preamble_14

(6) Whereas Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro(7), provides that as from 1 January 1999, the currency of participating Member States shall be the euro and that the euro shall be substituted for the currency of each participating Member State at the fixed conversion rate; whereas Council Regulation (EC) No 1103/97 of 17 June 1997 on certain provisions relating to the introduction of the euro(8) provides that during the transitional period (1 January 1999 to 31 December 2001) the euro is to be divided into national currency units according to the conversion rates; whereas it is therefore appropriate that amounts in this Directive be expressed in euro; whereas amounts in euro appearing in this Directive are to be converted into the national currency units of Member States adopting the euro according to the conversion rates; whereas amounts in euro appearing in this Directive are to converted into the national currency of Member States not adopting the euro according to the exchange rate published in the Official Journal of the European Communities of 4 January 1999,

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.