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Adoption by Slovenia of the single currency on on 1 January 2007

2006/0109(CNS)

Opinion of the European Central Bank : on 4 July 2006, the European Central Bank (ECB) received a request from the Council of the European Union for an opinion on a Proposal for a Council Regulation amending Regulation 974/98/EC on the introduction of the euro (‘proposed regulation I’) and on a Proposal for a Council Regulation amending Regulation 2866/98/EC on the conversion rates between the euro and the currencies of the Member States adopting the euro (‘proposed regulation II).

Proposed regulation I: the ECB recommends that the second paragraph of Article 2 should not refer explicitly to Protocols 25 and 26 or to Article 122(1) of the Treaty, but instead should refer generally to the Treaty in accordance with Annex V, paragraph A.4(a)(ii) of Council Decision 2004/338/EC, Euratom adopting the Council's Rules of Procedure. It should be noted in this context that Council Regulation 2596/2000/EC amending Regulation 974/98/EC on the introduction of the euro, which was adopted on the occasion of the introduction of the euro in Greece, did not refer to the abovementioned Protocols or to Article 122(1) of the Treaty in accordance with Annex II, paragraph A.4(a)(ii) of Council Decision 2000/396/EC, ECSC, Euratom adopting the Council's Rules of Procedure.

Proposed regulation II: the ECB welcomes proposed regulation II, which would irrevocably fix the conversion rate between the euro and the Slovenian tolar as being equal to the central rate of the Slovenian tolar in the exchange rate mechanism II (ERM II), i.e. at EUR 1 = SIT 239,640. The ECB has no objection to proposed regulation II being adopted several months before Slovenia adopts the euro. As a provision of a Community regulation with general application (i.e. it is legally binding in its entirety and directly applicable in all Member States), the conversion rate between the euro and the Slovenian tolar will apply from 1 January 2007 in all legal instruments referring to the currency of Slovenia, as was the case for the conversion rates between the euro and the currencies of other participating Member States when they adopted the euro.