Legal and Practical Issues in the Run-Up to the Introduction of the Euro
Legal and Practical Issues in the Run-Up to the Introduction of the Euro
Author: Dorothy Livingston and Herbert Smith (1997)
Dorothy Livingston and Herbert Smith
(This article represents the up-dated text of a lecture given by the author to members of the Association)
(taken from Isssue No 3 – August 1997)
A Key aspects of Monetary Union
1. Timetable
Monetary union is currently expected to commence in 1999 or very soon thereafter. At that point, exchange rates of those Member States taking part will be fixed and the euro will be created as a currency. No euro notes will be created at this time, instead `national currency units` will continue to exist for a period of approximately three years, but as denominations of the euro and not as separate currencies in their own right. At the same time, the new European Central Bank will assume control of monetary policy in all EMU countries.
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