EU Legislation

The European Union (EU) legislation related to different aspects of the euro changeover creates stable and safe legal basis for organization of the euro changeover process in Latvia.

The most relevant aspects of the Regulation are as follows:

The introduction of the euro shall not have the effect of altering any term of a legal instrument or of discharging or excusing performance under any legal instrument, nor give a party the right unilaterally to alter or terminate such an instrument;
The conversion rates shall not be rounded or truncated when making conversions;
Monetary amounts to be paid or accounted for when a rounding takes place after a conversion into the euro units shall be rounded up or down to the nearest cent. If the application of the conversion rate gives a result which is exactly half-way, the sum shall be rounded up.

Council Regulation (EC) No. 1103/97 of 17 June 1997 On certain provisions relating to the introduction of the euro

Council Regulation (EC) No. 974/98 of 3 May 1998 On the introduction of the euro

Council Regulation (EC) No. 2169/2005 amending Council Regulation (EC) No. 974/98 of 3 May 1998

Council Regulation (EC) No. 2866/98 of 31 December 1998 On the conversion rates between the euro and the currencies of the Member States adopting the euro

The Court of Justice Judgement C-19/03