Joint communiqué of 01.12.98 by
the Council and by the Commission on the adoption of the conversion rates
between the euro and the national currencies on 31 December 1998
In accordance with
Article 109 l (4) of the Treaty , the irrevocable conversion rates for
the euro will be adopted by the Council, acting with the unanimity of the
Member States without a derogation, effective as of 1 January 1999, on
a proposal from the Commission and after consultation of the European Central
Bank.
In two joint communiqués
issued on 3 May 1998 and on 26 September 1998, the Ministers of the Members
States adopting the euro, the Governors of the Central Banks of these Member
States, the Commission and the European Monetary Institute/the European
Central Bank have announced how the conversion rates will be determined
on 31 December 1998.
In the meantime,
the participants in the legislative procedure have established a detailed
timetable for the adoption of the rates during that day. The key deadlines
are as follows:
1.
At the end of the regular central bank concertation procedure (11.30 (CET)),
the Commission will calculate the final official ECU exchange rates for
the participating currencies in line with the established procedure. The
Commission will propose these rates for adoption by the Council as the
irrevocable conversion rates for the euro at 12.30 in a televised Council
session. At the same time, the Commission will make these proposed rates
public via Internet (http://europa.eu.int/eurobirth) and financial information
providers.
2.
The Council will adopt the regulation and will inform the public of its
adoption at around 13.30. In addition, the Commission will make the adoption
public by the same means as when it published the proposed rates.
3.
The regulation will be published in the Official Journal of the European
Communities, which will be available in the official languages at the Office
for Official Publications in Luxembourg at approximately 18.00.
4.
The regulation will be applicable as from 1 January 1999, 0.00 a.m. local
time
