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

Author:Secretariat General
Profession:Council of the European Union
Pages:196-199
SUMMARY

Article 1 -Article 2

 
INDEX
CONTENT

Page 196

Amended by59:

- Council Regulation (EC) No 1478/2000 of 19 June 2000 60

- Council Regulation (EC) No 1086/2006 of 11 July 2006 61

[No 2866/98 of 31 December 1998]

THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 1091(4), rst sentence thereof,

Having regard to the proposal from the Commission,

Having regard to the opinion of the European Central Bank 62,

(1) Whereas according to Article 1093(4) of the Treaty, the third stage of eco nomic and monetary union shall start on 1 January 1999; whereas the Council, meeting in the composition of Heads of State or Government, has conrmed on 3 May 1998 that Belgium, Germany, Spain, France, Ireland, Italy, Luxem bourg, the Netherlands, Austria, Portugal and Finland full the necessary con ditions for the adoption of a single currency on 1 January 1999 63;

(2) Whereas according to Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro 64, the euro shall be the currency of the Mem ber States which adopt the single currency as from 1 January 1999; whereas the introduction of the euro requires the adoption of the conversion rates at which the euro will be substituted for the national currencies and at which rates the euro will be divided into national currency units; whereas the conversion rates in Article 1 are the conversion rates referred to in the third indent of Article 1 of Regulation (EC) No 974/98;

(3) Whereas according to Council Regulation (EC) No 1103/97 of 17 June 1997 on certain provisions relating to the introduction of the euro 65, every refer ence to the ecu in a legal instrument shall be replaced by a reference to the euro at a rate of one euro to one ecu; whereas Article 1091(4), second sentence, of the Treaty, provides that the adoption of the conversion rates shall by itselfPage 197 not modify the external value of the ecu; whereas this is ensured by adopting as the conversion rates, the exchange rates against the ecu of the currencies of the Member States adopting the euro, as calculated by the Commission on 31 December 1998 according to the established procedure for the calculation of the daily ocial ecu rates;

(4) Whereas the Ministers of the Member States adopting the euro as their single currency, the Governors of the Central Banks of these Member States, the Commission and the European Monetary Institute/the European Central Bank, have issued two Communiqus on the determination and on the adoption of the irrevocable conversion rates for the euro dated 3 May 1998 66 and 26 September 1998, respectively;

(5) Whereas Regulation (EC) No 1103/97 stipulates that the conversion rates shall be adopted as one euro expressed in terms of each of the national currencies of the Member States adopting the euro; whereas in order to ensure a high degree of accuracy, these rates will be adopted with six signicant gures and no inverse rates nor bilateral rates between the currencies of the Member States adopting the euro will be dened,

HAS ADOPTED THIS REGULATION:

Article 1

The irrevocably fixed conversion rates between the euro and the currencies of the Member States adopting the euro are:

1 euro = 40,3399 Belgian francs

= 1,95583 German marks

= 340,750 Greek drachma

= 166,386 Spanish pesetas

= 6,55957 French francs

= 0,787564 Irish pounds

= 1936,27 Italian lire

= 40,3399 Luxembourg francs

= 2,20371 Dutch guilders

= 13,7603 Austrian schillings

= 200,482 Portuguese escudos

= 239,640 Slovenian tolars

= 5,94573 Finnish marksPage 198

Article 2

This Regulation shall enter into force on 1 January 1999.

This Regulation shall be binding in its entirety and directly applicable in all Member States.Page 199

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[59] OJ L 359, 31.12.1998, p. 1.

[60] OJ L 167, 7.7.2000, p. 1.

[61] OJ L 195,15.7.2006, p. 1.

[62] OJ C 412, 31.12.1998, p. 1.

[63] Council Decision 98/317/EC of 3 May 1998 in accordance with Article K>9j(4) of the Treaty (OJL139,11.5.1998, p. 30).

[64] OJ L 139,11.5.1998, P(1)

[65] OJ L 162,19.6.1997, p. 1.

[66] OJ C 160, 27.5.1998, p. 1.