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
Commission Recommendation of 10 January 2008 on measures to facilitate future changeovers to the euro (notified under document number C(2007) 6912)
Guideline of the ECB of 14 July 2006 on certain preparations for the euro cash changeover and on frontloading and sub-frontloading of euro banknotes and coins outside the euro area (ECB/2006/9) OJ L 207, 28.7.2006, p. 39
Guideline of the ECB of 19 June 2008 amending Guideline ECB/2006/9 on certain preparations for the euro cash changeover and on frontloading and sub-frontloading of euro banknotes and coins outside the euro area (ECB/2008/4) OJ L 176, 4.7.2008, p. 16
European Central Bank opinion on preparations and legal amendments required for the introduction of the euro (CON/2012/73) Latvia, 2.10.2012
European Central Bank opinion on the introduction of the euro (CON/2012/97) Latvia, 27.11.2012
