Decision 2004/548 - 2004/548/EC: Council Decision of 11 May 2004 on the EC position regarding an agreement concerning the monetary relations with Andorra - Main contents
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official title
2004/548/EC: Council Decision of 11 May 2004 on the position to be taken by the Community regarding an agreement concerning the monetary relations with the Principality of Andorra| Legal instrument | Decision |
|---|---|
| Number legal act | Decision 2004/548 |
| Original proposal | SEC(2004)204 |
| CELEX number i | 32004D0548 |
| Document | 11-05-2004 |
|---|---|
| Publication in Official Journal | 16-07-2004; Special edition in Romanian: Chapter 10 Volume 003,OJ L 142M , 30.5.2006,OJ L 244, 16.7.2004,Special edition in Bulgarian: Chapter 10 Volume 003 |
| Effect | 14-05-2004; Entry into force Date notif. |
| End of validity | 31-12-9999 |
| Notification | 14-05-2004 |
16.7.2004 |
EN |
Official Journal of the European Union |
L 244/47 |
COUNCIL DECISION
of 11 May 2004
on the position to be taken by the Community regarding an agreement concerning the monetary relations with the Principality of Andorra
(2004/548/EC)
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 111(3) thereof,
Having regard to the recommendation from the Commission,
Having regard to the opinion of the European Central Bank,
Whereas:
(1) |
Pursuant to Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro (1), the euro replaced the currency of each participating Member State as from 1 January 1999. |
(2) |
The Community has competence, as from the same date, in monetary and foreign exchange regime matters in Member States adopting the euro. |
(3) |
The Council is responsible for determining the arrangements for the negotiation and conclusion of agreements concerning monetary or foreign exchange regime matters. |
(4) |
The Community has concluded monetary agreements with Monaco (2), the Vatican City (3) and San Marino (4). These countries had concluded earlier monetary agreements with France or with Italy, before the introduction of the euro. |
(5) |
The Principality of Andorra (hereinafter referred to as Andorra) does not have an official currency, nor has it concluded a monetary agreement with any Member State or third country. Spanish and French banknotes and coins were originally used de facto in Andorra, and were replaced by euro banknotes and coins as from 1 January 2002. |
(6) |
On 15 July 2003 Andorra formally requested the conclusion of a monetary agreement with the Community. |
(7) |
Given the close economic relations between Andorra and the Community, it is appropriate that an agreement between the Community and Andorra should include provisions regarding euro banknotes and coins, the legal status of the euro in Andorra, and also access to the euro area payment systems. Since the euro is already in use in Andorra, it should be agreed that Andorra is to use the euro as its official currency and that it will grant legal tender status to euro banknotes and coins issued by the European System of Central Banks and Member States which have adopted the euro. |
(8) |
The euro becoming Andorra's official currency does not create any right for Andorra to issue banknotes or coins, whether denominated in euro or in another denomination, or to issue monetary surrogates, unless the monetary agreement contains explicit provisions to this effect. Andorra currently issues collector coins denominated in diner and the possibility to continue this practice will be examined. |
(9) |
It is important that Andorra ensure that Community rules on banknotes and coins denominated in euro are applicable in Andorra. Euro banknotes and coins need proper protection against fraud and counterfeiting. It is also important that Andorra should take all the necessary measures and cooperate with the Community in this area. |
(10) |
Andorra should undertake to implement all relevant measures forming part of the Community framework for banking and financial regulations, including the prevention of money laundering, the prevention of fraud and counterfeiting of non-cash means of payment, and statistical reporting requirements. The application of such measures will contribute, inter alia, to establishing comparable and equitable conditions between financial institutions situated in the euro area and those located in Andorra. |
(11) |
The European Central Bank (ECB) and the national central banks may engage in all types of banking transactions in relation to financial institutions located in... |
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