Considerations on COM(2022)281 - Amendment of Regulation (EC) No 974/98 as regards the introduction of the euro in Croatia

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dossier COM(2022)281 - Amendment of Regulation (EC) No 974/98 as regards the introduction of the euro in Croatia.
document COM(2022)281 EN
date July 12, 2022
 
table>(1)Council Regulation (EC) No 974/98 (2) provides for the substitution of the euro for the currencies of the Member States which fulfilled the necessary conditions for the adoption of the euro at the time when the Community entered the third stage of economic and monetary union.
(2)According to Article 5 of the 2012 Act of Accession, Croatia is a Member State with a derogation, as defined in Article 139(1) of the Treaty.

(3)Pursuant to Council Decision (EU) 2022/1211 (3), Croatia fulfils the necessary conditions for the adoption of the euro and the derogation regarding Croatia is to be abrogated with effect from 1 January 2023.

(4)The introduction of the euro in Croatia requires the extension to Croatia of the existing provisions on the introduction of the euro that are set out in Regulation (EC) No 974/98.

(5)Croatia’s National Euro Changeover Plan specifies that euro banknotes and coins should become legal tender in that Member State on the day of the introduction of the euro as its currency. Consequently, the euro adoption date and the cash changeover date should be 1 January 2023. No ‘phasing-out’ period should apply.

(6)Regulation (EC) No 974/98 should therefore be amended accordingly,