Euro changeover: the Belgian experience (1996 - 2002) Carlos RUBENS Senior Legal Advisor Brussels, 14/04/2008.

Slides:

Advertisements

Similar presentations

NATIONAL EURO CHANGEOVER PLAN FOR SR. Contents Introduction Euro changeover in the SR  Basic principles  Time table of euro changeover in SR  The Maastricht.

Advertisements

Single market for goods Fighting late payments in Europe Many payments in commercial transactions between businesses or between businesses and public.

 First, I’ll read the slides  Second, I’ll check understanding and vocabulary  Finally, you’ll do some exercises in your notebook.

Eurasian Economic Union – challenges and opportunities from customs perspective March 2015.

Capital Markets.

Regionalisation of (drinking) water price setting in Flanders APE water pricing seminar - Brussels December 4th 2014 Ingeborg Limbourg.

The International Monetary System International Finance Dr. A. DeMaskey.

Regulatory Status of Steviol Glycosides in France An Update 1-2 July 20093rd EUSTAS Symposium Leuven Belgium1.

Portorož, 17 November 2006Mitja Gaspari Portorož Business Conference BoS adjustments for Eurosystem operations.

ECB: European Central Bank John-Paul Kivlin Educational use only.

The Belgian Euro change-over laws Carlos RUBENS Senior Legal Advisor Prague, 14/01/2008.

Personal Finance Benchmark Demonstrate an understand that personal spending, saving, and credit decisions have significant implications for the.

An emerging political system?

Chapter 5 Policy Makers and the Money Supply © 2011 John Wiley and Sons.

The EMS and the Euro. EMU Adopted by the Treaty on European Union of 1992 (The Maastricht Treaty) EMU designates the zone of countries within the EU which.

The European Union & the Business Environment CHAPTER TWO.

European Commission Enterprise and Industry Market surveillance and automotive type-approval legislation - 28/06/2012 | ‹#› WP.29 Enforcement Working Group.

Cyprus’s road to euro adoption Presentations to secondary school students.

David Halldearn, ERGEG Conference on Implementing the 3 rd Package 11 th December 2008 Implementating the 3rd Package: An ERGEG Consultation paper.

Federal Public Service FINANCE TAXES AND TAX COLLECTION Administration of Recovery 1 Accountancy aspects of the EURO changeover at the Ministry of Finance.

The European Central Banking Frederick University 2014.

Dr Marek Porzycki Chair for Economic Policy.  Treaty provisions on the euro  Euro regulations  Derogation and adoption of the euro  Opt-out  Convergence.

The Euro by Carlos Rios n History n Implementation –criteria –phases n Regulation –ECB n Advantages/Risks.

Ukrainian Reform Club’s International conference "CUSTOMS REFORM AND POLITICAL WILL", Kiev, March 17, 2011 Prof. Wieslaw „Wes” Czyżowicz, Ph.D. Former.

Successes of the single market program, the EMS and the economic convergence created a favorable economic and political climate for the establishment of.

CHAPTER 13 FREE MOVEMENT OF CAPITAL AND MONETARY UNION.

© OECD A joint initiative of the OECD and the European Union, principally financed by the EU Administrative Simplification: An overarching policy to maintain.

A DOPTING THE € IN L ATVIA A CCOUNTING ISSUES Rita Ilisson, MA Economics Member of IASBs Standards Advisory Council (2001-5) Chairman - Estonian Accounting.

IMPLEMENTATION OF EURO IN SLOVENIAN MUNICIPALITIES VILMA MILUNOVIČ SKUPNOST OBČIN SLOVENIJE.

Know-how and experience of EURO implementation Breakfast – US Chamber of Commerce Elena Kohútiková Member of the Management Board & Executive Director.

Ludovic Aigrot Chair, MiFID Task Force, Federation of European Securities Exchanges Bürgenstock, 6 September How.

Second expert group meeting on Draft fiche on delegated act on the European code of conduct on partnership (ECCP) Cohesion Policy

Study on the Implementation of the European Regulation (EC) N° 1370/2007 on public passenger transport services by rail and by road of 23 October 2007.

