Decision 2014/509 - 2014/509/EU: Council Decision of 23 July 2014 on the adoption by Lithuania of the euro on 1 January 2015 - Main contents
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official title
2014/509/EU: Council Decision of 23 July 2014 on the adoption by Lithuania of the euro on 1 January 2015| Legal instrument | Decision |
|---|---|
| Number legal act | Decision 2014/509 |
| Original proposal | COM(2014)324  |
| CELEX number i | 32014D0509 |
| Document | 23-07-2014 |
|---|---|
| Publication in Official Journal | 31-07-2014; OJ L 228 p. 29-32 |
| Effect | 28-07-2014; Entry into force Date notif. |
| End of validity | 31-12-9999 |
| Notification | 28-07-2014 |
31.7.2014 |
EN |
Official Journal of the European Union |
L 228/29 |
COUNCIL DECISION
of 23 July 2014
on the adoption by Lithuania of the euro on 1 January 2015
(2014/509/EU)
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 140(2) thereof,
Having regard to the proposal from the European Commission,
Having regard to the report from the European Commission,
Having regard to the report from the European Central Bank,
Having regard to the opinion of the European Parliament,
Having regard to the discussion in the European Council,
Having regard to the recommendation of the members of the Council representing Member States whose currency is the euro,
Whereas:
(1) |
The third stage of economic and monetary union (‘EMU’) started on 1 January 1999. The Council, meeting in Brussels on 3 May 1998 in the composition of Heads of State or Government, decided that Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland fulfilled the necessary conditions for adopting the euro on 1 January 1999 (1). |
(2) |
By Decision 2000/427/EC (2) the Council decided that Greece fulfilled the necessary conditions for adopting the euro on 1 January 2001. By Decision 2006/495/EC (3) the Council decided that Slovenia fulfilled the necessary conditions for adopting the euro on 1 January 2007. By Decisions 2007/503/EC (4) and 2007/504/EC (5) the Council decided that Cyprus and Malta fulfilled the necessary conditions for adopting the euro on 1 January 2008. By Decision 2008/608/EC (6) the Council decided that Slovakia fulfilled the necessary conditions for adopting the euro. By Decision 2010/416/EU (7) the Council decided that Estonia fulfilled the necessary conditions for adopting the euro. By Decision 2013/387/EU (8) the Council decided that Latvia fulfilled the necessary conditions for adopting the euro. |
(3) |
In accordance with paragraph 1 of the Protocol on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland annexed to the Treaty establishing the European Community (‘EC Treaty’), the United Kingdom notified the Council that it did not intend to move to the third stage of EMU on 1 January 1999. That notification has not been changed. In accordance with paragraph 1 of the Protocol on certain provisions relating to Denmark annexed to the EC Treaty and the Decision taken by the Heads of State or Government in Edinburgh in December 1992, Denmark has notified the Council that it will not participate in the third stage of EMU. Denmark has not requested that the procedure referred to in Article 140(2) of the Treaty on the Functioning of the European Union (TFEU) be initiated. |
(4) |
By virtue of Decision 98/317/EC Sweden has a derogation as defined in Article 139(1) TFEU. In accordance with Article 4 of the 2003 Act of Accession (9), the Czech Republic, Lithuania, Hungary and Poland have derogations as defined in Article 139(1) TFEU. In accordance with Article 5 of the 2005 Act of Accession (10), Bulgaria and Romania have derogations as defined in Article 139(1) TFEU. In accordance with Article 5 of the 2012 Act of Accession (11), Croatia has a derogation as defined in Article 139(1) TFEU. |
(5) |
The European Central Bank (‘ECB’) was established on 1 July 1998. The European Monetary System has been replaced by an exchange rate mechanism, the setting-up of which was agreed by a resolution of the European Council on the establishment of an exchange-rate mechanism in the third stage of economic and monetary union of 16 June 1997 (12). The procedures for an exchange-rate mechanism in stage three of economic and monetary union (ERM II) were laid down in the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the... |
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