Economic and Monetary Union Act, 1998


Economic and Monetary Union

Chapter I


Interpretation (Part II).

5.—(1) In this Part—

“the Act of 1969” means the Decimal Currency Act, 1969 ;

“conversion rate” means the irrevocably fixed conversion rate adopted for the currency of each participating Member State by the Council according to the first sentence of Article 109 1 (4) of the Treaty;

“the Council Regulation of 1998” means Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro(1) ;

“euro unit” means the currency unit referred to in the second sentence of Article 2 of the Council Regulation of 1998;

“the Irish pound unit” means the unit of the Irish pound as duly defined on the 31st day of December, 1998;

“participating Member States” means Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal and Finland;

“transitional period” means the period beginning on the 1st day of January, 1999, and ending on the 31st day of December, 2001;

“the Treaty” means the Treaty Establishing the European Community done at Rome on the 25th day of March, 1957 (as amended by the Treaty on European Union done at Maastricht on the 7th day of February, 1992).

(2) A word or expression which is used in this Act and is also used in the Council Regulation of 1998 has, unless the context otherwise requires, the same meaning in this Act as it has in that Regulation.

(1)O.J. No. L139 of 11 May 1998, p.1.