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German Euro Currency Statuteby Jens Kleiner *In September 1997, the German Cabinet sent its Euro Introduction Statute as a bill to the Bundeestag, the parliamentary assembly. The act contains required legal changes for the transition from the Deutsche Mark to the Euro which is the new single currency of the European Union. The introductory process lasts three years. This law is an another important step in preparing for the single currency. The objective of the statute is to establish legal prerequisites. On January 1, 1999, the three year transition begins with the usage of the Euro in the private sector. The final step will be completed on January 1, 2002. During the transition one may select between the Euro and the Deutsche Mark in all currency matters. The statute includes changes and amendments that affect different legal areas, as follows: Corporate Laws (1) Informationen des Bundesministeriums der Justiz Nr. 48/1997 "Euroeinführungsgesetz" vom 24. September 1997 (2) Supra * The author is a German lawyer who served as an international intern with Berliner, Corcoran & Rowe, LLP, Washington, DC. Disclaimer No material on this site constitutes legal advice which should only be obtained from a professional who can can address the law as it applies to specific facts. Some material stretches the envelope of the credible and serves only the discussion purposes of professionals, not specific clients or real life facts. Some material is dated, and constant changes in the law render such material useful only for discussion or research. Return to Main Page |