council regul ec introduct euro council european union regard treati establish european commun articl sentenc thereof regard propos commiss regard opinion european monetari institut regard opinion european parliament regul defin monetari law provis member state adopt euro provis continu contract replac refer ecu legal instrument refer euro round laid council regul ec june provis relat introduct euro introduct euro concern dai dai oper popul particip member state measur regul regul ec examin ensur balanc changeov consum meet european council madrid decemb decis term ecu treati refer european currenc unit gener term govern member state reach common agreement decis agre definit interpret relev treati provis european currenc euro euro currenc particip member state divid hundr unit cent definit cent prevent variant term common usag member state european council consid singl currenc offici languag european union take account exist alphabet council act accord sentenc articl treati measur rapid introduct euro adopt convers rate articl treati member state particip member state council articl treati measur rapid introduct euro singl currenc member state sentenc articl treati council start date stage adopt convers rate currenc particip member state irrevoc fix irrevoc fix rate euro substitut currenc absenc exchang rate risk euro unit nation currenc unit nation currenc unit legisl provis interpret term contract definit legal instrument meant includ type contract irrespect conclud order prepar smooth changeov euro transit period need substitut euro currenc particip member state introduct euro banknot coin period nation currenc unit defin divis euro legal equival establish euro unit nation currenc unit accord articl treati regul ec euro replac ecu januari unit account institut european commun euro unit account european central bank ecb central bank particip member state line madrid conclus monetari polici oper carri euro unit european system central bank escb prevent nation central bank keep account nation currenc unit transit period staff public administr particip member state full euro unit territori transit period transit period contract nation law legal instrument drawn validli euro unit nation currenc unit period regul affect valid refer nation currenc unit legal instrument agre econom agent respect denomin legal instrument perform act carri instrument euro unit nation currenc unit unit currenc ensur payment insid particip member state credit account made euro unit respect nation currenc unit provis payment credit account appli cross border payment denomin euro unit nation currenc unit account creditor ensur smooth function payment system lai provis deal credit account payment instrument credit system provis payment credit account impli financi intermediari oblig make payment facil product denomin unit euro provis payment credit account prohibit financi intermediari coordin introduct payment facil denomin euro unit reli common technic infrastructur transit period accord conclus reach european council meet held madrid tradeabl public debt issu euro unit particip member state januari desir issuer debt redenomin outstand debt euro unit provis redenomin appli jurisdict countri issuer enabl redenomin outstand debt debt denomin nation currenc unit member state redenomin part outstand debt gener govern provis address introduct addit measur amend term outstand debt alter thing nomin amount outstand debt matter subject relev nation law desir member state measur chang unit account oper procedur organis market action commun level clarifi effect introduct euro applic exist provis commun law net set techniqu similar effect oblig euro unit impos basi commun legisl transact public sector particip member state euro unit accord refer scenario decid european council meet held madrid commun legisl lai time frame generalis euro unit leav freedom individu member state accord articl treati council adopt measur harmonis denomin technic specif coin banknot coin adequ protect counterfeit banknot coin denomin nation currenc unit lose statu legal tender latest month end transit period limit payment note coin establish member state public reason incompat statu legal tender euro banknot coin provid law mean settlement monetari debt end transit period refer legal instrument exist end transit period read refer euro unit respect convers rate physic redenomin exist legal instrument achiev result round rule defin regul ec appli convers made end transit period transit period reason clariti desir physic redenomin place paragraph protocol provis relat unit kingdom great britain northern ireland stipul inter alia paragraph protocol effect unit kingdom notifi council intend move stage unit kingdom gave notic council octob intend move stage paragraph stipul inter alia articl treati appli unit kingdom denmark refer paragraph protocol provis relat denmark notifi context edinburgh decis decemb particip stage accord paragraph protocol articl provis treati statut escb refer derog applic denmark accord articl treati singl currenc introduc member state derog regul applic pursuant articl treati subject protocol articl adopt regul part definit articl purpos regul particip member state belgium germani spain franc ireland itali luxembourg netherland austria portug finland legal instrument legisl statutori provis act administr judici decis contract unilater legal act payment instrument banknot coin instrument legal effect convers rate irrevoc fix convers rate adopt currenc particip member state council sentenc articl treati euro unit currenc unit refer sentenc articl nation currenc unit unit currenc particip member state unit defin dai start stage econom monetari union transit period period begin januari end decemb redenomin chang unit amount outstand debt state nation currenc unit euro unit defin articl act redenomin effect alter term debt matter subject relev nation law part ii substitut euro currenc particip member state articl januari currenc particip member state euro currenc unit euro euro divid hundr cent articl euro substitut currenc particip member state convers rate articl euro unit account european central bank ecb central bank particip member state part iii transit provis articl articl appli transit period articl euro divid nation currenc unit convers rate subdivis thereof maintain subject provis regul monetari law particip member state continu appli legal instrument refer made nation currenc unit refer valid refer made euro unit convers rate articl substitut euro currenc particip member state effect alter denomin legal instrument exist date substitut articl act perform legal instrument stipul denomin nation currenc unit perform nation currenc unit act perform legal instrument stipul denomin euro unit perform unit provis paragraph subject parti agre notwithstand provis paragraph amount denomin euro unit nation currenc unit particip member state payabl member state credit account creditor paid debtor euro unit nation currenc unit amount credit account creditor denomin account convers effect convers rate notwithstand provis paragraph particip member state measur order redenomin euro unit outstand debt issu member state gener govern defin european system integr account denomin nation currenc unit issu law member state measur issuer redenomin euro unit debt denomin member state nation currenc unit redenomin expressli exclud term contract provis appli debt issu gener govern member state bond form securitis debt negoti capit market monei market instrument issu debtor enabl chang unit account oper procedur nation currenc unit euro unit market regular exchang clear settlement instrument list section annex council direct eec invest servic secur field commod system regular exchang clear settlement payment provis paragraph impos euro unit adopt particip member state accord time frame laid commun legisl nation legal provis particip member state permit impos net set techniqu similar effect appli monetari oblig irrespect currenc denomin denomin euro unit nation currenc unit convers effect convers rate articl banknot coin denomin nation currenc unit retain statu legal tender territori limit dai entri forc regul part iv euro banknot coin articl januari ecb central bank particip member state put circul banknot denomin euro prejudic articl banknot denomin euro banknot statu legal tender member state articl januari particip member state issu coin denomin euro cent compli denomin technic specif council lai accord sentenc articl treati prejudic articl coin coin statu legal tender member state issu author person specif design nation legisl issu member state parti oblig accept coin singl payment articl particip member state ensur adequ sanction counterfeit falsif euro banknot coin part final provis articl articl appli end transit period articl legal instrument exist end transit period refer made nation currenc unit refer read refer euro unit respect convers rate round rule laid regul ec appli articl banknot coin denomin nation currenc unit refer articl remain legal tender territori limit month end transit period latest period shorten nation law particip member state period month end transit period lai rule banknot coin denomin nation currenc unit refer articl measur facilit withdraw articl accord law practic particip member state respect issuer banknot coin continu accept euro convers rate banknot coin previous issu part vi entri forc articl regul enter forc januari regul bind entireti directli applic member state accord treati subject protocol articl brussel council presid brown oj oj oj oj oj direct amend direct ec european parliament council oj