Bourse de Luxembourg - paperJam

1996 December 13, 14 The Dublin Summit defined the legal statute of the euro andprepared the ERM II, that will govern the relations between thecurrencies of the participating countries and the other Europeancurrencies1997 June 17 Regulation 1103/97 of EC Council fixing some dispositions relatingto the introduction of the euro. It provides the legal framework forthe use of the euro, which from January 1, 1999 will become acurrency in its own right. The official Ecu basket will cease to existOctober 2 Signature of the Amsterdam Treaty amending the Treaty on theEuropean Union, the Treaties establishing the EuropeanCommunities and certain related acts1998 May 2, 3 • The European Council drew up the list of the 11 Member Stateswhich will take part in the Monetary Union on January 1, 1999• Announcement of bilateral parities between the currencies of thecountries taking part in the Monetary Union• Establishment of the European System of Central Banks (ESCB),uniting the national central banks and the European Central Bank(ECB)• Regulation 974/98 of the EC Council on the introduction of theeuroJuly 1 Establishment of the ECB, that succeeds the EMIDecember 31 Fixing of the irrevocable parities at which the 11 participatingnational currencies convert to the euroFixing of the value of the euro on the basis of 1 euro = 1 ECU1999 January 1 • Start of stage III of the EMU• Launch of the euro that became the sole currency for theeuro-zone economy. National denominations becameodd-numbered sub-units of the euro• The ECB became the central bank for the 11 participatingcountries and conducts the single monetary policy whoseimplementation will be ensured by the national central bankswithin the framework of the ESCBJanuary 4 First quotation in euro on the foreign exchange and capitalmarkets2001 January 1 Greece becomes the 12 th Member State to join EMU2002 January 1 Completion of the changeover to the euro in the euro-zonecountries42FactBook 2004