Decision 2008/608 - 2008/608/EC: Council Decision of 8 July 2008 in accordance with Article 122(2) of the Treaty on the adoption by Slovakia of the single currency on 1 January 2009 - Main contents
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official title
2008/608/EC: Council Decision of 8 July 2008 in accordance with Article 122(2) of the Treaty on the adoption by Slovakia of the single currency on 1 January 2009| Legal instrument | Decision |
|---|---|
| Number legal act | Decision 2008/608 |
| Original proposal | COM(2008)249  |
| CELEX number i | 32008D0608 |
| Document | 08-07-2008 |
|---|---|
| Publication in Official Journal | 24-07-2008; OJ L 195, 24.7.2008,Special edition in Croatian: Chapter 10 Volume 003 |
| Effect | 24-07-2008; Takes effect Date notif. |
| End of validity | 31-12-9999 |
| Notification | 24-07-2008; {titleAndReference.draft.disclaimer.new|http://publications.europa.eu/resource/authority/fd_365/titleAndReference.draft.disclaimer.new} |
24.7.2008 |
EN |
Official Journal of the European Union |
L 195/24 |
COUNCIL DECISION
of 8 July 2008
in accordance with Article 122(2) of the Treaty on the adoption by Slovakia of the single currency on 1 January 2009
(2008/608/EC)
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 122(2) thereof,
Having regard to the proposal from the Commission,
Having regard to the report from the Commission (1),
Having regard to the report from the European Central Bank (2),
Having regard to the Opinion of the European Parliament (3),
Having regard to the discussion of the Council, meeting in the composition of Heads of State or Government,
Whereas:
(1) |
The third stage of economic and monetary union (hereinafter referred to as ‘EMU’) started on 1 January 1999. By Decision 98/317/EC (4), the Council, meeting in Brussels on 3 May 1998 in the composition of Heads of State or Government, found that Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland fulfilled the necessary conditions for adopting the single currency on 1 January 1999. |
(2) |
By Decision 2000/427/EC (5) the Council decided that Greece fulfilled the necessary conditions for adopting the single currency on 1 January 2001. By Decision 2006/495/EC (6) the Council decided that Slovenia fulfilled the necessary conditions for adopting the single currency on 1 January 2007. By Decisions 2007/503/EC (7) and 2007/504/EC (8) the Council decided that Cyprus and Malta fulfilled the necessary conditions for adopting the single currency on 1 January 2008. |
(3) |
In accordance with paragraph 1 of the Protocol on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland annexed to the Treaty, the United Kingdom notified the Council that it did not intend to move to the third stage of EMU on 1 January 1999. This notification has not been changed. In accordance with paragraph 1 of the Protocol on certain provisions relating to Denmark annexed to the Treaty and the Decision taken by the Heads of State or Government in Edinburgh in December 1992, Denmark has notified the Council that it will not participate in the third stage of EMU. Denmark has not requested that the procedure referred to in Article 122(2) of the Treaty be initiated. |
(4) |
By virtue of Decision 98/317/EC Sweden has a derogation as defined in Article 122 of the Treaty. In accordance with Article 4 of the 2003 Act of Accession, the Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland and Slovakia have a derogation as defined in Article 122 of the Treaty. In accordance with Article 5 of the 2005 Act of Accession, Bulgaria and Romania have a derogation as defined in Article 122 of the Treaty. |
(5) |
The European Central Bank (hereinafter referred to as ‘ECB’) was established on 1 July 1998. The European Monetary System has been replaced by an exchange-rate mechanism, the setting-up of which was agreed by a resolution of the European Council on the establishment of an exchange-rate mechanism in the third stage of economic and monetary union of 16 June 1997 (9). The procedures for an exchange-rate mechanism in stage three of economic and monetary union (ERM II) were laid down in the Agreement of 16 March 2006 between the ECB and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange-rate mechanism in stage three of economic and monetary union (10). |
(6) |
Article 122(2) of the Treaty lays down the procedures for abrogation of the derogation of the Member States concerned. According to that Article at least once every two years, or at the request of a Member State with a derogation, the Commission and the ECB are to report to the... |
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