member States except for the United Kingdom, which signed the agreement but whose currency will continue to float, have released their official exchange rates.
  • The Road to the Euro

    The Road to the Euro

    One currency for one Europe The road to the euro Ecomomic and Financial Aff airs One currency for one Europe The road to the euro One currency for one Europe The road to the euro CONTENTS: What is economic and monetary union? ....................................................................... 1 The path to economic and monetary union: 1957 to 1999 ............... 2 The euro is launched: 1999 to 2002 ........................................................................................ 8 Managing economic and monetary union .................................................................. 9 Looking forward to euro area enlargement ............................................................ 11 Achievements so far ................................................................................................................................... 13 The euro in numbers ................................................................................................................................ 17 The euro in pictures .................................................................................................................................... 18 Glossary ........................................................................................................................................................................ 20 2 Idreamstock © One currency for one Europe The road to the euro What is economic and monetary union? Generally, economic and monetary union (EMU) is part of the process of economic integration. Independent
  • Number 37 May 2000 Euro Coins from Design to Circulation

    Number 37 May 2000 Euro Coins from Design to Circulation

    EUROPEAN COMMISSION Number 37 May 2000 (XURFRLQV From design to circulation © European Communities, 2000. (XURFRLQV )URPGHVLJQWRFLUFXODWLRQ 'LUHFWRUDWH*HQHUDOIRU(FRQRPLFDQG)LQDQFLDO$IIDLUV EURO COINS 7+(/(*$/%$6(6 7KH7UHDW\ 7KHWZR5HJXODWLRQVRI0D\ &5($7,1*7+((852&2,16 &KRRVLQJWKHQDPH &KRRVLQJWKHGHQRPLQDWLRQVRIWKHFRLQV 'HWHUPLQLQJWKHWHFKQLFDOVSHFLILFDWLRQVRIWKHFRLQV &KRRVLQJWKHFRPPRQVLGHRIWKHFRLQV &KRRVLQJWKHQDWLRQDOVLGHRIWKHFRLQV &UHDWLQJFROOHFWRUFRLQV…………………………………………………………………………..16 352'8&,1*7+((852&2,16 'HWHUPLQLQJWKHTXDQWLWLHVWRSURGXFH &RQWUROOLQJTXDOLW\ 3527(&7,1*7+((852&2,16« )LOLQJDFRS\ULJKWRQWKHFRPPRQVLGHV 3UHYHQWLQJDQGVXSSUHVVLQJFRXQWHUIHLWLQJ ,1752'8&,1*7+((852&2,16 )LQDOLVLQJWKHVFKHGXOHIRUWKHLQWURGXFWLRQRIWKHFRLQV 'HILQLQJWKHOHQJWKRIWKHSHULRGRIGXDOFLUFXODWLRQ ,1)250$7,216+((76 1R7KHFKRLFHRIWKHHXURV\PERO««««««««««««««««««««««««« 1R6LWXDWLRQRI0RQDFR9DWLFDQ&LW\DQG6DQ0DULQR« 1R8VHIXO,QWHUQHWOLQNV« 1R$GGUHVVHVDQGFRQWDFWVRIWKHFRLQWHVWLQJFHQWUHV« $11(;(6 $UWLFOH H[D RIWKH7UHDW\HVWDEOLVKLQJWKH(XURSHDQ&RPPXQLW\« &RXQFLO5HJXODWLRQ (& 1RRI0D\RQWKHLQWURGXFWLRQRIWKHHXUR &RXQFLO 5HJXODWLRQ (& 1R RI 0D\ RQ GHQRPLQDWLRQV DQG WHFKQLFDO VSHFLILFDWLRQV RI HXUR FRLQV LQWHQGHGIRUFLUFXODWLRQ««« 2/45 &RXQFLO5HJXODWLRQ (& 1RRI)HEUXDU\DPHQGLQJ5HJXODWLRQ (& 1RRQGHQRPLQDWLRQV DQGWHFKQLFDOVSHFLILFDWLRQVRIHXURFRLQVLQWHQGHGIRUFLUFXODWLRQ««««««««« &RPPLVVLRQ5HFRPPHQGDWLRQRI-DQXDU\FRQFHUQLQJFROOHFWRUFRLQVPHGDOVDQGWRNHQV«« 5HSRUWIURPWKH&ROOHFWRU&RLQ6XEJURXSRIWKH0':*IRUWKH(XUR&RLQ6XEFRPPLWWHHRIWKH()&«« &RXQFLO 'HFLVLRQ RI $SULO H[WHQGLQJ (XURSRO V PDQGDWH
  • Economic and Monetary Union Legal and Political Texts

    Economic and Monetary Union Legal and Political Texts

    General Secretariat of the Council of the European Union European Commission Economic and monetary union Legal and political texts June 2007 kg705290Int.indd 1 Black – Pantone C 19/07/07 12:54:07 Europe Direct is a service to help you nd answers to your questions about the European Union Freephone number (*): 00 800 6 7 8 9 10 11 (*) Certain mobile telephone operators do not allow access to 00 800 numbers or these calls may be billed. More information on the European Union is available on the Internet (http://europa.eu). Cataloguing data can be found at the end of this publication. Luxembourg: O ce for O cial Publications of the European Communities, 2007 ISBN 92-824-3259-9 © European Communities, 2007 Reproduction is authorised provided the source is acknowledged. Printed in Belgium PRINTED ON WHITE CHLORINE-FREE PAPER kg705290Int.indd 2 Black – Pantone C 19/07/07 12:54:09 Preface Economic and monetary union (EMU) in general, and the euro in particular, is designed to create the foundation for sustainable long-term economic growth by providing macroeconomic stability, while, at the same time, constituting a natural complement to Europe’s single market. e introduction of the single currency on January and the introduction of the euro banknotes and coins on January are two key events in the history of the European Union. Since the adoption of the euro by Slovenia on January , the euro area comprises Member States and counts a population of more than million who share the single currency and bene t from the euro.