Alexander Consulting Enterprise 10/16/2015 The European Union and the EURO.

Slovak University of Agriculture Faculty of Economics and Management History of the Economic and Monetary Union, ESCB and ECB 2007/2008 Class 2 MPA Ivana.

1 TARGET for Acceding Countries Jean-Michel Godeffroy Director General Payment Systems European Central Bank Conference in Magyar Nemzeti Bank, Budapest.

The European Central Bank

TRANSFORMATION OF CUSTOMS LEGAL FRAMEWORK Transition period from planned to market economy Kiev, March 17th, 2011.

The Eurosystem operations frameworks and liquidity management technique in normal times 1Delphine Guillemet Central banking, liquidity risk and financial.

Undertakings for collective investment in transferable securities (UCITS) Worldbank Global Development Learning Network The Advanced Program in Accounting.

Update on electricity market Baltic Mini Forum 1 October, 2010.

Study on the implementation of the European Regulation (EC) N° 1370/2007 on public passenger transport services by rail and by road of 23 October 2007.

Dr Marek Porzycki Chair for Economic Policy.  Optimum Currency Area (OCA) as the economic theory behind EMU  History of the Economic and Monetary Union.

©2012 Morrison & Foerster (UK) LLP | All Rights Reserved | mofo.com Data Protection Masterclass: The New Draft EU Data Protection Regulation 19 September.

Jonathan Goldberg - EMTA Draft regulation on public passenger transport services by rail and by road Progress report - October 2006 EMTA General meeting.

FEDERAL ANTIMONOPOLY SERVICE Moscow 2006 New Antimonopoly Law of the Russian Federation.

Economic and Monetary Union The EU has as an objective the establishment of the EMU.

1 M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 9 – Financial Services Bilateral.

1 M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 9 – Financial Services Bilateral.

1 Control of cross-border transfer of cash M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for.

Reforms in the Albanian Public Procurement System 7 th Regional Public Procurement Forum Tbilisi, Georgia May 16-19, 2011 PUBLIC PROCUREMENT AGENCY 1.

PRESERVING CONSUMER RIGHTS Nico De Bie Advisor Lobby & Press Test-Achats.

1 M O N T E N E G R O Negotiating Team for the Accession of Montenegro to the European Union Working Group for Chapter 9– Financial Services Bilateral.

Introducing the € A Practitioners Analysis Michael Grosse (EuroCommerce), Adviser on SMEs & Enlargement and Integration of New Member States Budapest,

Széchenyi István University Győr, Summer Seminar 2012.

Federal Public Service Economy, SMEs, Self-employed and Energy Pieter Van Vaerenbergh DG Enforcement and Mediation Belgium Enforcement Regulation 2006/2004.

History of the European Union (EU) 1948 – Organization for European Economic Cooperation (OEEC) founded to administer U.S. Marshall Plan 1957 – Treaty.

COMMERCIAL BANK OPERATIONS CHAPTER 17. Dr. David P. EchevarriaALL RIGHTS RESERVED2 BANK SOURCES OF FUNDS A.Transaction Deposits; checking accounts 1.Commercial.

Dr Marek Porzycki Chair for Economic Policy

MINISTRY OF FINANCE REPUBLIC OF LATVIA

PRESENTATION OF MONTENEGRO

Nuclear and Treaty Law Section Office of Legal Affairs

EU law and the legislative procedure of European Union

PRESENTATION OF MONTENEGRO

What are Recent ECB Policies and are They Working?

Legal basis classification

Dr Marek Porzycki Chair for Economic Policy

Dr Marek Porzycki Chair for Economic Policy

History, introduction and importance today

THE EUROPEAN COUNCIL.

Presentation transcript:

Euro changeover: the Belgian experience ( ) Carlos RUBENS Senior Legal Advisor Brussels, 14/04/2008

The Belgian euro changeover laws 2 / 14 Main milestones and steps... ► Starts on 26 February 1992 (Ratification by Belgian Parliament of the Treaty of Maastricht) ► : achievement of the single market ► : economical convergence, preparation of (cashless) euro changeover ► : preparation of cash euro changeover and definitive introduction of euro in legislation ► No big bang scenario !

