Joint communiqué on the adoption of the irrevocable conversion rates for the euro

Ministers of the Member States adopting the euro as their single currency, the Governors of the Central Banks of these Member States, the European Central Bank and the European Commission - Wien, 9/26/98: 

In accordance with Article 109.1.4 of the Treaty, the irrevocable conversion rates for the euro will be adopted by the Council, acting with the unanimity of the Member States without a derogation, effective as of 1 January 19999, on a proposal from the Commission and after consultation of the European Central Bank.

Following the Joint Communiqué of 2 May 1998 on the determination of the irrevocable conversion rates for the euro, and to ensure clarity for the markets in the run-up to Stage 3, the Ministers of the Member States adopting the euro as their single currency, the Governors of the Central Banks of these Member States, the European Central Bank and the European Commission have agreed the following timetable and procedures for fixing the irrevocable conversion rates for the euro at the beginning of Stage 3 of monetary union.

On 31 December 1998, following the regular bank concertation procedure at 11.30am (CET), and in line with the existing procedure explained in the technical annex of the Joint Communiqué of 2 May, the Commission will calculate the final official ECU exchange rates for the participating currencies. The Commission will propose these rates for adoption by the Council as the irrevocable conversion rates for the euro. This proposal will be made public immediately after adoption by the Commission.

In the afternoon of 31 December 1998, following consultation of the ECB, the Council will adopt the Regulation on the irrevocable conversion rates for the euro. This regulation will take legal effect from 00.00 hours 1 January 1999. The Regulation will be published in the Official Journal of the European Communities on 31 December 1998.