EU
Legal Framework for the use of the euro
Two EU Council Regulations
together make up the legal framework for the use of the euro. Council Regulation
(EC) No 1103/97, on certain provisions relating to the introduction of
the euro, was adopted on 17 June 1997 and was published in the Official
Journal of the European Communities on 19 June 1997¹.
It provides for the replacement of the ecu by the euro at the rate of one
to one from 1 January 1999 and for continuity of contracts, and lays down
rules, including rounding rules, for conversion between national currencies
and the euro. Council Regulation (EC) No 974/98, on the introduction of
the euro, was adopted on 3 May 1998 and was published in the Official Journal
on 11 May 1998²; it contains the remaining provisions
for the legal framework for the use of the euro, including the provisions
to apply during the period 1 January 1999 to 31 December 2001.