The Belgian euro changeover laws 3 / 14 The first mood... ► No experience: very new stuff ! - but important steering by EU (and ECB and other NCBs) ► Replacing one exchange standard for another one: sounds easy ! But... ► So many different aspects of money involved in the current life: lots, lots of work ! ► -> Where to begin with ?

The Belgian euro changeover laws 4 / 14 Procedure ► First choice: big bang vs. dual introduction ? (Belgium and the other NCBs of the "first wave": no choice: dual introduction currency in 1999, notes and coins in see also decision of Madrid in 2005). ► Political and social choices: wide consultations vs. strong political guidance ? Soft vs hard law. (Belgium: very wide consultations of all interested social, economical and political groups and lobbies) ► Importance of the timing (Belgium: national changeover plan dd. 1996, overall Act in October 1998, changeover on Januari 1999 !)

The Belgian euro changeover laws 5 / 14 Basic rules ► From scratch: Belgian franc = peculiar expression of euro (following a fix, non decimal exchange rate) ► Consequences: ● continuity of contracts and obligations ● free "exchange" of assets in national currency against assets in euros ● free exchange of notes and coins ? ► Importance of appropriate sanctions !

The Belgian euro changeover laws 6 / 14 Points of interest: changeover ► Conversions: double display of prices ► Rounding rules: coherence ● totalisation of amounts ● small unit tariffs ● amounts forthcoming from EU regulations ● rounded amounts : acts and decrees, minimum capital of companies, fines... ► Interest rates: replacement rules ► Transfer of competences from NCB to ECB

The Belgian euro changeover laws 7 / 14 Points of interest: changeover (2) ► Instruments formerly issued: ● securities (bonds, shares): validity limit ? ● means of payment (check, letter of exchange): validity limit ? ● stamps... : validity limit ?

The Belgian euro changeover laws 8 / 14 Points of interest: cash changeover ► Euro: before cash introduction = abstract ► Legal tender: ● withdrawal of local notes and coins: by whom, how much, price ? ● dual circulation: how long ? No return of cash in local currency ● expiration date of legal tender of local cash ● withdrawal by central bank: how long ? ● automatic vending machines, parking machines: dual circulation ?

The Belgian euro changeover laws 9 / 14 Legal Technique used Principles : ► Simple reference to European rules ● Those rules are dynamic : they may change ● Avoids misunderstandings or imperfect implementation ► Definition of the general principes in overall Laws, broad delegation of competence to the King (= the Government) to further define and implement those principes ► Definition of specific principles in ad hoc Laws

The Belgian euro changeover laws 10 / 14 Belgian overall laws ► Law dd. 30 October 1998 : introduction of the euro during the transitional period ► Law dd. 26, 30 June and 3 July 2000 : introduction of the euro ► Law dd. 10 December 2001 : definitive euro changeover. ► Law dd. 22 February 1998 : reform of the statute of the central bank (Articles Statute ESCB) Belgian specific laws

The Belgian euro changeover laws 11 / 14 Legal Technique used Principles (2) : ► Delegation of competence to the Minister for the practical implementation regarding very specific topics ► Delegation of competence to the King to adapt (rounded) amounts in the federal legislation. Regional legislation needs to be adapted by the regional authorities.

The Belgian euro changeover laws 12 / 14 Final remarks ► The introduction of the euro in Belgium was broadly supported by the population. ► Nevertheless, the change of the legislation spent a lot of time and, sometimes, occurred on the razor's edge.

The Belgian euro changeover laws 13 / 14 Some advices... ► Be pragmatical ► Do not hesitate to ask for experience or advice ► Make use of our address book...

The Belgian euro changeover laws 14 / 14 Any question ? ► For further information or ancillary questions, do not hesitate to contact Carlos Rubens : ● Postal address : NBB-JU, de Berlaimontlaan 14, B Brussels ● Phone : ● Fax : ●

Thank you for your patience ! Carlos RUBENS Senior Legal Advisor Brussels, 14/04/2008